T o some business owners, it may seem as if financial statements are written in a foreign language. But, the con-

sequences of misunderstanding what financial statements are saying can be dire. Business owners must “listen” closely to hear what the numbers are saying. Following are a few tips to help with the translation.

First, stop ignoring the balance sheet! Assets are what the business owns and liabilities are what is owed. Current assets and current liabili-ties will be on the balance sheet for less than 12 months. The relationship of total current assets to total current liabilities tells the listener about the liquidity of the business. A minimum desired current ratio is when these two totals equal – where total assets could pay off total liabilities. The business is in a stronger position when total assets are larger than total liabilities.

The equity section tells the story about the owners. Retained earnings or partner capital is

simply the cumulative net profit or loss since the beginning of the business plus any owner contri-

butions and distributions. Total equity should be a positive number.

Second, stop looking at the bottom line first. One of the most important sections of the profit and loss statement is the gross margin. This is calculated by subtracting cost of goods sold from revenue. If the business has $500 in revenue and $200 in cost of goods sold, then the gross margin is $300 or 60 percent of revenue. Simply translated, for every $1 in revenue, the business spends $.40 on the cost of the product sold. Understanding the relationship of the business revenue to the cost of that revenue is necessary to devise plans for increased revenue. Gross margin can be increased by focusing on higher revenue or on lower cost of goods sold (or both).

Look at trends by comparing the P&L for the same period last year or last month. Does the gross margin percentage stay about the same or does it fluctuate? A year-to-date P&L with columns for each month can quickly show consistency or

irregularities.Before listening to the story the financial

reports tell, be sure the books are in good work-ing order. Numbers take on different meanings depending on where they are recorded. Simi-lar transactions should be recorded in the cor-rect account group and consistently in the same account every time. If the record keeping is sloppy, the story will be more fiction than fact.

Reading and truly understanding financials does not have to take a lot of time. By being proactive and listening to the financials regularly, business owners will discover they can glean solid, invaluable information quickly. So, get a comfort-able chair, the balance sheet and P&L, and start listening.

Debbi C. Warden, CPA, CGMA, MBA, owner of accounting and bookkeeping CPA firm The Business Manager, LLC. She can be reached at 303-681-2200 or dwarden@thebusinessmanager.com.

INSIDE

Don’t Break these Financial Resolutions!CPA-2

The “V” Word: A small word with a big business impact - ValueCPA-3

6 capabilities of transformational leadersCPA-4

How CFOs can help chief marketing officers drive growthCPA-5

LIST: Top CPA Firms in Boulder ValleyCPA-6

LIST: Top CPA Firms in Northern ColoradoCPA-7

Outsourced Accounting Services: A Win-Win Addition?CPA-2

Colorado Society ofCertified Public Accountants

This supplement produced in cooperation with:

303-741-8623cocpa.org

CPA GuidePROTECTING YOUR FINANCIAL FUTURE

An advertising supplement to BizWest | Nov. 27 - Dec. 10, 2015

Debbi C. Warden, CPA, CGMA, MBA The Business Manager, LLC

Your Financials Are Talking: Are You Listening?

CPA-2 | BizWest | Nov. 27-Dec. 10, 2015 www.bizwest.comAn advertising supplement to BizWest

Outsourced Accounting Services: A Win-Win Addition?

S uccessful firm management requires an eye on tomorrow and a willingness to implement change with thoughtful plan-

ning. Adding bookkeeping and accounting services can increase firm revenue, and provide your clients with more options to suit their businesses with a higher level of satisfaction.

Leave It to the ProsFirst, there is a paradigm that needs to be

broken before a good plan can be formulated for this new line of work. When it comes to effective bookkeeping and accounting systems, there is no such thing as data entry or basic bookkeeping. The old-school concept of write-up work was based on the idea of pushing down to the lowest level. Before exploring the addition of outsourced accounting services, firms must educate clients on this concept.

Accounting is the foundation of any business and clients benefit when this work is done by a professional adept in the entire process from source document to financial statement analysis. The accountant must be entrenched with the transactions to correctly classify, be current, consistent and compliant. Once your clients under-stand this concept, they’ll be more likely to see why outsourcing the entire accounting function makes sense.

There are significant advantages for clients who decide to outsource starting with cost effi-ciency. According to a survey conducted by North-west Staffing Resources, an employee can cost approximately 57 percent more than the stated wage due to the cost of benefits and the amount of time they are actually focused and on task. For example, a $50,000 employee could actu-ally cost the company almost $78,500 a year. An outsourced firm, however, can provide complete accounting services for roughly $3,000 per month or $36,000 per year.

For the monthly fee, the client receives a higher level of expertise since the outsourced firm brings experience from a variety of client situations, con-tinuing education, and the firm’s other resources.

The work is done in much less time without the normal distractions of an internal employee, such as routine staff meetings to vacations.

One of the biggest client advantages is objec-tivity. An outsourced firm can coach a client on sensitive matters, whereas, an employee may feel the need to avoid certain topics such as confiden-tial owner compensation issues. The firm is privy to all the intimate financial details and develops a relationship as a trusted objective advisor with the client.

Can It Work for Your Firm?Through outsourced accounting, more intimate

client relationships naturally develop because there are more client interactions and the firm is privy to confidential information. Because of the trust created, the relationship may lead to other roles such as tax work and CFO advisory services.

Accounting services can be a drain on the firm’s resources without implementation of a well-planned structure. There are four areas to consider when planning for this service line: resources, service philosophy, client relationship and fees/engagement agreement.

