Mike Libbey joined his father’s accounting firm straight out of college, becoming its first employee and working alongside him from the family living room. Today, Mike is a partner and COO at YBL, a modern virtual firm with approximately 30 employees and $3.75 million in annual revenue.

Mike shares how the firm grew, why hiring an operations manager changed what he believed was possible, and how he gradually removed himself from client work to focus on strategy, technology, and growth. He also explains why firm owners should document their processes before they need to hire, even if that means simply turning on Loom and talking through the work as they do it.

The conversation also looks at AI’s rapidly expanding role in accounting. After building roughly 40 internal and client-facing apps, Mike believes the profession’s future is not simply about producing tax returns faster. It is about using technology to become a more deeply integrated financial partner while continuing to provide the judgment and peace of mind clients actually value.

Episode Highlights:

0:00 - Introduction

0:44 - Meet Mike Libbey

2:16 - Joining his father’s accounting firm

5:16 - Growing up around the accounting grind

10:50 - From two people to a 30-person firm

13:13 - Building a modern firm without the traditional CPA path

18:17 - Early hiring mistakes and the importance of operations

24:01 - How to document, delegate, and escape client work

31:11 - Knowing when the firm can afford its next hire

35:05 - Revenue, profit, and defining the firm you actually want

39:25 - Creating space to experiment with AI

41:43 - Building useful apps without knowing how to code

46:38 - What AI means for the future of accounting

52:02 - The changing role of entry-level accountants

55:12 - Protecting work-life balance while running the firm

58:15 - Building a public presence through YouTube and social media

1:02:05 - Final thoughts on making accounting more fun

ABOUT HOST YURI KAPILOVICH

Yuri, aka #thefuncpa, has been in the accounting profession for over 15 years and has seen, first hand, the challenges the profession brings. After seeing that no firm was fitting the bill, Yuri set out to do things his own way with his firm K&A and the journey began with LinkedIn posting at the front end.

Yuri is proud to bring you #thefuncpa podcast highlighting the fun and all the amazing opportunities our profession can bring us all.

CONNECT WITH YURI KAPILOVICH

LinkedIn: https://www.linkedin.com/in/ykapilovich/

Website: https://www.thefuncpa.co/

CONNECT WITH MIKE LIBBEY

LinkedIn: Mike Libbey | LinkedIn

Website: https://mikelibbey.ybl.ca/