Chris Farmand - 2014 40 Under 40 Honoree

Chris Farmand, CPA.CITP, MBA – 35

Managing Member
Small Batch Standard
Jacksonville, FL

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?)

In 2010 we began serving the craft brewing industry. We have evolved into a firm that solely serves this industry. Our greatest challenge is scaling our process for massive growth. We are working on a few strategic partnerships which will make this easier. Every craft brewery could use our process in their back office. Right now it’s all about education for us and explaining the value our services can offer.

To what extent have you and your practice/company embraced cloud computing?

We are 100% virtual. Meaning we have no servers on site and everything we do is in the cloud. I have found a peace of mind, and pocketbook, by outsourcing this to people who do this for a living. Our software’s and processes trickle down to our customers. This means if we are working with them, they somehow fit into our ideal cloud computing space.

In what ways have you contributed to your firm/company to make it a better place?

I am always trying to make this a better place by constantly advocating culture. We have a great time and love to serve our customers. We deliberately take our time with customer selection so we find a good fit that is willing to work with us. This has slowed our growth, but I am comfortable with the path we are on.

In what ways do you participate in either the professional community or your local community to help others?

I am a member of the AICPA PCPS committee. This division of the Institute is directed to helping small firms get the recourses they need. Within this group, I facilitate the Trusted Business Advisor 2.0 class. This course challenges the profession to move from the traditional transactional practice to more of a advisory role.

What major changes do you foresee in the accounting profession of the near future (3-5 years)?

I see more small firms starting up. I see more firms going narrow in their customer selection. Specialization will propel young CPA’s to be experts in that industry. Tax laws will increase in complexity and there will be more planning opportunities with our customers.

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

As we position ourselves as experts in the craft brewing space I hope to encourage other small firms to follow the specialization they choose. I also hope to begin changing the thinking that CPA’s are knowledge workers and add serious value to our customers.

What is your career philosophy?

Debit Karma, Credit Cash. Treat people the way you want to be treated and give the super nice one’s a little extra.

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

I recently read an article on the CEO of Tumblr. I was so intrigued by what he has developed; I went to their website and read the profiles of each of their employees. They have a very inspiring culture and office work ethic. The office is an open loft layout with each of the teams gathered together. He compares lunchtime to bee’s leaving the nest to gather pollen. They usually all return back to the office with food and eat together.

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

My dad. He has been in practice for over 35 years and worked his butt off to be successful. That is what his generation did….work all the time. I realize I will never work as hard as he did simply due to the changing times. I take the efforts he taught me and apply them to working smarter. It’s a win-win for all.

Advisory