Services
Overview
Joel Herman has more than 35 years of professional experience at ORBA, where he has been a Director since 1997. Joel is the Director in charge of ORBA’s on-campus recruiting and a member of the firm’s Personnel Committee, as well as the Chair of the Manufacturing and Distribution Group and a member of the Law Firm Group.
Joel serves manufacturers, distributors, retailers and various personal service corporations, including consulting firms, medical practices and law firms. He also works with other entrepreneurs, self-employed individuals and closely-held companies, including real estate developers, technology companies and marketing and advertising firms. This wide variety of client types and industries allows him to leverage best practices from one industry and apply them to others, which is extremely valuable to his clients.
Joel’s primary area of concentration is financial statement attestation and income tax compliance. In addition to accounting and auditing services, Joel performs litigation support and is involved in due diligence investigations related to mergers and acquisitions. He also performs tax planning and compliance work for business owners and individuals.
Services
Overview
Joel Herman has more than 35 years of professional experience at ORBA, where he has been a Director since 1997. Joel is the Director in charge of ORBA’s on-campus recruiting and a member of the firm’s Personnel Committee, as well as the Chair of the Manufacturing and Distribution Group and a member of the Law Firm Group.
Joel serves manufacturers, distributors, retailers and various personal service corporations, including consulting firms, medical practices and law firms. He also works with other entrepreneurs, self-employed individuals and closely-held companies, including real estate developers, technology companies and marketing and advertising firms. This wide variety of client types and industries allows him to leverage best practices from one industry and apply them to others, which is extremely valuable to his clients.
Joel’s primary area of concentration is financial statement attestation and income tax compliance. In addition to accounting and auditing services, Joel performs litigation support and is involved in due diligence investigations related to mergers and acquisitions. He also performs tax planning and compliance work for business owners and individuals.
Proactive
Joel prides himself on establishing active, consultative roles with his clients. Joel’s approachable manner encourages clients to come to him for advice on day-to-day matters, emerging issues or active opportunities at any stage of their business or lifecycle. As a result, Joel has the pleasure of being a part of many client success stories as he has helped them grow from start-ups to thriving, profitable companies.
Joel’s inquisitive and consultative approach regularly finds him helping clients develop proper accounting systems and internal controls for their financial functions. He also advises on tax minimization strategies and performs cost analyses, cash flow review, and other specialty consulting work to help clients meet their business needs and enhance their bottom lines.
Outside of the Office
Joel loves to coach, and actually spends a fair amount of his free time helping friends maintain and improve their financial platforms. Away from his calculator, though, Joel and his wife, a former Director at ORBA, spend much of their time with their three children. Evenings and weekends are quickly filled with coaching or cheering on the sidelines of baseball fields, basketball courts or soccer fields. Joel also enjoys the outdoors and plays softball and, weather permitting, walks or bicycles as frequent means of transportation.
Civic Activities
- Treasurer, Welles Park Parents Association, a youth baseball organization on Chicago’s north side serving more than 1,000 kids
- Former Treasurer, Chicago Alumni Club, University of Michigan Business School
- Former Member, the Edgewater Community Council
- Former Chairman, Accountant’s Division Education Committee, Jewish United Fund
- Former Member, the Lakewood Balmoral Residents Council
Seminars & Events
- The Impact of the New Tax Law on Manufacturers and Distributors, Chicago, IL, May 7, 2019
- Tiger Teams: Empowering Your People to Accelerate Profitability, Chicago, IL, July 22, 2015
- How Manufacturers Can Drive, Measure and Capture Value, Chicago, IL, January 29, 2015
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- BNI InternationaI Former Member
- Illinois CPA Society
- The Young Entrepreneurs Forum Former Member
- Tooling and Manufacturing Association
Education
- B.A., Business Administration, University of Michigan
Blogs
Insourcing, Outsourcing, and Co-Sourcing: Which Is Right for You?
