The Impact of Fade Analysis on Project Management

In the construction industry, contractors are constantly juggling multiple projects, tight deadlines, and unforeseen challenges. One tool that can significantly aid in managing these complexities is fade analysis.

Fade analysis is a project management technique used to track the performance of a project over time. It involves comparing the initial profit margin of a project to the actual profit margin as the project progresses. The difference between these two margins is known as the ‘fade’. A positive fade indicates an increase in profit margin, while a negative fade signifies a decrease.

Why is Fade Analysis Important?

Profitability Tracking

Fade analysis allows contractors to monitor the profitability of their projects in real-time. By comparing the initial and current profit margins, contractors can identify if a project is on track to meet its financial goals or if it’s ‘fading’ and needs intervention.

Risk Management

Fade analysis can serve as an early warning system for potential issues. A negative fade might indicate problems such as cost overruns, delays, or scope creep, allowing contractors to address these issues before they escalate.

Performance Evaluation

Fade analysis can also be used to evaluate the performance of project teams. If a particular team consistently delivers projects with positive fades, it might indicate effective management and execution. Conversely, a team with negative fades might need additional training or resources.

Strategic Decision Making

By providing a clear picture of project performance, fade analysis can inform strategic decisions. For example, if a contractor notices a pattern of negative fades in a particular type of project, they might choose to bid more cautiously on similar projects in the future.

What Causes Negative Fade?

Negative fade is often attributable to the following issues:

  • Incomplete or optimistic cost estimates
  • Supplier or subcontractor performance issues
  • Inadequate field supervision, resources or training
  • Adverse weather conditions

Project management can mitigate diminished profit by regularly monitoring its job costing system and improving job costing processes to enable more accurate cost estimations.

Fade analysis is a powerful tool which provides real-time insights into project performance. Routine monitoring of construction projects provides contractors the ability to make more informed decisions and improve cost estimation ability. As such, contractors should prioritize fade analysis as an integral part of their quality control and risk management strategies.

Kirsten Sokom

Kirsten Sokom

Principal
Audit services for construction, manufacturing, and distribution companies; engagement quality control and best practices.

Accurate Cost Estimation and Its Value to Contractors

Accurate cost estimation is crucial for the financial viability of construction projects. For high-earning construction company owners, mastering this aspect is essential to prevent budget overruns and ensure projects remain financially sustainable. By accurately forecasting expenses, including materials, labor, equipment, and overhead, construction professionals can confidently manage project complexities. Integrating historical data and industry benchmarks into cost estimation processes helps predict challenges and allocate resources effectively, enhancing project profitability. Additionally, tools like the contract schedule and fade analysis are vital for maintaining accurate estimates throughout the project lifecycle.

Key Components of Cost Estimation

Material Costs

Accurately estimating material costs involves considering market prices, supply chain stability, and project-specific requirements. Strategies include:

  • Updating price lists and supplier quotes regularly.
  • Using historical data from past projects to identify trends.
  • Implementing bulk purchasing agreements to secure favorable rates.
Labor Costs

Labor costs significantly impact the budget. Effective estimation requires:

  • Analyzing wage rates, productivity levels, and labor market conditions.
  • Utilizing time tracking and project management tools to monitor efficiency.
  • Conducting thorough job analyses to understand task complexity.
Equipment Costs

Predicting equipment expenses involves:

  • Categorizing equipment into owned, leased, and rented.
  • Factoring in maintenance, fuel, and operational costs.
  • Using historical data to anticipate equipment usage and wear-and-tear. 
Overhead Costs

Understanding fixed and variable overheads is essential. Fixed costs, such as rent and salaries, remain constant regardless of project size or duration. Variable costs, like utilities and materials, fluctuate based on project scope and activity. Understanding the difference and being able to project and budget these costs is imperative. Techniques to incorporate these into estimates include:

  • Allocating overhead costs proportionally to each project.
  • Regularly reviewing and adjusting overhead rates.
  • Incorporating indirect costs such as administration, utilities, and insurance.
Integrating Historical Data and Industry Benchmarks

Historical data and industry benchmarks play a crucial role in refining cost estimates. Analyzing past projects helps identify patterns and anomalies, leading to more accurate forecasting. Industry benchmarks provide a comparative framework to assess performance and costs against peers.

