Clayton & McKervey shareholder to present an alternate solution to revenue and lease accounting standards at 2019 AICPA Engage

Southfield, Mich.—May 21, 2019—Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, announced that shareholder Julie Killian, CPA, is part of a panel that will present on the advantages of implementing a financial reporting option for smaller businesses at the 2019 American Institute of Certified Public Accountants (AICPA) Engage conference. The professional development event for accounting and finance professionals takes place June 9–13 in Las Vegas.

Along with Killian, session speakers Mike Brand Johnson, a partner at Feigley, Newton & Brand, LLP, and Robert Durak, Director of Audit & Accounting Technical Services for the Association of International Certified Professional Accountants, will discuss how accountants can help many private, small- and medium-sized businesses to avoid the difficulties that stem from the new revenue and lease accounting standards. Their presentation, “Does Your Client Have to Adopt the Revenue and Lease Standards? An Alternative Solution,” will take place on June 10 at 3:45 p.m.–4:35 p.m. and cover key topics including:

1) The fundamental principles of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
2) How the FRF for SMEs differs from other accounting frameworks
3) How to transition financial statements to the FRF for SMEs

In October 2018, Killian was appointed to the Technical Issues Committee (TIC) of AICPA’s Private Companies Practice Section (PCPS). This national committee is made up of CPA practitioner volunteers who work to represent the views of local firms and their clients in the standards-setting process. TIC monitors the activities of the various standard setting boards including the FASB, GASB and ASB, as well as other AICPA senior committees, and submits comments and recommendations to the standard setters as the collective voice of small and medium-sized firms, as needed. Earlier this month, TIC sent a letter to FASB to request a one-year delay on implementation of a new lease standard, citing an overload of new accounting standards for private companies that are all effective within a similar time frame. The letter was picked up by numerous accounting and business publications including the Wall Street Journal and is currently under consideration by FASB.

Killian was named a shareholder at Clayton & McKervey in July 2018, and leads the firm’s Assurance practice. She works with owners, CFOs and controllers of closely-held companies with operations in the United States, Europe, Asia and Mexico and is focused on the technical and compliance aspects of reporting, including audits and reviews of corporate financial statements, audits of employee benefit plans, and reviews of internal controls and performance reporting. Additional areas of expertise include U.S. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), AICPA Financial Reporting Framework for Small and Mid-sized Entities (FRF-SME) and the updated revenue recognition standard released by the Financial Accounting Standards Board (FASB) in 2015. Killian holds a Bachelor of Arts in Accounting from Michigan State University and IFRS certification from the American Institute of Public Accountants.

About AICPA
The American Institute of CPAs (AICPA) is the world’s largest member association representing the accounting profession, with more than 431,000 members, and has a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. Its mission is to drive a dynamic accounting profession ready to meet the demands of a constantly changing, disruptive world—providing the tools, resources and intelligence needed to clarify complexity, anticipate risk and create opportunity.

About Clayton & McKervey
Clayton & McKervey is a full-service CPA firm helping middle-market entrepreneurial companies compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

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Clayton & McKervey named a Top Workplace by the Detroit Free Press for 8th consecutive year

Southfield, Mich.—Nov. 19, 2018—Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, is pleased to announce it has been awarded a 2018 Top Workplaces honor by the Detroit Free Press. It is the eighth ear Clayton & McKervey has been included on the Detroit Free Press list, which ranks the best places to work in Michigan.

“The Detroit Free Press Top Workplaces award is very important recognition for our firm and we are thrilled with our longevity on the list,” Clayton & McKervey President Robert Dutkiewicz said. “Attracting and retaining high achieving, happy staff is critical to our success. Public accounting is a competitive field for talent, and our client service efforts depend on staff that view Clayton & McKervey as a positive place to work and build a long-term career.”

The Top Workplaces list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC. The survey gathers employee responses and measures organizational health in four categories:
1. Alignment – where the company is headed; its values; cooperation
2. Effectiveness – doing things well; sharing different viewpoints; encouraging new ideas
3. Connection – employees feel appreciated; their work is meaningful
4. My Manager – cares about concerns; helps employees learn and grow.

