the accountant as a strategic business partner
shift from transactional to advisory to become vital to your clients’ success.
by katie thomas
advisory & consulting
a friendly chat or a billable discussion?
make your intentions clear at the outset.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i have a close friend who is also a client. he went through a rough time with his wife threatening a divorce and we spent a lot of time talking about it (out of office settings).
more: busy season is over, so it’s time for some resolutions | hold staff accountable if you want them to listen to you | how to raise your rates | three ways to start an accounting practice | how much is your tax practice worth? | merge in lower-priced work without losing out
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i sent him a bill and he returned it with a notation that “we spoke as friends and not as a professional consultation, and the bill should be canceled.” what should i do?
six steps to battle cybersecurity risks
what cost or time investment would you pay to protect your firm and your clients?
by donny shimamoto for cybersecurity for accountants
eight steps to putting back office support into place
includes details for the client operations manual.
by penny breslin
it’s not just the numbers
how to start providing family office services
including a sample engagement letter.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?
more: higher fees to start: ten ways to make your tax season better | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
response: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.
following is a sample engagement letter that i use with clients needing such services. also, this letter provides a detailed description of what the service involves.
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cover these five areas of information security
how to thoroughly safeguard client information.
by penny breslin
it’s not just the numbers
your clients trust you with their information; however, in today’s world, where sensitive information can be compromised and distributed, clients want assurance that their information is safe and that you are protecting them from identity theft.
more: let tech make communication easier | how to craft a service level agreement | how to maximize on-site client meetings | sixteen guidelines for naming conventions | you have to manage three kinds of procedures | tech tips for back office support | decoding accounting tech (and all those acronyms) | digital marketing strategies level the playing field | eight tasks to delegate today
although certain state laws (check with your state); federal laws such as gramm-leach-bliley (glb), which covers individual privacy disclosures; and the aicpa rules of ethics do provide some protection, we recommend that as the trusted business advisor, you should disclose to your clients how you:
- safeguard their information in your office and on your servers
- securely transmit sensitive data
- closely supervise access to authorized parties only
stress test your clients’ financial plans
what’s the worst that could happen? ask that now.
by anthony glomski
i wrote this series of posts to help successful entrepreneurs and their advisors learn how they can build on their impressive accomplishments and utilize their wealth to achieve even greater things going forward – for themselves, for their families, for their communities and for the causes they care about.
more: when clients want to manage their own wealth | four attributes your experts need | how a virtual family office can serve your wealthy clients | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | five challenges of liquidating a business
the fact is, your clients should take their financial health as seriously as they take their physical health. one of the best ways to ensure that their financial plan is strong enough to withstand whatever the market, the economy and life circumstances throw their way is to perform a regular “stress test” of their financial plan.
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let tech make communication easier
how to create effective systems.
by penny breslin
it’s not just the numbers
open and clear communication is essential when you provide back office support (bos) services. you cannot take on this type of work and not stay on top of it. previous examples have shown what happens when you do it right. here’s what happens when you don’t.
more: how to craft a service level agreement | three examples: pricing your bos value add | use timesheets for productivity, not billing | revisit your back office support procedures | federated search: what it is, why it matters | accounting tech tools to minimize your pain | do your apps play well with others? | it’s ok to have favorite clients | ten questions for teamwork | yes, you can be an outsourcer
case study: when you don’t keep up your side of the agreement
a cpa wanting to provide bos services to his clients contacted us to help with the first setup. the software of choice by the business owner was quickbooks.
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