Conventional wisdom often holds that it is most efficient to keep all roles in-house, but this is not always the case. Rising labor costs, increased costs to meet advancing technology needs or equipment improvements, internal quality control issues and a number of other factors could dictate certain operations to be handled more effectively and efficiently […]
How Professional Services Organizations Can Protect Themselves Against Rising Cyber Risk
Cybersecurity has long been an important area for professional services companies to address, but the work environment since the COVID-19 pandemic has provided even more opportunities for cybercriminals. Amid the widespread shift to remote and hybrid workplaces, there are more vulnerabilities than ever to exploit. Companies in law, architecture, engineering, public relations and other professional […]
Is ALSP Outsourcing Right for Your Firm?
To the chagrin of some law firms, alternative legal service providers (ALSPs) have become an important and growing player in the legal industry landscape. According to a recent report, the overall market for ALSPs grew by about $5 billion between 2015 and 2019, reaching almost $14 billion. Nearly 80% of law firms and 71% of […]
Are You Using Paralegals Effectively?
Sometimes, attorneys do work that can be accomplished effectively and efficiently by paralegals. This can create a culture of staff members performing tasks for which they are overqualified, which can reduce the firm’s profitability. This blog highlights some considerations to address such concerns. Related Read: How To Get Stuff Done Determine the scope of responsibility The […]
Businesses Provided a Lifeline: CAA Enhances PPP Loans and Extends Employee Retention Credit
The Consolidated Appropriations Act (CAA), that was passed late last year, provides the much-needed stimulus and tax relief for businesses hit hard by the COVID-19 pandemic. Two of the provisions that business owners are most likely interested in are the $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both […]
Keep it Simple! “Small” Manufacturers May Opt to Use Simplified Reporting Methods
The Tax Cuts and Jobs Act (TCJA) expanded the tax code’s definition of “small business” to include those with average annual gross receipts of $25 million or less (adjusted for inflation) for the three preceding tax years. Both the 2020 and 2021 inflation-adjusted threshold is $26 million. Manufacturers that qualify as small businesses may be […]
This year, many law firms were forced to temporarily shutter their offices and required staff to work from home. Although many professional services businesses are beginning to reopen and are recalling employees back to the office, COVID-19 infection rates could potentially spike to spring levels again this fall. Now is the time to prepare for […]
On the Road: Let’s Review the Tax Implications of Providing Company Cars
A company car can be a valuable perk for business owners, salespeople and other key employees who use their vehicles for business purposes. Now may be an ideal time to acquire business vehicles, as the Tax Cuts and Jobs Act of 2017 (TCJA) more than tripled the “luxury auto” threshold, from an original cost of $15,800 to an inflation-adjusted cost of just over $50,000. Depreciation deductions for 2019 are not limited until a vehicle’s cost exceeds $50,400, and accelerated depreciation opportunities are available.
The Call’s Coming From Inside: Fighting Fraud in Your Firm
Law firms usually are known to be staffed with highly educated and intelligent people, but they are not immune to fraud. In fact, law firms generally share characteristics with other businesses that can make them particularly vulnerable. That is why your law firm needs to know what to look for and how to protect itself […]
Quality of Earnings Reports Look Beyond the Numbers
In mergers and acquisitions, potential buyers as part of their due diligence may obtain a quality of earnings (QOE) report to evaluate the validity and sustainability of the seller’s reported earnings. It is also not uncommon for companies contemplating a sale to obtain their own QOE reports to spot potential problems that might derail a […]
How a Cost Recovery System Boosts Profits
Recovering costs related to clients’ legal matters is a standard law firm billing practice. However, to ensure you recover costs effectively, you need a strategic cost recovery policy.
FASB Expands VIE Exception for Private Companies
Private manufacturers often set up separate legal entities to hold real estate or operate new but separate business ventures. Under current accounting rules, these entities are typically considered variable interest entities that must be consolidated on to the controlling entity’s financial statements under current GAAP.
Entity Choice: Is It Time for a Switch?
The Tax Cuts and Jobs Act lowers the federal income tax rate for C corporations to a flat 21%. This fundamental change has caused some manufacturers to ask whether it still makes sense to continue to operate as a pass-through entity.
Value-Based Pricing Comes to Law Firms
The concept of value-based pricing is already common in the consulting world and has received a big boost in the health care industry thanks to various initiatives launched in conjunction with the Affordable Care Act. Will this transfer over to the legal industry?