Role of the Contract Schedule

The contract schedule is an indispensable tool for accurate cost estimation. It outlines the sequence and timing of costs and billings, it summarizes where the job stands and finally it helps project future financial key metrics. Key elements include:

Financial Reporting:

  • Revenue Recognition: Allows for periodic recognition of revenue based on project progress.
  • Expense Tracking: Tracks costs against the budget to ensure the project remains within financial constraints.

Cash Flow Management:

  • Monitoring Billings: Helps track over-billings and under-billings, which affects cash flow.
  • Forecasting: Assists in cash flow forecasting based on billing cycles and project progress.

Project Performance Evaluation:

  • Assessing Efficiency: Measures how efficiently the project is progressing compared to the budget.
  • Identifying Issues: Helps identify issues early, such as cost overruns or delays.
Technology and Tools for Cost Estimation

Digital tools and software enhance cost estimation by:

  • Providing automated calculations and real-time data integration.
  • Improving collaboration with centralized data platforms.
  • Streamlining estimation processes and reducing manual errors.

Best Practices for Accurate Cost Estimation

Best practices include:

  • Continuously learning from past projects and industry developments.
  • Encouraging collaboration among project stakeholders.
  • Regularly reviewing and updating cost estimates.

Additionally, incorporating fade analysis provides insights into project performance, helping to identify discrepancies between initial estimates and actual costs, allowing for timely interventions to correct course.

Accurate cost estimation is the cornerstone of successful construction projects. By adopting best practices, leveraging technology, and utilizing tools like the contract schedule and fade analysis, construction firms can ensure financial viability and project success. Utilizing Crow Shields Bailey to leverage these best practices and help you utilize cost estimation to work in your business and on your business, is a valuable resource. Please reach out to Crow Shields Bailey for assistance in getting this process started for your business.

J. Kenny Crow III

J. Kenny Crow III

Shareholder
Specialization in audit services include real estate, construction, manufacturing and distribution, nonprofits, and employee benefit services industries.

Navigating Beneficial Ownership Information Reporting

Congress passed the Corporate Transparency Act (the “Act”) in 2021 to combat the facilitation of illicit activities – including money laundering, financing of terrorism, and various acts of financial fraud – by malicious actors concealing their ownership of corporations, limited liability companies, or other similar entities in the United States.

Effective January 1, 2024, and subject to certain exceptions, existing and newly formed corporations, limited liability companies, and similar entities (referred to in the Act as a “Reporting Company”) will be required to file a report with the Financial Crimes Enforcement Network of the Department of the Treasury (“FinCEN”) identifying the beneficial ownership of the Reporting Company. Reporting Companies formed after the effective date will need to include similar identifying information for their company applicant(s). Below is an overview of the reporting requirements designed to help Reporting Companies comply effectively and navigate potential legal challenges successfully.

1. Who is Required to Report?

Beneficial Ownership Information Reporting is mandated for all Reporting Companies. Typically, this includes corporations, limited liability companies (LLCs), and other entities created by filing a public document with a secretary of state or similar office, but there are exceptions. Entities that are exempt from the reporting requirements include:

  • Issuers of securities registered under the Securities Exchange Act
  • Governmental authorities
  • Banks, bank holding companies, credit unions and money transmitting businesses
  • Broker-dealers
  • Investment companies and advisers
  • Insurance companies
  • Tax-exempt entities
  • Large operating companies that employ more than 20 employees in the United States, filed federal income tax returns evidencing more than $5,000,000 in gross receipts or sales in the previous year, and have a physical office within the United States
  • Subsidiaries of certain exempt entities

2. Am I a “beneficial owner” or an “applicant”?

A beneficial owner is an individual who, directly or indirectly, exercises substantial control over a Reporting Company or owns or controls not less than 25% of such Reporting Company. A difficult question is who possesses “substantial control.”

The FinCEN regulations list three indications of “substantial control”: (1) serving as a senior officer, (2) authority over the appointment or removal of a senior officer or a majority of the board of directors or similar body, and (3) the direction, determination or substantial influence over important decisions.

