Founding Partner, Shifflett & Philips
Philips, and his friend Nick Shifflett, started Shifflett & Philips accounting firm in 2014 in Frisco. Philips, a CPA, had worked at other accountancies for more than nine years before going out on his own. His practice now primarily focuses on the performance of federal and state tax compliance and consulting with individuals, estates, partnerships and closely held corporations. Philips holds two Jindal School degrees – a bachelor’s in Business Administration, which he completed in 2005, and an MS/Accounting which he completed in 2009.
What are some of your current job responsibilities?
In addition to my client work, I have experience in outsourced CFO/controller services such as general accounting, account reconciliation, cash flow forecasting, budgeting and preparation of financial statements. In the past, I had worked with large multinational publicly traded companies, but have decided to focus on the smaller to mid-market companies where significant value can be added.
What do you enjoy about your position and profession?
I really enjoy working with entrepreneurs and finding creative ways to increase the bottom line while minimizing their tax liability. I enjoy building long-term relationships with my clients and seeing their businesses evolve and grow. Some of my best friends are my clients, so it’s much more than just a business relationship. I run my CPA firm like a start-up, so we are always pushing the status quo and thinking outside the box. Our clients like our approach and feed off our enthusiasm for growth.
How do you see your profession changing in the next five or 10 years?
Technology has dramatically impacted the accounting industry and I believe it will continue to play a large role going forward. The continued advances in technology will inevitably shift the industry focus from compliance to consulting and business development. With everything moving to the cloud, I see security and data protection as an area of focus for many firms in the industry.
What is a professional highlight of your career, either where you currently work or in the past?
Starting my own firm a few years ago has definitely been a career highlight. I’ve always had the ambition to strike out on my own, so when the opportunity presented itself, I had to take the risk. Luckily, my wife has been extremely supportive and understanding, which has made the change from employee to entrepreneur an easy transition.
What characteristics do you look for when hiring people into your workplace?
Communication skills and culture fit are the most important characteristics I evaluate when interviewing candidates.Technical skills can be learned, but the candidate’s attitude and ability to hold a conversation are skills that are essential for success. Our employees have a lot of client interaction, so it’s important that they are comfortable and confident in any situation.
What advice do you have for college students hoping to succeed professionally?
Build your network and find a mentor. When I visit with new graduates, I always emphasize the importance of your professional network. In today’s environment, everyone is one click away. Students should use these tools to connect with industry leaders and request a coffee meeting. Ask questions and build your network. In addition to your network, a mentor can be instrumental in professional growth.
What do you enjoy doing in your free time?
I love spending time with my wife and two beautiful daughters. We’re an active family, so I spend a lot of time running between games and cheering from the sidelines. I also really enjoy golf, running and pretty much anything on the lake.
