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