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Stamps were 32 cents. DVDs launched in Japan. Dolly the sheep was cloned and Tickle me Elmo was the holiday toy sensation. 

The year was 1996, the same year that two young professionals decided to go into business for themselves. Little did they know their decision would benefit thousands of businesses, families and individuals, and better our community as a whole.

In March of 1996, Adele Jasion and Kevin Gilmore were both working in the accounting industry in northwest Ohio. They decided to team up and break out on their own, establishing their own firm called Gilmore & Jasion. With only 11 employees, they launched their new business just a month before the April 15 tax deadline, a bold move in the accounting business.

”I was always confident that we could become the alternative to what is now the Big Four,” says Gilmore, referring to the top national firms. “I just wanted to be the best. I wanted to be the firm that people wanted to go to. That was my vision.” 

Partner Adele Jasion says there was a need at the time for a high quality local firm with diverse resources that provided personal attention to clients.  She says Gilmore & Jasion was able to meet that need.

“The timing was actually good. The big firms were shedding clients, reinventing themselves, more interested in the very large public company work, not so much in the privately-held companies. Right place, right time,” she says. “We had the skillset to service those clients.”

In the fall of 1996, Andy Mahler came on board as a partner, giving the firm its current name Gilmore Jasion Mahler, LTD. Mahler retired in 2008. Five years later, Pry Professional Group in Findlay merged into Gilmore Jasion Mahler. Now, with two offices and over a hundred employees, GJM is northwest Ohio’s largest public accounting firm.  

The last 20 years have brought remarkable change to the industry and to client service. There was no email when GJM was established. Tax returns were printed out and mailed. Now, technology has catapulted the Firm forward with cloud-based accounting services. Sharing information and documents with clients has never been faster, more convenient or as secure.  

Those choosing the profession have also changed. Adele Jasion says it wasn’t common to have a woman co-owner of a CPA firm in the mid 1990’s. She describes the accounting industry as a typically male-dominated field for decades. But, she says, that has changed slowly over time.  

“I’m very proud to say that of the fourteen partners we have today at GJM, six of them are women. We’re providing a good example for young women choosing our profession.”

“GJM is far from a “stuffy accounting firm” to say the least,” says one such young woman, Audit Associate Lauren Grana. “It is not an everyman for themselves environment where no one communicates and keeps to themselves. Everyone is encouraged to ask questions when they don’t understand, share discoveries that others may benefit from, and share victories together.”

Gilmore Jasion Mahler has challenged the typical CPA firm model from the very start, working closely with clients, getting to know their businesses and building a responsive, friendly relationship. The firm has developed expertise in particular industries, including healthcare, construction & real estate, utilities and manufacturing & distribution. Services cover a broad range from business advisory to tax to business valuation. The Firm has exceled as a community partner as well, supporting charitable causes in both the Toledo area and Findlay-Hancock County region. Many employees sit on the boards of local nonprofits and the Firm is involved in events year-round to support many organizations and causes.

Gilmore Jasion Mahler, LTD is ever evolving to meet client needs and attract new talent, but one thing that hasn’t changed is the supportive nature of a business that started twenty years ago with nothing more than a vision.

“Add good people, add good clients,” says Gilmore. “It wasn’t about being big, it was about being the best quality and with that would come success and growth. We have a great deal to be proud of.”

New revenue recognition standards are just about here. Is your manufacturing business ready? If not, you need to educate yourself on how these changes will affect your business. All manufacturers and distributors will be affected by the new standards. Gilmore Jasion Mahler's Mike Brough compiled this mini to do list to get you started.

1. Develop a revenue recognition team to help lead the efforts. This will require involvement from individuals throughout your business (not just the accounting department).
2. Review the five step approach (as outlined in our recent GJM revenue recognition blog), as this will allow for your team to identify areas where you’ll see the biggest changes.
3. Decide whether to adopt the full retrospective (updating prior years) or a modified retrospective approach.
4. Review existing and soon-to-be entered into contracts/agreements to see if there are performance obligations embedded in the contract/agreement. Some of these contracts/agreements may need to be revised prior to the effective date (good idea to revise a year prior) of the new standard.
5. Touch base with your information system provider to see how they will be assisting their customers with the new revenue recognition standard.
6. Review your bank covenants with your financial institution as the new revenue recognition standard may have a negative impact on your covenant and might require an amendment.
7. Review your current profit sharing calculations as delayed or early revenue recognition may have a significant impact on payouts.

Remember, the clock is ticking. Parts of the new standard go into effect for periods beginning after December 15, 2017 for public entities and for periods beginning after December 15, 2018 for all other entities. If you have questions or concerns, you should discuss them with your accountant.

GJM is the largest locally owned public accounting firm in Northwest Ohio. Whether you have a small business or a huge conglomerate, contact us to find out how we can help you prepare for the change.

