growth strategies

how to audit 401(k)s

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green checks being made on checklist… and keep the process from lasting forever.

by jody grunden

as with any service area, it’s important to have a solid process in place. without one, it can be a little bit like the wild west! the 401(k) audit process involves six stages, which are typically completed within four to eight weeks.

more: four key financial metrics for growing any business | 4 ways to bill clients | how to evaluate workflow management software | when the irs and fbi come knocking | 5 questions to evaluate new tech tools | traditional benefits for remote employees
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

once a prospective client confirms they want summit to complete their audit, we send them the engagement letter and the questionnaires along with the governance planning memo that we’re required to give them.
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‘found money’ delights clients

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businessman ogling money over another's shoulderhow to operationalize new services that find or save clients’ money.

by bill penczak

even during normal times, “found money” solutions are great door openers for new clients and a great value-add for your current clients.

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | the three r’s for beating the corona crisis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

these solutions are different from traditional audit and tax work in that they are opportunities for companies to retrieve monies they’ve paid in the past, or are ways for companies to lower the cost of a function, process, or service for which they are already paying.

such solutions include:

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underpaying others hurts you, too

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man putting dollars into suit pockettake a long view.

by ed mendlowitz
call me before you do anything: the art of accounting

many bosses hold back their subordinates without realizing they hold themselves back even more.

more: what cpas can learn from lawyers and doctors | advising cheapskates | getting bonuses from clients | be an accountant, not a salesperson for other things | when clients don’t know | why you’re only as good as your staff | why tax time is the best time to get new business | becoming a ‘media star’ | don’t pass up opportunities
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i see this a lot. for myriad reasons bosses would restrict raises and bonuses for those immediately under them.
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tax season pivots to covid rescue season

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shifting from tax prep to covid relief: karyn vaughn, deann hill, and joanne bryson.
shifting from tax prep to covid relief: karyn vaughn, deann hill, and joanne bryson.

it ain’t pretty: 62% of accountants switch outlook from “better” to “worse.”

busy season barometer
how’s covid-19 impacting accounting firms?
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

the sentiments of accountants this busy season have been as up and down as the dow jones.

more on tax season: how accountants are coping with covid-19 |  survey: confronting coronavirus chaos | planning for the coronavirus recession | tax season turns ugly under coronavirus | tax season turns ugly under coronavirus | coronavirus culture-shift hits accounting firms | 41 items to check on business tax returns | tax season funnies: the poetic versions | how to stop drowning in covid tax deadlines [webinar]

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the year started off on an optimistic note. but by the time the coronavirus got real, all hope had been abandoned.

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help your clients and yourself

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//www.g005e.com/2020/05/04/help-your-clients-and-yourself/beware the opportunity graveyard.

by ed mendlowitz
tax season opportunity guide

many opportunities only come along once. the way to be successful is to not let them pass by without acting on them or taking advantage of them.

more: ask this before clients do | 41 items to check on business tax returns | keep these tax clients while you have the chance | what makes a good tax season client? | do your clients feel important?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

spotting opportunities is quite easy if you are looking for them – and extremely difficult if you don’t have a clue of client needs or wants.
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four key financial metrics for growing any business

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illustration of 4 key metrics
4 key metrics for business owners

what’s in the pipeline?

by jody grunden

having a solid understanding of their finances can make a huge difference for business owners. not only does it help business owners make decisions about when it’s time to hire a new employee or whether or not to invest in new equipment, but it also enables them to sleep better at night!

more: 4 ways to bill clients | 3 measures of the effectiveness of your team | how to profit with workflow apps | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus | how to run effective leadership team meetings | disc helps remote team work together effectively | 3 ways to keep client files safe from security threats
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as a business grows, there are a few metrics business owners need to understand and review on a regular basis. when we work with growing businesses through our virtual cfo service, we help them focus on the following key metrics:
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don’t buy a rolodex, buy a process 

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how to hire the optimal business developer.

by bill penczak

if you’re under 40, you may not be familiar with the rolodex. right after stone tablets, we used to keep track of our contacts in a really great contraption that was a rotating spindle on which business cards or handwritten notes of contacts were maintained. the “search” function was you fumbling through trying to remember that prospect’s name from two months ago.