ResourcesIf you decide to add outsourced services to

your firm, start by recruiting and dedicating staff with the necessary expertise. Small business

controllership and deep software experience are essential and good soft skills will improve client communications.

In addition to the human resources, you must also consider the technical resources required. Explore options for financial software(s), hosting environments, portals for secure information exchange, document management, merchant services, and integrated tools such as Bill.com, to find the right fit for your firm and your clients.

Technology is the fastest changing component of this service line as well as a fundamental dif-ferentiator. It’s the difference between simply offering outsourced services and doing it well.

Service PhilosophyYou cannot be all things to all clients. Decide

what the boundaries of your services will be. For example, will you work onsite and offsite? Provide an accountant-centric system rather than a client-centric system. An accountant centric system is one where you control the system, the client del-egates the accounting to you, and you provide the timely information they need to run the business.

Sharing the accounting with your client cre-ates inefficiencies and decreases your value while increasing write offs.

Client RelationshipProvide your clients anytime access to their

financial reports by using the cloud. This could also be a dashboard customized to what each client wants and needs to see.

Clients experience value when you help them understand what their financials are saying. So, providing anytime access along with customiza-tion for their needs gives them control over their business information.

Fees/Engagement AgreementFinally, you’ll need to figure out how the ser-

vices will be priced, presented and outlined in an engagement agreement. Obviously, the more cost-effective the solution is, the more receptive current and prospective clients will be.

A “no surprise” billing solution is a flat month-ly fee. Determine the annual requirements for accounting time, review time, filings, client meet-ings and any product subscriptions and divide by 12.

The flat fee engagement agreement should include a detail of the scope of services as well as exclusions. A recommendation is to include a statement that the flat rate is for a “routine that does not exceed XX hours each month.” This will protect the firm in those circumstances where the client’s business experiences an upsurge that results in a significant increase in accounting work. Have your professional liability insurance carrier review your engagement agreement template prior to execution.

Adding outsourced bookkeeping and account-ing to your firm’s menu of services can result in a new year-round revenue stream. Approach this process with thoughtful planning and dispel old-school thinking. The client gets more exper-tise, efficiency, and objectivity at a lower annual cost. Meanwhile, your firm experiences more client touches and a closer relationship that could expand to added services and revenue streams.

Debbi C. Warden, CPA, CGMA, MBA, is founder of accounting and bookkeeping CPA firm The Business Manager, LLC. She can be reached at dwarden@thebusinessmanager.com.

A Case Study in Outsourced AccountingAn auto broker with annual revenue of approximately $25 million partnered with an outsourced accountant for an annual budget of approximately $32,000. The outsourced accountant’s role included overseeing the internal accounting department, managing the acccounting system, and performing specific accounting tasks each week.

Throughout the 15-year relationship, the outsourced firm managed three software conversions and advised with accounting department hiring decisions. Additionally, the accountant successfully saw the client through two federal and one state audit.

In 2009, the auto broker industry suffered a major downturn and experienced three rounds of layoffs to survive. Due to the expertise and cost effectiveness of outsourcing, the accounting firm was retained and remains a partner.

Don’t Break these Financial Resolutions!M any people can probably tell you how many

pounds they plan to lose this year or how much exercise they’re going to be doing every week in

2016. But right before the new year is also a good time to make financial resolutions that will keep your finances on course and help you reach your most cherished short- and long-term goals.

Aim to Be Debt Free

There’s a good reason to keep this resolution since lower-ing your credit card debt could save you hundreds of dollars over time and make a real difference to your financial situa-tion. Let’s say you have a $2,000 balance on credit card with a 13% interest rate. If you pay $80 a month, it will take you 30 months to get rid of the debt and cost you a total of $345 in interest. Paying $200 a month, however, will cost $129 in interest—saving you $216--and enable you to erase your bal-ance in only 11 months. So, start by gathering up all your credit card billing statements to determine how much you owe, how much interest you’re paying on each account and the minimum

payments. When you’re setting priorities, you’ll probably want to focus first on balances with the highest interest. If it’s tough to stick to paying as much as you can each month, just remember how much you’re saving. Another bonus: Regular payments and lower debt could also raise your credit rating, which could make it easier for you to qualify for credit and get loans at lower rates.

Put Your Budget to WorkLowering your debt will involve deciding the maximum

that you can spend on debt payments each month—and on everything else. It’s tough to do that without a budget, so this is a good time to create one or, if you’ve already done that, review yours to be sure it reflects your current income and expenses. Now the trick is to make sure it works. Some of the pitfalls to avoid in budgeting include underestimating your expenses and leaving out some costs, which can include everything from takeout meals to the bills that you pay once or twice a year and may forget when you compile a monthly budget.

Shore Up Your Emergency FundAbout 25% of Americans have no savings set aside to

cover unexpected costs, whether they involve a trip to the emergency room, a leaky pipe or an auto repair, according to one Bankrate.com survey . Many of them would probably tell you that they simply don’t have any extra to set aside in a rainy day fund. If you’re in the same boat, don’t give up, however, because you may be missing out on some potential savings. You can chop expenses by borrowing books, DVDs and magazines from the library, for example. Bringing your lunch to work could save you $25 or more each week, while doing a regular shopping trip at a supermarket rather than stopping in at a higher-priced convenience store several times a week will also lower your outlays.

Fifty-one percent of those who made financial resolutions at the beginning of the year felt they were better off by year-end, a Fidelity study found, compared with 38% of those who didn’t. And 74% had achieved at least 50% of their goals. What’s on your financial wish list for 2016?

