Advertise on podcast: Cherry Bekaert: Professional Services

Navigating Coverage, Claims and Complexities In the fast-paced world of professional services, where client trust and reputation are paramount, maintaining seamless operations is crucial. Business interruption insurance serves as a vital safety net, offering financial protection against unexpected disruptions, like natural disasters or cyberattacks.  By covering lost income and operating expenses during such events, this insurance helps firms maintain stability and focus on recovery, ensuring they continue to meet client needs without compromising their reputation. This podcast episode explores the world of business interruption insurance with Cherry Bekaert’s Forensic & Dispute Advisory Services team members, featuring Partner and Practice Leader Lori Smith, and Managing Directors John Collier and J.C. Tuthill. This episode is essential for business leaders looking to safeguard their operations against unexpected disruptions. Together, they discuss:  0:12 – The importance of understanding your insurance policy’s fine print to avoid inadequate coverage that could lead to serious financial setbacks. Navigate your policy's declaration page, including coverage types, limits, deductibles, and waiting periods, enabling comprehensive protection for your business. 3:39 – The process of calculating claims and the benefits of hiring independent forensic accountants to assess losses and maximize coverage accurately. Discover the impact of various coverages, such as ordinary payroll, extra expenses, civil authority coverage, utility failures and dependent property coverage on your claims. 11:07 – Practical advice on managing your insurance policies. Understand the importance of defined terms, endorsements, riders, and exclusions, and learn how to work proactively with insurance agents and forensic accountants. In the event of a loss, get tips on prompt reporting, loss mitigation and effective communication with insurance adjusters. Don’t miss this informative episode filled with practical advice and strategies to help your business stay resilient despite unforeseen challenges. If your clients or firm has any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team. Related Insights Article: Calculating and Recovering Lost Profits From Business InterruptionsArticle: Navigating Hurricanes and Tax Relief: Guidance from the IRS and State Tax AuthoritiesArticle: Ways to Effectively Manage Cyber Risk for Professional Services FirmsArticle: Get Ahead of Natural Disasters With Business Continuity Response & Disaster Recovery PlansView All Podcasts from this Series

In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda, Professional Services Industry Leader, is joined by Steve Ursillo, a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry.  Listen to learn more about: The top cyber threats facing the professional services industryWhy managing cyber risk is important for professional service organizationsHow cyber threats affect the overall well-being and operational integrity of professional service firmsWhat measures professional services firms should implement to reduce their exposure to cyber threatsHow Cherry Bekaert’s team assists professional service organizations to help manage the threat landscapeProfessional services firms can benefit from expert assistance to effectively manage their cybersecurity threats to better ensure compliance, protect client data and maintain operational integrity.  Cherry Bekaert’s Information Assurance & Cybersecurity practice offers a full range of cybersecurity, privacy, attest and risk mitigation services to help protect your information systems, data and people from cyber threats. Our team can assist in identifying relevant cyber and privacy risks to create practical solutions and plans to reduce the likelihood and impact of any potential system or data breaches. Don't wait until it's too late to protect your firm from cyber threats. Contact us today to collaborate with our professionals and tailor a flexible and scalable solution to meet a variety of cyber, privacy and risk needs.    Related Guidance Alert: Reducing Vulnerability: Strategies for Managing Cybersecurity Risks in IT Supply ChainsArticle: Third-Party Risk Management (TPRM): Top Strategies for Managing Vendor RisksWebinar Recording: Getting Ahead of CMMC Compliance: Latest Insights & How to PrepareArticle: The Imperative of Cybersecurity Vigilance to Safeguard Critical Assets in Light of Nation-State Threats [Questions? Contact Us] View All Podcasts from this Series

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. In this episode of Cherry Bekaert’s Professional Services podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Eric Poppe, a Managing Director in our Government Contractor Industry practice, to discuss the types of systems reviews and the advantages these reviews can provide emerging small businesses.   Listen in to find out about:  The types of system reviews and why an A&E firm would need oneSize limitations and/or system limitations that A&E firms face when maintaining an adequate accounting systemDetermining the best time to get a system review and the length of validityUnderstanding who can perform these types of engagementsBest practices for preparing for a successful system reviewAnalyzing why a system review might be beneficial for an emerging small businessCherry Bekaert’s Professional Services team is well versed in guiding A&E firms in the development and maintenance of compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies. If you have any questions specific to your business needs, Cherry Bekaert’s Professional Services team is available to discuss your situation with you. Related Resources: Podcast Series: Contractor Business SystemsPodcast: What Are Indirect Rate Overhead Audits and When Is It Required?Podcast: Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax DeductionArticle: The FAR Audit: Does Your Architectural/Engineering Firm Need One?View All Podcasts from this Series

