Paul J. Loftus – 2014 40 Under 40 Honoree

What are the key areas of your firm that have seen the greatest change/challenge in workflow over the past few years? (Or, what are the key challenges you see firms facing?)

Today’s CPA firms are faced with the daunting tasks of achieving profitability and productivity; efficiently and effectively managing people and processes; satisfying existing clients and winning new ones; and ensuring the firm is ready for the future. Clearly, the pace of today’s progressive firm is rapid, and embracing the right technology is critical for success.

To what extent have you and your practice/company embraced cloud computing?
 
Wolters Kluwer, CCH is truly industry-leading in this area, which is one of the main factors that attracted me to the company. We introduced CCH Axcess only 18 months ago ‒ the industry’s only cloud-based modular tax preparation compliance and firm management solution built from the ground up. From a single solution, firm leaders can help grow, manage and protect their businesses. It’s really an exciting time to be at Wolters Kluwer, CCH given the success we’ve seen with CCH Axcess in such a short period of time.
 
In what ways have you contributed to your firm/company to make it a better place?
 
Since I joined Wolters Kluwer, CCH, I’ve been focused on creating a team environment built upon repeatable processes that lead to predictability in performance and forecasting. I’ve brought business people into accounting firms that can digest complex business problems and help provide relevant solutions. I’ve put repeatable processes in place to achieve desired results, allowing our customers to grow, manage and protect their businesses. Finally, I’ve provoked our customers to think differently about who we are to them. We, as an organization, are no longer “selling a product” to our customers, but rather helping our customers solve business problems that are critical to their success.  
 
In what ways do you participate in either the professional community or your local community to help others?

As important as our work is, it is imperative to me that as a sales organization we never lose sight of what is truly important in life. Hence, I started a tradition of giving back to the community by undertaking various service projects with my sales team. Last year, we donated our favorite childhood book and created waiting room distraction kits for the Arnold Palmer Children’s Hospital. This year, we supported Alzheimer’s research and awareness by establishing a “Caregiver Appreciation Day,” developing activities and items to pamper the caretakers of those with this debilitating disease.
 
What major changes do you foresee in the accounting profession of the near future (3-5 years)?

At Wolters Kluwer, we have fundamentally transformed from a mainly print publisher to an innovative provider of digital information solutions. Within the past decade, 70% of our revenue came from print. Now, more than 77% comes from digital and services. But the tax and accounting profession, specifically, is continuing to evolve significantly. I expect we’ll see an increase in cloud computing and greater emphasis on having innovative products that provide the ultimate mobility, allowing accounting professionals access to their data and clients from wherever they are on whatever mobile platform they choose. Importantly, this directly impacts how firms attract and retain new talent, a critical component to firms’ evolving growth strategies.

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

With no formal accounting education, I was forced to learn the business of accounting on the job as a young sales associate with ADP. I have spent my entire professional career serving the accountant community, and throughout the years I gained a deep appreciation for this highly ethical and important profession. I believe my business acumen, coupled with a deep appreciation and respect for the profession, provide a unique perspective on how to better serve and improve accounting practices across the globe. As a young man, I spent a lot of time listening to accounting professionals in effort to learn about the profession. I plan to evoke those same listening skills to ensure I always fully understand the challenges accountants face, and serve as a strategic resource for them to help with the growth and health of their business.

What is your career philosophy?

I operate under the philosophy that every customer is the only customer. It is my responsibility to grow our business, but I am fully aware that this can only be accomplished with happy customers. Thus, the customer experience remains paramount for me and my team.

I also believe that people come first in my organization, so I aim to create an environment where our associates and customers alike take great pride in being a part of our mission.

Not including your current employer, what company do you most admire and why?

While I can’t name just one, I admire companies that represent sustainability and have the ability to stay innovative during both good and challenging times.

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

My father has clearly had a powerful impact on my life, both personally and professionally. His incredibly sound work ethic, coupled with his belief in family and God, was passed on to me and has helped shape who I am today.

As a salesperson, my father was a businessman who solved customers’ problems, even if the solutions weren’t his own. This idea that the customer comes first permeates in everything that I do in my current role as the head of sales at Wolters Kluwer, CCH.

Though my father passed away 16 years ago, his presence can be felt in my actions both in and out of the office.

 

Read more about this year’s 40 Under 40 Honorees.