SOURCES: HTTP://WWW.CNBC.COM/2014/06/20/SAME-PAY-MORE-EXPENSES-MEAN-LITTLE-EMERGENCY-SAVINGS.HTMLHTTP://WWW.ABA.COM/ABA/DOCUMENTS/COMPLIANCE/2011/ROLEOFPRICESSTUDY.PDF

HTTPS://WWW.FIDELITY.COM/BIN-PUBLIC/060_WWW_FIDELITY_COM/DOCUMENTS/2015-NEW-YEAR-RESOLUTIONS-FACT-SHEET.PDF

BizWest | Nov. 27-Dec. 10, 2015 | CPA-3www.bizwest.com An advertising supplement to BizWest

M erriam-Webster defines value as “a fair return in goods, services, or money for something exchanged.”

Oxford states it is “the monetary worth of something.” In the business world, it is not the dictionary, but

the customer, who defines value.No matter how wonderful the product or ser-

vice produced, if the buyer doesn’t perceive value, there is none. The word perceive is noteworthy, because a customer’s sense of value is subjective and individual; value will be different for each customer, and the “specs” are not always black and white.

Customers will judge value based on:n What they asked for.n What they got.n What they paid.Sound simple?When you are providing services, it is essential

that you understand the clients’ expectations in order to provide value. You have to ask. Then you have to listen. Don’t make the mistake of thinking you know what is best for your client and just start moving forward—you may be providing them with something they don’t want (or value), even though it might be what they should want. Ask. Listen.

Some customers may not be able to easily express what they want. An understanding of what is expected requires good communication between you and the customer. The questions you ask, and the initial information you provide, may help the customer better define what he or she wants to purchase. You can help your customer understand options and clarify expectations. The result will be that your customer has communicated what is desired, and you have agreed to provide it. No surprises.

In today’s marketplace, a valuable service is

no longer based on the amount of time it takes to produce. The number of hours involved and/or the cost of materials used is not the only thing that matters to the customer. We are working in a more competitive world where little stays the same. It is important to understand how you can differentiate yourself from the masses that compete with you in order to provide value. The final service or product is a recipe of many ingredients, including the provider’s education, work experience, expertise, and even his or her personality. Any one of these components can be the differentiating factor that leads to your customer’s view of value.

I asked a number of business people (both busi-ness buyers as well as business sellers) how they define value. Here are their responses:

“Value is truly in the eye of the user; it is the worthiness of a service and honesty about the worth.”

Executive Director of a Religious Organization

“When I actually received what I thought I was

going to get — when someone hadn’t oversold to me and my expectations were met — I get value; when my expectations are exceeded, I am ecstatic, and I will tell everyone about it!”

Financial Institutions and Business Attorney

“Value is the one term as a business owner that you can never truly define, until you do.”

Shareholder of High-End Travel Agency

“Value means delivering a product or service that at least meets my predetermined (but often undefined) expectations around quality.”

President of a Telecommunications Corporation

“Value is trust in a vendor; trust that a product will be of good quality, trust that the vendor will rectify any problems, trust that the vendor will perform their best for you, trust that the vendor will communicate with you in a timely manner, and trust that the vendor understands your concerns.”

President of Printing Company

“Value is when the customer has a bigger smile when they walk out my door than when they walked in.”

Owner of Franchise for Truck Bedliners

These seasoned business people have differ-ent descriptions of value, but each one’s definition delivers an important piece of the intangible. These concepts should be considered every time we begin a new project (or a new sale) to ensure that value is delivered. All of these businesspeople are clearly saying that value is determined by the marketplace, and by the individual customer. Furthermore, value has to be delivered every time—over and over with every customer or client.

From a CPA’s perspective, I will tell you that value is an intangible asset. However, it has no predictable life, and you cannot amortize it over time. It does show on your balance sheet—though indirectly. The ability to deliver value repeatedly over time is reflected in your retained earnings or capital accounts, as the cumulative effect of each year’s profit and loss statement. The more value you deliver, the more repeat busi-ness and referral business you will experience. As you do this, observe the impact on your financial statements.

How do you define the V-word? Are you deliver-ing it? Just look at the size of the smile on your cus-tomer’s face as he or she walks through your door.

Debbi C. Warden, CPA, CGMA, MBA, is a mem-ber of the COCPA’s Financial Literacy Committee. Debbi is founder of The Business Manager, LLC in Greenwood Village, CO. Reach Debbi at 303- 681-2200 or dwarden@TheBusinessManager.com.

In spite of recent tax increases, long-term capital gains continue to be taxed at preferential rates when compared to other types of income. Capital gains are generally gains from the sale of property, with several important exceptions that won’t be explained here. To obtain the lower rates on capital gains, the property being sold must have a holding period in excess of one year. Usually the holding period starts with the date of purchase of the asset, but there are exceptions that may include the holding period of an asset that was exchanged for the asset that was sold.

Once you determine that you have a capital asset with the requisite holding period, you likely have a property that can be sold at favorable capital gains rates. The tax rate on long-term capital gains for married individuals filing jointly is 15% with the rate increasing to 20% when taxable income exceeds $464,850. Single individuals pay the 15% rate until taxable income exceeds $413,200. (Dollar amounts are for 2015).

Long-term capital gains can also be subject to the 3.8% tax on net investment income. The 3.8% tax

can apply to investment income when adjusted gross income exceeds $250,000 for married filing jointly and $200,000 for single.

Another favorable benefit of having a long-term capital gain is the “zero bracket amount”. This allows individuals who would otherwise pay tax in the 10% or 15% brackets to pay zero tax on capital gains. If capital gains cause taxable income to exceed the 15% bracket, the excess is taxed at 15% or 20% as explained above. For 2015, the 15% bracket ends at $74,900 married filing jointly and $37,450 for single individuals.

