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