Michael E. Tompkins, CPA – 2016 20 Under 40 Superstars Honoree

Q&A:

Aside from the accounting websites, which blog/website do you consider a must-read?

Our company is very focused on security to make sure we protect our clients’ reputations. I make it a habit to keep up with the latest security news by reading sites such as krebsonsecurity.com, threatpost.com and blog.knowbe4.com so we can keep our clients informed and protected on the latest threats.

In what ways have you contributed to your firm/company to make it better?

As the founder of the company, I have committed to fulfilling our mission of providing exceptional IT services and advice to small CPA firms. We’re the only company in Texas that has such a focus on CPA firms.

In what ways do you participate in the professional community to change/improve the accounting profession?

I am involved on the IT Committee of the Texas Society of CPAs where we work to enhance continuing education options for members and communicate with them on relevant topics. Additionally, I have enjoyed the opportunity to speak to CPAs at San Antonio CPA Society and Austin CPA Chapter on the latest advances in technology and how they can protect themselves from cyber threats. Many small CPA firms are inadvertently leaving themselves vulnerable to data breaches. I truly feel I can make a difference by educating them on how to protect their practices.

In what ways do you participate in your local community to help others?

I have the opportunity to assist with multimedia support at my local church and to support local organizations, such as those that provide after-school care for at-risk children.

What changes do you foresee in the accounting profession of the near future (3-5 years)?

From the perspective of our clients, more and more of what they do as CPAs is becoming automated and more accessible by the public. Apps like Xero are making it easier for business owners to do a lot of traditional bookkeeping functions by themselves.

CPA firms need to continue transitioning to selling their services and creating value by the advice and expertise they’re able to provide. There will be great opportunity for CPAs that can understand and speak to their clients’ needs. Will this happen tomorrow? I don’t think so. But, as Bill Gates once said, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.”

How do you see yourself participating in shaping the future of the accounting profession?

Technology is going to continue to change and small CPA firms need trusted advisors to help them manage the transition and get the most out of new technology. Through our understanding of CPA workflows and security challenges, I see our company particularly well positioned to help them along that journey.

What is your career philosophy?

Business for a higher purpose. Ultimately, I’m a mere steward of the resources God has entrusted to me. I believe in growing a business that glorifies Him in the way that we deal with money, how we treat people and the quality of our service.

I also believe Pearson’s Law which states that “That which is measured improves. That which is measured and reported improves exponentially.” I relate this to the importance of setting written goals long term, annually, quarterly, even daily. Otherwise, how can I measure whether I’m succeeding or not?

Describe one person who has been an important mentor to you and how that person helped change your life.

R.G. LeTourneau was a great businessman in the mid-20^th century who held over 300 patents and whose machines represented nearly 70% of the earthmoving equipment and engineering vehicles used during World War II.

Early in his life, he committed to making God his business partner. He stuck to this as he built his empire, to the point of giving away 90% of his income to charitable causes. When asked why he gave so much away, he would reply, “The question is not how much of my money I give to God, but rather how much of God’s money I keep for myself.” He truly understood and lived out the view that he was merely a steward of what God had given him.

 

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Learn more about this year’s 20 Under 40 Superstars, and 40 Under 40 Honorees.