The favorable long-term capital gains rates also apply to qualified dividends, which includes most dividends paid by corporations (but once again, there are exceptions).

Also, don’t forget state taxes. Most states that impose income taxes tax also impose a tax on long-term capital gains.

This brief explanation covers the basic rules for taxing long-term capital gains. Your specific situation should be reviewed by a knowledgeable tax advisor.

How Capital Gains are Taxed

The “V” Word: A small word with a big business impact - Value

CPA-4 | BizWest | Nov. 27-Dec. 10, 2015 www.bizwest.comAn advertising supplement to BizWest

This article first appeared in CGMA Magazine. For more articles, sign up for the weekly email update from CGMA Magazine at http://bit.ly/UZ07NC.

By Samantha White

I ncreasingly complex demands are being placed on leaders as social change, shifts in the global economy, resource scarcity,

and technological advances disrupt long-stand-ing business models. Leaders are being called upon to create new ways of working to meet these challenges and to drive cost reduction without destroying value.

Yet less than 10% of senior management have the capabilities and experience required to bring about this type of transformational change, according to a study of 6,000 leaders conducted by Harthill Consulting in collaboration with PwC.

It’s not just tenure that counts, and the skillset needed for successful transformation is different from that needed to excel in the day-to-day run-ning of a company or to thrive in a crisis.

The research describes 52% of current senior management as “achievers.” This type of leader is action- and goal-oriented and well-suited to managerial roles. He or she is able to juggle managerial duties and market demands, as well as achieve strategic goals efficiently, through his or her team.

However, solving direct challenges to busi-ness-as-usual calls for a different type of leader with different attributes. The “strategists” who are capable of leading successful transformation in a complex business environment possess a multifaceted way of looking at the world, an abil-ity to reflect on and learn from each experience,

and the humility to enquire rather than advocate and engage instead of command.

Strategists can articulate a vision for the future of an organisation while also ensuring it runs effectively in the present. They also create opportunities for others to thrive.

The 6 capabilities

According to the researchers, strategists pos-sess the following capabilities:

A fresh perspective. Being able to see a situation from a number of perspectives can generate new approaches and therefore promote innovation and problem-solving.

The ability to act on the big and small picture. Leaders must be able to provide vision and direction, as well as get involved in detailed action where necessary.

Passionate detachment. Leaders must bal-ance passion for their mission and objectives with the detachment to weigh situations objectively and change course when required.

Creative use of power. Whether it be for-mal, informal, institutional, or personal power, using it wisely builds long-term commitment and trust amongst peers, employees, and other stakeholders.

Positive use of language. Strategist leaders use language with skill and awareness to inspire and influence, with the clear goal of creating posi-tive outcomes.

Leading with vulnerability and courage. Effective leaders have the courage to make tough and potentially unpopular decisions. Meanwhile, vulnerability, a characteristic less common amongst leaders, is crucial to enabling others to both take responsibility and give frank, honest feedback.

Such leaders are in short supply, and few have emerged over the past decade. Research conducted in 2005 classified 7% of all senior managers as strategists, and the figure for the 2015 survey was 8%.

The research also indicates that strategists are often to be found working in consultancy or advisory roles, and may be reluctant to work directly for an organisation, particularly if it relies on hierarchical management structures. In this context, organisations need to do more to attract, retain, and develop the type of individuals capable of taking their business forward.

How to develop and retain transformational leaders

Drawing on best practices observed in the study, researchers suggest organisations take the following steps to develop transformational capabilities:

1. Distribute responsibility. The first step to developing this type of capability is distributing responsibility downwards and outwards, enhanc-ing the organisation’s adaptability, resilience, and intelligence as a whole.

2. Be realistic about the quality of information. Be aware of and acknowledge the limitations of available data.

3. Build an empowering collective culture. Turn shared aims into behavioural norms across the organisation.

4. Invest in professional development oppor-tunities. To develop transformative leaders, life coaching, action learning, and reflective thinking should be prioritised.

5. Recruit for transformation. Prioritising the attributes of transformative leaders right from

the recruitment and on-boarding processes helps create the conditions they need to thrive and ensures cultural fit.

6. Address conflict and failure openly. In suc-cessful transformations, there is a culture of experimentation in which failure is seen as a necessary part of the development process. Some companies in the study discuss unsuccessful projects, identifying what went wrong and what lessons can be learned. Other organisations in the study have developed forums in which colleagues can discuss the personal aspects of any conflicts that arise.

Take a holistic view of employees

Those organisations defined by researchers as strategists demonstrate their concern for their employees’ overall wellbeing with policies such as life coaching or on-site child care. Other approaches include:

Build strategy collectively. Many strategist organisations have defined methods of working collectively on business strategy. The theory is that anyone who shares responsibility for execution of the strategy should get a say in its formulation.

Prioritise reflection. All staff should set time aside for unstructured reflection on a regular basis.

Tone from the top. For strategists to grow and develop at all levels of the organisation, senior leaders must also embody these values.

Samantha White (swhite@aicpa.org) is a CGMA Magazine senior editor.

Copyright © 2011-2015 American Institute of CPAs. Copyright © 2011-2015 Chartered Institute of Management Accountants. All rights reserved.

Built to Serve Manufacturers.

- Nationally award winning workplace

Dependable Data for Manufacturing Growth

Does your CPA understand how bad records cost your business good money?

