Transitioning to the next generation
My brother, Joe Boscia Jr., joined the firm after college, bringing an entrepreneurial spirit that contrasted with our dad’s traditional approach. While I pursued my CPA license and worked at PwC, Joe focused on expanding the business, leveraging his strengths in networking and client acquisition. When I joined the firm in 2013, I quickly learned our outdated systems and saw the potential for improvement.
Embracing modernization
One of my first realizations was the need to move away from manual processes such as big, green sheet ledgers and manual write-ups for monthly bookkeeping. Attending accounting conferences opened my eyes to more efficient ways of working, including bank feeds and online downloads for QuickBooks Desktop, features we were not using.
Convincing my father to adopt new tools was challenging, but we gradually made changes. After he retired in 2018, we had the freedom to fully implement our vision. One of the first major upgrades was SmartVault, integrated with Lacerte, which revolutionized document management by allowing clients to securely upload documents and access their tax returns online. This was a game-changer for us, reducing the need for paper documents and improving client interaction by providing a secure, organized way to manage our clients’ tax returns, significantly reducing the administrative burden and streamlining our operations. We also continue to convert clients from QuickBooks Desktop to QuickBooks Online.
In addition, our tech stack includes:
- Calendly: Simplifies appointment scheduling, reduces missed appointments, and allows clients to book times that fit their schedules.
- Anchor: Implemented for billing and engagement letters, this app that integrates with QuickBooks Online automates invoicing and payment collection, eliminating time-consuming billing tasks.
- FinancialCents: An app that also works with QuickBooks Online, we use FinancialCents as our workflow management tool, giving us a comprehensive view of all tasks, improved project tracking, and team collaboration.
Growing the team and the family dynamic
As our client base grew, we faced the challenge of managing an increasing workload. We initially split the client load between Joe and me, and later expanded our team through internships and full-time hires. Training the team was crucial, especially as we continued to adopt new technologies.
What everyone wants to know is what it’s like working with family. The dynamics of working in a family business, especially transitioning from an old-school founder to a new generation, are unique. My brother and I complement each other’s strengths; Joe focuses on client acquisition and external relations, while I concentrate on internal processes and technological upgrades. This synergy has been crucial to our growth, allowing us to more than double our client base from 700 to 1,800, while improving our work-life balance.
Adapting to change
Our journey wasn’t without its struggles, particularly with legacy clients who were resistant to change. Transitioning them to new systems was a gradual process, often requiring a blend of old and new practices to accommodate their preferences. However, the long-term benefits of modernization have been clear in terms of efficiency and client satisfaction.
Today, Boscia & Boscia PC stands as a testament to the successful integration of family values and modern technology. We continue to innovate, always seeking new tools and methods to enhance our services and streamline our operations. The foundation built by my father has allowed us to grow and adapt, ensuring that we provide the best possible service to our clients while maintaining a healthy work-life balance.
