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The Tax Deadline Has Come and Gone – Are You Happy?

With April 18th in your rear view mirror it is time to review how your tax preparation went.  Was it a painless process for you?  Did you have constant communication with your accountant?  If you did, you should thank your accountant and start planning for next year!  If not, maybe it is time to start thinking about a change.  Over the years we (as a Firm) have noticed clients switching to CPA Firms of our size over the traditional sole practitioner.  While you may enjoy a personal relationship or believe that it would be inconvenient to make a change to a full service CPA Firm – think again….

When you make a switch to a public accounting firm, you gain resources, a team of CPAs with more robust professional backgrounds, and a one-stop shop for all your personal and business financial needs. Wouldn’t it be nice to have a full suite of services at your fingertips – other then just tax preparation? What happens if you want to outsource your accounting, or maybe buy or sell a business?    A CPA Firm handles the “here and now” AND “the here and far from now” process. With an overarching look into your personal or business situation a good CPA Firm can do so much more for you then you ever imagined.  Here’s a look into how they do it:

The Secret Behind A CPA Firm’s Success

A (good) CPA firm functions as a part of your leadership team.  That’s it – that’s the secret.  Before your anticipation dies down, allow us to ellaborate on that.

They Care About You

When you invest in a CPA Firm, they recognize the engagement as a relationship, not a contact.  CPA’s bind themselves to your business, taking a true interest in your financial past, and expressing genuine desire to improve your financial future.

Why is a passionate CPA so important to your financial future?  Because without a genuine desire to grow, your accounting department is simply going through the motions, paying no mind to long-term effects or future goal fulfillment – that doesn’t exactly increase your bottom line.

They Plan With You

Your current financial team always seems too busy with other tasks to focus on the future.  You want daily deadlines to be met, but you also want to plan for next week, next month, and next year. You know how important planning is, but your team doesn’t seem to view it with the same urgency.

Whether it’s because they lack the time, or they’re just too focused on tasks at hand, your team’s priorities are out of place in your opinion. You need a firm that takes the time (any time and every time) to consult with you, give you valuable feedback, or simply provide financial reassurance. A CPA firm sees past daily duties, making your future their main priority and taking the time to plan for a prosperous one.

They Seek Success For You

A CPA firm is going to share your goals, as well as your motivation for reaching them. Even after your organization has reached its financial goals, your CPA keeps at it – they want to see your success accumulate and reach a firm, unwavering stability. A CPA creates opportunities that lead to constant financial growth and a robust bottom line.

Your current accounting department might be deemed your financial team, but do they really function as your teammates? Are they as invested in your financial future as you are? If not, it’s time to start thinking about investing in a real team – one that cares about you, functions with you, and helps you secure a steady and successful financial future.

Ready to get proactive and reach beyond standard tax preparation?  Click below to learn how a CPA firm can provide insight beyond taxes.

3 Keys To Staying Relevant With Your Clients

Staying relevant with your clients is the key to success. This applies to not only retaining your clients, but to also getting referrals from your clients. So, how exactly do you do that? What does staying relevant or becoming more relevant mean?

You talk to your client, you master the industry the client is in, and you provide timely advice and tips that lead to productive results for your client. Ultimately you are building a relationship with your client. One that is built on mutual trust and knowledge share. In North Carolina, especially in the Charlotte and Triad regions, there are dozens of CPA firms that can handle a client’s tax or accounting needs, however client service is where LBA Haynes Strand stands out from the rest. We create strong mutually beneficial relationships with clients. We stay relevant with our clients, and we do that by focusing on three main client service aspects:

1. Industry Acumen

Staying up to date on a client’s industry, including threats and opportunities is key. This includes making your client aware of any changes or updates that they need to be aware of relating to their industry. We pride ourselves in having a diverse team that is able to handle client needs in a number of industries. Most specifically: Charter Schools, Construction, Manufacturing, HOA, Non-Profit, and Entrepreneurs. Our team attends regular seminars, conferences, and other events in all of these fields to stay up to date.

2. Client Collaboration

We cannot stress this enough… work with your client! Your client should feel comfortable to come to you regarding any problem or issue they have and before important decisions are made! Something we have found helpful with our clients is to hold regular planning sessions. These can be monthly, quarterly, semi-annually or just annually – whatever the client feels is necessary. When you sit at the table on the same team with your client, then you are much more likely to provide real value to your client.

