Firm Name: Wright Ford Young

Date: March 20, 2018

Website: https://www.cpa-wfy.com/


Professionals in attendance:
  • Andy Bautista
    • Tax Partner
    • Been with the firm for 17 years
  • Chris Koyama
    • Audit senior
    • Been with the firm for 6 years

Founded in 1973 by Bob Wright

  • Currently has nearly 80 employees
    • Nearly doubled its staff in 6 years
  • 60% of staff is tax
  • 40% is audit
    • No audits for public companies
    • The firm made a conscientious choice not to pursue public clients
  • Has full service clients in tax and audit
  • With clients in the $10 Million to $200 Million in Revenues

WFY does many 401K Audits for public and private companies

  • Some notable clients for 401K Audits include:
    • Credit Karma
    • The Anaheim Ducks
    • Hyundai
    • Asics
  • 401K audits typically take place during the summer

Auto-flow:

  • "Right when you come into our firm, you're learning how to prepare tax returns" - Andy
    • This is for the first two to three years so you gain the technical skills in tax
      • Excel and PDF are essential pieces of software that are required and must-have skills
      • The firm implemented new software that essentially scans

Buddy System:

  • Once you're brought into the firm you are assigned a buddy
    • They help you mostly with the day-to-day things
      • Administrative, office dynamics, and social questions

Facts about the firm:

  • You are also assigned a mentor
    • They help you with your professional questions and your career roadmap
      • Helping you pursue your CPA
  • Why getting your CPA license is important:
    • "Being certified is a huge deal, and extremely important. Also, it allows you to communicate with the IRS." - Andy
    • "Get your CPA done early! If you want to stay in public accounting, it is crucial that you have it and its just better to get it done as quickly as you can." - Chris
    • "Work and life just gets more complicated, so getting it done early helps a lot with maintain that balance." - Andy
      • Answer questions regarding continuing education
        • EX: Pursuing a master's in taxation or a law degree
  • Why pursing a masters can be important:
    • It can help you reach the 150 units
    • Pursuing a Masters in Taxation opens more doors for you later down the road
    • "Many auditors, especially in the big four, are starting to pursue law degrees because the regulations at the end of the day are written by lawyers" - Chris

A Day as an Auditor:

  • Typically an intern/associate is accompanied by a staff and/or senior
    • Partners typically are more active than in bigger firms
      • They show up regularly but they're not there all the time
  • You're talking to clients from day one as an audit professional
    • Requesting documents, asking questions, etc.
  • Once you're a senior you are overseeing associates and working more on financial statements

Firm Progression and Turnover:

  • WFY has low turnover compared to other firms
  • Professionals in Audit typically don't work more than 50 hours a week during busy season
  • Tax professionals work about 55-60 hours a week during busy season
    • Many of their clients extend which pushes lots of the work off into the summer time
  • "As long as everyone's getting their work done, no one cares if you take some time off." - Chris
    • Employees are able to attend their kids' sports games, spend time with family, and even do a little travel during busy season
      • "You have to make time here and there to make up for it, but no one minds." - Chris