The survey also asks about employee engagement, where Clayton & McKervey scored above the CPA profession average, confidence in company leadership and general questions about pay, benefits, flexibility and training.

Clayton & McKervey promotes a collegial and responsive work environment. The firm, an industry leader in promoting women to partnership and other roles of high-level responsibility, uses its Women’s Network program to engage female leadership talent with a four-tier approach that increases access to role models; improves marketing opportunities; provides education and support for career advancement; and enhances the culture of the firm to ensure the successful retention and recruitment of women.

In addition, Clayton & McKervey’s young leadership training program taps employees before they are managers and turns them into the firm’s leaders of tomorrow through technical training and leadership conferences, off-site learning, daily mentoring and in-house coaching, and community involvement. The firm also emphasizes the importance of making time to have fun and connect outside of working hours to foster visible, deeper levels of engagement with each other and the community.

To see all Top Workplace rankings, click here.

About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

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Clayton & McKervey presents Brexit and Cross Border Opportunities at special lunch and learn event on Nov. 12 at Automation Alley

Southfield, Mich.—Oct. 22, 2018—Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, announces a lunch and learn titled ‘Brexit and Cross Border Opportunities’ on November 12, 2018 from 11:30 a.m. to 1:30 p.m. at Automation Alley in Troy. The event is designed for business owners expanding globally, as well as economic developers looking for deeper insights on trade and related international topics.

For the event, Clayton & McKervey will be partnering with PrimeGlobal, one of the five
largest associations of independent accounting firms in the world, comprised of approximately 300 successful independent public accounting firms, including Clayton & McKervey, in more than 80 countries. Clayton & McKervey President Rob Dutkiewicz is member of the North America board of directors of PrimeGlobal. International accounting professionals Ulrich Britting, Owner of Best Audit, Germany, and Robert Lissauer, Director Taxation & International Advisory at Hall Chadwick, Australia, both members of Prime Global who are visiting the U.S., will discuss the changing environment for cross border trade, with special attention on their home countries.

Global business topics planned for discussion include:
• Brexit—not just a UK issue
• Global market conditions
• Free trade agreements
• China dynamic
• Impact of U.S. tax changes

There is no charge for the event, but pre-registration is required and can be completed through the Clayton & McKervey website. Automation Alley is located at 2675 Bellingham, Troy, MI 48083

About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

Clayton & McKervey shareholder appointed to national AICPA committee

Southfield, Mich.—Oct. 12, 2018—Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, is pleased to announce that shareholder Julie Killian has been appointed to the Technical Issues Committee (TIC) of AICPA’s Private Companies Practice Section (PCPS). This national committee is made up of CPA practitioner volunteers who work to represent the views of local firms and their clients in the standards-setting process. TIC monitors the activities of the various standard setting boards including the FASB, GASB and ASB, as well as other AICPA senior committees, and submits comments and recommendations to the standard setters as the collective voice of small and medium-sized firms, as needed.

Killian, who joined Clayton & McKervey in 2012 as a principal in the assurance department, was named a shareholder in July 2018. In leading the firm’s audit practice, Killian works with owners, CFOs and controllers of closely-held companies with operations in the United States, as well as international companies in Europe, Asia and Mexico. She is focused on the technical and compliance aspects of reporting, including audits and reviews of corporate financial statements and audits of employee benefit plans. She also offers assurance services such as review of internal controls and performance reporting. Additional areas of expertise include U.S. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), AICPA Financial Reporting Framework for Small and Mid-sized Entities (FRF-SME) and the updated revenue recognition standard released by the Financial Accounting Standards Board (FASB) in 2015.

Killian is active in other business and professional organizations, serving on the Michigan Association of Certified Public Accountants (MICPA) Employee Benefits Task Force and the MICPA Audit Committee, and is involved in the French American Chamber of Commerce and the German American Chamber of Commerce. She holds a Bachelor of Arts in Accounting from Michigan State University and IFRS certification from the American Institute of Public Accountants.

About AICPA
The world’s largest member association representing the accounting profession, the American Institute of CPAs has a history that stretches back to 1887 of serving the public interest. Today, there are 431,000+ members in 137 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. For more information, visit https://www.aicpa.org/.

