Jeffrey Taraboulos, Managing Partner, KSDT CPA
Jeffrey Taraboulos, managing partner at KSDT CPA, explained to Invest: the advantages of being a smaller firm in the rapidly growing South Florida economy. He also touched on the importance of passion in the workplace, and embracing emerging technologies.
What are the key successes for KSDT over the past year?
We’ve been growing quickly in our industry, and our model has always been to grow through acquisition. Most firms are being acquired by big firms. We want to stay independent and give a home to people who don’t want to be part of a massive company. We’ve been ranked by USA Today as one of the top firms in the country. I was ranked as one of the top 200 CPA’s in the country. We’ve been ranked as one of the best places to work in South Florida. Growing as a firm, providing great client services, incorporating new technology, and being a trusted advisor for our clients are top priorities.
When you look at the current business landscape in South Florida, how have you seen it evolve in recent years?
There are many new types of businesses moving into Florida, with new technology and high-net-worth individuals are moving to South Florida. Miami is the gateway to all of Latin America and Europe. Our firm has grown tremendously on the international tax side, and we’ve had to hire experts in that field to handle the growth.
What sets KSDT apart from other firms?
Our growth model has allowed us to attract the best talent because everybody has the opportunity to be a partner here. It’s my goal to make everyone who comes here a partner. We have motivated, locked-in employees who are not just coming to do a job, they’re here because they want to make a big impact in the firm. My employees act as if they’re owners here, and they treat clients differently. They realize that with AI technology, if they aren’t more advisory-focused, their day-to-day compliance work may get replaced by AI. They understand what the clients are looking for.
Taking a broader look at the economy, how have the ongoing changes in the market impacted your organization, if at all?
It’s helped us grow because we’re getting more business. With the consolidations going on in the industry, there are fewer players in the field and that creates opportunities for us. Once we get a bite of the apple, clients see the level of service and quality of our work and stay with us.
What partnerships with other businesses and institutions have helped the firm grow and understand the business needs of the region?
It’s easy to get business when you’re passionate about the things you love. NASCAR is a passion of mine, and I learned that NASCAR drivers are an underserved market. We were able to show them what we can do, and now we serve many drivers and race teams. Our alumni base at FIU is gigantic, and we’re passionate about sports. Many people join our firm from FIU because we have competitive salaries and offer more of a work-life balance than large firms. FIU has been a huge benefit to us on the recruiting side. There’s a lot to obtain on the alumni side.
Where do you see potential growth in your client base?
We’ve recently opened our client accounting services practice. It’s a higher level of bookkeeping where we act like controllers or CFOs for our clients. People are tired of doing their own bookkeeping and getting bad information, so it’s become a good service for us and aligns us with our clients. Comprehensive bookkeeping and tax planning locks the client in because they don’t leave all that work behind. There aren’t many firms that can provide all of those services in different areas.
When you look at the critical role of technology in accounting and audits, what are some of the innovative tools and practices KSDT has adopted?
We hired a robotic process engineer to help us automate processes. We are rolling out a new software at the end of the year that will be a communication tool with our clients that uses AI. This software will monitor communications with our clients and send us alerts for client needs and client feedback. We use AI with Chatbox to do tax research and obtain fast answers for our clients on tax code questions. The biggest issue with technology is that many products are not doing what they say they will do. We’re only using products that have been proven through use.
How does KSDT attract and retain talent?
The accolades are great, but I don’t think that’s what people look at. They have to talk to the people and see what they are saying about us. The most important thing we do is let them talk to the people here and what they do everyday and the culture. It’s on our website as well. The parties we have, the fun times we have together as a group, when people do that research that’s what sells them on us. We have a great culture and are a great place to work. The seal of approval at the end justifies it, but I think it’s more about them seeing what we’re really doing.
What factors stand out about doing business in South Florida?
It’s about the rapidly changing environment, and it’s not the same thing everyday. I like getting involved in different activities, meeting new people, and encountering new problems. Nothing in the world worries me. I used to stress, which would take a toll on my emotions. At some point, TikTok changed my mind. I saw a professor say that 95% of the things we worry about every day never happen. I started to think about every bad thing in my life that has happened to me, and realized they all either turned into a good thing, or wasn’t an issue in the first place. I take everything in stride. The changing landscape in South Florida doesn’t worry me, it excites me because we don’t know what the end result is going to be.
What are your main goals and priorities for KSDT over the next three years?
I want to be a top 100 CPA firm. The bigger we get, the more opportunity I can provide for people in my firm to become partners and grow with the firm. People come because they know they have an opportunity to be a partner, an owner, and an entrepreneur. The partners in this firm are entrepreneurs who happen to do accounting. We invest in other things. We’re considering buying a local managed service provider (MSP) in the computer industry. We brought on somebody to start a recruiting firm called Connect You and bought a wealth management firm. We are looking to grow in many ways in South Florida. Many of our partners are heavily invested in real estate.