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THE LAST WORD / Ozlem Davis, CPA/CFF

Ozlem Davis, CPA/CFF, is found-
er and president of Peer House,
an accounting and consulting
firm in Lexington, Ky.

Favorite movies: Schindler’s List and
Eternal Sunshine of the Spotless Mind.
Favorite book: The Alchemist.
Favorite technology: iPhone.
Favorite apps: YouTube and Netflix.
Favorite item to travel with or keep on
your desk: A notepad and pen.

‘It is not as scary as it seems …’

Founding a firm: Initially, I did not want my own firm due how to cut costs and what their cash flow options were. When
to the unpredictable nature and liability of ownership. I was the Economic Injury Disaster Loans and Paycheck Protection
working at Kentucky Eagle [a beverage distributor], where Program came about, clients had to have their financials in good
we participated in an annual benchmarking study with peers. shape to apply. We were learning on the fly, and things were
When the benchmarking study came up for a bid, I established constantly changing. I hired more staff accountants. My collabo-
Peer House so I could do the project. I thought it would be ration increased with friends who are specialized in this area.
something I could do on the side, but it evolved into additional During the pandemic some people realized they love working
projects. I served as the temporary CFO for distributorships from home and want to become entrepreneurs. We have several
that lost theirs for one reason or another. I realized there may new small businesses coming our way for outsourced accounting.
be a niche here to explore. If it did not work out, I could always
go back to being an employee. I learned that it is not as scary Being a successful CPA: Successful CPAs are those who are
as it seems to have your own business. You do not have to do or continuously learning. At the same time, they practice self-care.
know everything — find your niche and do it well. Refer clients Your knowledge and expertise are the services that you are
to other experts for services you do not want to specialize in. offering. Do not allow yourself to get burned out. Take time
for mental health breaks and spend time with your loved ones.
Providing outsourced CFO and controllership services: Specialize in an area that you are passionate about and be OK
A lot of businesses do not have the resources to cross-train their with referring clients to other field experts. Continue network-
employees. When coupled with the surge in new entrepreneurs, ing with peers and use their strengths to leverage work. Have a
the need for accounting outsourcing services is high right now. great IT support team and invest in software and solutions to
The key to providing good service is to genuinely care about the make your job easier. I really believe in staying in contact with
PHOTO BY MICHAEL CLUBB/AP IMAGES peers for referrals. I connect with retired accountants and CFOs importantly, enjoy yourself. Life is too short not to.
peers because they may have the answers to your questions
best interests of your clients. Set clear boundaries and be honest
already. Invest in your team’s education and well-being. Most
about what services you can provide. Have a great network of
who are open to working 10 or 20 hours a week. I am then able
to draw upon their expertise and connect them to clients.
— As told to Lea Hart, a freelance writer based in Virginia.
To comment on this article or to suggest an idea for another
Effects of the pandemic on client needs: We were in high
article, contact Ken Tysiac, the JofA’s editorial director, at
demand throughout the pandemic. People were wondering
journalofaccountancy.com Kenneth.Tysiac@aicpa-cima.com. February 2022 | 41