About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

Clayton McKervey again included on Inside Public Accounting’s list of 300 largest firms

Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, is pleased to announce it is again included on the list of the 300 largest public accounting firms in the nation as noted by Inside Public Accounting, a leading accounting trade publication.

“It is always gratifying to be recognized on a list that represents firms who are in growth mode and expanding to meet the needs of their clients,” Rob Dutkiewicz, CPA, President of Clayton & McKervey, said.

With 75 staff members, Clayton & McKervey focuses on growth-driven, middle-market companies. Possessing an entrepreneurial mindset, many Clayton & McKervey clients compete in the global marketplace, whether they are based in the U.S. or abroad.

Now in its 28th year, the IPA 100 is a list of the 100 largest public accounting firms beginning with the Big 4 and including rankings and analysis of 96 national, regional and local firms, with the IPA No. 100 firm reporting net revenues of $37.2 million. IPA also lists firms from Nos. 101 to 300, with the No. 300 firm reporting revenues at $10 million. The rankings and accompanying analysis paint a comprehensive picture of the state of the profession.


About Inside Public Accounting
INSIDE Public Accounting (IPA), founded in 1987, is published by The Platt Group, which publishes both the INSIDE Public Accounting newsletter and the National Benchmarking Report, along with other key reports on the profession. Formerly known as Bowman’s Accounting Report, accounting leaders have turned to Inside Public Accounting since 1987 to advance their firms and achieve results. Learn more at http://insidepublicaccounting.com/.

About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

Clayton & McKervey promotes three to senior manager

Clayton & McKervey, a certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace, announces that David Van Damme, Catherine (Katie) Faysal, and Ben Smith, all certified public accountants in the Assurance Department, have been promoted from Manager to Senior Manager.

Smith joined Clayton & McKervey in 2008 and is key to the firm’s transaction services team. He also leads the firm’s technology initiatives. Smith specializes in growth driven business tax planning and consultation, accounting support services including operational and owner reporter packages, financial statements and agreed upon procedures reporting. He is a member of the Association for Corporate Growth, the Michigan Association of Certified Public Accountants (MICPA) and the American Institute of Certified Public Accountants (AICPA). He also serves on Oakland University’s Accounting and Finance Advisory Board. Smith holds a Bachelor of Science in Accounting from Oakland University and is a resident of Royal Oak.

Van Damme also joined Clayton & McKervey in 2008. He specializes in audits of closely-held companies, internal controls analysis, fraud/data extraction analysis, financial statements and agreed upon procedures reporting, financial reporting automation and employee benefit plan audits. He is involved with the MICPA, MICPA Fraud Task Force, Turn Around Management Association and Risk Management Association. Van Damme holds a Bachelor of Science in Accounting from Oakland University and is a resident of Ferndale.

Faysal joined Clayton & McKervey in 2009 specializes in audits and reviews of closely-held companies, mergers and acquisitions, agreed upon procedures reporting, component audit reporting, AICPA Financial Framework for Small and Medium-Sized Entities and employee benefit plan audits. She is involved with the MICPA, AICPA, Turn Around Management Association and Risk Management Association and is a leader of Clayton & McKervey’s Women’s Network. Faysal holds a Bachelor of Arts in Accounting from Hillsdale College and is a resident of Novi.

The announcement of the senior manager promotions was made by Clayton & McKervey President Rob Dutkiewicz, CPA. “We are pleased to welcome Katie Faysal, David Van Damme and Ben Smith to their new roles as senior managers,” Dutkiewicz said. “They are impressive young leaders doing outstanding work for our clients.”


About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

Clayton & McKervey shareholder named to New Crain’s Detroit Business Notable Women in Finance List

Clayton & McKervey, a certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace, is pleased to announce that shareholder Margaret Amsden, CPA, has been selected for inclusion in the Crain’s Detroit Business inaugural Notable Women in Finance list, featuring acclaimed women finance professionals from throughout Michigan working in the private and public sector, including at CPA firms, non-profits, academia and government.

The women finance professionals were selected based on their reputation for navigating and restructuring deals, leading and advising on mergers and acquisitions, finding new sources of revenue for their companies and clients and mentoring women in the workplace and community. Crain Content Studio worked with advisors in the finance field to review nominations and select the final honorees. Amsden’s profile for the Notable Women in Finance can be viewed here.

At Clayton & McKervey, Amsden leads the firm’s tax practice and is the point person for domestic tax strategies. She is also a member of the Transaction Services Team. Committed to cultivating a culture of learning in and outside of the firm, Amsden follows and interprets state and federal tax legislation and advises growth driven clients on tax advantages and best practices. She joined Clayton & McKervey in 1999. Amsden holds a Master of Science in Taxation from Walsh College, a Bachelor of Science in Industrial Management from Georgia Institute of Technology and a Certificate in Industrial and Organizational Psychology, also from Georgia Institute of Technology.

The Crain Content Studio recognition comes on the heels of Amsden receiving the Ilene Lanfear Heart & Soul award from the Boys & Girls Clubs of Oakland and Macomb Counties in March. Amsden began volunteering at the Boys & Girls Clubs of Oakland and Macomb Counties in 2007 and has served in a variety of roles, including board chair, trustee, treasurer and member of the finance committee, all the while mentoring, coaching and teaching the Clubs’ young members.


About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

Clayton & McKervey awards annual accounting scholarships to two Oakland University students

Rob Dutkiewicz, president of Clayton & McKervey, a certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace, is pleased to announce the recipients of two scholarships awarded through Oakland University’s School of Business Administration. The awards for the Clayton & McKervey Scholarship and the Dutkiewicz Family Scholarship were presented April 13 at the OU Accounting and Finance Department’s Spring Banquet.

The Clayton & McKervey Scholarship was awarded to Carolyn Schweiger, a senior at OU majoring in accounting and minoring in management information systems. A resident of Richmond, Mich., Carolyn is currently an intern at Lear Corporation. The Dutkiewicz Family Scholarship was presented to Kevin Doody, a Lake Orion, Mich., resident who graduates this spring with a Master of Accounting.

“Clayton & McKervey has a passion to help others succeed,” Dutkiewicz said. “It is our privilege to partner with Oakland University’s business school to recognize students who have made an extra effort to achieve success in many facets of their lives, and we look forward to seeing them thrive in their future roles in the accounting and finance profession.”

The Clayton & McKervey Scholarship is a $1,500 annual scholarship established in 2011 to be applied to OU tuition for an undergraduate student who:
• Exhibits an outstanding combination of academic performance and extracurricular activities
• Has declared an accounting major and achieved major standing
• Is currently enrolled in at least one accounting major course at OU

The Dutkiewicz Family established its $2,500 annual scholarship in 2014 for a student who:
• Is a declared accounting or finance major with major standing
• Is currently enrolled in at least one accounting or finance major course at OU
• Has exhibited an outstanding combination of academic performance and extracurricular activities

More information about the criteria is available on OU’s SBA scholarship page.

In addition to the scholarship awards, the OU chapter of Beta Alpha Psi—an honorary organization for financial information students and professionals—named Rob Dutkiewicz its Business Information Professional of the Year at the banquet. Beta Alpha Psi annually presents this award to an honoree who has contributed to the profession through his or her position within the accounting, finance and information systems professions and through involvement in professional affairs and associations. Dutkiewicz, an OU alum who received his Bachelor’s degree in Accounting, currently serves on the OU School of Business Administration Board of Visitors.


About Clayton & McKervey
Clayton & McKervey is a full-service certified public accounting and business advisory firm helping closely held businesses compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

 

Business for sale? Clayton & McKervey CPA says “Keep tabs on net working capital to maximize proceeds in the deal”

Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, advises businesses considering a sale to meticulously monitor their net working capital a year or two before they put themselves on the market. Net working capital (NWC) is defined as the current assets of a company, such as inventory, accounts receivable and prepaid expenses, in excess of current liabilities like trade payables and accrued wages—and is essentially what allows a business to operate from day-to-day, according to Margaret Amsden, CPA and Clayton & McKervey shareholder who heads the firm’s tax practice.

“When a company makes the choice to put itself up for sale, there are many factors it has to consider, but sufficiently managing net working capital at least 18 months before its sale is key to making sure that it doesn’t end up leaving significant value on the table,” Amsden said. “On the other hand, potential buyers will be making sure there’s enough net working capital to allow the company to operate in the days immediately following the transaction. It can be quite a balancing act as buyers generally set the target for the NWC.”

If business sellers want to maximize the proceeds of a sale, then the NWC will need to be maintained at a level as low as feasible to still operate the business. Amsden recommends that selling companies ask the following questions:

1. Are we carrying excess inventory?
2. Are we prepaying expenses that don’t need to be prepaid?
3. Are we paying payables significantly ahead of their due date?
4. Are we fully accruing expenses at the end of a period?

Amsden notes that within specific transactions, items normally included in the net working capital, such as cash, refundable tax payments, or related party receivables and/or payables may be excluded from the NWC definition as agreed to by the parties. Agreements generally require buyers to pay for excess NWC and require sellers to make up any NWC shortfall.

“This prevents sellers from altering the value of a company by driving down receivables or letting payables build up in the days leading up to a transaction,” Amsden said.

Purchasers will often look at the NWC over a 12- to 18-month timeframe and set a target for NWC based on the average of that period—underscoring the importance for a selling company to manage its NWC well before the transaction is expected to occur.

“Recognizing that it takes time to true up prepaid amounts and book accruals is vital to assuring that these adjustments are made accurately on a monthly basis as the business approaches its transaction,” Amsden said.

But, there are exceptions to the rule. It may become evident that there are valid reasons for a company to carry excess NWC such as:

• Excess inventory may be carried due to significant quantity discounts to be obtained or there may be certain inventory that is scarce.
• Accounts payable may be lower than customary to take advantage of early payment discounts.

“In these situations, it is important for the seller to articulate why there are exceptions so the buyer understands that the proper NWC targets have been set and the sale can proceed at the right price,” Amdsen concluded.


About Clayton & McKervey
Clayton & McKervey is a full-service CPA firm helping middle-market entrepreneurial companies compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

 

Clayton & McKervey’s Reach Beyond summer program invites college students to explore what it means to be a successful CPA

Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, provides an exceptional educational opportunity to college students interested in pursuing public accounting as a career. Called Reach Beyond, the program connects undergraduates to Clayton & McKervey accountants and shareholders in their workplace setting, demonstrating what it takes to bring value to the firm’s clients.

Clayton & McKervey President Rob Dutkiewicz, CPA says the Reach Beyond program gives students who have a passion and drive for public accounting a unique inside look at the dynamic culture of the firm.

“Clayton & McKervey is a growth-driven organization, so we’re looking for students who want to go above and beyond, which ties in with one of our core values. We welcome students who want to see how we exceed the expectations of not only our clients, but of ourselves,” Dutkiewicz said.

Students in Reach Beyond will learn about career opportunities and the recruiting process, interact with experienced accountants working in a variety of service lines and have fun discovering what it’s like to work for an international firm with an entrepreneurial culture.

For juniors and seniors, Reach Beyond will take place June 5 and June 6, and applicants must meet the following requirements:
• Pursuing a degree in accountancy, with an interest in public accounting
• Current cumulative and accounting GPA of 3.2 or higher
• Actively involved in extracurricular activities
• Ability to participate on both days

For freshmen and sophomores, Reach Beyond will take place on July 19, and applicants must meet the following requirements:
• Pre-business or accountancy student, with freshman or sophomore standing
• Current cumulative and accounting GPA of 3.2 or higher
• Interest in pursuing opportunities in public accounting
• Actively involved in extracurricular activities

For more information about Reach Beyond, please visit https://claytonmckervey.com/careers/students/reach-beyond-program/. Students may also check with the career services office at their college or university. Applications are requested by March 30, 2018.


About Clayton & McKervey
Clayton & McKervey is a full-service CPA firm helping middle-market entrepreneurial companies compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.