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Jeff Allain Unites Entrepreneurial Spirit With Technical Accounting Expertise

“Accounting services for entrepreneurs. By entrepreneurs.” That’s the headline on Jeff Allain’s website for his business New Economy CPA, headquartered in Pawtucket.  “We do all the stuff you expect bean counters to do … But what we get really stoked about is working side by side with entrepreneurs. “

Not your average CPA firm? That’s the goal. In a world where established public accounting firms sometimes shy away from start-ups because of their limited cash flow potential or segregate that type of work into the pro bono column as “giving back,” Jeff Allain has taken an innovative path. He founded New Economy in 2013 and today, three years later, his client roster includes more than 100 clients in 13 states with anticipated revenues in the million-dollar range.

Inspired By Adding Value, Seeing Results 

During his eighteen years in public accounting helping established businesses, Jeff volunteered some time helping fledging innovators from Beta Spring and other Rhode Island incubator-nurturing groups. At one point, there were two start-ups at BETA Spring he advised on nights and weekends in a quasi-CFO capacity.

“I helped with everything from pitch decks to financial models … all the tools to raise money. Once these companies secured the financing, they needed baseline accounting, controller services and tax services. I caught the entrepreneurial bug and knew this was my chance to work full-time in this new economy,” recounts Jeff.  “I loved making a difference and adding value where the impact is measurable.”

So, with the benefit of emotional and practical support from his family, and solid business advice from some of his veteran CPA colleagues, Jeff took a leap of faith to forge a new career track. "The mission is to unleash the full potential of the entrepreneur," he says, relaying the company mantra and his personal inspiration for New Economy CPA. 

"My wife supported me through it, and I was lucky to have a professional advisor and a very close friend who helped me navigate going off on your own. You definitely need people to lean on."

Building A Business

“All of our accountants are CPAs and full-time employees, not contractors. We need top-tier talent and fire-power, both with our CPAs and MBAs. We provide baseline accounting services right up to CFO services,” continues Jeff who has been a member of the RISCPA since 2008 and emphasizes his deep CPA roots. 

He has developed his product, people and processes to help execute his vision. New Economy CPA is certainly not your typical CPA firm.  “In today’s marketplace, it is less about billable hours and more about adding value and leveraging technology,” emphasizes Jeff. Fees for his services begin with a menu of four options so companies can pay for what they need, at a rate they can afford.

“We don’t bill by the hour like an old CPA firm. Instead, we strive to measure impact and value with highly customized packages. There is no haggling.”

The Challenges of Work-Life Balance 

Among the most challenging items on his to-do list is finding the time to step away and ensure a healthy work-life balance, recharging his professional batteries and “chillaxing” with the family. “I get pulled in so many directions that finding the balance is vital. I try to focus on mission-critical issues and am learning to say no.”

When it comes to generating new clients, Jeff is highly passionate and super energized. “I always give before I get. After helping companies for two or three months, I often get hired.” His core beliefs as described on his website include “delivering awesome service, doing more with less, embracing and driving change, and creating and having fun.” Learn more about Jeff and his entrepreneurial focus at www.NewEconomyCPA.com.