Adam Boatsman, Managing Partner, BGW CPA, PLLC

In an interview with Invest:, Adam Boatsman, managing partner at BGW CPA, PLLC, discussed key milestones, including the firm’s expansion outside Charlotte, launching a wealth management division, and enhancing new hire training. He also emphasized the firm’s focus on value-added consulting and automation integration.

What have been some of the key milestones and achievements for the firm over the past year?

There are two big things for us. First, we’ve continued to expand outside of Charlotte. We’re opening a Greenville office soon, and we’ve added a wealth management division, which is now one of the largest in Charlotte. We’ve also expanded our consulting offerings in areas like growth and leadership, which go beyond traditional CPA services.

Second, we’ve put significant effort into new hire training and recruiting. While there has been a shortage of accounting graduates, we’ve really turned the corner in the last two years. We’ve managed to fill our classes, and that success is largely due to getting our message out  —  showing prospective hires that BGW is a great place to work.

BGW prides itself on being anything but typical. How do you ensure this approach is tangible in your services?

It starts with taking seriously the idea that CPAs should pay for themselves and then some. Also, a CPA should leave a client better than they found them. All of our services are designed with these two goals in mind — making sure we provide value beyond our fees and giving clients the tools to improve their businesses.

How are you navigating economic uncertainty and helping your clients through it?

First and foremost, we’re ensuring our clients have a solid tax strategy, so they’re not paying more than their fair share. Second, we’re analyzing their profitability to see if there are areas where they’re leaving money on the table. The same goes for their balance sheets — we’re looking for places where cash might be leaking. Once that’s addressed, we focus on growth. Our value-added services help ensure they have a strong strategy and sales process in place, so they can capitalize on market opportunities and gain the share they deserve.

How are you integrating automation and AI to enhance client services and improve efficiency?

We’ve been using commercially available automation tools for a while, particularly in the tax return process. For example, there are products that can scan and input W-2 forms, and we’ve utilized that software for years. More recently, we’ve started using AI for simpler tasks like responding to emails or summarizing meetings. There are many viable tools for that, as well as for providing some level of self-service for clients to get their questions answered.

Looking ahead, we’re piloting tools for individual tax planning. For example, if a client has an opportunity to maximize a Roth conversion, the AI will alert us. We’re excited to test these cutting-edge solutions in the coming year.

There has been a shift toward advisory services in the profession. How is BGW adapting to this, and what does value-added consulting mean for you?

The good news is that we’ve been offering more than just tax credits and financial statements since our inception in 2006. Helping clients improve their businesses through consistent systems and processes has always been part of our DNA.

In the last 18 months, we’ve added services like succession and exit planning, cash flow analysis, and cash optimization. We’ve also bought a Sandler sales franchise, primarily because many of our clients’ businesses are their primary assets. To monetize that, they need strong sales and growth strategies.

Sandler helps us fill that niche, and we can measure the ROI from their sales and leadership investments. On average, clients see a 15% bump in sales and a 20% improvement in labor efficiency. Depending on the size of the business, this can translate into a 5x to 10x payback in the first year.

Given your growth on the talent side, how have you been able to recruit and retain talent successfully?

About two years ago, we realized that many firms were promoting unlimited PTO, but data shows that people actually take less PTO under those policies. Instead, we decided to close the firm for a few extra weeks, like during the Fourth of July, so everyone gets that time off.

We also became more transparent about career advancement and compensation. We laid out clear, if subjective, guidelines for promotions and pay raises. When we presented this to students, they were impressed that we were actually implementing what other firms only talked about.

Another key change was focusing on work-life balance. Instead of just telling people to find balance outside of work, we taught practical strategies like mindfulness and time management. I even led classes on how to organize your day and avoid feeling overwhelmed. This approach resonated well with recruits, especially when we started discussing it during campus visits. It made a huge difference in our ability to attract talent, and we’ve had record-breaking recruiting classes since then.

What is your outlook for both the firm and the Charlotte region over the next few years?

As a firm, we’re aiming to become a Top 100 accounting firm. Right now, we have about 100 employees, and with 400 to 500 people, we could reach that goal. In Charlotte specifically, we’d love to double our footprint, which would give us solid market saturation.

From a broader perspective, Charlotte has an amazing growth rate, but the rising housing prices are a concern. When I moved here in 2003, the median home price was around $155,000. Now, it’s about $435,000, and that kind of increase makes it hard for younger people to live here. Entry-level accounting salaries don’t match that, so people need a few years before they can afford to buy a home.

The challenge is that raising salaries means raising client fees, which eventually trickles down to consumers. It would be great if housing prices could stabilize, especially for apartments, which are just as expensive. My worry is that young professionals are being forced into tough choices between housing, healthcare, and other essentials, which is not sustainable long term.