Tips to Improve Attorney Timekeeping
Timekeeping is a “necessary evil” for every law firm. Even attorneys who work on a contingent fee basis need to keep adequate documentation of their time to obtain court-awarded fees, and lawyers who charge on a flat-fee basis must track their hours to provide accurate time estimates and confirm they’re charging appropriate fees. So how can you get your attorneys to better track their time?
Carefully Weigh the Pros and Cons of Automation
Manufacturers and distributors face rising costs of labor and benefits, burdensome government regulations and a shortage of skilled workers. Investing in automated equipment may seem like a cost efficient alternative to relying on people, but automation can sometimes end up being more expensive and time consuming than management expects. This article presents the pros and cons of automation and explains why it is important to crunch the numbers to assess all the costs and benefits.
E-Verify Helps Confirm Employment Eligibility
Immigration and legal residency are hot topics in today’s environment, and, as a result, closer scrutiny is being paid to employment eligibility. Federal law requires employers to verify employment status; however, dishonest workers sometimes use fake or stolen IDs to get hired. The E-Verify system helps employers comply with the law. This article explains how E-Verify works and why the requirements for using it might change in the future.
New Overtime Rules Will Affect You – Are You Ready?
In May 2015, the Department of Labor (DOL) finalized new overtime rules that update the thresholds for classifying workers as nonexempt and highly compensated. The long awaited changes will increase pay for more than 4 million workers. This article explains changes that will go into effect starting on December 1, how they will impact manufacturers and how business can legitimately reduce overtime costs. A Sidebar highlights the stance the National Association of Manufacturers has taken on the new rules.
Why Your Firm May Need a Business Manager
Most lawyers are legal experts, not business specialists, and many do not have the time or inclination to assume full-time business management and development duties. That is where a business manager can help. This article discusses the types of functions business managers can perform and provides tips on finding the right person given the scope of the position.
It’s Not Too Early for Year-End Tax Planning
Manufacturing and distribution companies that expect to owe substantial taxes in 2015 can still take steps to soften the blow. But a number of tax breaks, particularly ones related to depreciation, hinge on legislation that Congress might restore before it adjourns for the holidays. This article highlights some tax-saving strategies to consider before December 31.
Five Tips for Reducing Fraud at Your Firm
Because they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an office of professionals dedicated to the law. Unfortunately, occupational thieves take advantage of such complacency. This blog discusses five basic controls that law firms can implement to help deter fraud.
Demystifying LTL Freight Classification
The National Motor Freight Classification® (NMFC®) system can be overwhelming. However, manufacturers that understand how carriers classify freight can find creative ways to lower their costs for less-than-truckload (LTL) shipments. This blog describes the factors that affect freight rates and offers ways to qualify for lower, less expensive freight classes.
The Virtual Office: An Idea Whose Time Has Come
Sole practitioners already have widely adopted a virtual office model for cost and logistical advantages. In addition to reducing expenses and increasing convenience, a virtual or hybrid office may enable a law firm to expand into new geographic markets and simplify service offerings.
New EPA Rules May Mean Higher Fuel Costs
The Environmental Protection Agency (EPA) has moved to reduce sulfur levels in the air by increasing emissions and gasoline standards. But the American Petroleum Institute and other trade associations argue that the regulators are vastly underestimating how expensive the new rules will be for businesses and consumers, while doing little to help the environment. This short article notes the different cost estimates.
What You Need To Know About Business Bad Debts
When customers can’t pay their obligations to you, it may be possible to deduct these bad debts under Internal Revenue Code (IRC) Section 166. But it’s important to understand what counts as partially or wholly worthless bad debt and how to claim the deduction. This article describes the different types of business bad debts and how the accounting method affects how it’s reported. But it’s better to avoid bad debt to begin with, so a sidebar offers three tips to improve collections.
Newsletters
Law Firm Group Newsletter – Fall 2022
ORBA’s Law Firm Group’s Fall 2022 Newsletter discusses ways a law firm can retool its policy for origination credits and reminds law firms to carefully consider the need for lateral hires as the costs of bringing them on can be high.