3. Client Insight

Focus on the client! Focus on the client’s vision, short-term and long-term goals, and strategic initiatives to meet those goals. You must understand your client in order to provide great service! This can greatly help you, especially when it comes time to offer useful advice to the client. You cannot fully help your client if you don’t understand them.  We highly recommend to take this last step seriously and really get to know your client.

These three steps can greatly increase your relevance with your clients. Thus, creating an excellent client experience and one that will be mutually beneficial for years to come. We know because this is how we handle our clients. If you would like to discuss your tax or accounting needs with a member of the LBA Haynes Strand team, contact us for your no-cost consultation!

Preparation: The Key to March Madness and Tax Season Success

The NCAA college basketball tournament is always an exciting and often maddening time for all of us.  While these teams are looking to play the part of bracket buster, your accountants are working hard to see to it that tax season is not a maddening time of year for you.  CPAs thrive on this time of year, and leave it all on the court..I mean…office, to make sure that their clients receive the best possible results.

Last second shots and unexpected upsets may be common in the NCAA tournament but are not common in our world.  Tax planning is the reason for this.  Tax season isn’t something that is done over the period of a couple months time, this is something that is worked on continuously throughout the year.  Accountants and clients alike must be equally prepared come tax season.  The quote of basketball coaching legend John Wooden sums it up best, “Failing to prepare is preparing to fail.” So let’s take a look at some steps that you can take to prepare yourself against the stressful affects of the April tax deadline:

Don’t Procrastinate … Be Proactive

Tax planning is not one single task, designated to one single month. Usually, when people finish their taxes, they breathe a big sigh of relief. Whew, glad that’s over. But it’s not over, in fact, tax planning for the next year should begin shortly after your taxes are filed for this year.

See what do we mean by adopting a proactive mindset? If you’re thinking ahead, and keeping your finances in order through the entire year (and not waiting for March to prepare them all) you’re avoiding unnecessary stress during tax season.

Collaborate With Your CPA

Most people attempt to prepare their taxes on their own. And most people miss out on golden financial gains. The average taxpayer does not have the expansive financial knowledge and insight of a professional accountant, nor should they, but that’s what makes do-it-yourself tax planning such a risky idea – you’re gambling with possible financial gains.

When you contact a CPA firm, not only do you receive the professional guidance needed to navigate complicated tax territory, you receive financial consultation catered specifically towards your company’s future.

Consider Wealth Management

Part of tax planning is considering your investment options. Most people shy away from investments because they strongly dislike the idea of possibly losing money. Investing is not a gamble, it is a calculated risk when consulting with a wealth management advisor.  The advisor takes in to account whether you are risk adverse and builds a plan that fits your needs and your desires. A wealth management service, along with your CPA and financial advisor, guide you in making the right decisions for building a sustainable financial future.

Discussion Before Decision

Even after you’ve learned a thing or two from your CPA firm, it’s still always a good idea to consult with them on significant financial circumstances. For example, if you’re thinking about selling your business, a CPA firm can give you the tax logistics, implications, and benefits behind all your possible options.

There are a number of financial factors that go into tax planning, and cramming them all into a one-month timeframe creates a chaotic mess of last-minute desperation. Being pro-active in your tax planning and consulting with professionals will help you avoid the stress and headache that are often associated with the April tax filing deadline.

Click the button below to begin your conversation with a coach..err…certified public accountant with LBA Haynes Strand and begin seeing the results of being prepared.

Breaking: Businesses Are Partnering With CPA Firms To Run Accounting Departments

The hiring of CPA firms as the accounting function of companies is growing. Once thought to be contained to smaller businesses, the use of a CPA firm as an accounting department is spreading to mid-sized companies.  Whether it is going to be called an “epidemic”, a “pandemic”, or an “outbreak” is yet to be seen.  The good news is business owners now have options on how to run their business.  In fact they have more options than at any point in history.

What does this mean?

Mid-Sized companies are facing many of the same issues that smaller businesses are going through.  They are wanting to run leaner businesses with less overhead, and are wanting to do so more efficiently.  This means that companies are continuing to look outside their own company for help.  Sure accounting firms have been offering accounting services to companies for decades – but what is new is that we are now offering accounting solutions to business owners.

