Susan Davenport will officially succeed Ryan Underwood as managing partner of BKD CPAs & Advisors on Jan. 1. She has held accounting roles at BKD for 27 years, specializing in health care. She was honored with a Lifetime Achievement Award in Accounting from Arkansas Business in 2016, and is a past Arkansas chapter president of the Healthcare Financial Management Association.
A 1993 graduate of the University of Central Arkansas in Conway, Davenport earned a bachelor of arts in accounting with a minor in interdisciplinary studies from the university’s Honors College.
From the outside, accounting can seem like a dull profession. What about it attracted you?
Contrary to what one might think, accounting can be fun and have a dramatic flair. Have you seen the movie “The Accountant”? We’re not all as mysterious and dangerous as the star in that movie. [Ben Affleck plays a martial arts action hero of the accounting profession.]
In all seriousness, accounting covers a broad spectrum of high-profile and lower profile roles. When I was in the seventh grade, my uncle, who was a partner in a CPA practice in North Carolina, was my inspiration to become an accountant because of his success and leadership. I quickly took to the profession, realizing just how much we can help businesses and individuals achieve financial success.
Could you describe how BKD is weathering the pandemic, and what you expect in leading the firm?
It was like we flipped a switch, overnight, to remote working in early March, an impressive feat by our executive and IT team. While many CPA firms took drastic measures against the virus such as significant reductions in force and/or reduced employee compensation, BKD chose to operate through a bridge program to forge through this uncertain time to keep our team intact, with partners bearing the brunt of the uncertainty.
It’s exciting yet challenging to transition into leading BKD’s Arkansas offices. I’m proud of our values and our expectations to provide “unmatched client service,” our trademark. And I am currently working to learn about industries, clients and prospects outside of health care, where my focus has been over the past 27 years. It’s a lot to learn, and I look forward to helping our team of talented professionals achieve greater heights and continuing to be trusted advisers for our clients.
It’s said that mistakes can teach us more than successes. Is there a mistake you made that taught you a particular lesson?
In general, it’s important to fail fast and realize when a process or endeavor is flawed. Then the goal is to recover quickly. “Put the moose on the table,” and avoid letting problems fester.
What do you think of companies outsourcing their accounting work? Is it a good idea?
Accounting outsourcing can be a great alternative for small businesses and nonprofit organizations. It can allow them to access expertise that they might not have internally and can be very efficient as well. Professionals with CPA firms understand the complex tax, audit and financial challenges businesses face and can provide high-level guidance to help executives make informed decisions. This option enables businesses to focus on operations and strategy.
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