more: the three r’s for beating the corona crisis | 6 reasons why your marketing sucks
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when it comes to hiring a professional to build a practice, whether it’s a full-time business developer or a practice partner or principal to grow the business, many firms make the mistake of “buying a rolodex.” translated for today’s vernacular, they are hired because “they know everyone” or “have contacts in bigger target companies” or “are members of every organization.”
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what cpas can learn from lawyers and doctors

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young asian entrepreneur reading magazinehow will you distinguish your firm?

by ed mendlowitz
call me before you do anything: the art of accounting

it has become pretty popular for law firms and medical doctors to advertise in group ads in magazine supplements.

more: advising cheapskates | my top 10 personal game changers | yes, christopher columbus had an accountant | 10 reasons for my success | when the kids don’t want to take over | staff may surprise you with leadership | problem clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when i glance at the ads i find humor such as the bald dermatologist advertising his hair transplant prowess or the young woman doctor who does proctology, or the photo of the elder law firm partners where no one looks younger than 80. and they pay for these ads?
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how accountants are coping with covid-19

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coping with the covid crisis- robert jones (left), and stephen backman
coping with the covid crisis: robert jones (left), and stephen backman. more crisis management strategies: join the survey. get the answers.

new methods, new mindsets.

the busy season barometer
coronavirus crisis management strategies:
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

the coronavirus sure did hit quick. it seems like it’s been here since forever, but it didn’t really strike until halfway through the busy season. there were ominous clouds on the horizon in january, but early respondents to the 2020 卡塔尔世界杯常规比赛时间 busy season barometer were generally expressing optimism.

more on tax season: survey: confronting coronavirus chaos | planning for the coronavirus recession | tax season turns ugly under coronavirus | tax season turns ugly under coronavirus | coronavirus culture-shift hits accounting firms | 41 items to check on business tax returns | tax season funnies: the poetic versions | how to stop drowning in covid tax deadlines [webinar]

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

then things went downhill fast. but despite the pressures of the tax season, cpas have been equally fast at adjusting to the new world. they really had little choice. they could innovate. they could close up shop. or they could get really, really sick.

innovation seems to be the most popular choice. read more →

what cannabis clients should look for in an accountant

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portrait of harry shurek
harry shure, ea

beware of pricing by phone.

by 卡塔尔世界杯常规比赛时间 research
cannabizcpa.pro

the production and distribution of cannabis is the newest and most variegated industry in america. some would even say it’s one of the toughest industries in america in which to do business.

more on cannabiz: suchoff takes cannabis accounting passion national | why are ceos so confused? | kareyna miller mines michigan cannabis niche | cannabis: thc vs. cbd critical differences | new to cannabis? maybe a joint venture is the answer | cannabiz meets intellectual property protection | green bits: helping cannabis retailers stay compliant | silver leaf cbc: an erp platform for cannabis companies | cohnreznick goes national on cannabis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it’s illegal everywhere yet legal in some places, but not legal the same way in all places. the federal government considers it a schedule 1 narcotic right up there with heroin and lsd, yet the internal revenue service is perfectly willing to collect taxes on companies that handle the product.
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covid slams u.k. accountants, too

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^ click to play video

you can already start to see which firms will survive, those that won’t, and why, says martin bissett in a video call with 卡塔尔世界杯常规比赛时间.

the three r’s for beating the corona crisis

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and 15 things every accountant should consider in these unprecedented times.

by bill penczak

my friend tom kallman, the president of a trade show company in new jersey, sent me an email a few weeks ago that i’ll paraphrase:

few, if any, of us lived through pearl harbor. some of us experienced the kennedy assassination. we all recall where we were when the planes struck the world trade center. the covid crisis is another lifetime moment. we learned how to survive all those other events, and we’ll do the same again.

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | the three r’s for beating the corona crisis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you examine the economic recoveries after 911, and after the financial collapse in 2007-2008, there were three economic phases that ensued for cpa firms, their clients, and the market in general that will likely occur in the post-covid economy:

  • retention – preserving as much of what we had.
  • recovery – stabilizing and moving ahead, as slight as it might be.
  • rebuild – coming out better and stronger.

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