Business owners are now asking, “Why would I pay a lone individual to handle my company’s accounting duties, when I can instead hire an entire team of professional accountants at a CPA firm to handle my accounting at a fraction of the cost?”

Good question – and one that every business owner needs to ask his or herself.  Hiring a CPA firm with an accounting solutions department is the here and the now, but also the future.

Accounting Solutions: What You Need To Know

There are many benefits to hiring an accounting solutions team.  The list of accounting solutions offered include: AP management, AR management, budget development, credit card processing, financial statement preparation and analysis, payroll management, QuickBooks support, and much more!  Companies aren’t just looking to maintain the status quo anymore, they are looking to better themselves and find competitive advantages over their competitors.  Companies are demanding efficiency and experience out of their accounting departments – when these demands are going unmet – you need solutions.

If hiring a CPA firm to be your accounting team is something that you are considering, be sure to consult with a number of CPA Firms and choose the one that best fits your company and your vision.  Make sure that they have the right staff in place to handle your needs, make sure you are not going to be charged by the hour, and make sure you choose a firm that you feel comfortable with.  You want to be able to call your CPA at any time throughout the year with questions, so make sure you feel comfortable with your accountant.  This person is going to effectively become a member of your team, so finding a CPA that meshes well with your personality and can fit into your office culture is an important part of the process.

Remember – you are running your organization.  When you use an independent accounting firm, you are in a better position to do so.  Let your CPA handle your daily accounting functions and you can better focus on the core competencies of your business!

Ready to learn more about the Accounting Solutions team at LBA Haynes Strand? Contact us for your free consultation!

3 Benefits of Hiring a CPA Firm for Your Accounting Needs

A CPA Firm can offer flexible, scalable, bookkeeping solutions to businesses and institutions of every size. Growing your business and sustaining the success of your organization is likely your overall goal. In order to achieve this, business owners must make sure that they have a strong, reliable accounting function in place.

As the leader, you should spend your time finding ways to increase the overall value of your business. If you find yourself crunching the numbers of everyday finances, a CPA firm’s accounting services could be invaluable to getting both you and your business back on the right path to success.

What are the benefits to hiring a CPA Firm for your accounting?
1. The Offering Of A Full Suite of Accounting Services

One benefit to hiring a CPA firm for your accounting function is the full suite of fully customizable services to fit your needs. You may have people in your accounting department, but what happens when they have limited knowledge or experience?  Hiring a CPA Firm gives you access to a full team of accountants and professionals that have that knowledge and experience.

What services are included?
  • AP management
  • AR management
  • Budget development
  • Business plans and forecasting support
  • Chart of accounts clean-up
  • Consulting services
  • Credit card processing
  • Deposit management
  • Expense reimbursements
  • Financial Statement preparation and analysis
  • General ledger review
  • Monthly or Quarterly meetings to review
  • Payroll management
  • QuickBooks support
  • Sales and use tax reporting
  • Year end 1099s
2. Hiring a CPA Firm For Your Accounting Saves You Time and Money

Your accounting department shouldn’t require a babysitter. You might think it’s your duty as the business owner, to manage workflow, or you might just be intent on keeping a close eye on your company’s finances. Is this really the best use of your time as the leader of your business? What you should be doing is checking in to each of your departments, ensuring smooth sailing, and then getting back to running your business as a whole. Hiring a CPA Firm allows you to do this by taking all accounting issues off your hands. You will be relieved from the day-to-day oversight of your company’s finances. Your available time increases, and you feel confident in taking that time to tackle other business issues.

Look at the budget and resources you currently have allocated towards your in-house accounting department and compare it against the investment of hiring an independent CPA firm. When examining these costs, remember to factor in all the extra costs of other salary factors, including employee benefits and payroll taxes. We are confident that you will be surprised at the price difference and the overall cost savings that hiring an independent CPA firm will provide your business.

3. Hiring A CPA Firm For Your Accounting Puts You In Control

If you are a business owner, there is no doubt that you have control over your business – but are things being managed according to your guidelines and vision? Are the financial policies and procedures your company requires being put into place? You may not have a tremendous amount of accounting knowledge, but you certainly have ideas on how you would like to see reports compiled and presented.