Senior officers are persons holding the position or exercising the authority of a president, chief financial officer, general counsel, chief executive officer, chief operating officer or any officer performing similar functions. Interestingly, corporate secretaries and treasurers are not expressly deemed “senior officers” by FinCEN.

Important decisions are defined broadly and include decisions regarding: (1) the nature, scope and attributes of the Reporting Company’s business, including the sale, lease, mortgage or other transfer of a principal asset, (2) reorganization, dissolution or merger, (3) major expenditures, issuance of debt or equity or approval of the operating budget, (4) the selection or termination of business lines or ventures or geographic focus, (5) compensation schemes and incentive programs for senior officers, (6) entry into, termination or fulfillment of significant contracts, (7) amendment of the company’s certificate of formation, bylaws, LLC agreement and significant policies or procedures.

Reporting Companies formed after January 1, 2024, are also required to report the information of each company applicant. A company applicant is the individual who files the document creating the company. If more than one individual is involved in filing, the individual primarily responsible for directing or controlling the filing will also be considered an applicant. For example, an attorney and the paralegal that pushes the button or files the formation document are both technically considered company applicants.

3. What Information Should be Included in the Report?

Existing and newly formed reporting companies are required to provide: (1) the full legal name, (2) any trade name or “doing business as” designation, (3) the business street address, (4) the state or American Indian tribal jurisdiction of formation, and (5) an IRS TIN or other identifying number of the reporting company.

For each beneficial owner and, if applicable, each company applicant, the reporting company must provide: (1) full legal name, (2) date of birth, (3) current residential street address, (4) unique identifying number, and (5) image of the document from which the unique identifying number was obtained (including a nonexpired passport, state-issued identification document, or driver’s license).

Each Reporting Company is ultimately responsible for its filing and must certify that it is true, correct, and complete.

To streamline the reporting process and provide for more confidentiality, beneficial owners and company applicants may obtain a FinCEN ID number, which may be provided in lieu of the required information. A FinCEN ID number will be most helpful to beneficial owners of multiple companies and those whose information changes often.

4. When Are You Required to Report?

Companies created prior to Jan. 1, 2024, have until Dec. 31, 2024, to file an initial report.

Companies created between Jan. 1, 2024, and Dec. 31, 2024, will have 90 days after their creation to file an initial report.

Companies created on or after Jan. 1, 2025, will have 30 days after their creation to file an initial report.

If the information in an initial report is inaccurate or there is a change in the information of the reporting company or its beneficial owners, updated and corrected reports must be filed within 30 days after the date of a change to any required information previously submitted or after the date the inaccuracy is discovered, respectively. Therefore, it is important that companies keep track of

and report any changes in the reported information for beneficial owners, including changes of addresses and new driver’s license numbers. We strongly suggest Reporting Companies take steps to ensure the required reporting information is easily accessible and up to date to make the reporting process more efficient.

5. Who will have access to this information?

Per the Act, FinCen is required to maintain the confidentiality of reported information but is authorized to make disclosures for specific purposes to certain government authorities and to financial institutions.

6. What are the Consequences of Failing to Report?

Understanding and complying with these reporting requirements is vital due to the penalties for non-compliance, including fines of up to $10,000 and imprisonment for up to two years.

7. How Do Reporting Companies Need to Process Reporting?

Reporting Companies should establish internal processes to collect, verify, and maintain up-to-date information about their beneficial owners. This information must be filed electronically through the designated system provided by FinCEN or the relevant state authority. It is advisable for businesses to maintain records of their filings and any correspondence with regulatory bodies to verify compliance.

8. Where Can You Find More Information?

For more comprehensive details and updates, businesses should refer to the official website of the Financial Crimes Enforcement Network (FinCEN). Legal advisors specializing in corporate law or compliance can also provide tailored guidance.

Conclusion Compliance with Beneficial Ownership Information Reporting is not just a legal obligation but also a critical component of corporate responsibility. Reporting Companies should be proactive to ensure they comply with the Act, either by determining they are exempt from the reporting requirements or ensuring the required reporting information is easily accessible and up to date. Regular consultation with legal experts and staying informed about regulatory changes are best practices that can help Reporting Companies navigate this complex landscape effectively.