As technology continues to transform how business is done, many executives and owners are wondering if their data and IT solutions are helping – or hurting – their organizations. Financial statements and accounting reports are an important starting

point for checking data accuracy; however, data issues in many other areas can also have a significant impact on bottomlines. Consider the following: • ArecentGartnerstudyfoundthatdataqualityissuescancostabusiness15%to20%

in revenue. • TheDataWarehouseInstitutereportsU.S.businesseswasteasmuchas$611billion

a year due to inaccurate or erroneous data.Your accountant should be an informed partner to help you identify industry-specific

opportunitiesandchallengesforyourbusinessastheyrelatetodataquality.Ifheorshecannot assist you in this area, you might consider whether you are working with the right advisor.

Areas to assess and questions to ask: 1.Financial recordkeeping and asset management–Areyoucorrectlycapturingand

classifying transactions, categorizing expenses for tax credits, and maintaining accurate asset valuation?

2.Supply chain management–Doyouhaveincrementallydifferentvendorrecordsthat might prevent you from aggregating orders?

3. Operations – How timely is your labor and process efficiency recordkeeping? 4. Inventory–Areyourinventorylevelsefficientlymeetingdemand?Doyouknow

product-line profitability? 5.Sales and customer data – How easily can you segment and analyze customer data?

Your company might have one or more data management systems to link sales, opera-tions, supply chain, and inventory. But to make the right decisions, you need more than data.Youneedknowledgegroundedininformation.Ifyouarecan’tanswerthequestionsabove, you might be missing critical information to position your company for growth.

The professionals at EKS&H provide more than traditional audit and tax services for strate-gic manufacturing companies. Our Business Technology Solutions group can assist with data integration, performance management, and business analytics solutions. To find out more about how we can help your business, please contact Chris Otto at cotto@eksh.com or 970-282-5400 or John Murphy at jmurphy@eksh.com or 303-740-9400.

6 capabilities of transformational leaders

BizWest | Nov. 27-Dec. 10, 2015 | CPA-5www.bizwest.com An advertising supplement to BizWest

and protecting your assets.

Our technology and service solutions work with your business to keep it safe as you strive for progress. Let’s

safeguard and prosper your business banking together.

303.460.4700 SummitBT.com

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By Sabine Vollmer

M any CFOs have taken note of the valuable customer data that digital technology is generating

for the marketing department and have sought a closer relationship with the chief marketing officer, a global EY survey on the changing role of the CFO suggests.

Nearly two-thirds (63%) of the 652 CFOs polled by EY said their involvement with market-ing has increased in the past three years, and 54% said they are collaborating more with the chief marketing officer (CMO) to develop new products and services.

A strong relationship between finance and marketing can help a business achieve profit-able, sustainable growth in the digital economy, but the CFO and the CMO have to first overcome relationship barriers such as the absence of com-mon tools and processes and continued cultural differences.

“For organisations to remain relevant and thrive, the CMO needs to call into question all aspects of the marketing mix – across products, price, distribution channels, and promotions,” EY says. “The CFO, meanwhile, needs to make the strategic investments that will enable estab-lished companies to adapt without cannabalising their inherent strengths, and new companies to leapfrog their competitors.”

Not enough collaboration

Traditionally, CMOs have had a closer relation-ship with the CEO than with the CFO. Sixty per cent of executive managers polled in a 2014 EY study considered the business relationship between the CMO and the CEO strong. Only 43% said the CMO and the CFO had a strong business relationship.

Although many CFOs have recognised the value of working more closely with CMOs, EY’s 2015 poll suggests CFOs and CMOs still don’t collaborate enough:

n Fewer than half (47%) of the polled CFOs felt they made a significant or very significant contribution to improving customer segmenta-tion and insight, which can help a business dif-ferentiate itself from the competition.

n Measuring marketing’s return on invest-ment was a high or very high priority to more than half (59%) of CFOs polled, but only 13% said the agendas of marketing and finance were aligned.

n Of the 20% of CFOs who considered prod-uct portfolio optimisation a very high priority, 81% reported close collaboration with the CMO. Of the CFOs who prioritised product portfolio optimisation less, only 47% reported a close relationship with the CMO.

n Only 25% of CFOs said they are collaborat-ing more closely with CMOs because of the shift to digital within the business.

To overcome the barriers and for their rela-tionship to be successful, CFOs and CMOs should:

Agree on the metrics that matter for enterprise value. About one-third (32%) of the CFOs polled said the absence of a clear set of key performance indicators linking financial performance and the marketing agenda is one of the biggest barriers preventing a closer relation-ship with the CMO. To come up with metrics that work for both functions, finance leaders will have to be mindful to include hard financial measures and more nuanced, non-financial measures to assess factors such as the value of having a well-known brand name.

Bridge the cultural divide between the two functions. Thirty-one per cent of the CFOs polled blamed cultural differences for keeping finance and marketing from collaborating suc-cessfully. To overcome the barrier, CFOs should make both sides aware of their different mind-sets and encourage dialogue to help accomplish the business’s strategic priorities while staying within the business’s risk-tolerance limits.

Collaborate on marketing’s analytics transformation. One-quarter of polled CFOs said marketing is too difficult to quantify, but Big Data and advanced analytics are transforming marketing. CFOs can ensure the structures and investments are in place to help marketing man-age information security and turn the data into meaningful intelligence.

Team up on the marketing planning pro-cess. Twenty-nine per cent of polled CFOs didn’t see the value in collaborating with CMOs, but businesses are looking beyond what has worked and what hasn’t in the past. In the digital economy, effective marketing planning is essential for driving profitable growth, and finance can create value by helping ensure that marketing’s strategic planning is aligned with enterprise objectives.

