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How McCarthy, Rose & Mills, LLP Doubled the Industry’s Average Growth Rates

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Challenge: McCarthy, Rose & Mills, LLP needed an edge in its market and a way to make its practice more profitable.

Solution: Since the firm implemented CCH Axcess™ in 2012, it has been able to outpace top firm average growth by 2 to 4 percent year-over-year, and, for 2015, is on track to double the industry’s top-firm average growth rate (which was 8.4 percent in 2014, according to Accounting Today’s 2014 Top 100 Firms survey).

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How McCarthy, Rose & Mills, LLP Doubled the Industry’s Average Growth Rates

  1. 1. How McCarthy, Rose & Mills, LLP Doubled the Industry’s Average Growth Rates How does a firm that has been around for more than 50 years continue to improve profits, exceed industry growth rates and recruit top talent? The answer for McCarthy, Rose & Mills, LLP, a Dallas-based tax, accounting and consulting firm, is technology. The firm, which has six professionals, one support staff member and one para-professional, focuses on tax, accounting and consulting needs of individuals, as well as companies of all life cycles — including startups, growth-oriented businesses and businesses ready to transfer ownership to the next generation. Technology has always played a key role throughout the firm’s many years of success. Our firm is celebrating 50 years largely due to my father’s entrepreneurial nature and dedication to technology. Technology does many things for an accounting firm. It allows us to automate routine tasks such as data entry, deliver complex projects timely and at competitive rates and be effective while working remotely. All of this translates into efficiency. — Brett Mills, CPA, Partner, McCarthy, Rose & Mills, LLP Impressive Growth and Efficiency In December 2012, the firm implemented two CCH Axcess modules — CCH Axcess™ Tax, Wolters Kluwer’s cloud-based tax preparation and compliance software module , as well as CCH Axcess™ Practice, a time and billing software program that enables firms to maximize billable hours and streamline administrative work. Since doing so, the firm has been able to exceed industry growth rate averages year after year. Since 2012, we have outpaced top firm average growth by 2 to 4 percent. Furthermore, we are on track to nearly double the average growth rate in 2015. This is largely because the Wolters Kluwer software has freed up staff to focus on building the business. Efficiency gains allow us to re-invest in our firm, grow our practice and be true advisors to our clients. When the firm came on board in December 2012, they also added another CCH Axcess module, CCH Axcess™ Workstream, a full-featured software solution that allows firms to efficiently manage all deliverables. CCH Axcess Workstream is huge. It has the ability to transform a firm, so this implementation should not be taken lightly. It requires a champion, someone with the authority and leadership skills to obtain buy-in from the entire firm. Challenge: ll McCarthy, Rose & Mills, LLP needed an edge in its market and a way to make its practice more profitable. Solution: ll Since the firm implemented CCH Axcess™ in 2012, it has been able to outpace top firm average growth by 2 to 4 percent year-over-year, and, for 2015, is on track to double the industry’s top-firm average growth rate (which was 8.4 percent in 2014, according to Accounting Today’s 2014 Top 100 Firms survey). We feel that these software solutions from Wolters Kluwer have made us more efficient, more productive and have allowed us to do more work in less time. The solutions have helped increase our bottom line. We turned to Wolters Kluwer because other companies were stagnant, and we could see the positive things Wolters Kluwer was doing. — John B. Mills Jr., CPA, ManagingPartnerandFounder,McCarthy,Rose&Mills,LLP Twitter Handle: @BrettMillsCPA Website: mrmcpas.com
  2. 2. All trademarks and copyrights are property of their respective owners. © 2015 CCH Incorporated and its affiliates. All rights reserved.Join us on at CCHGroup.com/Social8/15 2014-0418-10 For More Information CCHGroup.com/Axcess 800-739-9998 The Numbers Are Impressive Because of the added efficiency, and without adding staff, the firm was able to complete more returns before April 15 than the previous year, despite increased federal regulations. That resulted in more satisfied customers, as well as faster collections since the firm was able to bill for more work. Direct time-savings for the firm has been significant, too. The firm increased realization and utilization rates by nearly 5 percent, and decreased total amount of hours worked during busy season this past year by nearly 10 percent. Technology as a Differentiator The firm’s use of the latest and best cloud-based technology found in CCH Axcess helps the firm recruit top talent. If two firms are exactly the same, but one is using outdated technologies and the other is using high-tech tools, a bright, young person will always gravitate to the technologically advanced firm. In addition, the efficiency gains provide a better work-life balance. I am quoting Teresa Mackintosh, President & CEO of Wolters Kluwer Tax & Accounting US, in a statement she made at CCH Connections: User Conference last year … to paraphrase, she said that technology should help us to make money, save money or get home faster. We are doing all three. Tips for Other Firms Roll out new software a bit at a time instead of all at once. If I had a do-over, I would take a more segmented approach to the implementation. We converted to CCH Axcess Tax, CCH Axcess Practice and CCH Axcess Workstream from December 2012 to February 2013. Rely on Wolters Kluwer’s Professional and Client Services to help staff learn how to best use the software solutions. We believe that training on software and a firm’s processes is imperative to the success of utilizing all aspects of CCH Axcess. Not just the one-time, initial end user training after the implementation or when a new hire comes on, but we deploy follow-up training and continuous training. — Brett Mills

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