Spotlight On: Jim White, Jacksonville Tax Practice Leader & National Healthcare Tax Practice Leader, BDO USA, P.C.
August 2024 — In an interview with Invest: Jim White, Jacksonville tax practice leader and national healthcare tax practice leader of BDO, discussed the firm’s newly established Employee Stock Option Plan (ESOP), how BDO is actively engaged in community initiatives, and emphasized the value of BDO Flex, all which contribute to attracting and retaining top talent.
What have been some major highlights over the past 12 months?
In 2023, we introduced an Employee Stock Ownership Plan (ESOP) to more than 10,000 employees nationwide – making BDO the first large U.S. accounting firm to enact an ESOP. This is a transformational decision and the next chapter of our strategic vision impacting approximately 100 of our Jacksonville employees. It’s about building a strong, resilient firm of the future while living our core purpose and contributing to the economic well-being of our employees.
In today’s dynamic work environment, employees want to actively shape the direction of their organization and have a stake in its success. This ESOP initiative fulfills that desire by making all our employees shareholders, which provides them with a stronger sense of ownership and instills in them a commitment to BDO’s overall success.
The benefits our ESOP offers also play an important role in BDO’s recruitment and retention, which embraces the entrepreneurial spirit an increasing number of professionals have. The ESOP is a key differentiator for our firm. It not only is unique and innovative in our industry, but it also supports our people-first, purpose-driven culture.
How are you preparing to address the demand for your services across various industries or specialties within the region?
From a tax perspective, we have expanded our team with experts in tax provision and automation. This strategic move has allowed us to further assist clients in streamlining their tax processes, reducing manual tasks and minimizing errors. By implementing these solutions, we not only improve efficiency but also enhance job satisfaction for our clients’ teams.
Moreover, we have focused on maximizing tax credit opportunities for our clients. There are numerous tax credits available at both the federal and local levels, and our team of professionals is dedicated to helping clients identify and leverage these credits to their fullest potential. This strategic approach optimizes our clients’ tax positions and adds significant value to their overall financial strategy.
To allow our professionals to spend more time consulting and advising our clients, we’re using technologies like optical recognition scanners and data analytics software to help take an initial analysis for outliers in client’s statements. This performs some of the upfront legwork they would otherwise be responsible for. By leveraging the targeted data analytics, we’re able to better understand our clients’ needs and provide them with more meaningful insight, while being more efficient.
Are there any sector-specific strategies within your diverse plan to promote company growth in the region across various sectors?
We have experienced growth in several key sectors including healthcare, real estate, manufacturing, and mergers and acquisitions (M&A). Within the healthcare sector, we have witnessed significant expansion evidenced by the construction of new hospitals and facilities by prominent institutions. Additionally, we have made strategic investments in real estate and development, capitalizing on opportunities in this thriving market segment. Our commitment to serving clients in manufacturing also remains steadfast, with a dedicated team focused on addressing the unique needs of this sector.
Despite national trends showing a slowdown in M&A, Jacksonville continues to experience growth in this area. We have bolstered our capabilities by bringing in seasoned professionals to assist clients with M&A transactions, ensuring they navigate these processes with confidence and success.
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Given your recognition as Microsoft security partner of the year, how do you stay at the forefront of technology innovation, particularly in client and data security?
The investments BDO has made in its own technological innovation allows us to continue providing the level of service our clients expect. Due to the healthcare industry’s growing reliance on digital technologies and electronic records to fill the labor shortage gaps, there are a number of cyber vulnerabilities. We’re helping clients put proactive measures in place to strengthen their cybersecurity.
Having a plan in place to address healthcare data breaches is essential, especially considering the rise of recent incidents. These incidents have widespread impacts that ripple out to many operations within the healthcare system, including hospitals, insurance companies and even patients. When healthcare organizations face these attacks, they are often forced to halt operations, which prevents them from providing essential care to patients and significantly disrupts their financial stability. The financial impacts from this can be worsened by resulting fines or legal fees healthcare organizations are required to pay.
To assist our clients in navigating these challenges, we have taken a multi-faceted approach. Through our Healthcare Advisory Group, we are providing strategic guidance to affected clients on how to recover from cash flow shortages. This includes implementing measures to streamline claims processing and improve revenue collection efficiency. Simultaneously, our BDO Digital team is working diligently to prevent similar intrusions from occurring. By implementing robust cybersecurity measures and leveraging advanced technologies, we aim to fortify our clients’ defenses against potential threats and safeguard their sensitive data.
