Firm Spotlight: McSoley McCoy & Co
For four years, we’ve partnered with McSoley McCoy & Co. in making online payments simple for their clients. This week, we’re excited to feature their team in our new Firm Spotlight series, where we explore how top professional services firms are adapting to changes across the profession.
We sat down with Michele Eaton, Controller at McSoley McCoy, to talk about some recent wins and challenges. Michele has been with the team for an impressive thirty-one years and shared valuable insight on how the firm is changing today,
Meeting the Needs of a Growing Client Base
McSoley McCoy is a Vermont-based CPA firm specializing in tax and assurance services. With strong core values and a commitment to continuing education for their team, it’s no wonder the firm has been named one of the “Best Places to Work in Vermont” for three years running.
Right now, McSoley McCoy is focused on meeting all their clients’ needs during a major acquisition. The firm recently acquired the client base of Tapia & Huckabay, P.C. in Vermont, as part of a retirement succession plan for the firm’s leadership.
Post-COVID, a lot of owners at accounting offices are realizing that they’re ready to retire… So we’ve brought on many more clients as part of this acquisition, and we did increase our staff as well because we had to.
Michele Eaton
As new clients transition to McSoley McCoy over the next twelve to eighteen months, it’ll be critical to not only hire great new talent but to provide the right support systems that will keep staff happy. Without those two elements, keeping up with the volume could be challenging.
Luckily, McSoley McCoy recently made some improvements to their tech stack, which could ease the transition. These include: going completely “paperless” with their billing and tax organizers, gathering all client signatures electronically through a single platform, and implementing a secure file-sharing system.
Prioritizing Recruiting and Retention
Like many CPA firms, McSoley McCoy has also upgraded their employee recruiting and retention strategies for the new “remote-friendly” era of office work.
“Now that we allow employees to work remotely, that has been huge. We have an employee in Connecticut, three in New York, one in North Carolina, and they’re phenomenal,” said Eaton. “The focus on work-life balance has been a real positive for us and probably makes the accounting field look more appealing too.”
Michele also mentioned that recruiting was more difficult about a year ago, likely due to talent pool shortages with the Great Resignation. But by reaching out to colleges and universities around the area for student internships, McSoley McCoy still placed many new team members who are excited about their future in the CPA profession.
“The students who do internships with us either love it or they don’t – just because of the nature of the work, realizing how many hours they’ll have to put in during tax season – but again we’re just really fortunate with the interest we’ve been getting lately.”
Accelerating Collections with E-Invoicing
I can be at my computer for up to 8 hours on a Monday just sending invoices out and getting responses from our clients. So that’s a big challenge for me since it takes a lot of time and client interaction. QuickFee is making life easier there.
Michele Eaton
Before partnering with QuickFee, McSoley McCoy did not have as many options to collect payments, slowing down cash flow. Offering a secure online payment portal made a big difference, saving both time and money for the firm.
Of course, it still takes a significant amount of time to invoice the firm’s existing client base. “When it comes to invoicing, most of my week – especially during the busy season – will be spent just on billing tasks,” said Michele. This workload will only increase with the upcoming acquisition.
It’s one of the reasons Michele and her team are looking forward to trying out QuickFee Connect, an e-invoicing solution that integrates QuickFee’s online payment platform with Wolters Kluwer CCH ProSystem fx and CCH Axcess Practice.
“This integration could potentially save me a good 3 hours a week on average,” says Michele, “so QuickFee will essentially be my new hire to help with collections going forward. We’re really excited about this product.”
Looking to the Future
Although any acquisition deal can come with challenges, it’s clear that McSoley McCoy & Co. is committed to what matters most: Maintaining a great client experience.
By making enhancements to their tech platforms, invoicing process, and recruiting approach, they’re building a strong foundation for their upcoming acquisition – and empowering their team to focus on what they do best.