Sabine Vollmer (svollmer@aicpa.org) is a

CGMA Magazine senior editor. Copyright © 2011-2015 American Institute of CPAs. Copyright © 2011-2015 Chartered Institute of Management Accountants. All rights reserved.

How CFOs can help chief marketing officers drive growth

CPA-6 | BizWest | Nov. 27-Dec. 10, 2015 www.bizwest.comAn advertising supplement to BizWest

Certified Public Accountants - Boulder ValleyRanked by number of local accountants on staff

Rank Company

No. of localCPAs 2015No. of local offices

No. of localemployees 2015 Areas of specialty

Phone/FaxEmailWebsite

Managing partnerTitleYear founded

1EKS&H1155 Canyon Blvd., Suite 400Boulder, CO 80302

231 42 Audit, tax, consulting, state and local tax (SALT), transaction

services, technology and accounting solutions.

303-448-7000/303-448-7099info@eksh.comwww.eksh.com

Jim Cowgillaudit partner/Boulderoffice lead2008

2Brock and Co. CPAs PC1930 17th St., Suite 200Boulder, CO 80302

161

2 N/A Tax compliance and planning; audits; business consulting;high-net-worth individuals.

303-444-2971/303-444-0869mark@brockcpas.comwww.brockcpas.com

Mark Kaufmannpresident1956

3Kingsbery CPAs, A ProfessionalCorporation1470 Walnut St., Suite 200Boulder, CO 80302

131 23

Tax preparation, planning, accounting and advisory servicesfor individuals and all business entity types and estate, gift,and non profits. International tax consulting and start-upbusiness consulting.

303-444-2240/303-449-9268mkg@kingsberycpas.comwww.kingsberycpas.com

Mary Kay Gondrezickmanaging shareholder1980

4Eide Bailly LLPOne Boulder Plaza, 1811 13th St., Suite 210Boulder, CO 80302

101 12

Audit, tax, state and local tax, international tax, technologyconsulting, business valuation, cost segregation, employeebenefits, enterprise risk management, forensics, health-carereform.

303-443-1911/303-443-0084rrudolph@eidebailly.comwww.eidebailly.com

Rudy Rudolphpartner1917

5Kurtz Fargo LLP1470 Walnut St., Suite 201Boulder, CO 80302

91 14 Tax, assurance and advisory services.

720-310-2078/N/Ainfo@kurtzfargo.comwww.kurtzfargo.com

Matt Fargo; ChesterKurtzmanaging partners2010

6Anton Collins Mitchell LLP4999 Pearl East Circle, Suite 300Boulder, CO 80301

81 10

Audits of nonprofit organizations, closely held privatecompanies including those in the construction and high-techindustries. Personal and business tax preparation andconsulting.

303-440-0399/303-440-5073bhipp@acmllp.comwww.acmllp.com

William F. Jones, Jr. ;Kristin Holthusoffice managingpartner; controller1992

7JBSK CPAs LLP1715 Ironhorse Drive, Suite 210Longmont, CO 80501

61 8 Tax and consulting.

303-651-3626/303-443-0107firm@jbskcpas.comwww.jbskcpas.com

Ramin Karimipartner1969

8Graham & Co. PC1295 S. Broadway, Suite BBoulder, CO 80305

51 7

Tax consulting and preparation for businesses, individuals,estates and trusts; specializing in expatriates, foreignnationals, manufacturing, real estate and service businesses.

303-253-7900/303-253-7901john@grahamcpas.comwww.grahamcpas.com

John GrahamCPA, PFS2009

9Bolder Business Advisors CPA, PC1221 Pearl St.Boulder, CO 80302

41 10

QuickBooks and business start-up specialists: Cloud-centricaccounting, payroll and virtual-CFO solutions for emerginggrowth technology & creative firms and high-net-worthindividuals.

303-449-9222/N/AJamesG@BBAcpa.comwww.BBAcpa.com

James Grahampresident2004

10Wendell Walker & Associates CPAs1420 28th St., Suite 100Boulder, CO 80303

41 5

Income tax preparation and planning high-income individuals;partnership, corporation and fiduciary tax preparation andplanning. Estate planning.

303-449-1386/303-449-8912wtwcpa@aol.comwww.wendellwalkercpa.com

Wendell Walker,CPA,AEP, CVAowner1970

11Flewelling & Mitton, PC287 Century Circle, Suite 200Louisville, CO 80027

31 10

Tax preparation and planning, small-business financialconsulting, audits of nonprofit organizations, accountingservices.

303-499-7445/303-967-2373kris@flewellingcpa.comwww.flewellingcpa.com

Kristin Flewellingpresident1998

12Gary A. Jacobs & Associates PC5305 Spine Road, Suite DBoulder, CO 80301

31 6

Small-business accounting and consulting. Audits, reviews,compilations, tax services, tax planning and preparation forhigh-net-worth individuals.

303-530-5700/303-530-3270gary@gjassoc.comwww.gjassoc.com

Gary Jacobspresident1996

13Zoraja & Associates PC3223 Arapahoe Ave., Suite 207Boulder, CO 80303-1092

31 4

Income tax planning, preparation for individuals, trusts,estates, partnerships & LLCs, C and S-corporations, privatefoundations; gift tax returns; IRS and states' representation;entity selection.

303-449-8510/303-449-8512bzoraja@zaacpa.comwww.zaacpa.com

Branka Zorajapresident1988

14Hayward & Associates PC2581 Park LaneLafayette, CO 80026

21 7 Full service accounting needs; corporate and personal tax

return preparation; tax and financial planning.