GJM’s Mike Brough contributed this blog. Mike is a partner in the Gilmore Jasion Mahler assurance department. With over 13 years of public accounting experience, Mike works in a variety of industries, including manufacturing & distribution, government, and nonprofit operations.

Q: What’s your title at GJM? Audit Supervisor

Q. Describe your role at the Firm: I’m a member of the manufacturing and benefit plan audit teams.I also work on utility and not-for-profits engagements.

Q: What do you think is most gratifying about your work?Helping clients to achieve their goals as well as developing the careers of other GJM employees.

Q: How long have you been with the Firm? Since October 2014

Q: What do you like best about working at GJM?The team atmosphere and ability to build relationships with co-workers.

Q: What community organizations or events are you involved in? Member of Seneca County Young Professionals

Q: How do you like to spend your spare time? Spending time with my husband, family, friends and our puppy Lucy.

Q: What is something people may be surprised to find out about you?My husband and I are expecting our first child and are due in May.

Amanda was recently featured as part of a GJM branding campaign in the Findlay-Hancock County region showcasing the Firm’s expertise in the manufacturing industry. 

Q: Why did you decide to become a CPA?  I started out at Ohio State in the College of Agriculture majoring in Agricultural Economics (an area that was recommended to get into Veterinary School at the time).  I liked the agriculture and accounting classes I took, but hated the chemistry classes required for vet school.   I was advised that majoring in accounting would be a good background for any career in business, so that is the path I took.

Q: What do you think is most gratifying about your work?  Being a trusted advisor to my clients relating to business and tax issues.  The strong personal relationships I’ve developed with clients and their entire family is also very gratifying.

 Q: How long have you been with the Firm?  16+ Years

Q: What do you like best about working at GJM?  I know it sounds cliché, but it is the people.  We have a great management group that brings very complementary strengths to the organization.  We try to make it a fun atmosphere for people to work, but also know how to get work done in a very deadline driven business.  We are also hiring the best and brightest out of the local colleges – and it is exciting to see their technology skills (which are far superior to mine) and the renewed energy they bring to Gilmore Jasion Mahler, LTD.  It helps keep me young (at heart).  

Q: What community organizations or events are you involved in? I have been the past president of both The Ohio State Alumni Club of Lucas County and The Rotary Club of Waterville.  I have been the Treasurer for The City of Waterville (appointed by City Council) since 2004 and am a board member for The Waterville Community Foundation.  I am involved with the Waterville organizations as my wife and I have lived in Waterville for the past 22 years and it is a fantastic community. I am currently on the board at The Victory Center, an organization that supports the emotional needs of both people fighting cancer and their families.  I am involved with this board because my wife is a breast cancer survivor, and many people in the GJM office are also cancer survivors.

Q: How do you like to spend your spare time? My wife and I are big Detroit Tigers fans and go to about 25 games a year at Comerica Park in Detroit.  I am also a member at Rockwell Springs Trout Club near Castalia, Ohio and enjoy fly fishing there (and taking clients for a unique experience - as most have never gone fly fishing).  I also enjoy downhill and cross country skiing.

Q: Any stories or anecdotes that you think help to convey “who you are?”  “Don’t Sweat the Small Stuff!”  “Attitude is Everything!”  “Optimism is Moral Courage!”

Q: What is something people may be surprised to find out about you?  I went to school for a summer in Oxford, England,  I rode my bike from Toledo to the Montreal Olympics and back in 1976, and I have climbed Mount Rainier in Washington with a guided climbing team.

Steve works with a variety of clients including those in manufacturing and healthcare. Learn more about Steve’s expertise.

President Biden has signed into law the $1 trillion Infrastructure Investment and Jobs Act approved by the U.S. House of Representatives. The law will bring infrastructure investments across the country, including improved roads, railroad lines and other public transportation infrastructure.

The new law will also do away with what’s become an important benefit for businesses around the country still working to recover from the financial impact of the COVID-19 pandemic. The Infrastructure Investment and Jobs Act will end the Employee Retention Credit (ERC) early for most businesses. Expanded to certain employers as a result of the American Rescue Plan Act, the ERC had applied to the third and fourth quarters of 2021. Now the ERC will end with the third quarter of this year. In other words, any wages paid out after September 30 of this year won’t be eligible for the ERC.

If your business planned to take advantage of the ERC for the fourth quarter, be sure to be in touch with your GJM team so you can make the necessary adjustments in your business planning as we approach yearend.

We continue to watch developments in Washington, D.C. with the Build Back Better Act as lawmakers continue to work to come to an agreement. The proposed legislation addresses climate policy, social spending and would bring many tax policy changes. Lawmakers are hoping to pass something in the next couple of weeks.  

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.