2 min read September 2023 — In an interview with Invest:, Susan Miller, CPA and partner at the accounting, tax and advisory firm DMJPS PLLC, discussed the firm’s latest developments, including a successful merger that expanded the firm to 150+ employees. She also touched upon challenges in talent acquisition and the evolving tax landscape, opportunities in technology adoption and the benefits of being located in the Triangle region.
What developments has DMJPS experienced in the past year?
Just over a year ago, we embarked on an exciting merger, growing our firm from 90 to 150+ employees. The driving force behind this move was our desire to make a positive impact and establish a unified presence across North Carolina. With the merger, we now have a statewide footprint, enabling us to serve clients from the mountains to the coast. As a result of the merger, our services have expanded and we now cater to specialized industries, including healthcare, hospitality and the multibillion-dollar outdoor industry. The past year has been successful, with smooth communication and integration efforts. Our focus on culture and internal professional development has been crucial to our thriving team. We’ve also excelled in guiding privately held businesses through mergers and acquisitions, as well as succession planning.
What challenges is the accounting industry working to overcome?
The challenges we face are tied to industry trends, including attracting and retaining talent. North Carolina is not immune to the accounting industry’s struggles to find the right team despite an influx of people to our state. We must maintain a strong firm culture while exploring other approaches. Technology has helped us make significant progress but we need to plan and embrace cutting-edge technology as a future focused firm. Another hurdle is the ever-changing complexity of the tax landscape. The pandemic taught us valuable lessons and made us more adaptable and nimble. We became trusted advisors to our clients, guiding them through survival mode and now focusing on helping them grow. But challenges also bring opportunities. We’re exploring how to provide platforms to keep clients informed and have been exceptional in disseminating crucial information. As new laws emerge, we’re committed to promptly educating our clients. We now have efficient processes to navigate challenges confidently.
How is the accounting industry leveraging technology?
Our industry has embraced technology in a fantastic way and we’re committed to continuing that trend. However, if we were to talk in five years, I believe the landscape will have changed dramatically. An example that comes to mind is the transition to paperless systems, which used to be a significant undertaking. Now, it’s almost considered antiquated not to be paperless. I think we’ll witness similar advancements in the future, where what seems daunting now will become the new norm and those who don’t adapt will become irrelevant.
What are some advantages of being located in the Triangle area?
Being in an area like Raleigh-Durham gives us an advantage in terms of the opportunities that come our way, as things tend to progress a little faster here. With Google and Wolfspeed right down the street, innovation is constantly in the pipeline. This area attracts a pool of talented young professionals, which plays a crucial role in our growth. We encourage our team members to explore and learn by giving them the freedom to take on challenges and figure things out. Sometimes we’ll implement their ideas and other times, we won’t. Our firm has a history of trying out new initiatives and while some may not work, we never shy away from the attempt. This spirit of experimentation and adaptability defines our firm’s culture and I believe it will always be a part of who we are. As we move forward, we will continue embracing innovation and staying open to opportunities that come our way.
What strategies has DMJPS adopted to recruit and retain talent?
In the Triangle area, prestigious universities like NC State, NCCU, and Campbell University have provided us with successful internship programs and talented graduates. Last year, all three interns in our Durham office became permanent employees and we see them as future leaders. Proximity to these universities has been crucial for our talent pipeline. We employ a hybrid model of remote work, which has allowed us to retain valuable team members even if they relocate. This flexibility has been beneficial for both our employees and the firm. While the hybrid model is becoming more common, ongoing changes and challenges persist, especially with some large companies calling employees back to the office. Recruiting top talent has evolved and, so we could stay competitive, we hired a full-time recruiter last year, focusing on finding exceptional individuals to join our team.
Are there any regulatory changes you are monitoring closely?
There are two significant developments in the tax landscape currently being closely monitored by our tax directors. One matter of concern is Section 174, a tax law that was altered in 2018 and came into effect in 2022. We are assisting specific clients in navigating uncertainties around this law and identifying eligible credits. The second important development is the Corporate Transparency Act, requiring small businesses to report corporate ownership changes to the government. We are preparing to educate our clients well in advance of its implementation next year. Additionally, we vigilantly assess the impact of new bills that become law for our clients, such as the recent bill that changed how all IRA distributions work. The tax landscape is constantly evolving, demanding proactive monitoring and timely responses to client inquiries.
What is your outlook for the accounting industry in the Triangle region in the near future?
Accountants are in incredibly high demand and we anticipate substantial growth for our firm. Our primary focus will be on businesses, as that’s where we believe we can make the most significant impact. We aim to provide essential support in navigating the increasing complexities of tax laws. As I mentioned earlier, many businesses are unaware of the intricate details and they require a knowledgeable advisor like us to help them navigate through these challenges. This high demand translates into immense opportunities for our firm. However, our top priority remains spending quality time with people – our employees, partners, affiliates and most importantly, our clients. While efficiently handling tax returns is vital, what truly adds value for our clients is that personal touch. When we can set aside 30 minutes to an hour for a client, they genuinely feel the value of our services and that’s what truly matters.
Our location in this state and region is a tremendous advantage, providing us with ample opportunities to build these close relationships with clients and truly make a difference in their businesses. We take pride in our community and our ability to connect with clients on a personal level enhances our offerings. We recognize that attracting and retaining the right talent is crucial to our continued success and we are confident that we are making significant progress in that direction. As we overcome this challenge, the possibilities for our firm are limitless. As North Carolina’s growth continues, we are poised for even greater success.
For more information, visit:
