I have spent 30 years sitting across the table from personal injury attorneys at the exact moment their biggest case finally settles. The same pattern repeats itself more times than I can count: a seven-figure fee arrives, the check is deposited and within 18 months it has been absorbed into overhead, taxes and lifestyle, with almost nothing set aside for the attorney’s own retirement. It is imperative that we, as advisors, change that pattern before the check clears, not after.

Personal injury attorneys have a retirement problem that most W-2 professionals never face: their income is lumpy, unpredictable and often concentrated in a handful of enormous contingency fees. That irregularity is precisely why the standard retirement toolkit is ineffective. The addition of an attorney fee structure can change all that for the client.

The 401(k): Necessary, But Not Sufficient

A solo or small-firm 401(k) remains the foundation of any retirement plan. For 2026, an employee can defer up to the statutory limit, with catch-up contributions available at age 50 and an enhanced catch-up for those aged 60 to 63 under the SECURE 2.0 Act. If the firm adopts a solo 401(k) or a small-firm plan with profit-sharing, total contributions can reach the combined employee-and-employer limit. That is real capacity, but it is capped, and a single strong contingency fee deferral can dwarf it many times over. The unvarnished truth is that a 401(k) alone cannot absorb the income spikes this profession produces or provide the retirement income this group requires.

Deferred Compensation Plans: Flexible, But Not Guaranteed

Nonqualified deferred compensation plans, governed by Internal Revenue Code Section 409A, allow an attorney to defer a portion of compensation beyond qualified plan limits, with the timing of distributions elected and the contribution determined in advance. These plans offer real flexibility, but they are unsecured promises to pay, subject to the firm’s general creditors. For an attorney whose income depends on the very lawsuits that create liability exposure, that is a meaningful vulnerability. I raise this not to discourage their use, but because zealous advocacy plainly discloses the trade-off.

Structured Settlements: The Tool Attorneys Too Often Overlook for Themselves

This is the piece most CPAs never learn in school: Under gross income revenue rules, such as the IRS’ Rev. Rul. 2003-115, and the constructive-receipt doctrine established in the settlement agreement case, Childs v. Commissioner, 89 T.C. 599 (1994), an attorney can structure all or part of their own contingency fee before the right to receive it becomes fixed through a qualified assignment, which defers both recognition of income and the resulting taxation of that fee into the future.

Consider what that actually offers: unlimited deferral. Unlike a 401(k) or even most deferred compensation arrangements, there is no statutory cap on how much of a fee can be structured. A single large fee can fund a decade of future income. Attorneys can choose a fixed annuity for guaranteed payments, a market-linked variable option for growth potential or a blend that matches the structure to their risk tolerance, rather than a one-size-fits-all approach. Funds within the structure grow without annual taxation, compounding on the full pre-tax amount until distribution.

Structured fees can be designed to create genuine retirement income, smooth yearly cash flow between big-case years and lean ones and reduce tax exposure by spreading a lump-sum fee across many lower-bracket years rather than a single high-bracket year. I think of philosopher Marcus Aurelius, who said, “Waste no more time arguing what a good man should be. Be one.” The same applies to planning. Waste no more time treating the attorney fee structure as an afterthought reserved for the client. Use it for the attorney, too.

When your personal injury attorney clients ask about retirement, don’t stop at maximizing the 401(k) and reviewing the deferred compensation agreement. Ask the harder question: is a portion of this year’s fee a candidate for structuring before the engagement letter is signed and the right to that fee becomes fixed? Timing is everything here, and this conversation must be had well before the settlement conference, not after the check arrives.

Every small firm holds Social Security numbers, bank statements, payroll records and driver's license copies for every client it has ever served. Most of it arrived by email, and plenty is still sitting in somebody’s inbox. That gap, between how sensitive the data is and how casually it moves, is the real security problem at small to midsize firms.

No firm gets all of this right on day one. But after building a practice that runs entirely online, here are the 10 steps I’d suggest firms work through:

1. Start with the written plan. Under the Federal Trade Commission (FTC) Safeguards Rule, professional tax preparers are treated as financial institutions, and the IRS expects every preparer to keep a written information security plan (WISP). Publication 4557 is the standard reference, and Preparer Tax Identification Number (PTIN) renewal now asks you to confirm you understand your data security responsibilities. A useful WISP names a security lead, lists where client data lives, says who can touch it and spells out what happens the day something goes wrong. Write it, date it and look at it once a year.
2. Get documents out of email. An emailed W-2 sits unencrypted in two mailboxes forever, including on phones you’ll never see or control. A portal gives you encryption, an access log and some say over how long the file sticks around. Clients will keep emailing things anyway. When they do, thank them, move the file to the portal, delete the attachment and mention the portal again.
3. Put multi-factor authentication on everything. This includes email, tax software, the portal, payroll and bank feeds. It’s usually free. Ten minutes of setup buys more protection than almost anything else you can do. Use an authenticator app rather than text message codes where you can. A stolen password by itself shouldn’t be enough to open a client file.
4. Give each person only what the work requires and review the list quarterly. Access rights are the piece firms often forget, because nothing visibly breaks when they’re wrong. In plenty of incidents, the culprit isn’t a hacker at all. It’s the still-active login of someone who left eight months ago. When staff or contractors move on, their credentials should go the same day.
5. Encrypt the hardware. Laptops get left in cars and coffee shops, and full-disk encryption plus an automatic screen lock is the difference between losing a laptop and losing client data.
6. Keep client files off personal devices. It’s important to hold home setups to the office standard.
7. Ask vendors harder questions than most of us ask. The cloud tax software, the bookkeeping platform and the portal all hold client data on your behalf. Ask what security certifications they carry, where the data physically sits and how fast they’ll tell you if they’re breached. Have that conversation before you sign.
8. Train clients, not just staff. Phishing is still how most firms get burned, so run short sessions and test people occasionally. With clients, three rules cover most of it: no Social Security numbers by text or email, use the portal and any change to banking or wire instructions gets verified by phone at a number you already had on file. That last call stops a lot of payment fraud by itself.
9. Dispose of old files. This is the unglamorous half. Old returns, retired drives and paper files stay sensitive long after the engagement closes. Keep a written retention schedule, shred the paper and wipe or destroy storage media before it leaves the building. Holding on to everything forever isn’t diligence.
10. Finally, decide in advance what a bad day looks like. Figure out who gets called first, how affected clients hear about it, what you owe the IRS and states involved and know who to contact at your insurer. Rehearsing a breach is nobody’s idea of a good afternoon, which is why the firms that prepare beforehand stay calm during a real one.

None of this takes an enterprise budget. It takes consistency and a willingness to be slightly annoying about the portal. Clients hand us the most sensitive information they have, and most never ask what we do with it. That seems like a good reason to have a plan ready.

For CPA firms, trust has always been the foundation of every client relationship. Clients rely on their accounting professionals to safeguard some of their most sensitive financial and personal information. While that responsibility has traditionally centered around ethics and confidentiality, today it increasingly includes cybersecurity.

The reality is that cybercriminals aren't just targeting large corporations anymore. Small and midsize CPA firms have become attractive targets because they maintain extensive financial records, tax documents, payroll information and personally identifiable information — all of which are valuable on the black market.

The good news is that improving cybersecurity doesn't require every firm to become an IT expert. It starts with understanding a few practical best practices that significantly reduce risk for yourselves and your clients. Here are some considerations:

1. Your people are your first line of defense. Technology plays an important role, but many successful cyberattacks begin with a simple email. Phishing attempts have become increasingly sophisticated, often appearing to come from clients, vendors or even internal staff. Regular cybersecurity awareness training helps employees recognize suspicious emails, unexpected attachments and fraudulent requests for sensitive information. Just as importantly, firms should foster a culture where employees feel comfortable asking questions before clicking or responding.
2. Strong passwords are no longer enough. If your firm isn't already using multi-factor authentication (MFA) wherever possible, it should be a priority. MFA requires users to verify their identity with a second factor, such as a code on their phone, in addition to a password. Even if a password is compromised, MFA can prevent unauthorized access to email, tax software, cloud applications and client files.
3. Limiting access to sensitive information is mandatory. Not every employee needs access to every file. Applying the principle of least privilege means individuals only have access to the systems and client information necessary to perform their jobs. Reviewing user permissions periodically, especially after promotions, role changes or employee departures, helps reduce unnecessary exposure.
4. Keeping systems current is a priority. Software updates may seem inconvenient, but they're one of the simplest ways to protect your firm. Many updates include security patches that address newly discovered vulnerabilities. Whether it's Windows, Microsoft 365, tax software or other business applications, timely updates reduce opportunities for attackers to exploit known weaknesses.
5. Preparing for the unexpected is required. No organization believes it will experience a cyber incident until it happens. That's why backups and an incident response plan are critical. Backups should be tested regularly to ensure they can actually be restored. Equally important, firms should have a documented plan outlining who should be contacted, how systems will be secured and how clients will be informed if an incident occurs. Having a plan in place allows organizations to respond calmly rather than react under pressure.
6. Cybersecurity is an ongoing business process. One of the biggest misconceptions is that cybersecurity is a one-time project. In reality, new threats emerge constantly, and firms should periodically evaluate their security posture, review policies and reassess risks as technology and business needs evolve.

As the profession continues to embrace cloud technology, remote work and digital collaboration, cybersecurity becomes less of an IT initiative and more of a business responsibility shared across the entire organization. Firms don't need to be perfect, but they do need to be intentional. By focusing on practical, proven best practices and making cybersecurity part of everyday operations, CPA firms can better protect their clients, their reputation and the future of their business.

Wealth has a way of attracting advisors. Over time, planning discussions often involve additional professionals. Their recommendations may be developed independently, but they still affect the same family.

Not every family requires a dedicated family office. In the book, Wealth 3.0: The Future of Family Wealth Advising, the authors explore a broader view of wealth through the lens of human, intellectual, social, and financial capital. Whether a family adopts that framework or not, planning discussions often extend beyond a single discipline as additional planning considerations emerge.

A Broader Perspective

One benefit of a multidisciplinary planning approach is the ability to provide some of the coordination often associated with family office environments. Planning discussions often begin with one issue, but additional facts emerge as the conversation continues. As the scope of the discussion changes, recommendations that initially appeared unrelated often begin affecting one another.

That broader perspective does not eliminate the need for technical expertise. Some planning matters can be addressed within an existing planning relationship, while others benefit from involving additional professionals. As the discussion evolves, it often becomes clearer whether the planning can be addressed within the existing relationship or whether bringing in additional expertise would improve the outcome. Understanding how recommendations from different planning disciplines relate to one another provides additional context when making those decisions.

Tax planning provides a good example. The objective is not to minimize the tax on every transaction. It is to minimize the family's overall lifetime tax burden, sometimes across multiple generations. Looking at individual recommendations remains important but evaluating them together can lead to different planning decisions.

Looking Beyond Individual Recommendations

Multidisciplinary teams regularly work at the intersection of taxes, planning, and broader family objectives. That perspective often creates opportunities to recognize how recommendations developed in different disciplines affect one another and when additional expertise may improve the planning process. Consider a few common examples:

• Communication among advisors. Clients often assume their advisors are effectively communicating with one another. That assumption is not always correct. Each professional is appropriately focused on the area in which they provide advice. Sharing information and understanding how recommendations affect one another can improve both the planning process and the recommendations that follow.
• Generational differences. Different generations do not always view planning decisions through the same lens. A founder's priorities may differ from those of an adult child. Future beneficiaries may have a different perspective from the people making today's decisions. That does not necessarily create conflict, but it can create misunderstandings when assumptions remain unspoken.
• Looking beyond the documents. Financial statements, legal documents, and tax returns provide important information. They do not always explain the objectives behind a decision. In many cases, the discussion itself provides context that cannot be found elsewhere. Understanding those objectives can influence how recommendations are evaluated and how available resources are used to support them.

As planning discussions become more specialized, technical expertise will remain essential. A multidisciplinary planning approach offers a different way of thinking about the planning process by considering how recommendations from different disciplines affect one another and how they support a family's broader objectives.

Whether planning is carried out within one relationship or through a team of specialists, the goal is the same: helping families make decisions that work well together, not just individually.

Within the past year, we’ve seen major changes in the tax world, and some affect family offices. For those who may be unfamiliar with family offices, a family office is a private company established for the sole purpose of managing a high-net-worth family’s wealth. In addition to the family’s investments, a family office may also offer estate planning, tax advisory and preparation, real estate management, and even concierge coordination services. While there is no minimum requirement for setting up a family office, the median assets managed by a family office was $476 million, with 33% of family offices serving families with assets exceeding $1 billion.

4 Tax Changes and How They Impact Family Businesses

The One Big Beautiful Bill Act (OBBBA) included the following provisions that pertain to the world of family offices:

• Estate and gift tax threshold: The $15 million threshold ($30 million for married couples) for the lifetime estate and gift tax exemption was made permanent. This is a significant increase from $13.99 million ($27.98 million for married couples) in 2025. As a result, this will require a greater emphasis on estate planning strategies to transfer significant wealth while minimizing tax burdens. If existing trusts are set in place, family offices can use this opportunity to evaluate the current structure of the trust to maximize the benefits of available exemptions.
• AGI floor for charitable contributions: A 0.5% adjusted gross income (AGI) floor was introduced for charitable contributions while making the 60% AGI limit permanent. Many high-net-worth families are involved in philanthropic efforts. With the introduction of the 0.5% AGI floor, these families will most likely experience a significant decline in deductible charitable contributions. Family offices should make their clients aware of this impact and consider strategies to mitigate its effect such as accelerating contributions during lower-income years to reduce the impact of the AGI floor.
• Bonus depreciation: The 100% bonus depreciation was restored. High-net-worth families often engage in multiple business enterprises and real estate investments. With the restoration of 100% bonus depreciation, family offices can fully deduct eligible improvements and fixed assets. As a result, the need for cost segregation studies is expected to increase for properties placed in service after Jan. 19, 2025.
• Tiered exclusion on qualified small business stock (QSBS): Taxpayers may now exclude 50% of gains for shares held more than three years, 75% of gains on shares held more than four years and 100% for shares held more than five years. The exclusion cap increases from $10 million to $15 million indexed for inflation annually beginning in 2027. Family offices should evaluate the current structure of business operations. Collaborating with estate planners and firms that leverage the QSBS rules can enhance the value of the services family offices provide. With the changes in QSBS rules, the pool of investments expands, increasing the need for strategic planning and structure.

For family offices, the importance of serving high-net-worth families cannot be understated. Ensuring that they are providing exceptional service and remaining current on industry trends and tax law updates is essential to the long-term success of the firm.

If you’re a new accounting grad, you have a lot on your mind: landing a job, deciding where to live, tackling student loan debt and more. It’s easy to get caught up in those immediate needs, but it’s important to realize that the steps you take — or neglect to take — can shape your financial future. 

Because you are just at the beginning of your earning potential, goals in this stage should be more about adopting healthy financial habits that can help contribute to future stability.

Focusing on five best practices can help build those habits:

1. Create a budget and stick to it. Without a budget, it’s much more difficult to plan and save. And technology, like budgeting apps, can make the process easier. Of course, a budget can’t make an impact if you don’t follow it. And according to a 2025 survey from Investopedia, adhering to a budget is a struggle for many Americans. While 86% of respondents indicated they have a budget, only 22% actually stick to it. You need to remember that the real work starts once your budget is established. Daily spending decisions should be considered before a payment is made, not when a new monthly charge shows up.
2. Develop a savings mentality. When you’re starting out, saving can be tough — especially as new financial responsibilities emerge. But when you prioritize saving, you’re creating a financial safety net that can help you handle emergencies and unexpected expenses. As a new grad, you should start small, striving to build the habit of saving with an initial goal of one month of income in the bank by a certain date — then build from there. You may need to consider opening your own accounts if you’ve been linked to your parents’ from a young age. Consider two savings accounts — one as a reserve for budgeted expenses not yet incurred or higher than expected and another for growth, savings with an interest component.
3. Manage debt. New grads often start their careers with some level of debt. In fact, about 60% of the class of 2026 has student loans, according to higher education expert Mark Kantrowitz. And the average balance on those loans is around $30,000, which translates to a typical monthly payment of $304. Taking a proactive approach to debt management is critical. Be realistic about what you can borrow, and have a plan in place to repay the money.
4. Consider insurance. The value of insurance can be a tough sell when individuals are young, healthy and on a limited budget. After all, something has to go wrong for insurance to kick in, whether that’s a severe illness or injury, car accident or home break-in. For young adults, those scenarios can feel improbable. At this stage in life, your greatest asset is your earning potential. If, for example, you have no insurance and you injure someone in a car accident, that injured person could go after your future earnings. And the average person’s lifetime earning potential can be in the millions. Insurance can be a powerful tool to help protect that future.
5. Protect your digital footprint. Hacking, identity theft, phishing scams and social media fraud exist. New grads face a wide range of cyber risks that can come with significant financial implications. According to the FBI’s 2025 Internet Crime Report, cyber-enabled crimes defrauded Americans of nearly $21 billion, a 26% year-over-year increase. Following good digital hygiene basics — like frequently updating passwords and minimizing the personal information shared on social media – coupled with staying up-to-date on the latest scams can help. Awareness around use of social media and how it may impact personal brand is another important consideration as you transition from a student mindset to a professional mindset.

The financial decisions you make today can impact you for years to come. Investing in financial wellbeing can take time and patience, but the payoff is worth it. So, the message is: Don’t procrastinate. Your future self will thank you. 

As a CPA and partner in a firm that prides itself on client service and long-term relationships, I have learned that serving family office clients requires much more than preparing tax returns or financial statements. Family office clients often have complex financial lives that extend beyond a single business or investment portfolio. Their financial lives are also complicated, requiring an integrated approach to strategic tax planning, personal and business accounting, consolidated financial reporting, wealth transfer and estate planning, and coordination among a trusted team of professional advisors.

The most effective CPA advisors understand that their role is not simply compliance focused. Instead, they become trusted advisors who help families protect, grow and transfer wealth while allowing them to focus on what they do best: running businesses, investing capital and enjoying the rewards of their success.

Consider providing the following key services to family office clients:

• Strategic tax planning: This is one of the most valuable services a CPA can provide. Family office clients often own multiple entities, real estate investments, operating businesses, trusts and investment portfolios. Tax planning should never be a once-a-year exercise. By proactively evaluating both personal and business tax strategies throughout the year, CPAs can identify opportunities to reduce tax liabilities, improve cash flow and align financial decisions with long-term family goals. Whether planning for a liquidity event, business succession, charitable giving or retirement, a strategic tax approach can have a significant impact on preserving wealth.
• Wealth transfer and estate planning: Many successful families spend decades building wealth but far less time planning for its transfer. Without proper planning, families may face unnecessary tax burdens, family conflict, or challenges in preserving a legacy. CPAs play a critical role in working alongside estate attorneys and wealth advisors to help structure gifting strategies, trusts, business succession plans, and charitable vehicles that support a family’s objectives while minimizing tax exposure.
• Consolidated financial reporting: High-net-worth families often have assets spread across multiple businesses, investment accounts, real estate entities, trusts and partnerships. Without a comprehensive view, decision-making becomes difficult. Consolidated reporting provides a single source of truth by bringing together all financial information into one clear picture. This allows families to better understand their net worth, liquidity, cash flow and overall financial position.
• Concierge accounting services: Successful entrepreneurs should spend their time creating value, not managing administrative financial tasks. A concierge approach may include bill payment, cash flow management, bookkeeping oversight, financial reporting, tax coordination and personal financial administration. By handling these responsibilities, CPAs help clients focus on growing their businesses, evaluating investment opportunities and pursuing personal goals with confidence that their financial affairs are being managed effectively.
• Coordinating a trusted team of advisors: Perhaps one of the most overlooked roles of the CPA is serving as the quarterback of the advisory team. Family office clients often work with investment advisors, attorneys, bankers, insurance professionals, trustees and business consultants. Each advisor may be highly skilled, but without coordination, opportunities can be missed. The CPA is uniquely positioned to bring these professionals together, ensuring that tax strategies, estate plans, investment decisions and business objectives remain aligned. Effective third-party coordination often delivers significant value and creates a more seamless experience for the client.

While technical expertise is important, the conversations that often make the greatest impact extend well beyond tax planning and financial reporting. Some of the most meaningful discussions we have with clients center on preparing for the future. Our role is not only to help preserve assets, but also to help protect a family’s legacy for generations to come.

At its core, family office service is about relationships. Families need advisors they trust, professionals who understand both the technical complexities of their financial lives and the personal goals that drive their decisions. For CPAs willing to take on that broader advisory role, the opportunity is not only to provide exceptional service but also to become a vital part of a family’s long-term success and legacy.

The next generation of New Jersey’s successful family-owned businesses is taking a hard look at their family offices and are wondering if there’s a better way.

“Next gen-ers” aren’t necessarily convinced they need the service offerings of traditional family offices, like household or real estate management, investment or even accounting advice.

Today, the next generation of family-owned business leaders is showing a general lack of enthusiasm for running their own family office, which is expensive, and yet, the lower-cost multi-family office option seems too impersonal.

Then they are asking the question: “Do we really need family offices at all?”

Despite these questions, and challenges, the family office business is doing well.

Huge Growth Ahead

There are an estimated 8,030 single-family offices in the world today, up from 6,130 in 2019, a 31% increase. The number is projected to grow by 12% to 9,030 family offices next year and by 33% to 10,720 family offices by 2030, according to research by the Family Office Exchange (FOX), an organization for families, family office professionals and trusted advisors.

In 2019, the total estimated wealth for families with family offices was $3.3 trillion. In 2024, it was $5.5 trillion, a 67% jump in five years. This wealth is expected to grow by 73% to $9.5 trillion by 2030, a notable 189% rise between 2019 and 2030.

Following a similar trajectory, family offices’ total estimated “assets under management” in 2024 was $3.1 trillion and is expected to rise by 73% to $5.4 trillion by 2030, a 75% increase over a 10-year period.

According to research firm Cerulli Associates, overall wealth transferred between 2021 and 2045 is predicted to total $84.4 trillion.

Despite this projected growth and massive transfer of wealth, family offices are rightly worried. There is a huge shift in the generational makeup of the “high wealth” population underway over the next 15 years, and this will have far-reaching implications.

By 2040, today’s ‘next gens’ (Generation Z and Millennials) will comprise almost 35% of the global “ultra-high-net-worth” population, up from just 8% today.

Generation X (currently aged between 44 and 59) will account for 45%, almost doubling from the current 25%. Meanwhile, the combined share of the Baby Boomer and Silent Generation (and older) will fall steadily from 67% to just 20%.

Meanwhile, echoes of “the third-generation curse” reverberate as only one in 10 family offices now represent legacy families (four generations or older), raising concern over families’ ability to retain their wealth long-term.

Family Office Challenges

So, what exactly are family office managers worried about? The list is long: next generation quirks, persistent inflation, private equity (PE) investment risk, hybrid workplaces, ESG investing, cryptocurrency, more government regulation, cheaper operating costs, technology, AI and generally just more and cheaper alternative options.

There are other challenges, too, not the least of which are family office investment and accounting strategies.

Considering recent geopolitical uncertainty and volatile markets, many family offices are shifting toward more liquid, risk-managed portfolios. Diversification across asset classes and geographies is a key priority to protect long-term capital and ensure resiliency.

According to a Morgan Stanley analysis, PE, venture capital, private credit, private real estate and infrastructure investments have historically overperformed public markets. This is the table where family offices usually get to play their best cards. Family offices on average allocate 45% of their portfolios to alternative asset classes.

Another datapoint is a UBS report that says over 80% of family offices invest in PE, and of those family offices, every year an increasing number are making direct investments.

According to a UBS survey, 74% of families are likely to increase their PE allocations and believe these investments will continue to outperform public equities. This appeals to entrepreneurial families (read next generation) for a more hands-on approach to their investments.

Technology, ESG and Regulation

UBS and Campden Wealth Research reports say 62% of family offices are using artificial intelligence (AI) or are planning to do so soon. What does AI do? It can help make investment decisions, improve risk management, enhance the client experience and offer better tech interfaces with clients.

While family offices are wary of investing in ESG and “greenwashing,” they do recognize their resources can make a difference when they invest wisely. And the next generation wants more of it.

A Campden report mentions 37% of North American family offices engage in sustainable investing. This steady increase in sustainable investing is directly related to younger members of the family having more influence in running the family office, as the older generation moves on.   

When it comes to government oversight, family offices have been subject to light regulatory oversight due to the focus on personal wealth versus investor wealth, but that looks to be changing too.

U.S. lawmakers are considering legislation, called wealth taxes, around how assets and investments are being taxed and to what degree family office investments threaten the economy and the financial system.

How this all plays out will be up to how savvy next generation leaders and family office executives play their hands, or if the next generation aces them out altogether.

Family offices have evolved far beyond investment management. Today, many serve as centralized organizations responsible for overseeing investments, trusts, operating businesses, real estate holdings, philanthropic activities, tax planning and multigenerational wealth transfer. As family wealth becomes increasingly complex, financial reporting is no longer simply an accounting function — it is a critical component of governance, transparency and long-term wealth preservation.

Unlike traditional businesses, family offices often manage a diverse collection of assets, entities and family interests with different reporting requirements and objectives. From a CPA’s perspective, effective financial reporting provides the information needed to support decision-making, manage risk and align financial activities with the family’s long-term goals.

Consider the following financial reporting best practices:

1. Establish consistent reporting standards. One of the most common challenges family offices face is inconsistent reporting across entities and asset classes. Investment accounts, privately held businesses, trusts, partnerships and real estate holdings frequently operate under different accounting methods and valuation approaches. Family offices should establish standardized reporting policies that define how assets are valued, expenses are categorized and financial information is presented. Consistency improves comparability across entities and provides family members, executives and advisors with a common framework for evaluating performance.
2. Focus on consolidated reporting. Many family offices oversee multiple legal entities, trusts and investment structures. Without consolidated reporting, it can be difficult to obtain a complete picture of the family’s overall financial position. Consolidated reports should include significant assets, liabilities, sources of income, and expenses across the family’s holdings. This approach provides visibility into liquidity, cash flow, investment performance and overall net worth while helping identify risks. A centralized reporting structure also improves communication among investment managers, accountants, attorneys and other advisors involved in managing family wealth.
3. Incorporate governance and succession metrics. Financial reporting should support more than investment oversight. Many family offices play an important role in family governance, succession planning and preparing future generations to manage and preserve wealth responsibly. In addition to traditional financial statements, reporting packages should include information on trust distributions, estate-planning objectives, liquidity needs and long-term wealth-transfer strategies. Providing this information promotes transparency, supports informed decision-making and helps family members understand the financial impact of future planning decisions.
4. Prioritize timeliness and accuracy. Financial reports lose value when they are delayed or incomplete. Family offices should establish reporting schedules that provide decision-makers with timely access to reliable financial data. Technology can improve efficiency through automated data feeds, integrated accounting systems and reporting dashboards. However, technology should complement — not replace — strong review procedures and professional oversight.
5. Expand performance reporting beyond investments. Traditional financial statements provide important information, but they may not tell the complete story. Many family offices oversee charitable foundations, operating businesses, real estate portfolios and other family initiatives in addition to investment portfolios. Reporting should include key performance indicators tailored to the family’s objectives, such as portfolio returns, cash flow forecasts, real estate performance, charitable giving activity and liquidity measures. Meaningful metrics help determine whether the family’s overall strategy is achieving its intended outcomes and advancing broader family goals.
6. Strengthen internal controls and cybersecurity. Family offices are not immune to fraud, cybercrime or operational errors. Effective internal controls are essential regardless of organizational size. Segregation of duties, approval workflows, account reconciliations and periodic reviews of financial activity can reduce risk. Given the sensitive financial and personal information often maintained by family offices, cybersecurity controls should be evaluated regularly as part of the overall risk management framework.

Looking Beyond Compliance

The most effective family offices view financial reporting as a strategic management tool rather than a year-end requirement. Accurate, timely and meaningful reporting provides the foundation for sound decision-making, governance and wealth preservation.

As family structures, investment portfolios and reporting requirements continue to evolve, CPAs are uniquely positioned to help family offices create reporting frameworks that provide clarity, strengthen accountability and support the successful transfer of wealth and values across generations.

Students need to understand that there are diverse views in HE about whether, or to what extent, it is the college’s responsibility to get them a job. As a result, many college career services functions operate with limited resources in a one-to-many model where only limited one-on-one support is available.  In short, students need to take ownership of their career management, starting in their first semester and continuing throughout their academic career, with the help and support of others (it takes a village).

In addition, there are also private career services in the marketplace for those looking for more extensive 1x1 support.

A Call to Action

Time is of the essence. Current college students are facing a career readiness imperative.

Current students need to be critically focused on what HE is willing and able to provide — and how to solve for what it can’t provide. We don’t have time to “fix” HE for current students; we must help them within the system we have right now.

Underclassmen are wise to get started early and be aware of employer expectations and how to strategically gain the needed experiences. And thinking of classes like work can be an effective and efficient way to get started with meaningful in-person experiences and professional skill development. Once they get that started, they can also solve for the AI literacy and career pursuit matters. While this applies to all students, there may be special considerations for first-generation and international students.

Gaining academic success, professional skill development, AI literacy, and career pursuit readiness over their academic career will enable students to become career-ready, to become compelling entry-level candidates, and to land that dream job.

(1) The National Association of Colleges and Employers (NACE) defines career readiness as “the foundation of skills, knowledge, and behaviors that prepare individuals to successfully enter, navigate, and grow in the modern workforce. It encompasses both hard (technical) skills and transferable soft skills, such as communication, critical thinking, and teamwork.”

Building What's Next, Together

Every time I leave the NJCPA Convention & Expo, I come away with the same feeling: gratitude.

Gratitude for the members who continue to invest in their profession. Gratitude for the volunteers who generously give their time and expertise. Gratitude for the students who remind us that the future of accounting is bright. And gratitude for a community that continues to show up and come together with a shared purpose.

This year’s Convention was a celebration of all of those things — ideas were exchanged, relationships were strengthened and new opportunities were created. I saw experienced leaders embrace new technologies and fresh perspectives. I heard conversations that challenged assumptions and inspired action.

One of the highlights for me was welcoming nearly 100 college students. I watched them connect with professionals who once stood where they are today. Their enthusiasm, curiosity and optimism were contagious. They are not simply the future of our profession. They are already here.<

It’s our responsibility to continue to open doors, share our experiences and encourage them to pursue rewarding careers in accounting. 

Another highlight was welcoming our 2026/27 president, Chris Lovasz, CPA, managing director at Deloitte & Touche LLP, whose passion for this profession and commitment to serving others are already making an impact. Chris is supported by an exceptional Board of Trustees whose leadership, vision and thoughtful guidance continue to position the NJCPA for the future.

And, of course, I enjoyed engaging with all of you who attended. Even if you weren’t able to attend, if you volunteered, mentored a student, advocated for the profession, attended a program, served on a committee or simply remained engaged with the NJCPA throughout the year, you helped strengthen our community. Every contribution matters. Together, we continue to build a profession that is resilient, innovative and prepared for what comes next.

As we look ahead, we are evolving the way we connect with you. The NJCPA Board of Trustees and Content Advisory Board have been working closely with staff to ensure that our commitment to keeping you informed remains unchanged, though the ways we deliver that information continue to evolve.

Beginning in September, the NJCPA Pulse e-newsletter will be upgraded to weekly and will take on an enhanced format that delivers timely news, advocacy updates, professional insights and learning opportunities directly to your inbox. We will also expand our investment in video, giving members more access to expert perspectives, legislative developments and conversations about the issues shaping the profession. 

While you will see fewer printed editions of New Jersey CPA magazine, the same valuable content will be available in two editions (May and November) and complemented with digital articles, blog posts and podcasts to keep you informed and connected throughout the year.

Thank you for your trust, your engagement and your belief in the power of this profession. The success of this year’s Convention reminded me that our greatest strength is always our people.

I cannot wait to see what we accomplish together next. As always, we welcome your comments at feedback@njcpa.org.

Retaining good people does not start with another policy, perk or compensation study. It starts with something harder for many firm leaders: stop talking, listen honestly and act on what you hear.

I recently spent time with a CPA firm preparing for a future transition. Leadership wanted to understand something important before taking the next step: what would managers and staff say about the firm if they were asked?

Not what would leadership say. Not what would the website say. Not what would the financials suggest.

What would the people inside the firm say about its clients, culture, communication, processes, leadership and future?

It was a smart question — and not only because of the transition.

CPA firms are facing three pressures at once:

• fewer people want to do the work
• many owners and partners are nearing retirement
• no one fully knows what artificial intelligence (AI) will do to the profession

Whatever your plan is — growth, succession, merger, advisory expansion, technology adoption or simply building a stronger independent firm — retaining good people starts with listening.

Staff and managers know why people stay. They know what makes the culture worth protecting. They know where newer team members are gaining confidence. They also know where frustration builds: unclear priorities, weak handoffs, late feedback, uneven training, technology gaps, silos and communication that does not always make it past the partner group.

Call it a listening tour, staff feedback process or employee retention check-in. The name matters less than the discipline: ask good questions, listen without defending, look for themes and respond visibly.

Done well, it is not a complaint session. It is not a vote. It is not an invitation for leadership to abdicate decision-making. It is a practical retention exercise.

The goal is to hear themes, not chase every comment. What do people repeat? Where do managers and staff agree? Where are the disconnects? What causes anxiety or burnout? What makes people proud to work there? What would make a strong employee quietly start taking recruiter calls?

For CPA firms, retention is not solved by compensation alone. Pay matters, of course. But people also stay when they see a future, understand expectations, receive useful feedback, trust leadership, feel developed and believe the firm is getting better— not just busier.

When you listen to your employees, you need to seek out four categories of feedback:

1. What gives the firm meaning: People hear client gratitude, see the value of long-term relationships and understand what makes the firm different. Leaders should protect those strengths, because they are often the reasons employees stay.
2. Where friction is wearing people down: People may like the firm and still get tired by the way work moves through it. Unclear priorities, late handoffs, uneven feedback, rework, vague expectations and busy-season fire drills all create drag. Leaders often see the work getting done. Staff feel what it costs to get it done. Reducing friction can be a retention strategy.
3. Where development is weak: Managers and staff know whether feedback arrives in time to be useful, whether new people are being trained or simply expected to figure it out, and whether the next generation is being prepared or just overloaded. Career development does not need to be elaborate, but it does need to be visible.
4. Where communication is missing: Employees do not need to know everything, and some information must remain confidential. But silence creates its own narrative. A regular leadership voice can reduce anxiety, build confidence and keep people focused on the right priorities.

Some firms can run these conversations themselves. Others will get better information by bringing in someone from the outside. Employees often speak more freely when the listener is not their boss, reviewer or future promotion gatekeeper. The key is to create a process that feels safe enough for honest input and structured enough to produce useful themes.

Listening does not mean leadership must act on every suggestion. It does mean leadership should look for patterns and respond visibly. A few focused actions are more powerful than a long list of intentions. Necessary follow up includes the following:

• Improve communication
• Reduce friction
• Clarify expectations
• Invest in development
• Rebuild connection across the firm

If you want people to stay, staff need to believe the firm is paying attention.

So yes, build the strategy. Work on the numbers. Explore the merger. Expand advisory. Prepare for AI. Develop the next generation. Prepare for succession.

But first, shut up long enough to hear what your people are already telling you. Then do something with it.

The talent conversation in accounting has been loud for a few years now. Fewer students sitting for the CPA Exam, larger firms fighting over the same shrinking pool, headlines about a pipeline problem. All of it is real. But if you run a sole practice or a small firm, the same conditions that worry the big shops give you a genuine shot at hiring people they would overlook and keeping them longer than they ever could.

Go Where the Students Already Are

You will, in all likelihood, not win a bidding war on a career fair floor against four firms with branded tote bags. Go to the people who decide which firms students take seriously in the first place. Professors know exactly which of their students are sharp and reliable. One relationship with someone who teaches auditing or intermediate accounting can do more than a season of job postings. In addition, you could offer to guest lecture for 20 minutes on what tax season really looks like or host two students for a half day of actual client work. Beta Alpha Psi chapters, the Association of Latino Professionals for America (ALPFA) and other student accounting clubs are often underused by small firms, and the commitment is one meeting a semester. And do not overlook referrals as a method to really connect with prospective hires as people first versus just a faceless resume. A warm introduction from someone who already trusts you skips most of what makes hiring slow.

Be Honest About Pay, Then Sell What You Can

Smaller firms probably cannot match a big firm on starting salary, and pretending otherwise loses a smart candidate fast. Instead, an approach might be to name the number, say how it grows and spend your energy on what a large firm structurally cannot offer.

At a small firm, an intern touches real client work in the first week, not a sample file built for training. They sit 10 feet from the owner and hear how you handle a hard conversation about a balance due. They can see the next three steps of their career because the whole firm is in front of them. That is an apprenticeship, and it is the oldest and best way the profession has ever trained people. A lot of students have never been told the smaller setting is where they learn faster; that’s an opportunity and differentiating factor for you and your firm.

Make the Internship Worth Their Time

The fastest way to waste an internship is to use the intern as cheap data entry. They will not stay, and they will warn their classmates. Treat it like the long, two-way interview it is. Give them a real assignment with a real deadline, scaled to their level, then sit with them and walk through what they did well and what they missed. Assign one person to be their point of contact so a stuck afternoon does not turn into an embarrassed silence. Of course, be sure to pay them as this helps makes the work, connections and responsibilities feel more real versus just an extended classroom assignment.

Hire for What You Cannot Teach

You can teach the software and the forms, but you cannot easily teach someone to care about getting it right or to tell you when they are stuck. Ask about a time something went wrong and listen for whether they owned it, or whether the first instinct was to shift responsibility or get defensive. Mistakes happen, and how newer hires respond to them is at least a partial indication of how they will handle higher-pressure situations moving forward. Lastly, remember GPA and the school name matter far less than most assume, and that is your edge. The strong student who prestige-chasing firms passed over is often the best hire on the board.

Close Early, Then Keep Them

If the internship went well, put the full-time offer in writing before they leave, with a number and a start date. Once they start, keep giving them real work a little faster than they think they are ready for, and pay them fairly before they have to ask. Small firms lose good young people not always over money but over the sense that no one notices them. You are close enough to every person in the building to make sure that never happens. That is your advantage. 

You’re busy. Clients need you. Deadlines don’t stop. And somewhere in the back of your mind, you know you should be doing more marketing, you just don’t know where to start.

Sound familiar?

You’re not alone. The good news? You don’t need a big budget or a full marketing team to grow. You just need a simple plan you can stick to.

What Potential Clients See When They Look You Up

When someone gets referred to you, the very first thing they do is research. They land on your website or LinkedIn profile, and in about 10 seconds, they decide if you feel like the right fit.

If your website says something like “comprehensive tax and accounting services,” it doesn’t stand out. It sounds like every other CPA firm.

Now picture this instead: “We help small business owners reduce their taxes, stay on top of their finances and stop stressing about money.”

That’s specific. That’s human. And it gives someone a real reason to call you. You don’t need to rebuild your whole website; just make sure you’re clearly describing who you help and how.

Getting Found Online (Without Going Down a Rabbit Hole)

Search engine optimization (SEO) sounds complicated. It doesn’t have to be.

Think about the questions your clients ask every week:

• “How do I pay myself from my LLC?”
• “Is this expense a write-off?”
• “What should I do before year-end?”

People are typing those same questions into Google search and AI tools. When you write short, simple answers on your website, you’re creating a search engine “pinpoint.” You’re making it easier for the right people to find you.

You don’t need to write articles every week. Even a handful of helpful posts can quietly bring in new clients while you’re busy doing everything else.

Using LinkedIn Without It Taking Over Your Life

You’re not trying to become a social media influencer. You just want to stay visible and build trust with the people already in your network.

If someone checks your LinkedIn profile today, what do they see? If it’s been quiet for months, that can raise questions. If they see you sharing useful insights, even once a week, it builds confidence.

Those insights don’t need to be fancy. Write the way you’d speak with a client. Share something you noticed this week or explain a concept people get confused about. That kind of content builds real trust without eating up your time.

Your Best Growth Tool is Already in Your Contact List 

Your current clients are your best marketing strategy. You don’t need to “sell” anyone. You simply need to stay top of mind.

Think about how often you reach out when there’s no deadline coming up. A quick check-in email or a helpful heads-up about a tax change, e.g., sunsetting TCJA regulations, goes a long way.

Those small touchpoints do two big things:

1. They remind clients how much you care, and
2. They keep your name fresh when someone asks, “Hey, do you know a good CPA?”

Referrals don’t happen by accident. They happen because someone thought of you first.

A Simple Rhythm That Actually Works

You don’t have to do everything. But you do need to do a few things consistently. A realistic monthly routine might look like:

1. Write one short article based on a client’s question.
2. Post a quick insight on LinkedIn once or twice a week.
3. Send a check-in message to two or three current clients.

Over time, those small actions add up to more visibility, better conversations and a steadier stream of referrals.

The Big Takeaway

You don’t need to out-spend the big firms. You need to show up, clearly and consistently, in the right places.

College discussions around accounting need to show students that accounting is not one narrow lane. It is a professional and universal passport, and the CPA license is the stamp that can grant entry into countless industries, not only the four most popular destinations. We are often enticed by the Big 4, but students also need honest conversations for the person wondering, "What if I do not want the Big 4? Is that the only respected starting point?"

To keep students engaged, accounting professionals need to show the versatility of the field. Students may be drawn to accounting because of its potential return on investment, but job potential alone is not enough to keep them engaged for the long haul. Accounting professionals need to provide the following:

· Guidance

· Encouragement

· Transparency about the bumpy parts of the ride

Switching to Accounting

Many students can be on other career paths and switch into accounting. In this situation, help is particularly needed. If a student is switching into accounting with little to no guidance, the profession can start to feel like a set of unreconciled accounts: extra credits, exam fees, internship pressure, delayed timelines and office hours spent trying to figure out what to ask.

For me, I did not enter accounting because math was my favorite subject; it was science and history. My required “Intro to Financial Accounting” class helped me understand that every number has a story, and every decision can create a domino effect. Coming from healthcare, I saw that clearly: one missing record, one staffing gap, one budget decision or one billing error can affect people and the business. In healthcare, I saw that numbers are the life-support systems that keep people alive and keep everything moving. I do not want to just prepare the statements; I want to understand the story behind them and help make sure the next chapter balances better.

Financial Philosophers

I realized to be successful in accounting, we all must become financial philosophers: someone who reads beyond the numbers, questions what they mean and helps organizations make decisions that are not only accurate on paper but ethical in practice and meaningful for the future.

Most corporate finance teams ask the wrong question about artificial intelligence (AI). They ask which tool they should buy. The better question is whether their organization is ready for any tool to work.

After evaluating nearly 200 AI vendors over the past year and leading implementations across mid-market finance teams, my team and I have seen the same pattern repeat. A CFO signs a contract, the tool is deployed, and six months late r, the team has quietly returned to spreadsheets. The vendor blames adoption. The team blames the vendor. Neither is really the problem.

The problem is readiness, and it has almost nothing to do with technology.

Preparedness Matters

When evaluating whether an organization is prepared to derive value from AI, it’s important to look at six dimensions:

• Technology (almost always at the top)
• Data quality
• Process maturity
• People and skills
• Governance
• Strategic clarity

An organization can have every modern platform in place and still fail at AI, because the data flowing into those platforms is inconsistent, the processes feeding them are undocumented and the institutional knowledge that would make sense of the output lives in one person’s head.

This is the diagnostic gap the accounting profession has yet to close. Accounting is built on measurement. We measure everything about a business: cash, margin, leverage and working capital. But we have no standard way to measure whether a financial organization is actually ready for AI. So, CFOs buy on faith, vendors sell on hope and implementations stall in the middle.

The methodology I have been developing scores organizations across those six dimensions and produces a sequenced roadmap. Here is the counterintuitive finding that keeps showing up in the data: the organizations most convinced they are ready are often the least prepared. They have the budget and the tools. What they do not have is the structural foundation underneath.

If you are evaluating AI for your finance function or your clients’, start with a different question. Not which tool. Not which vendor. Ask whether your data, your processes and your people are ready to make any tool work. The tool is the easy part. The readiness is the work.

For firms and companies attending events such as the 2026 NJCPA Convention & Expo, success is no longer measured by booth traffic alone. Strong trade show ROI comes from visibility, relationship building and long-term business development.

For example, attendees arrive with different priorities. Some focus on continuing professional education (CPE) credits and regulatory updates. Others are evaluating vendors, exploring partnerships, networking or considering career moves. A single conversation can influence future revenue, hiring or strategic alignment.

The goal is to create an intentional experience attendees will remember long after they leave Atlantic City. Here are some key recommendations:

1. Build a Branded Experience

Consistency is what makes companies recognizable in a crowded environment.

Your booth should be a clear expression of your brand. Every touchpoint, from signage, collateral, presentations and staff attire and language, should reinforce who you are and what differentiates you.

Go beyond static displays. Branded units, screens, motion graphics, client success stories, thought leadership or cultural videos can create a more engaging presence.

QR codes can direct attendees to landing pages, resources, scheduling tools or service information.

A single campaign theme carried through your booth, digital assets and post-event follow-up can significantly improve recall.

2. Capture Information Intentionally

ROI depends heavily on what happens after each conversation.

Whether using lead capture tools like HubSpot or premium giveaway entry points, focus on collecting meaningful information, not just contact details.

Document:

• Role and decision-making authority
• Service needs or interests
• Pain points discussed
• Recruiting interests
• Personal context from the conversation
• Clear next step

3. If They Aren’t Coming to Your Booth, Go to Them

At the NJCPA Convention, for example, attendees move between sessions, networking breaks and informal gathering areas. This environment often creates more natural interactions than just booth conversations.

Educational settings can also provide natural openings for shared learning rather than a sales pitch.

4. Use a Split Staffing Model

One effective structure is simple:

Two team members at the booth. One floater moving throughout the conference.

The booth team maintains approachability and presence, while the floater attends sessions, identifies opportunities and brings relevant attendees back, expanding visibility.

All staff should use consistent messaging and a clear 30-second introduction.

5. Use LinkedIn Before the Event

Pre-event outreach remains one of the most underused ways to improve CPA trade show ROI.

Before an event, identify attendees, speakers, sponsors and leadership on LinkedIn. Send personalized connection requests that reference the event and your booth.

Where appropriate, schedule meetings or informal coffee discussions in advance.

A familiar name is more likely to stop, engage and remember your firm.

6. Follow Up Like a Human

Generic “great meeting you” emails rarely create momentum. Meaningful follow-up requires specificity.

Mention the challenge they shared. Deliver the resource you promised. Acknowledge something personal they mentioned. Demonstrate that the interaction mattered.

You can also reach out to missed connections, saying you didn’t get a chance to meet but would love to learn more about them.

Here are some suggested response windows:

• Hot leads: within 24 to 48 hours
• Warm leads: within 3 to 5 business days
• Recruiting or networking contacts: added to nurture outreach within one week

Use CRM tools to support tracking but not replace personalization.

7. Measure More Than Leads

CPA trade show ROI should be measured broadly.

Tracking the following helps:

• Qualified leads
• Strategic partnership conversations
• Recruiting introductions
• Meetings scheduled
• Revenue opportunities created
• Brand visibility
• Speaking engagement exposure
• Long-term relationships initiated

Companies always have an opportunity to differentiate themselves. Approach an event with consistency, intention and a relationship-first mindset to leave with far more than leads. You will leave with momentum.

Nonprofits spend a great deal of time thinking about funding risk. The conversation usually centers on questions like: "What happens if we lose this grant?" or "What happens if a major source of funding changes?"

But, in practice, that's rarely where the real financial vulnerability lies. Across the nonprofit sector, organizations that appear financially stable on paper still find themselves exposed to financial risk they didn't know existed. The numbers look strong, the revenue appears diversified and the financial statements tell a reassuring story.

The issue is not a funding problem. It is a financial resilience problem. Financial resilience is the ability of a nonprofit to continue operating without disruption when funding timing, availability or structure changes. Yet most nonprofits have never been shown how to evaluate it. Here’s what CPAs need to consider for their organization or for their nonprofit clients:

The Illusion of Diversification

On the surface, many nonprofits look impressively diversified:

• Multiple federal and state grants
• Active donor programs
• Program revenue and events
• Investment or endowment income

But look closer and you'll often find:

• 60-80% of revenue tied to just a few sources
• Heavy reliance on reimbursable funding
• Significant restrictions on how funds can be used
• Reserves that cannot absorb even short funding delays or interruptions

Financial statements tell you how much funding exists. They do not tell you how resilient that funding actually is.

Resilience Issues

Funding disruptions don't just create financial problems for nonprofits, they reveal resilience issues that were already present but largely unseen.

Whether it's a government shutdown, a delayed reimbursement, a paused grant or a shift in donor support, these events expose vulnerabilities. According to the Urban Institute, two out of three nonprofits receive government funding, and one-third experienced funding disruptions in 2025.

Within weeks, organizations discover:

• Payroll depends on reimbursements arriving on time
• Cash in the bank cannot be used because it is restricted
• Reserves are far smaller than leadership believed
• One funding interruption creates operational strain almost immediately

This isn't about diversification. It's about resilience.

Four Factors That Determine Financial Resilience

1. Funding concentration: How much revenue depends on a small number of sources?
2. Usable funding: How much of that revenue is actually available to support operations?
3. Funding timing: How much revenue is received only after costs are incurred?
4. Operating reserves: How long can the organization function if funding is delayed or disrupted?

A nonprofit can appear strong in one of these areas and still be highly vulnerable in another. Without seeing all four together, diversified revenue can create a false sense of security.

Questions to Ask

• What happens if reimbursements are delayed 30 to 60 days?
• Is our reserve level intentional and governed by policy?
• How much of our funding is truly flexible for operating needs?
• Are we structurally dependent on funding timing to survive?
• How do we measure funding resilience year over year?

These questions shift the conversation from, "Do we have enough funding?" to "Is our funding built to withstand disruption?"

Why it Matters

Nonprofit funding is becoming more complex, more regulated and more timing-sensitive, all within an environment of increasing uncertainty. The more complex it becomes, the easier it is for risk to hide inside that complexity.

There has been no shortage of discussion around funding uncertainty, shutdown scenarios and diversification strategies in the nonprofit sector. What's missing from that conversation is a deeper look at how funding actually operates inside an organization.

Boards and leadership teams don't need more reports showing revenue totals. They need a way to measure how resilient their funding truly is. Because for many nonprofits, the greatest financial risk is not losing a grant. It's that they are built in a way that requires everything to go right, all the time.

Understanding Financial Resilience

If your board or a client’s board is asking questions about funding sustainability, or if you're uncertain whether the funding structure can withstand disruption, a structured assessment can provide the visibility governance requires.

There’s something to the old Woody Allen quote that says, “80% of success is showing up.” If you want something done In Washington, D.C. or Trenton, that number is likely closer to 100%.

A big part of showing up for New Jersey’s family-owned businesses comes in the form of the Congressional Family Business Caucus, which is now back in order. House members, Rep. Lou Correa (D-CA) and Rep. Claudia Tenney (R-NY), are the new co-chairs of the bipartisan Caucus.

After a strong March meeting, we are now set now for the second meeting on June 9 on Capitol Hill. The March meeting focused on “Affordability Strategies for Family-Owned Businesses,” while the June meeting’s theme is: “Fuel for Growth: Capital Solutions for Family Businesses.”

One lesson we’ve learned over the years advocating for family businesses and one that New Jersey CPAs who serve family businesses as clients should know is you simply must “show up.” You need to be on The Hill and you must walk the halls of Congress to get your message heard.

But showing up is not so easy. In the most recent Family Enterprise USA (FEUSA) Annual Family-Owned Business Survey, it was found a shocking 74% of family business leaders “have not” met their Congress member.  

When we walk the halls of Congress with family businesses after our Caucus meetings, we find House members and their staffers are more than willing to meet with us and are happy to listen to us. Many have no idea how powerful family businesses are in their districts, how many employees they have or how they contribute substantially to their local community.

We’re on The Hill daily and we’re talking with House and Senate members, gauging their interests and explaining our family-owned business challenges. Many members of Congress are new, and their staff is young. It’s about constant education. Just showing up, being the squeaky wheel, makes a huge difference.

Priority Shift to Healthcare and Wealth Taxes

Priorities change, but now they’re changing so dramatically, and so fast, it’s getting hard to track. As our newest research findings are being tallied from our 2026 Annual Family-Owned Business Survey, we’re noticing some profound shifts. For example, last year the survey had the “usual suspects” of economic concerns: reduce the national debt (32%), reduce income taxes (23%) and reduce regulations (16%). This year’s survey, conducted among 710 respondents in the first quarter of 2026, wiped those concerns away.

Now, family business owners say their top economic policy priority is healthcare, with a whopping 51% saying this was their top concern. Last year, healthcare didn’t rank at all.

The fear of new “wealth taxes” ranked number two for economic concerns, with 22.5% saying this was their top worry. Last year, it only concerned 6% of family businesses.

The top worry last year, the national debt, came in a lowly third place this year, with only 13% saying this concerned them. That’s a big drop from 32% last year.

This article reviews how we used Anthropic’s Claude to automate vendor spend reconciliation across two deployment models: Anthropic’s desktop tool for internal work and a custom application on Amazon Web Services (AWS) for client data. It covers what each approach can and cannot do, and how we moved from prototype to production.

The Capability Is Already Here

Most accounting teams perform vendor spend reconciliation as part of the monthly close. The work is well understood: match invoices against contracts, flag variances, update registers and produce a summary. It is also relentlessly manual. Staff accountants spend the final week of every month pulling data from the accounting system, cross-referencing contracts and assembling workpapers in the shared drives.

Artificial intelligence (AI) can now handle this type of structured, rules-based work. Anthropic’s research shows that a large share of finance tasks falls within current AI capability. When researchers measured the share of tasks that current AI models are technically capable of handling, finance roles scored high, yet actual adoption remains low.

The Gap Is Not About Technology

The gap exists because different types of accounting data require different levels of protection, and most firms treat this as a binary choice: use AI with no safeguards, or do not use it at all. That framing is wrong. The right approach is to match the deployment model to the data sensitivity.

Tier 1: Start With Cowork for Internal Workflows

We began by prototyping the reconciliation workflow using Claude’s desktop tool, Cowork, with sample data. Cowork runs on Anthropic’s infrastructure under their data processing agreement (contractual protection, not architectural). For internal process development and non-client data, this is where to start. The setup took 15 minutes. Cowork provides:

• Markdown instruction files that act as onboarding: a context file describing the workflow, a task file listing the reconciliation checklist and a memory file that retains decisions between sessions.
• Skills that produce specific outputs: formatted reconciliation reports, exception summaries and client-ready narratives.
• Connectors that integrate directly with QuickBooks, OneDrive and SharePoint.

  Using sample vendor data (273 invoices, 14 contracts), Cowork extracted terms from a new contract PDF, compared spend against contract values, flagged three variances and built a reusable dashboard. This prototype proved the workflow before we moved any client data.

Tier 2: Move to AWS Bedrock for Client Data

For client financials, we built a custom application inside an AWS Virtual Private Cloud that calls the same Claude model through AWS Bedrock. This required engineering investment, but the architectural guarantees are fundamentally different:

• Anthropic delivers model weights to AWS, which copies them into an isolated account Anthropic cannot access.
• Prompts never leave the AWS backbone. Traffic flows through VPC PrivateLink with no public internet exposure.
• Encryption keys and audit logs remain under our control.

Our application replicates the Cowork workflow patterns (instruction files in S3, persistent memory in DynamoDB, a knowledge base through Bedrock Knowledge Bases) but every component runs inside our VPC. The connectors to QuickBooks and SharePoint are custom integrations we built against those platforms’ Application Programming Interface (API)s. The markdown files, skills and memory logic that took 15 minutes in Cowork required real development work to replicate on Bedrock, but the workflow the accounting team interacts with looks and feels the same.

The gap does not close with a single tool. It closes when firms match the right deployment to the right data. Thus, it’s best to do the following: Start with Cowork and sample data to prove the workflow. Move to a private cloud when client data is involved. The capability is here. The architecture to use it safely is here. What remains is for domain experts in accounting to write the instructions, because no one else understands the process well enough to get them right.