It's not every day that you win an award. That's why when hard work is recognized; many in the industry wonder; "What makes them exemplary?" William Wu; CPA and ERA Group Consulting Partner; was awarded the Outstanding CPA of the Year award by TXCPA Society Houston for his dedication to the profession and excellence in the field. As an industry leader; we interviewed William to share his insight and award-winning strategies.
Q: Congratulations on your award. Can you tell me a little bit about winning?
A: "It was certainly an honor. Not having been involved earlier in my career; I wanted to engage with one of the largest chapters in the country to promote the accounting profession and educate the business community on what we do at ERA Group. I felt this was an ideal way to engage with other CPAs and get others more involved; as well as to demonstrate that not all CPAs need to work in an accounting-centric role. I think the leadership team at the chapter saw that and wanted to recognize what I've contributed to the members in the past year."
Q: You have almost 30 years of experience as a CPA. When did you become a consultant?
A: "When I finished graduate school; I started in public accounting at Arthur Anderson. After a couple of years; Price Waterhouse; another Big 6 (at the time) firm; recruited me to join their management consulting practice; and the rest; as people say; is history. Prior to joining ERA Group; I was a co-founder of a technology services firm that has helped shape my perspective on the value of what ERA Group does."
Q: Why did you join ERA Group?
A: "The ERA Group value proposition really resonated with me. As a former business owner; I have felt there were areas that were not paid close enough attention to because we were focused on other priorities like driving revenue or managing staff. We assume we are getting the best value for what we buy because we assume whoever is responsible has done the best possible job; but I always had this feeling that wasn't always true. And there never was enough time in the day to answer that question definitively. So; when a recruiter approached me about cost optimization consulting; I thought; 'What a fantastic business model!' It seemed like a business I wanted to be a part of to help clients in a meaningful (and quantifiable) way."
Q: What knowledge as a CPA do you use to contribute to your success as a consultant?
A: "I think being a CPA certainly builds immediate credibility with finance executives. It's just understanding the business in numbers and being able to make decisions based on those numbers. I believe CPAs are considered trusted business advisors; and we are trained to drill into the details and then be able to have conversations with financial executives at both a detailed and strategic level."
Q: What is your favorite part of consulting?
A: "There's something in it for me personally about making a difference in your client's success. When there's an issue they don't have the ability or time to tackle; you can step in and execute on their behalf—and I like to think we can do it better. There's a sense of satisfaction that comes from being able to do that."
Q: What keeps you thriving in your line of work?
A:"I have reached the point in my career where I want to give back; whether to a client or a fellow CPA. It's a privilege to work for every client that has entrusted me to help them. Doing your best on every engagement is essential because I have the mindset you're judged on the last project you do. Being able to identify issues others might miss will make you a trusted advisor and business partner to your clients because; ultimately; you have to deliver value as a consultant. If you take a step back and think about what ERA Group does; our mindset is that we can produce better results than if a client did it on their own. At the end of the day; why wouldn't every company want to explore how to maximise their financial performance?
Q: If you could give a piece of advice to CPAs; what would it be?
A: "I think there are many avenues to pursue where you can bring your skills and add value to an organization without being an accountant. I think CPAs need to pay attention to the details; but it's important to learn to think about the bigger picture and what is best for the company. I'm convinced that fundamental accounting knowledge can help in any business career chosen. There's a great demand for people with accounting skills; and I hope to continue bringing our members together while helping them personally and professionally."
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