Barbara Hambrick earned a Bachelor of Science in Business Administration in accounting from Oklahoma State University and joined the Fort Smith accounting firm of Beall Barclay & Co. PLC in 1994. She’s involved in the firm’s audit and accounting, consulting and tax groups, and much of her work focuses on the oil and gas, construction contracting, nonprofit and government industries. Hambrick also has a strong focus in retirement and pension plan auditing.
Hambrick is a managing member of Beall Barclay, the state’s third-largest accounting firm, and also serves as its personnel director.
Every once in a while we hear about “accounting disputes.” What are the most common accounting disputes you encounter with business clients?
Our most common accounting disputes revolve around the valuation of inventory. Accounting standards require inventory to be valued using specific approaches, and clients don’t always understand these. Most “disputes” are resolved with client communication and education.
Do you think the accounting reforms in the Sarbanes-Oxley Act of 2002 are still necessary?
While our firm does not do any public company work, I do think some of the reforms from Sarbanes-Oxley are good practices and are necessary. Many of the events that led to the accounting scandals that were the catalyst for the act may be repeated by those who are determined to manipulate financial information, but finding the evidence to bring those people to justice should be easier because of the act. One of the largest improvements was the requirement to archive and retain electronic files for a specific period of time.
How has technology changed the way you do your job?
Our methods in public accounting have changed dramatically in the last 15 years due to technology. Instead of working through large binders of paper, we are now exchanging electronic files with clients. This “paperless” environment has allowed our accountants to work remotely and with much more flexibility in their scheduling.
Technology has also changed the way we communicate with our clients. We send many more items via email or secured portals instead of by mail, and clients expect us to be accessible by email almost 24/7.
You’ve mentioned the importance of mentors to your success. Can you explain how a mentor or mentors helped you?
I have had a couple of great mentors who have helped me to be successful in public accounting. One of them was very influential in showing me that this business is not all about the numbers, but more about the relationships with the clients and helping them to find solutions to problems. Some of these solutions involve numbers, but many times, the solution means connecting the client with someone else who has the skills and ability to help him or her in areas that aren’t accounting. The other mentor showed me how the culture of a firm can make or break that firm. This has influenced what I do to lead our people at Beall Barclay & Co. PLC.
What was your worst career or business decision? Your best?
While not a bad decision, the biggest challenge in my career has been the balance of work and family life over the years. Public accounting can be very demanding, and there is no end to the number of hours one could work. Making sure I allot appropriate time for my family has been difficult at times. My best career decision was to get my certified public accountant designation. This shows my dedication to the profession and my clients. Those with the CPA designation are valued advisers to their clients and strive to stay updated and knowledgeable as our world changes.