Luke Nixon

Luke Nixon

Luke Nixon is an associate based in the Mobile office of Phelps Dunbar LLP. Luke helps individuals, trusts and businesses in all industries navigate complex legal matters. He is part of a full-service law firm of 400 attorneys. Phelps blends progressive ideas and valuable traditions to foster collaboration among lawyers in Alabama, Florida, Louisiana, Mississippi, North Carolina, Tennessee, Texas, and London.

The Role of Strategic Accounting in the Construction Industry

Success in the construction industry hinges not only on the quality of workmanship but also on effective financial management. Construction professionals must recognize the pivotal role that strategic accounting plays in driving profitability and sustaining growth.  

Accurate Cost Estimation

Accurate cost estimation lies at the center of financial viability in construction projects. By accurately forecasting expenses, including material costs, labor, equipment, and overhead, construction professionals can mitigate the risk of budget overruns and ensure projects remain financially sustainable. Integrating historical data and industry benchmarks into cost estimation processes enables construction firms to predict potential challenges and allocate resources judiciously, thereby enhancing project profitability.

One way to aid in accurate cost estimation is through preparation of a contract schedule. A Company’s contract schedule provides better understanding of Company operations and financial performance for each job allowing for more effective management. The contract schedule is a critical tool for risk management, planning, and communication, making it indispensable for the smooth execution of construction projects.

Cash Flow Management

Effective cash flow management is essential for construction companies to maintain liquidity and meet financial obligations promptly. By implementing cash flow forecasting models, management can estimate and predict future revenues and identify potential cash bottlenecks, allowing for proactive measures to mitigate risks. Moreover, establishing stringent invoicing and payment protocols can accelerate receivables turnover, enhancing cash flow and bolstering financial resilience.     

The included cash management resource, published by RSM US, is tailored for construction contractors providing relevant insights and best practices to better assist you.

Strategic Financial Planning

Strategic financial planning is imperative for construction firms to achieve long-term sustainability and capitalize on growth opportunities. By developing comprehensive financial forecasts and investment strategies, construction professionals can align financial objectives with broader business goals, enabling informed decision-making and resource allocation. Furthermore, fostering a culture of financial literacy and empowerment among project stakeholders cultivates a collective understanding of financial performance metrics and fosters a collaborative approach towards achieving organizational success.

Identifying and evaluating Key Performance Indicators (KPIs) is crucial, as it provides a clear measure of performance against strategic goals and objectives. Regular assessment of KPIs allows for real-time insights into operational efficiency, financial health, and project progress. It enables managers to make informed decisions, identify areas for improvement, and allocate resources effectively.

In an increasingly competitive construction landscape, the importance of strategic accounting is undeniable. By championing a proactive, holistic approach to accounting, firms can navigate challenges with confidence and position themselves for success in an ever-evolving marketplace.

Kirsten Sokom

Kirsten Sokom

Principal
Audit services for construction, manufacturing, and distribution companies; engagement quality control and best practices.

Key Differences between Alabama Department of Transportation and Alabama General Contractors Licenses

In the construction industry, navigating the bureaucratic processes of prequalification applications and license renewals is crucial for contractors to legally undertake projects. In Alabama, two key processes that contractors must be familiar with are the Alabama Department of Transportation (ALDOT) Prequalification Application and the Alabama General Contractors License Renewal. Here’s an exploration of the differences between the two:

The ALDOT Prequalification Application

A process that contractors must complete to be eligible to bid on state transportation projects. This involves submitting a Confidential Financial Statement and Equipment and Experience Questionnaire. The application assesses the contractor’s financial stability, equipment availability, and relevant experience. It’s a prerequisite for contractors aiming to work on transportation-related construction projects and is specific to the Alabama Department of Transportation.

The Confidential Financial Statement and Equipment and Experience Questionnaire must be submitted no more than 16 months after the date of the financial statements previously submitted (April 30th for calendar year-end entities). This deadline is firm, with no available provision for extension. A contractor will not be issued a bid proposal if the Company’s prequalification application has not been submitted.