A good CPA firm will abide by these ideas. A good CPA firm will take your business plans and reporting preferences and arrange them into an easy to read, comprehensive format. For example, if you are not 100% in tune with 100% of your expenditures, a CPA firm might recommend a weekly, monthly, or quarterly cash flow analysis based on your needs.

The fact that you may not be an accounting expert should not prevent you from creating policies around your finances and a CPA firm can help you put those policies in act and strengthen them.

Leading your business means guiding the business to a brighter future. You should be focused on the overall picture, not busying yourself with daily duties throughout your departments. Even if your accounting department is performing adequately, as a leader, it is your responsibility to turn “adequate” into “effective” if you want to achieve sustainable business success. A CPA Firm’s accounting services ensure this effectiveness, and give you the time and tools you need to lead your business forward.

Want to learn more about the benefits that a CPA Firm’s accounting service can provide for your business? Contact us today to begin your conversation about your financial future with an experienced accountant at LBA Haynes Strand.

Results of the Contractor Remittance Survey

A CPA Firm should not just strive to be your accountant, but strive to be an industry resource to you. Your CPA Firm should be active in local trade organizations and in local chambers, to keep you up to speed with recent changes that may affect your business.   As a firm that includes a large number of construction related clients, we are members of the Construction Financial Management Association (CFMA) and have access to The Institute of Certified Construction Industry Financial Professionals (ICCIFP).  We do this to be active in the local construction community, as well as to represent our clients.

As a member, we receive valuable information, in many different forms, that we can then communicate to our clients and prospects.

The ICCIFP, has released the results or their “Remittance Survey.”  The survey was posted on September 28th, 2015 on the CFMA Bottom Lines newsletter.  The survey reached approximately 7000 members and was emailed to 950 CCIFPs.  The survey was closed on October 14th with 165 respondents.  Since the sample was targeted at CFMA membership and CCIFPs, the results are skewed towards larger contractors. Questions included in the survey were:

  • On average, how long does it take your company to remit payment to subcontractors?
  • How does your current remittance time to subcontractors compare to last year?
  • How does your current remittance time to subcontractors compare to three years ago?
  • On average, how long does it take your company to remit payment to suppliers/vendors?
  • How does your current remittance time to suppliers/vendors compare to last year?
  • How does your current remittance time to suppliers/vendors compare to three years ago?
  • Of all remittance transactions you made during the last year, what percent were checks, what percent were ACH/wire, and what percent were credit card?
  • When considering your total remittances for the last year, what percent were checks, what percent were ACH/wire, and what percent were via credit card?

To see the results of the survey: CLICK HERE!

Attention Business Owners: Don’t Just Survive….Thrive!

Are you helping your business thrive or are you helping it survive? If you are a business owner you may be spending too much time focusing on how to keep the ship afloat and not focusing enough on the opportunity to shift your time and attention to helping your business thrive.  One option to assist you is outsourcing business functions to professionals.  Look outside your company for consultants, for example a CPA firm that provides bookkeeping or outsourced accounting services.  This can save you time and money, as the fee will likely be less than hiring a full time accountant on your staff.

The moral of the story: Don’t try to wear all the hats!

Business owners that try to wear all the hats simply don’t have time to focus on their business.  They are too busy focused on the mundane activities such as accounting, marketing, hr, etc. As the leader of your business, you should be spending 0% of your time crunching numbers of everyday finances, and 100% of your time finding ways to increase the overall value of your business.

Let’s examine how outsourcing your accounting function can give you a tighter grip on managing your business in its entirety:

Outsourcing Saves Time

Your accounting department shouldn’t require a babysitter. You might think it’s your duty to manage work flow, or you might just be intent on keeping a close eye on your company’s finances. Is this really the best use of your time as the leader of your business? What you should be doing is checking in to each of your departments, ensuring smooth sailing, and then getting back to running your business as a whole.  

Outsourced accounting allows you to do this by taking all accounting issues off your hands. With an outside accounting firm, you are relieved of the day-to-day oversight of your company’s finances. Your available time increases, and you feel confident in taking that time to tackle other, more important, business issues.

