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Just as with so many industries, technology is transforming the accounting industry. Gilmore Jasion Mahler CPA Jeff Denning works with many different business owners to determine the value of their businesses. He says there’s no question technology and artificial intelligence, or AI, are changing things. The real question, he says, is whether or not those changes are a good thing when it comes to trying to figure out what your business is worth.

Jeff Denning has over three decades experience as a CPA. His expertise is business valuation and forensic accounting.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.  

On January 3, 2020, Iranian General Qasem Soleimani died in a Reaper drone attack carried out by American military forces. The American government cited a growing threat against US national security and the interests of the US as predication for the strike. There have been reports that Iranian cyberattacks against American businesses and government agencies are sure to intensify in retaliation.

While this may seem like an issue for the United States government to handle, American companies should recognize the fact that Iranian cyberterrorists and their allies are likely to target US civilian companies in an effort to destabilize as much of the country as possible.

The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has issued several warnings to American companies to explain the breadth and depth of the looming threat of cyberterrorism. It is essential for all US companies across all industries to take appropriate measures to defend their interests and digital assets, especially those pertaining to sensitive private data of US citizens.

Defending Your Business Interests and Data from Iranian Cyberterrorism

Ultimately, it’s important for all American business leaders to know that it is virtually impossible for the average company to protect itself from an all-out cyberattack staged by Iranian agents and Iranian allies.

The best a potentially vulnerable company can do is to make the company as hard of a target as possible in the hopes that any attacks against it will appear to be more trouble than they’re worth. It’s also essential to have protections in place in the event your company needs to recover after a cyberattack from Iranian operatives or any other cyberattack.

The CISA recommends American companies take the following steps to minimize their chances of becoming targets and to streamline recovery processes after successful attacks:

• Enable port monitoring and disable all nonessential ports. Companies should know which ports are necessary for business-critical operations and which are vulnerable. For the ports that must remain open, enable port monitoring to track all traffic through those ports.
• Configure advanced email and communications monitoring. Companies should carefully track phishing trends and consider implementing phishing protection measures to prevent employees from inadvertently granted access to cyberterrorists.
• Patch all externally facing equipment immediately. “Day zero” vulnerabilities exist on all types of equipment, so you don’t want to run the risk of letting several patch cycles pass while your systems remain unprotected.
• Limit and restrict PowerShell usage. Log all use of PowerShell within your company and cut off access for any employees who do not require access for day-to-day job duties.
   
• Configure a reliable data backup system. A good rule of thumb is to have at least three copies of your critical data in at least two different locations, one of which should be offsite.
• Conduct response and recovery simulations. It’s a good idea to put your defensive measure to the test and run simulations to see how your team responds to an active threat simulation, including data backup and other recovery processes.

If Iranian agents decide to attack American businesses digitally, experts predict it will be done with the intent of causing chaos and disruption rather than to extort. Businesses that take appropriate precautions will be harder targets and will therefore be more likely to be overlooked by Iranian cyberterrorists.

If you are unsure about your organization’s data security environment, contact Gilmore Jasion Mahler, LTD (GJM) to learn how we can help you defend your interests and protect your data against cyberattacks. GJM’s experts can help to uncover the vulnerabilities of your business and assist with data governance.   

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Dr. Jeremy Cripps brought some welcome news to area manufacturers at a recent Gilmore Jasion Mahler (GJM) Manufacturing & Distribution Financial Executive Roundtable event. That news: he sees no sign of recession now or in the next few years. Economists have been keeping close watch as there had been speculation toward the end of 2019 of a potential recession late in 2019 or perhaps in 2020.

Cripps, an accounting professor at University of Findlay, and avid economy watcher, was the featured speaker at GJM’s roundtable events in both Maumee & Findlay on January 23^rd. He says there are three key factors to consider when looking at the possibility of recession: job growth, consumer confidence and business confidence. He told attendees at both roundtable events that in his opinion none of those indicators suggests recession. He says non-farm job growth is steady, consumer confidence is healthy and he sees no big dip in business confidence.

While easing concerns about recession are welcome, any successful business owner knows they must always be on alert to a potential downturn in the economy and many other potential threats. Gilmore Jasion Mahler CPAs Bob Bobek and Wes Beham say threat of recession or not, there is plenty you can do right now to ensure the health of your business headed into 2020.

“First and foremost,” says GJM Assurance Partner Wes Beham, “Do what you can to improve your balance sheet. Look at your discretionary spending: What can you cut out? For example, dues and subscriptions, travel expenses and other costly commitments can really add up.”

Wes’ other recommendations include the following steps:

• Improve receivable collection efforts with timely and efficient invoicing
• Tightly control investments in new equipment
• Pay down debt

GJM’s Bob Bobek, like Wes, also spends a great deal of time advising clients how to protect their businesses from potential threats. Bobek says regardless of the state of the economy, you should never ignore business growth strategy.

“You need to fight for your market share,” says Bobek. “You need to be prepared for aggressive pricing. And don’t rely on your current customers for more sales. Remember, they’re watching their bottom line as well. Protect those customer relationships but add new customers too. I always say, ‘a business that isn’t growing is shrinking.’”