The Alabama General Contractors (AGC) License Renewal

A broader requirement that applies to all contractors working in commercial and industrial construction within the state. This annual renewal process ensures that contractors maintain their eligibility to operate legally. It involves updating the licensing board with current financial information, proof of liability insurance, and evidence of continuing education where applicable. The renewal process is not project-specific but is a general requirement for all contractors to continue their practice in Alabama.

License renewals with the AGC operate on a unique schedule. Renewal due dates are based on the first letter of the company’s name published on the AGC website. License renewals may be extended up to 90 days upon written request.

License Requirements Comparison

Both licenses require the financial statements must be prepared by a certified public accountant under generally accepted accounting principles in the United States (US GAAP). ALDOT requires financial statements be audited or reviewed by a certified public accountant. The AGC will accept compiled, reviewed, or audited financial statements or ALDOT Prequalification Application in lieu of its own. Thereby consideration should be given to the time needed to perform these engagements to avoid disruption to operations.      

Both also consider different criteria in determining an entity’s eligibility:

  • ALDOT regulations state applications with negative net worth will be rejected.
  • AGC regulations specify a minimum net worth and working capital requirement of $10,000. If either of the requirements are not met the AGC license renewal application will be rejected. 

Additionally, bid limits are determined using different criteria:

  • ALDOT bid limits are determined by considering working capital, total assets, and net worth. Determination of an entity’s bid limit may be subject to additional adjustments upon evaluation of the Prequalification Application.
  • Bid limits are calculated by the AGC using the lesser of the Company’s net worth and working capital based upon the table below. Additional considerations to increase net worth or working capital one step are also available.
Bid Limit
Minimum Net Worth or Working Capital
Contracts Up To
A
$10,000
$100,000
B
$17,500
$250,000
C
$37,500
$500,000
D
$75,000
$1,000,000
E
$200,000
$3,000,000
U
> $300,000
Unlimited

Other financials elements can impact these limits. Given the unique nature of these criteria we advise discussing these options with your certified public accountant.

Understanding these differences is essential for contractors to ensure compliance with state regulations and to secure and maintain the ability to bid on and execute construction projects in Alabama. Failure to comply with application regulations can result in the inability to secure new contracts or the suspension of ongoing operations. It’s imperative for businesses to stay informed and proactive in managing their license renewals.

Kirsten Sokom, CPA

Kirsten Sokom, CPA

Principal
Audit services for construction, manufacturing, and distribution companies; engagement quality control and best practices.

My CPA says, ‘extend.’ What does that mean to me?

Filing taxes can be daunting, but understanding the purpose and process of filing an extension can provide much-needed clarity and relief. Let’s delve into the world of tax extensions and what they mean for you.

What does filing an “extension” do?

  • An extension is a formal request to the IRS for additional time to file your federal tax return (1040).
  •  The extension period typically extends the due date by six months, shifting it from April 16 to October 15th.
  •  While filing an extension grants extra time to file, it’s crucial to estimate and pay any anticipated taxes by the original due date.

Why does my CPA suggest we extend my tax return?

  • Your CPA might recommend an extension due to the complexity of your return or limited time within the filing season.
  • CPAs often have cutoff deadlines to manage their workload efficiently and ensure accurate filings.
  • Pending guidance or legislative changes could also prompt a suggestion for an extension.

Am I more likely to be audited if I extend?

  • No, filing an extension does not increase your chances of being audited.
  • It’s preferable to file an extension than submit an incomplete return or rush through the process without careful review.

What are the primary benefits of extending my tax return?

  • Provides extra time to file without penalty, especially when waiting for missing information or tax documents.
  • Offers opportunities for additional retirement planning or funding certain retirement plans.
  • Generally, filing an extension is less expensive and reduces the likelihood of needing to amend your return later.

Should I do anything differently if I am filing an extension?

  • Provide your CPA with all available information as early as possible.
  • Anticipate and pay any taxes owed by the original due date.
  • Consider making quarterly estimated tax payments if required, with guidance from your CPA.
  • Discuss refund options and tax planning opportunities with your CPA to optimize your financial situation.

Is there anything I can do to avoid filing an extension if I know I am missing some information now?

  • Provide all available documents to your CPA promptly to facilitate early preparation and review.
  • Your CPA may be able to draft a return for review and add missing information before the original due date.