Outsourcing Gives You An Organized System

When you ask your bookkeeper for a specific document, they should be able to retrieve it immediately. There shouldn’t be massive amounts of time spent digging through files and searching through desktops.

If you’re like most successful business owners, disorganization conflicts with your strategically structured approach to running a business. When you have a CPA firm on your team, your files are classified by revenue, or expense or location – however YOU want them to be classified. Which brings us to your next point…

Outsourcing Puts You In Control

You obviously have control over your business if you own it, but are things being managed according to your guidelines? Are the financial policies and procedures your company requires being put into place? You may not have tremendous accounting knowledge, but you have ideas on how you’d like to see your reports compiled and presented.

A good CPA firm abides by these ideas, taking your business plans and reporting preferences and arranging them in an easy-to-read, comprehensible format. For example, if you’re not 100% in tune with 100% of your expenditures, a CPA firm might recommend a weekly, monthly or quarterly cash flow analysis, depending on your needs.

The fact that you are not an accounting expert shouldn’t prevent you from creating policies around your finances.

Leading your business means bringing about a brighter future, looking at the overall picture, and not busying yourself with daily duties throughout your departments. Even if your accounting department is performing adequately, as a leader, it is your responsibility to turn “adequate” into “effective” if you want to achieve sustainable business success. Outsourced accounting services ensure this effectiveness, and give you the time and tools you need to lead your business.

Want to learn more about the benefits outsourced accounting provides for your business?  Click here to start the conversation about your financial future with LBA Haynes Strand or click the button below to download your free whitepaper on the subject!

Results of the Contractor Payment Survey

A CPA Firm should not just strive to be your accountant, but strive to be an industry resource to you. Your CPA Firm should be active in local trade organizations and in local chambers, to keep you up to speed with recent changes that may affect your business. As a firm that includes a large number of construction related clients, we are members of the Construction Financial Management Association (CFMA). We do this to be active in the local construction community as well as to represent our clients.

As a member, we receive valuable information, in many different forms, that we can in turn communicate to our clients. At the bottom of this blog, you can find the results of a survey titled, “Contractor Payment Survey.” This survey was put together by the Institute of Certified Construction Industry Financial Professionals. On August 10th, the survey was mailed to 925 CCIFPs and was also posted on the CFMA Cafe website that reached approximately 7000 members. The survey was then closed on August 17th with 142 respondents. 

Questions included in the survey are:
  • On average, how long does it take to collect payments?
  • How does your current collection time compare to last year?
  • How does your current collection time compare to three years ago?
  • Of all payment transactions you received during the last year, what percent were checks, ACH/wire, or credit card?
  • When considering your total revenue for the last year, what percent was received from checks, ACH/wire, and/or credit card?
  • What is your gross annual revenue?
  • What is your total number of employees?

Results of Contractor Payment Survey: CLICK HERE

Finding The Right CPA For Your Construction Firm

Often times the relationship between accountants and their clients can be misunderstood as one that just produces a tax return or one time advice.  If this describes your current relationship with your CPA, you might want to re-think your CPA Firm.  An accountant is supposed to act as a trusted advisor, one that you can count on to answer all your accounting questions on a year-round basis and someone you will never hesitate to call with a question.

So, how do you maximize your relationship with your accountant?

It starts with hiring the right accountant.  You need to find the professional CPA firm that has experience handling similarly sized construction companies, someone who understands the nuances of construction accounting.  They should also show a general interest in your company.  Your accountant should be able to ask relevant questions about your company/industry and should be able to provide advice that is specific to the construction industry.  For example if your CPA firm is REALLY knowledgeable about the construction industry, the CPA firm will be able to provide you with strategic planning, smart growth and expansion consulting, sound internal controls, tax and cash flow planning, and finally budgeting and forecasting.

You must understand that your CPA is a resource to your company. If you are only sending over your financial information and waiting for your accountant to send over a completed tax return – then you are missing an opportunity to better your company. Your accountant should be utilized as a financial resource.  Accountants can develop corporate strategies, financial plans, can make recommendations to how to lower taxes and increase profits, and can open up doors to new relationships with lawyers and bankers for example.