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited. In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics, an Audit Senior Manager in our Professional Services practice. Together they define an indirect rate audit and its drivers. They also discuss key considerations and best practices to get through an indirect rate overhead audit. Listen in to find out about:  Overhead rate audits and their driversDetermining factors for A&E firms that work with State Departments of Transportation whether an audit is neededCritical audit components, including timekeeping/labor and cost allowabilityKey considerations relating to allowable costs and unallowable costsBest practices for preparing and successfully getting through an overhead rate auditIf you have any questions specific to your business needs, Cherry Bekaert’s Professional Service Assurance and Advisory team is available to discuss your situation with you. Related Resources: Webinar Recording: 2022 Professional Services Series: Understanding Overhead Rate BasicsArticle: The FAR Audit: Does Your Architectural/Engineering Firm Need One?View All Podcasts from this Series

When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation. Form 7205 is a form in the claiming process that qualified businesses and individuals use to calculate the deduction, mark yourself as the designer or building owner, and provide information on the person performing the certification and completing the allocation. The Internal Revenue Service (IRS) released an updated Form 7205 in February 2023. In today’s Professional Services podcast, Cherry Bekaert leaders Scott Duda, Professional Services Industry Leader, and Ron Wainwright, Tax Credit & Incentive Advisory Partner, discuss: Background on Form 7205Form 7205 benefits for A&E firmsImpact of the IRA on A&E firm eligibility for Section 179D benefitsRequirements to qualify for Section 179D benefitsForm 7205 requirementsForm 7205 utilizationFuture focus areas for A&E firms in 2023Related Guidance New IRS Form 7205 for Returns Requiring Section 179D DocumentationHow Can A&E Firms Take Advantage of New Tax Credits in the Inflation Reduction Act?What the New Audit Technique Guidelines Mean for Cost SegregationView All Podcasts from this Series

What year-end, tax-saving steps can professional services businesses and their owners take? How can they prepare for tax law changes impacting 2023?  In this episode of Cherry Bekaert’s Professional Services podcast series, Dale Hrapchak, Tax Partner in Cherry Bekaert’s Professional Services Industry practice, and Amber Teague, Tax Partner in the Firm’s Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for professional services businesses. Listen in to find out about:  Methods to reduce current year income for both accrual method basis and cash method basis taxpayersOther year-end planning considerations, including fixed assets and bonus depreciationEmployee Retention Credit (ERC)Research & Development (R&D) Tax CreditSection 179D Energy-Efficient Tax DeductionPass-thru entity considerationsTax planning, including quarterly projections to avoid surprisesPlanning around capital gains (potential loss harvesting)Retirement plans, including VIP retirement plans and health saving contributions to manage incomeCharitable contributionsYear-end gifting If you need help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation. We welcome the opportunity to identify tax planning opportunities for you and your company. View All Podcasts from this Series

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, significantly increases IRC Section 179D energy tax deductions. These tax incentives are highly advantageous to architectural and engineering (“A&E”) firms responsible for the design components of government-owned, energy-efficient buildings. The IRA also extends the deduction to designers of commercial buildings owned by tax-exempt organizations, including not-for-profit organizations, churches and other religious organizations, tribal organizations, and not-for-profit schools and universities. Ron Wainwright, a Partner in Cherry Bekaert’s Tax Credits and Incentives Advisory group, joins Scott Duda, Leader of the Firm’s Professional Services Industry practice, to discuss how A&E firms can take advantage of these expanded tax incentives.  Listen in to find out about:  An overview of the Inflation Reduction ActHow the IRA will impact A&E firmsIRC Section 179D Changes45L Energy Efficient Home Credit ChangesWhat A&E firms should look out forIf you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you. Related Resources: Article: Inflation Reduction Act Nearly Triples Section 179D Tax IncentivesCase Study: Global A&E Firm Saves $2 Million with 179D Tax DeductionPodcast: The Benefits of using a CPA Firm to Perform Credits & Incentives ProjectsView All Podcasts from this Series