Have there been any changes to the due dates of returns for this year?

  • As of now, there have been no changes to the due dates for tax year 2023.

Filing a tax extension can provide valuable breathing room and ensure accurate filings. By understanding the process and working closely with your CPA, you can navigate tax season with confidence and peace of mind.

Empowering Growth: Crow Shields Bailey PC Welcomes New Shareholder to Leadership Team

Celebrating a Significant Achievement for Alex Martin & CSB!

“I’m very thankful for the opportunity to join an incredible leadership team at CSB. The support and mentorship they’ve shown over the course of my career has been invaluable. With our talented, dedicated team, our firm will continue to maximize our clients’ wealth and be good stewards of the gulf coast community.”

Alex Martin, CPA, Shareholder

Crow Shields Bailey PC is thrilled to announce the continued growth of our leadership team. With excitement and pride, we congratulate Alex Martin on reaching the significant milestone of becoming a firm Shareholder. Alex will continue to bring a wealth of experience, dedication, and a passion for innovation to our firm. As we welcome Alex to this new role, we look forward to the continued evolution and success that will undoubtedly follow.

As we embark on this new chapter with Alex as a Shareholder, we invite you to join us in congratulating him on this well-deserved achievement. Alex enriched our team for six years before venturing into a CFO role within the manufacturing industry, achieving six impactful years of invaluable experience. Now, with a wealth of knowledge and seasoned expertise, Alex assumes a pivotal role in guiding our team.

His commitment to excellence and alignment with our core values of Innovation, Teamwork, Integrity, Community, Client-Focused and Work-Life Integration make him an invaluable addition to our leadership team.

Here’s to continued success and growth!

 Dive into the Q&A below to discover the depth of his passion and dedication.

Q & A

What is your favorite thing about working for CSB?

My favorite part of CSB is having the opportunity to provide value to a diverse set of clients while working with a talented team of individuals who are all committed to serving our clients well. The leadership at CSB has brought together a group of high character people who love to work hard and have a good time while doing it.

Can you share a memorable experience or challenge from your journey in the accounting profession?

I spent the first 6 years of my career as an auditor with CSB. One of the challenges that stands out was in the aftermath of the BP Oil Spill in April of 2010. CSB was heavily involved in the claims process that followed, and eventually I was tasked with leading the efforts internally. It was a crash course in managing client expectations, interpreting and analyzing data, and developing internal controls. In my role as an industry CFO, we expanded our operations to overseas markets beginning in 2019. That brought interesting challenges as we had to build our import/export infrastructure, learn regulations by country, and navigate complex deals often with a language barrier. It was a very rewarding experience.

If you could go back, what would you tell yourself as an intern?

If I could go back, I would tell myself to give yourself a break and focus on being a sponge. Accounting encompasses so many different aspects that cannot be learned overnight. It must be learned through experience, by making mistakes and learning from them, and being open to advice and mentorship. Knowledge compounds over time, so I would tell myself to take Warren Buffet’s advice and strive to “go to bed smarter than when you woke up.”

Outside of work, what are your passions or hobbies to unwind and recharge?

I enjoy spending time with my two young sons – playing sports with them, coaching soccer, and going on weekend adventures. I also enjoy reading, writing, listening to a wide range of podcasts, golfing (although poorly), enjoying craft beers with my buddies, and weekend getaways with my wife.

What aspect of the accounting industry excites you the most?

Public accounting is poised for explosive growth in the coming years. The changing technological environment with cloud-based platforms and artificial intelligence is fundamentally changing how we prepare tax returns, perform audits, and provide monthly accounting services to our clients. The firms that embrace these trends will succeed. The firms that don’t, won’t.  In particular, the growth of outsourced/fractional accounting/CFO models is what excites me the most (and the driving reason I returned to public accounting). A small to mid-size, growing business can leverage the knowledge of not just one person, but an entire team of experienced accountants and CPAs by outsourcing their accounting/CFO function. This is a model that is not only cost effective for the small business, but more importantly drives a very high return on their investment.

In your opinion, what are the key qualities that make an accountant successful?