303-440-4711/303-449-4908Craig@HaywardPC.comwww.haywardpc.com

Craig Haywardpresident1980

15Latino & Associates PC2590 Trailridge Drive E., Suite 201Lafayette, CO 80026

21 5 Tax, consulting and bookkeeping.

303-444-4327/720-890-2690frank@latinocpas.comwww.latinocpas.com

Frank Latinopresident1974

16Weatherwax & Associates PC2995 Baseline Road, Suite 310Boulder, CO 80303-2318

21 4 Tax advisory and preparation services, business and individual

consulting.

303-499-6711/303-499-6714michael@wxwax.comwww.wxwax.com

Michael WeatherwaxPresident1982

17Daniel L. Swires CPA9830 Isabelle RoadLafayette, CO 80026

11 3 Taxes & small business.

303-665-6477/303-665-6448dan@swirescpa.comwww.swirescpa.com

Daniel SwiresCPA1988

18Brad Borncamp, CPA LLC1319 W. Baseline Road, Suite 201Lafayette, CO 80026

11 2 Tax, accounting, estate and financial planning for individuals

and small businesses.

303-530-4650/303-530-4971Brad@online-cpa.comwww.online-cpa.com

Brad BorncampCPA, CVA, CFP1980

19Christine Reiner CPA8958 Tahoe LaneBoulder, CO 80301

11 2 Tax planning and preparation business consulting.

303-440-1458/N/Acpa@christinecpa.comwww.christinecpa.com

Christine Reinerowner/CPA1985

20Thomas E. Healy CPA PC1015 Pine St.Boulder, CO 80302

11 1 Business and personal income tax; financial and business

planning.

303-443-1804/720-489-3772tom@tomhealycpa.comwww.tomhealycpa.com

Tom Healypresident1979

21Bill Brooks CPA PC5350 Manhattan Circle, No. 106Boulder, CO 80303

11 1 Tax business and financial consulting.

303-447-1626/303-447-1906bill@billbrookscpa.comwww.billbrookscpa.com

Bill Brooksowner/CPA1986

1 Includes Boulder & Longmont offices, BizWest estimate. Researched by Chad Collins

BizWest | Nov. 27-Dec. 10, 2015 | CPA-7www.bizwest.com An advertising supplement to BizWest

Certified Public Accountants - Northern ColoradoRanked by number of local accountants on staff

Rank Company

No. of localCPAs 2015No. of local offices

No. of localemployees 2015 Areas of specialty

Phone/FaxEmailWebsite

Managing partnerTitleYear founded

1EKS&H1321 Oakridge DriveFort Collins, CO 80525

241 35 Audit, tax and consulting. State and local tax (SALT),

transaction services, technology and accounting solutions.

970-282-5400/970-282-5499info@eksh.comwww.eksh.com

Chris Ottoaudit partner/FortCollins lead2005

2Eide Bailly LLP375 E. Horsetooth Road, Bldg. 4200Fort Collins, CO 80525

171 38

Audit, tax, state and local tax, international tax, technologyconsulting, business valuation, cost segregation, employeebenefits, enterprise risk management, forensics, health-care reform.

970-223-8825/970-223-0817www.eidebailly.com

Denise Julianapartner1917

3K·Coe Isom6125 Sky Pond Drive, Suite 200Loveland, CO 80538

151

1 38

CPA firm growing companies and ag operations withstrategic financial management, business transition, debtand equity raises, sustainability solutions, federal policy andC-suite advice.

970-685-3500/970-663-0223www.kcoe.com

Jeff WaldCEO1932

4Soukup, Bush & Associates CPAs PC2032 Caribou Drive, Suite 200Fort Collins, CO 80525

151 25 Tax, business valuation, cost segregation, auditing,

accounting and consulting.

970-223-2727/970-226-0813scott@soukupbush.comwww.soukupbush.com

Scott Bushpresident1989

5Anderson & Whitney PC5801 W. 11th St., Suite 300Greeley, CO 80634

141 24 Financial reporting (audit, review, compilation), tax planning

and reporting, business support and consulting.

970-352-7990/970-352-1855larry@awhitney.comwww.awhitney.com

Larry Atchisonpresident1968

6RLR LLP1235 Riverside Ave.Fort Collins, CO 80524

92 22

Serving small and mid-sized businesses and the owners.Serving a not-for-profit niche. CPA firm. Tax planning andpreparation, business consultants, payroll, bookkeeping,audit and attestation.

970-692-5300/970-692-5301info@rlrcpas.comwww.rlrcpas.com

Scott Rulon ; RobDickersonpartners1999

7Brock and Company CPAs PC3711 JFK Parkway, Suite 315Fort Collins, CO 80525

81 9

Construction, real estate investors, tax and estate planning;high net worth individuals, business advisory services,audits, review and compilations.

970-223-7855/970-223-3926sjohnson@brockcpas.comwww.brockcpas.com

Susan Johnsondirector1956

8Hunt, Spillman & Associates PC125 S. Howes St., Seventh FloorFort Collins, CO 80521

61 8

Auditing, reviews, compilations, monthly accounting, taxplanning, estate planning, estate and gift tax preparation,individual and business consulting and tax preparation,litigation support.

970-482-2272 /970-482-3231bobhunt@huntspillman.comwww.huntspillman.com

Robert Huntmanaging director/president1969

9NorCo CPAs LLC6500 W. 29th St., Suite 260Greeley, CO 80634

61 8

Tax planning/prep, CFO consulting, reviews, compilations,strategic business planning, internal controls, cash flowmanagement, small business accounting, Quickbooksservices.