IRC Section 179D energy tax deductions continue to provide opportunities and benefits for architecture and engineering (A&E) firms. Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice, sat down with Ron Wainwright, a Partner in the Firm’s Tax Credits & Incentives Advisory practice, and Sean O’Leary, a Senior Tax Manager to discuss ways 179D can help provide A&E firms with a competitive advantage.  This podcast includes:  An overview of 179D and its potential benefits Types of real estate investments eligible for 179DTechnical requirements to meet the energy-efficient benefitsImpact on A&E firms from 179D provisions for government-owned propertiesClient case studyIssues and impact of the Audit Technique Outline on 179DIf you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you. Related Resources: Case Study: Global A&E Firm Saves $2 Million with 179D Tax DeductionPodcast: The Benefits of using a CPA Firm to Perform Credits & Incentives ProjectsView All Podcasts from this Series

Following our Digital Transformation in Law Firms Series Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice had the opportunity to sit down with Denise Tyson, the Head of Finance & Operations at Tyson & Mendes, and Jennifer Mackinnon, Senior Client Success Manager with our own Digital Advisory Practice. Denise joins us to talk about Tyson & Mendes’ journey of digital transformation for reporting, the power of data, and the benefits of using a powerful analytics tool like Tableau Software.   Discussion includes: An overview of the digital transformation journey for Denise and Tyson & Mendes The real value of seeing information as knowledgeStructuring for data securityThe transition from executive reporting to cross-collaboration between multiple departments and areas If you have any questions specific to your business needs, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you. If you haven’t already, catch up on our series: Digital Transformation in Law Firms: Part I – Understand Your Customer Digital Transformation in Law Firms: Part II – Optimize Your Operations Digital Transformation in Law Firms: Part III – Innovate for Growth Digital Transformation in Law Firms: Part IV – Enable Your Workforce Digital Transformation in Law Firms: Part V – Protect Your Business Related Resources Case Study: Tyson & Mendes: Improves Operations and Business Practices with Tableau View All Podcasts from this Series

The Infrastructure Investment and Jobs Act (“IIJA” or the “Infrastructure Bill”), a $1.2 trillion investment in our nation’s infrastructure and competitiveness, provides significant opportunities for businesses within the professional services sector.  How will this increased activity impact professional services firms? What do professional services firms need to do to prepare for the influx in opportunities?  Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry and Nita Sanger, a Director in the Firm’s Digital Advisory practice as they talk about how the Infrastructure Bill will impact the professional services industry and what companies need to do to position themselves for growth. Topics covered in this episode include: ·       How the increase in activity will impact different subsectors within the professional services sector ·       Areas you should examine to take advantage of increased demand and grow your business, including go-to-market, products and services offered, and how you operate as a business As your company looks to prepare for the increase in opportunities, now is the time to revisit your people, processes, and technology to ensure you are giving your people the opportunity to be the most efficient and effective that they can be to take advantage of this once-in-a generation investment and maximize your full growth potential.  To determine actions needed to optimize your business to take advantage of the Infrastructure Bill funding, we recommend your organization take a more holistic approach and conduct a “design-thinking” session facilitated by our team of strategists, technologists and analysts. Your journey will be unique, and we are here to guide you forward. More Resources:  Building a Better Roadmap: Are You Ready to Capitalize on Infrastructure Investment? Is Your A&E Firm Ready to Capitalize on the Infrastructure Bill? View All Podcasts from this Series

Join host Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice as he sits down with Jeff Gump, Financial Advisor with Cherry Bekaert Wealth Management, to discuss VIP plans. Although many think of very important people when they hear VIP, in this case, it stands for Direct Recognition Variable Investment Plans. Coincidentally, although many may think they are familiar with these types of plans and have seen them before, there are some considerations that may have been missed. In this episode, Jeff explains what sets these types of plans apart and why they are becoming more attractive to companies in the professional services space.  Discussion includes: What is a Direct Recognition Variable Investment Plan (VIP) and how do these types of plans compare to other deferred compensation plans?What are the considerations for business owners and professionals?How a VIP differs from a traditional Cash Balance PlanSteps for exploring the implementation of a VIP PlanDISCLOSURE:  “Investment Advisory Services and insurance products are offered through Cherry Bekaert Wealth Management, LLC.  Cherry Bekaert Wealth Management LLC and Cherry Bekaert LLP are affiliated companies.  Cherry Bekaert Benefits Consulting and Cherry Bekaert Wealth Management LLC partner to service VIP but are not affiliated companies.” View All Podcasts from this Series