Manufacturing and Distribution Group Newsletter – Winter 2022
ORBA’s Manufacturing and Distribution Group’s Newsletter examines how, armed with big data, manufacturers can identify patterns, trends and correlations among various manufacturing process steps and inputs. The Newsletter also highlights four key strategies for attracting and retaining talent.
Manufacturing and Distribution Group Newsletter – Summer 2021
ORBA’s Manufacturing and Distribution Group’s Summer 2021 Newsletter highlights proactive measures manufacturing owners can take today to help achieve their long-term estate and succession planning goals and reviews the advantages of buying and leasing equipment.
Law Firm Group Newsletter – Summer 2021
ORBA’s Law Firm Group’s Summer 2021 Newsletter explains how part-time partnerships provide key contributors with the flexibility they need to remain with a firm and covers why firms are adopting subscription-based legal services.
Law Firm Group Newsletter – Winter 2021
ORBA’s Law Firm Group’s Winter 2021 Newsletter counsels law firms dealing with unproductive partners and covers what firms should evaluate when considering a merger.
Law Firm Group Newsletter – Winter 2020
ORBA’s Law Firm Group’s Winter 2020 Newsletter includes insight on understanding law firm valuations, as well as what law firms should know about cloud computing.
Law Firm Group Newsletter – Fall 2019
Our Law Firm Group’s Fall 2019 Newsletter includes insight on establishing your firm’s capital, as well as concrete tips for managing and improving your firm’s cash flow.
Law Firm Group Newsletter – Fall 2018
Our Law Firm Group’s Fall 2018 Newsletter offers tips for recognizing and ending billing fraud at your firm, as well as advice on cyber security to minimize potential risks.
Law Firm Group Newsletter – Spring 2018
Our Law Firm Group’s Spring 2018 Newsletter shares how data analytics can be advantageous for your law firm, as well as advice on reevaluating your firm’s partnership agreement.
Manufacturing and Distribution Group Newsletter – Spring 2018
Compilation, review or audit: Select the right level of assurance JOEL HERMAN, CPA The term “financial statement assurance” refers to how much confidence lenders and other stakeholders have that a company’s financial statements will be reliable, informative and in conformity with U.S. Generally Accepted Accounting Principles (GAAP) or another appropriate financial reporting framework. Higher levels […]
Manufacturing and Distribution Group Newsletter – Summer 2017
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Summer 2017 issue includes two articles, “Deducting Travel and Entertainment Expenses with Confidence” and “Close-Up on Forensic Accounting Investigations.”
Manufacturing and Distribution Group Newsletter – Fall 2016
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Fall 2016 issue includes two articles, “Cyber Risks Mount: Preventive Measures for Manufacturers” and “Spotlight on Fraud in the Manufacturing Industry.”
Manufacturing and Distribution Group Newsletter — Winter 2016
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Winter 2016 issue includes two articles, “Accounts Receivable Management: How Manufacturers Can Bridge the Cash Gap” and “S Corporation vs. C Corporation: Is it Time to Make the Switch?”
Manufacturing and Distribution Group Newsletter – Winter 2015
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Winter 2015 issue includes two articles, Offering Incentives Can Mean Extra Income All Around and IRS Hot Buttons: Defending Your Business Against Tax Audits.
Law Firm Group Newsletter – Summer 2014
The Summer 2014 Law Firm Group Newsletter includes two articles: Putting a Price on Your Law Firm and Two-Track Mind: Multiple Partnership Models & Their Benefits to Firms and Lawyers Alike.
Manufacturing and Distribution Group Newsletter – Winter 2014
Modern Technology continues to change the way we run our business and manage our inventory, but not without a cost. Radio frequency identification (RFID) is the latest technology in inventory management. However, before investing thousands of dollars in converting to RFID tags and readers, manufacturers and distributors should consider whether bar coding — or a combination of these two options — is the optimal choice for their company. Bar codes are generally less expensive, but RFID offers a host of additional benefits. This article discusses how the two technologies work and the considerations that should be addressed in deciding which technology to adopt.
Manufacturing and Distribution Group Newsletter – Fall 2013
Welcome to ORBA’s Manufacturing & Distribution Group Newsletter, a quarterly publication focused on effective businesses management for the manufacturers and distributors.