Bobek and Beham offered attendees other important strategies to safeguard their businesses headed into 2020. They include:

• Reduce raw material and finished good inventory levels
• Evaluate your supply chain
• Evaluate staffing flexibility
• Invest in new technologies with immediate returns
• Reduce Costs
• Engage your banker, continue to manage and grow this relationship
• Develop an acquisition strategy
• Save cash

Gilmore Jasion Mahler offers the Manufacturing & Distribution Financial Executive Roundtable events three times a year at both Maumee and Findlay locations. The gathering is designed for area manufacturing financial executives to come together and share best practices and hear from guest speakers on timely issues that impact their businesses. The next scheduled GJM Manufacturing & Distribution Financial Executive Roundtable event is April 23 and the topic will focus on logistics challenges. Any manufacturing financial executive who would like to attend or sign up to receive future roundtable invitations can email info@gjmltd.com. 

Wes Beham is a partner in the firm’s assurance and consulting area and has over 15 years of experience with Gilmore Jasion Mahler. In his time with the firm, Wes has provided audit advisory and services to a broad range of companies. He leads the firm’s Manufacturing Specialist Team and is a key member of the Construction & Real Estate Specialist Team. Wes has also worked extensively on mergers and acquisitions, and with publicly traded companies as a Sarbanes Oxley auditor and an Internal Auditor for those companies.

Bob Bobek is an assurance partner with over 35 years of public accounting experience who specializes in advising high growth entrepreneurial companies. Bob speaks to groups on topics including; developing key financial ratios and using them to manage your business, understanding and developing contract price estimates, internal control and fraud risks, developing an accounting system for a small organization, treasury management and the fiduciary responsibility of a board.   

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.   

Business financials can get complicated. Overwhelmed by a sea of numbers? A team of Gilmore Jasion Mahler accountants recently walked area businesspeople through the top 5 questions to ask when reviewing your financial statements. They discussed each major section of a financial statement and provided helpful tips on what to look for or ask about. “Chamber U: Understanding Your Financial Statements” was offered in partnership with the Toledo Regional Chamber of Commerce. Gilmore Jasion Mahler presenters included Steve Miller, CPA, Caitlin Bainter, CPA, Michael Brough, CPA.

The five key areas of focus:

1. The Report

• audit
• review
• compilation
• agreed upon procedures

2. The Balance Sheet

3. The Income Statement

4. Statement of Cash Flows

5. Footnotes

Top five takeaways:

• Make sure you know what type of service you are receiving
• Review debt agreements to see what service is required
• Review debt agreements for affirmative and negative covenants
• The statement of Cash Flows gives a clear vision of the health of your business
• Consider whether your basis of accounting is appropriate to meet the needs of your business

Steve Miller, Caitlin Bainter and Michael Brough are part of GJM’s Assurance team, working with businesses across the region to provide trusted guidance.

Gilmore Jasion Mahler, LTD (GJM) has announced some key promotions and new staff members that strengthen the Firm and its leadership team. The promotions are effective January 1, 2019.

Judy Anderson and Matt Cavanagh are promoted to partner. Anderson, a Toledo native and graduate of The University of Toledo has been with the firm for 11 years. She has over twenty years of experience in public accounting and in the healthcare industry. A member of Gilmore Jasion Mahler’s healthcare and outsourced accounting group, she works with many of the Firm’s healthcare clients providing practice management and consulting services.  

Cavanagh, a Bowling Green native and BGSU graduate, joined Gilmore Jasion Mahler in November of 2005. Also a member of the Firm’s healthcare team, Matt’s focus is healthcare services. His expertise is in ambulatory surgery centers, outsourced accounting, practice management and modeling.

“Judy and Matt are already valued members of our leadership team,” says Gilmore Jasion Mahler Managing Partner Kevin Gilmore. ”Their hard work and dedication have strengthened our healthcare specialty and the Firm as a whole. I’m thrilled to see them both reach partner level.”

The Firm also announced some other key promotions. Partner Nikki Clement has been named managing partner of Gilmore Jasion Mahler’s Findlay office. Partner Mike Brough will lead growth efforts for the Findlay office. Nikki Clement's focus is the utilities industry. She specializes in accounting for regulated utilities.

Mike Brough works across a number of industries including manufacturing & distribution, government, and nonprofit operations.

Steve Miller is being promoted to senior manager. Both Ryan Avery and Ryan Emerson are promoted to supervisor and Nick Jackson is promoted to senior associate.

Earlier in the year, Diane Stretten and Mary Jo Pitzen were promoted to senior manager. Andrea Jennex moved up to supervisor in the GJM Findlay office. Ben Lochbihler was promoted to manager and Corey Selhorst, Lauren Grana and Clay Barron were all promoted to senior associate.

The Firm also brought on well over a dozen new employees in 2018 to further strengthen GJM’s administrative team and client service. They include Elijah Blackburn, Alyssa Essert, Alexandria Frances, Courtney Haas, Nicole Hartranft, Jennifer Henning, Dana Herr, Thomas Keyser, Jessica Knepper, Dylon Lause, Wendy Long, Tim Merkel, Madeline Mielcarek, Caleb Neeper, Joe Osentoski, Tina Rochowiak and Logan Sager.

“I couldn’t be happier with the staff we have in place headed into 2019,” says Gilmore. “When you have great people, great things happen. I’m excited to see what we can accomplish at a team.”

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.