Accounting is a very broad and diverse profession. There are many ways to be successful in this field. If I could boil it down to a few big picture points, I would say that to be a good accountant, you have to enjoy and be comfortable being in the weeds. You must deeply understand the books of your client before you can advise them appropriately, and that takes an investment of your time in the details. After understanding the details, you have to be able to zoom out and see how it all fits in with the grand strategy of the enterprise as a whole. How will your analysis and recommendations impact other functions of the business – operations, finance, personnel, etc.? Lastly, and probably most importantly, the most successful accountants in today’s environment are highly effective communicators. You can understand the details of the business, you can understand how it fits (or doesn’t) with the overall strategy of the business, but if you can’t communicate that in a way that resonates with management, your effectiveness is limited.

Same question, but what are some qualities that make a successful leader?

Leadership and understanding what makes an effective leader is an area I am very passionate about. Leadership isn’t a choice – we are all called to be leaders in some form or fashion in our lives. The choice is whether or not to be a good leader. Good leadership is about accountability first and foremost – taking ownership for all mistakes and giving away praise and accolades for any success to the team. The second aspect of good leadership is empathy. Understanding that every person has a different background and path to where they are today, and that good leadership often requires flexibility in approach depending on those individual circumstances. Lastly, good leadership requires effective communication. You have to be able to communicate expectations, give constructive feedback, and maintain an open-door policy.

Can you highlight a few professional achievements or milestones that you’re especially proud of in your career?

I very much enjoyed my time as a CFO in the manufacturing space. We took a small company that was relatively unknown and grew it tremendously over 6 years through a series of strategic investments in new lines of business and capacity. Ultimately, we grew revenue by 10x over the period, grew margins, expanded both sales and purchasing into international markets, and received recognition at the state, national, and international levels for our efforts. Along the way I had the opportunity to work with national accounting firms, investment bankers, and private equity groups – experience that translates very well to my role here at the firm. In the last year back at the firm, I’m very proud of the team we’ve assembled and the processes we’ve streamlined to ensure the foundation is set for future growth.

How do you believe your personal values align with the values of Crow Shields Bailey PC?

We have a leadership team who share and are committed to the core values of innovation, teamwork, integrity, community, client-focused and work-life integration. Those values resonate not only with me, but with anyone striving to (1) build a meaningful career, (2) be present in family life, and (3), be good stewards of our community. I couldn’t ask for a better fit.

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CSB Recognized as INSIDE Public Accounting Top 500

We are proud to have been recognized by INSIDE Public Accounting as a 2022 IPA Top 500 Firm, as well as an IPA 500 Fastest-Growing Firm. IPA 500 firms are ranked by U.S. net revenues and are compiled by analyzing the nearly 600 responses received for the 2022 annual IPA’s Survey and Analysis of Firms. This is IPA’s 32nd annual ranking of the largest accounting firms in the nation.

CSB is grateful to our team and our clients for any recognition we receive. Our team works hard to provide excellent service to our clients, and we wouldn’t be where we are without our loyal clients.

CSB CAAS Team Rolls Out New Initiatives

Last week, the CSB Client Accounting & Advisory Services (CAAS) team had a meeting to discuss rolling out their new plans and initiatives. Our CAAS team and services have grown exponentially over the last three years.

The team has many goals moving forward, including but not limited to streamlining, improving, and creating consistency in all service lines; defining, measuring, and analyzing the current state of the CAAS line of business and identifying new areas of opportunity; and further developing CAAS team members’ confidence and cross-training them in different areas.

Members of the CAAS team are all very excited to enact these changes and see the possibilities transform into reality. According to Jennifer Lowe, “It is very exciting to see the growth in the CAAS department and I, for one, am very excited about the changes we are making. The changes will allow us to better serve our clients as well as empower the team members.”

Leaders of the CAAS team have worked tirelessly to come up with plans and procedures moving forward. Their hard work did not go unnoticed by the rest of the team. According to Misty Cutshall, “It was so refreshing to be part of a project that everyone was so passionate about.  Everyone was engaged in every element and we had fun.  It did not seem like work.  It felt like we were planning a road trip and not like we were revamping processes and procedures.”

We are very excited to see the results of this hard work and dedication by the CAAS team!