Cybersecurity and data threats are making headlines daily, particularly in the financial and professional services space. Law firms are responsible for handling a tremendous amount of private information for their clients. Ensuring your firm has a strong cybersecurity architecture is critical to mitigate risk and minimize disruption. In the final episode of this series Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice is joined by Dan Hulen, a Director and Business Applications Leader in the Firm’s Digital Advisory practice, and Dan Sembler, a Director in our Risk & Accounting Advisory practice, who share their insights into the biggest IT security threats law firms are facing, and what you can do to protect your business.  Discussion includes: Major risks impacting law firms when it comes to data protection and preventative measures from security breaches and disclosure of sensitive informationData management, retention, and other data “infrastructure” considerations How law firms can identify and evaluate reputational risksUtilizing Business Process Automation (or Robotic Process Automation) to reduce riskCyber threats are at the forefront of concerns for many in professional services, but there are tools and resources available to protect your business. If you have any questions specific to your business needs, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you. If you haven’t already, catch up on our series: Digital Transformation in Law Firms: Part I – Understand Your CustomerDigital Transformation in Law Firms: Part II – Optimize Your OperationsDigital Transformation in Law Firms: Part III – Innovate for GrowthDigital Transformation in Law Firms: Part IV – Enable Your WorkforceView All Podcasts from this Series

Workforces empowered by digital solutions that enable collaboration and communication at any time, from any location on any device, enhances productivity and the customer experience, increases revenue and overall employee satisfaction, and accelerates speed to market.  Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and John Schrader, a Director and Business Applications Leader in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to enable your workforce.  Discussion includes: Defining digital transformation from a people, process, and technology standpointHow law firms can enable their workforce in this digital ageCase study examples of the benefits law firms have realized from digital transformationWhere the biggest efficiencies to be gained are as part of digital transformationWhere law firms should get started on their digital transformation journeyEmpower your workforce with the digital tools needed to surpass the competition and deliver on an exceptional experience for your overall firm. If you have any questions specific to your situation, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you. If you haven’t already, catch up on our series: Digital Transformation in Law Firms: Part I – Understand Your CustomerDigital Transformation in Law Firms: Part II – Optimize Your OperationsDigital Transformation in Law Firms: Part III – Innovate for GrowthView All Podcasts from this Series

Analytics can help reinvent your firm and allow you to compete—and scale—in a more informed way. Leveraging firm, customer and external data and integrating it into your business’ decision-making cycles can be transformative. Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Nita Sanger, a Director in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to innovate for growth.  Discussion includes: How the legal industry has done in 2021 and how that growth has been different for large and mid-tier firms.The actions mid-tier law firms should take to position themselves for growth.How the role of the General Counsel, as the buyer of legal services, has changed in recent times and what that means for mid-tier law firms.How alternate legal services providers are impacting mid-tier law firms.If you haven’t already, catch up on part one and two of our series: Digital Transformation in Law Firms: Part I – Understand Your CustomerDigital Transformation in Law Firms: Part II – Optimize Your OperationsView All Podcasts from this Series

Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Jim Holman, Leader of Strategy & Operations in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to optimize operations.  Discussion includes: How a lack of process consistency can lead to inefficiencies, which can lead to higher internal processing costs, putting financial constraints on law firms and decreasing profitability, as well as increasing the chance for errors, not just errors within billing, but errors within the client experience.  How US firms are faring in terms of operational improvements compared to international firms and what can be learned from their operational challenges and changes.Areas within emerging technologies that law firms should consider as they look to remove redundancies and inefficiencies to improve operations, as well as available tools.If you haven’t already, catch up on part one of our series: Digital Transformation in Law Firms: Part I – Understand Your CustomerView All Podcasts from this Series