In today’s economy many general contractors have attempted to do more work with less resources.  This often times puts more of a burden on employees and on the contractor or owner of the company.  This has led to some aspects of the overall financial plan being ignored or not maintained.  If you are a contractor, wouldn’t it be nice to receive monthly reports and analysis of your spending, cash flow, and other financial data?  Utilizing your accountant to do this, can help you stick to a financial plan that increases your financial health and can help identify problems before they turn into significant issues.  When hiring the right accountant, ask them if they are able to provide monthly analysis and reporting, if they say, “no”, then move on and find an accountant who can.

What else should you be looking for in an accounting firm for construction companies?
  • Accountants with industry knowledge.  Look for the “CCIFP” designation!
  • Look for accountants who won’t charge for phone calls and will never put you on the “clock.”
  • Look for CPAs who are in Construction related groups.  CFMA for example.
  • Find your trusted advisor – someone you can envision developing a relationship with and contacting on a weekly or monthly basis.
  • Someone who can provide insight into the construction industry.
  • During your first meeting, ask the accountant a specific tax question about the construction industry.  If they truly are a “specialist” in construction accounting, this will help you learn that.

Construction accounting is a specialty. That’s why you need an accounting firm that has keen insight into the challenges faced by general contractors and specialty contractors. LBA Haynes Strand’s in depth understanding of construction accounting is the result of providing services to more than 150 clients in the construction industry. For more information on construction accounting, download our free guide, “Profitable Construction: A Guide To Outsourcing Tax Preparation And Accounting.”

Accounting For Growing Companies: What To Consider

Do you know the old adage of “it takes one to know one?” We believe this to be a characteristic of LBA Haynes Strand, that just isn’t available at other CPA Firms. We of course are talking about a growing company. Growing companies face all kinds of challenges: accounting, hr, marketing, operations, etc, etc. There are two areas that we see growing companies needing the most assistance in: Cash Management and Internal Controls.

Cash Management

The truth of the matter is, it takes a LOT of cash to grow a business. Think about it – when a company grows their receivables grow, their work in progress grows, they have to hire new employees, they may need more inventory to sell, different technology needs, etc. All this costs money, but it is essential to creating a business structure that is capable of handling the business growth. If you are a business owner and you are looking to grow your company, you need to be aware of this.

It is a common story in the business world that businesses grow quickly, but then fail quickly, because the business was not properly prepared to handle the growth.  Business growth does not always equal success. When you grow you must look at all sides of your business and make sure that each function is strong and able to handle the increasing workload. Cash is going to be spent quickly to do these things, but the business owners must realize that this is necessary! The trick is not running out of money and working with your CPA can help you accomplish that.

Internal Controls

We see it often that a company comes to us asking for assistance because their company’s growth is outpacing their business structure. Sometimes these companies have little to no accounting function, because they just haven’t had the time to put the right systems in place, the right internal controls in place, or put the right people in place. This is a big area of concern for us.

Internal controls are often pretty logical measures that can make the difference between the success or the failure of your business. Implementing strong internal controls early on in the growth process can save the company a lot of time and money in the long run. This will also ensure the company that they will have efficient and effective business functions, reliable financial reporting, compliance with laws pertaining to the businesses activities, and the company’s assets are properly protected. So how do you know what internal controls you need to strengthen? This is where a certified public accounting firm with a team of internal auditors comes in handy. The internal audit team will come in and learn your business, conduct testing of your internal controls, create solutions for any issues they find, and then make recommendations to the management team.

If you are a growing company and have questions about your internal controls and your accounting function, contact LBA Haynes Strand today. As a two-year Inc. 5000 fastest growing company, we understand growing companies. What better advisors to your growing company than ones who knows how to handle it themselves!  Contact us today for your no cost-consultation!

What’s In a CPA Firm Name?

Accounting firm names are usually long names… lots of names… lots of letters! Why are our firm names made up of all these names and letters? Accounting firms, like other professional service firms, face many challenges in naming their company – including state regulations that require the use of the the name or initials of any partner or shareholder in the firm name. A CPA firm may also use the name or initials of a retired or deceased partner or shareholder in the firm name as long as the name is not deceptive. It is up to the CPA firm to decide the order of the names and come up with the brand that will best serve the firm going forward.

How did LBA Haynes Strand, PLLC come to be?