This two-pronged approach underscores our commitment to proactively address cybersecurity risks in the healthcare sector. By combining advisory expertise with cutting-edge digital solutions, we are empowering our clients to mitigate risks, protect their operations and maintain the trust of their patients and stakeholders.
Do you have any strategic plans to pivot towards the advisory side, akin to many accountancy firms exploring this avenue?
In the healthcare sector, BDO is actively engaged in advising our Jacksonville clients on implementing and leveraging various technologies to streamline processes and to enhance overall efficiency. For large hospitals and small medical practices alike, every aspect of the patient’s journey, from appointment scheduling to billing, represents a complex process that can benefit from the simplification these technological advancements offer and we are advising organizations on how to achieve that.
Moreover, our advisory services extend beyond just technological solutions. We have assembled a team of professionals who specialize in guiding companies through various strategic challenges, including turnaround strategies, bankruptcy considerations and M&A integration. This holistic approach ensures that our clients receive comprehensive support tailored to their specific needs, enabling them to navigate evolving economic landscapes with confidence and agility.
Are there specific community initiatives that BDO is passionate about, and what are the plans for community involvement?
Fostering a culture of giving back and community involvement is a cornerstone of BDO. One initiative we are particularly proud of is our Weeks of Service, where each office has the opportunity to select local nonprofits to support. Last year, our Jacksonville office dedicated a day to serving four different local nonprofits, an experience that truly reflects our commitment to making a positive impact in our community.
As part of our social impact program, BDO Counts, we have implemented Matching Gifts and Dollars for Doers to further encourage our professionals to give back to our communities. Through these programs, our professionals can donate to their charity of choice, and the company matches their contribution. Employees are also able to convert their volunteer hours into a donation by BDO to their designated nonprofits. These initiatives not only amplify the impact of individual contributions, but also underscores our collective commitment to making a difference.
We actively encourage all our employees to engage with various local organizations and initiatives year-round. Whether it is volunteering their time or holding leadership roles, such as serving as board members or committee chairs, we believe in empowering our team members to play an active role in shaping our community for the better.
What are your projections for emerging trends and developments in the accounting sector in the coming years?
For 2024 in Jacksonville, we have targeted a 15% increase in revenue. This reflects the strength of growth opportunities BDO has identified in the market and aligns with the trends we are observing across various industries. One significant trend is the increased utilization of technology. We are making substantial investments in upgrading our internal technology infrastructure across our assurance, tax and advisory services. By leveraging the targeted data analytics our tools provide us with, we’re able to better understand our clients’ needs and provide them with more meaningful insight. 
Additionally, the talent landscape is evolving with fewer graduates entering the accounting field. To address this talent shortage, many firms that want to attract top talent need to ensure they are as attractive as possible. Many are doubling down on technology to automate repetitive tasks and improve internal processes, which enhances employee satisfaction by freeing up time for more meaningful work.
What are some of the opportunities and challenges you are seeing regarding tax credits?
A notable development stemming from the Inflation Reduction Act is the opportunity for companies to engage in clean energy credit trading, offering new avenues for businesses to leverage their investments. Under this provision, companies that invest in eligible technologies, particularly those in their startup phase, may find themselves unable to fully utilize the associated tax credits. However, with credit trading enabled by the legislation, these credits can now be sold to other companies with profits. This facilitates a mutually beneficial arrangement wherein companies with tax liabilities can acquire credits to offset their tax obligations, while startups can monetize their credits to generate additional revenue.
We are actively involved in facilitating these credit transactions, connecting companies and navigating the technical aspects of the process. It is an exciting development that emphasizes the evolving dynamics of tax planning and incentives.
What is your outlook for the region?
We are expanding in Jacksonville, and are bullish on the market. We’re continuing to invest in growing sectors like healthcare and expand our suite of services to mirror the increased demand. We’re also always looking to expand our talent, particularly as it relates to our target growth industries. We are all in on Florida, and Jacksonville is a key market.
As tax advisors, the spotlight on our ability to help make or break business strategy has never been brighter, and with the right people and tools in place, we are poised to help build businesses that are ready to take on what’s next.
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