970-351-7480/970-351-8990d.spencer@norcocpas.comwww. norcocpas.com

Dianne Spencerowner2010

10Anton Collins Mitchell LLP2015 Clubhouse Drive, Suite 203Greeley, CO 80634

51 11

Audits of governmental entities, nonprofit organizations,and companies in the construction and high-techindustries. Personal and business tax preparation andconsulting.

970-352-1700/970-352-1708bhipp@acmllp.comwww.acmllp.com

Randy Watkinsmanaging partner1978

11Gates, Kirby & Co. PC300 Boardwalk Drive, Building 5BFort Collins, CO 80525

51 10 Tax return preparation and planning, audits, reviews and

compilations. QuickBooks and general business consulting.

970-226-1704/970-223-0157tom@gateskirby.comwww.gateskirby.com

Tom Gatespresident1984

12Unify CPAs PC185 N. College Ave., Second FloorFort Collins, CO 80524

41 16 Business Accounting and Tax.

970-484-9655/970-232-1475info@unifycpa.comwww.unifycpa.com

Stephanie KimakCPA1981

13Hoover Harris & Co.4075 W. 11th St.Greeley, CO 80634

41 9 Agricultural, trucking, oil and gas, small business, payroll

and bookkeeping services.

970-352-1642/970-352-0284nward@hooverharriscpa.comwww.hooverharriscpa.com

Ron Marshallprincipal1969

14Ruesch, Biddle, Larson & Ratliff CPAs LLC3535 W. 12th St., Suite DGreeley, CO 80634

41 7

Individual and business tax planning and tax returnpreparation. Small business consulting. Accounting andpayroll services. QuickBooks ProAdvisor. IRSrepresentation.

970-353-1798/970-353-1799lance@co-cpa.comwww.co-cpa.com

Lance Larson; MarshaBiddle; Ben RatliffCPAs1981

15Dryg & Associates CPAs PC2105 Maple DriveLoveland, CO 80538

41 7 Tax services for businesses and individuals, business

valuation, cost segregation, and accounting.

970-663-2020/970-669-6317kevin@drygcpas.comwww.drygcpas.com

Kevin Drygpresident2011

16ClearPath Accountants LLC702 W. Drake Road, Building FAFort Collins, CO 80526

42 7 Individual, business, estate, retirement, taxes and financial

planning.

970-206-1435/970-251-7235rshinn@clearpathaccountants.comwww.clearpathaccountants.com

Ralph Shinnpartner1993

17Schulz and Leonard PC200 First St.Eaton, CO 80615

41 7 Accounting and income tax services.

970-454-3371/970-454-3465roger@schulzandleonard.comwww.schulzandleonard.com

Roger Schulzpresident1976

18Linda Holdredge & Associates CPA PC365 E. 27th St.Loveland, CO 80538

41 6 Accounting, tax preparation, payroll services and

QuickBooks consulting.

970-667-2555/970-669-9494info@lovelandcpas.comwww.lovelandcpas.com

Linda L. Holdridgeowner1978

19Shaw & Associates CPAs & Financial Advisors1044 W. Drake Road, Suite 201Fort Collins, CO 80526

41 3

Tax planning & consulting, tax preparation & compliance,IRS representation, accounting & bookkeeping. TrainingFinancial Statement Preparation & Analysis Compilations &Reviews Business Retirement Plans

970-223-0792/970-223-6509kevin@kevinshawcpa.comwww.kevinshawcpa.com

1996

20Pisacka, Baker & Associates LLC375 E. Horsetooth Road Shores, Building 2, Suite201Fort Collins, CO 80525

21 4 Income tax return preparation, income tax planning. Review

and compilation services.

970-488-1888/866-895-4377cody@pisackabaker.comwww.pisackabaker.com

Cody Pisackamanaging member2007

21Bates & Bishop CPA Inc.234 Elder DriveLoveland, CO 80538

21 3

Tax planning and preparation: individual, partnership, LLC,corporations. All out-of-state returns, electronic filing,payroll services, business start-up consulting.

970-669-7400/720-889-9705carolyn@bbcpa.prowww.bbcpa.pro

Carolyn Bishopowner1985

22B. Sue Wood and Associates PC527 Remington St.Fort Collins, CO 80524

21 3 Tax and accounting services.

970-482-5626/970-482-5629bswpc@bswpc.comwww.bswpc.com

B. Sue WoodCPA/president1990

23Key2 Accounting/Payroll Vault375 E. Horsetooth Road, Unit 2-101Fort Collins, CO 80525

11 7 Tax preparation, accounting/bookkeeping, QuickBooks

support and training, payroll.

970-682-6600/970-616-6700info@key2accounting.comwww.key2accounting.com

Melissa Clarymanaging member2012

24Mueller & Associates CPA LLC762 W. Eisenhower Blvd.Loveland, CO 80537

12 6

Oil and gas; business tax planning; QuickBooks setup,training and support; merger and acquisition; entityselection; tax elections; enterprise zone tax analysis;advanced philanthropic tax planning.

970-667-1070/970-667-1316info@mueller-cpa.comwww.mueller-cpa.com

Paul Muellermanaging director2008

25Knezovich and Williams CPAs LLC109 Coronado CourtFort Collins, CO 80525

11 5

Business valuation, income taxes individuals, corporations,partnerships and LLCs and accounting for smallbusinesses.

970-224-9900/970-377-6767paul@kwcpallc.comwww.kwcpallc.com

Paul Williamsmanaging member/owner1982

1 2014 number. Researched by Chad Collins

CPA-8 | BizWest | Nov. 27-Dec. 10, 2015 www.bizwest.comAn advertising supplement to BizWest