In 2014, when LB&A, Certified Public Accountants merged with Haynes Strand and Company, PLLC, we knew one certainty of the name… the “PLLC” would remain.  PLLC stands for Professional Limited Liability Company, which both firms were operating as already. We checked that part off the list and then moved towards the task of combining the names to retain market share and the brand in our established markets. With LB&A serving the Charlotte market, we saw this as an important must in the name. We removed the “&” to make it a more streamlined LBA. What does the LBA stand for you might ask? Firm Members last names: LaLone, Bly, Ayers. Now that we simplified one of the firm names, we moved to preserving the market share that Haynes Strand and Company had created in Mount Airy, Greensboro, and the rest of the Triad.  Haynes Strand had a large presence in the Triad, so we focused on honoring the history and the brand that had been created. We simplified and agreed to use  “Haynes Strand” from the previous firm name. “Haynes” in remembrance of John B. Haynes, who was a founder of the firm in Mount Airy and “Strand” in remembrance of Austin Strand who was also a founder of the firm and led the firm’s efforts in Greensboro.

So now we knew we were going to use “LBA”, “Haynes Strand”, and “PLLC” in the name…but the order was unclear.  We did extensive research and asked peers which name sounded best.  Our options were basically “LBA Haynes Strand, PLLC” or “Haynes Strand LBA, PLLC” – both choices properly honored our firm founders, and both created a memorable name.  During the great name debate, one of our principal members pointed out that, “Haynes Strand LBA, PLLC looks like alphabet soup!”  At that point we decided to move forward as LBA Haynes Strand, PLLC.  We honored the history and tradition of Haynes Strand and Company who had served the Triad since 1987, and we honored the culture of growth and forward thinking that LB&A had created as a firm in Charlotte.

So what’s in a name? History. Tradition. Excellence. Culture.

At this point if we have not been properly introduced, we welcome you to LBA Haynes Strand, PLLC.  We are a CPA firm that is proactively growing our practice to offer our clients a one-stop shop for all their accounting needs. With 3 full-service offices in Charlotte/Matthews, Greensboro, and Mount Airy, we are centrally located in the state of North Carolina and are looking to cement our firm as the go-to Accounting Firm for middle market companies. To learn more contact us for a no-cost consultation.

Balancing Your Work Life And Your Personal Life

When it comes to work-life balance, Americans often times struggle. CBS News recently reported, “workers are leaving more than a week of paid time off on the table!” Americans take less time off than any other developed country in the world. When compared to our friends across the pond in Europe, who are legally required to take a minimum number of vacation days, Americans are seriously lacking.

Are Americans afraid to take days off? Do we fear we will lose our jobs if we do? Or are we just so busy that we can’t find the time?

The answers to those questions vary depending on the employer and the culture that has been created in the workplace. Maybe your employer offers little vacation time, and you are afraid to take days off. Are you are in a high power position and feel stressed when you do take time off? Or maybe the top executives do not use their vacation time, so the employees feel obligated to follow suit.

Balancing your work life and your personal life is something that Americans need to get a better handle on. Not just to have more fun, but to also have a healthier lifestyle. As CPAs we see all kinds of stats related to our industry and we pay extra attention to ones such as this: 62% of Big 4 CPA Firms retiring partners die within 10 years of retirement. With retirement between ages 55 and 60, this is an alarming stat – especially to us as a CPA Firm! However, we think we have a solution to a healthy work-life balance for our Principal Members and our staff.  Unlimited PTO.

The LBAHS Way

Our firm offers our employees Unlimited PTO. You probably have the same question most of our employees have when hired, “Sooo, what does unlimited PTO mean?” The answer is very simple… exactly as it sounds. Our employees do not need to feel stressed about tracking and planning their days off – we understand that life happens and our employees deserve that freedom. Employees understand work needs to be done and the system should is not to be abused. With this freedom we have found a higher rate of productivity and a happier work place environment. We have also found this as a way to attract and retain top talent, and the importance of that in today’s CPA industry cannot be understated!

If you are looking for a better work-life balance, take a look at your company’s vacation plan and see how it fits the lifestlye you want for you. If you are in a position of power, you may want to think about other options or solutions to give your employees more freedom and help them maximize their potential both in their work life and in their personal life. We found our win/win solution for our work-life balance, can you?