
When asked by a sole practitioner who is starting out what the benefits of joining an accounting association are, NYCPA member Edward Mendlowitz writing for CPA Trendlines had a very simple and straightforward answer: "The societies offer many benefits just by existing, and many more for those who participate, Their presence informs the public that there is oversight over the performance, training, and validity of the professional designations."
Mendlowitz, who is also a member of the AICPA and New Jersey Society of CPAs, feels strongly about supporting these organizations and thinks it is a professional responsibility to do so. He is an emeritus partner at the technology-driven advisory and accounting firm Withum.
He explains that, among the many benefits, these societies publish journals, provide continuing education and have committees that could offer members support regarding issues they have questions about and are not abreast with. These organizations have also organized member chat question forums that facilitate the sharing and exchange of information.
Aside from the many benefits, these organizations are aware of proposed legislation that could impact accounting practices while giving the public access to membership directories.
It’s also all about paying it forward. People sharing their expertise help those who come after and are a form of repayment to those who have come before.
Mendlowitz admits that there are also some selfish motives. Participation in these associations allows for meeting other professionals who have the same practices and concerns. This gives the members the opportunity to talk about problems and not feel that they are alone. On several occasions, mergers and sales of practices have happened when member professionals come together.
"I get many calls from practitioners asking how they could go about merging or selling their practices, or looking for experienced staff," Mendlowitz wrote. “I am appalled about how many of these callers do not know any other practitioners because they do not participate in any society activities nor do they take advantage of society CPE where they will meet other CPAs because they found "cheaper ways of getting their credits."
The benefits of networking and cultivating personal relationships by joining societies are also significant. Committee service is an easy way to share knowledge and learn about areas of interest. Ideas can also be shared through speeches and articles. People who know fellow accountants gain respect from the professionals they know. Also, while interacting with other accountants, one can either gain or lose a client. Knowing them personally can remove any discomfort and help in the information exchange.
Mendlowitz said that CPAs have a license to practice and it is their responsibility to keep it valuable and one way to achieve this goal is to join societies.
He tells the story of when Peter Weitsen and he founded MendlowitzWeitsen, LLP in 1988, which later merged into Withum on Jan. 1, 2005.
"I have many stories about the direct benefits of my participation, and I will share one right now," he said. When they started out, they decided to get peer-reviewed as quickly as possible to adopt the most current and best policies and procedures. Roughly a year after starting, they scheduled a peer review via the AICPA PCPS Division.
A few months after the peer review was done, they got a letter from a manufacturer stating that they were looking for a new CPA and the company asked whether MendlowitzWeitsen was interested. They called the manufacturer right away and were hired.
Here is how it happened: the client got their names when its controller contacted the AICPA for a list of accountants and was sent the PCPS membership directory. The client then contacted every firm within a half hour of their office, and MendlowitzWeitsen was the first to respond to the offer. The company liked them, and they got a brand new client, their biggest ever.
According to Mendlowitz, the moral lesson of the story is that membership pays!