outlook & analysis

how to stay energized, upbeat, and thinking bigger through busy season

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five motivation tips from the masters.

by sandi smith, cpa
accountant’s accelerator

here are a few of the best lessons i’ve received from the masters. although tried and true, their stories and hardships keep me energized, upbeat, and thinking bigger.

1. don’t give up

  • thomas edison performed 10,000 experiments before he discovered the light bulb. friends asked him what he would carry on after getting no results. edison said, “i got lots of results. i haven’t failed. i’ve just found 10,000 ways that don’t work.”
sandi smith

more for soloists and small firms: seven ways to wow your prospect • rev up your revenue with these two daily rituals •  10 tips for creating more energy this tax season  • take a cue from venture capitalists: your firm needs a brain trust trinity    •   accountants, do you know your opportunity number?    •  five ideas to overcome client price-sensitivity   •    5 mistakes to avoid when seeking new clients  •  3 steps to start running on millionaire time   •  the missing ingredient in your marketing that will make all the difference   •  on the road to a stress-free life: identify your character strengths  •

  • beethoven had his share of critics during his time and was in constant conflict with the royalty that hired him to write his works. his response: “a few fly bites cannot stop a spirited horse.” read more →

tax pro’s turn negative on busy season

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washington brinksmanship spells big crunch for preparers. join the survey; get the updates.

source: 卡塔尔世界杯常规比赛时间 / join the survey; get the updates

by rick telberg
卡塔尔世界杯常规比赛时间 research

with tax season 2013 delayed by last-minute code changes, staffing problems and software glitches, the mood of the profession is turning markedly sour.

“irs delays will cause confusion and errors, and many upset clients,” says charles postal at santos postal, a five-partner firm in rockville, md. “more extensions will depress cash flow.”

at the same, postal adds, “clients will have more tax needs, but the struggling economy will depress their ability and desire to pay for services.”

in order to battle the business pressures, postal’s firm is “pushing back on fees, using standardized billing by product rather than hours, and adding on charges for technology, audit and tax notice insurance.”

read more →

what a managing partner is… and is not

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why some firms decide they don’t want a true managing partner.

by marc rosenberg, cpa
author of “cpa firm management and governance”

over the years, i have found that many firms lack a clear understanding of what a managing partner is.  often, it’s a negative conception, caused by a bad experience at their current firm or a previous one.  so, to avoid a repeat of these bad experiences, the partners decide either not to have a mp or to provide for the mp position with greatly limited authority and responsibility.

marc rosenberg
marc rosenberg

more on cpa firm leadership and management: when is it time to shift your firm from partnership-style to corporate-style governance?  •  de-bunking the myth about niche marketing for tax and accounting firms • practice development is no longer an optional activity • 10 good ways the achieve partner accountability • pick your partners right to begin with • 

the points below clarify what a managing partner is and is not. read more →

get paid faster this tax season: six good reasons to send the bill with the return

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it’s good for business and considerate to clients.

by ed mendlowitz
tax season opportunity guide

ed mendlowitz

tax season is a business and businesses need to be paid.  it is harder to justify prices when providing services rather than products.  products are usually priced before delivery while many times services are priced after delivery, i.e. performance.

more on busy season management: tax season trends, issues and opportunities 

many accountants price returns before they are worked on, usually basing the fee on last year, or a rate schedule.  sending a bill with the return establishes the relationship that you should be paid promptly for the work done. read more →

seven ways to wow your prospect

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and stand apart from the competition.

by sandi smith, cpa
accountant’s accelerator

as the competition for clients heats up, it’s time to pull out all the stops and make your prospect feel like you’ve rolled out the red carpet.

sandi smith

more for soloists and small firms: • rev up your revenue with these two daily rituals •  10 tips for creating more energy this tax season  • take a cue from venture capitalists: your firm needs a brain trust trinity    •   accountants, do you know your opportunity number?    •  five ideas to overcome client price-sensitivity   •    5 mistakes to avoid when seeking new clients  •  3 steps to start running on millionaire time   •  the missing ingredient in your marketing that will make all the difference   •  on the road to a stress-free life: identify your character strengths  •

how can you do that? here are seven ways to wow your prospect and help them decide you’re the perfect vendor for them. read more →

fasb issues asu 2013-02 [fasb asc 220]

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new comprehensive income display guidance.

by thomas a. ratcliffe, ph.d, cpa
plain-english accounting

tom ratcliffe
ratcliffe

the fasb has issued accounting standards update [asu] 2013-02, entitled reporting of amounts reclassified out of accumulated other comprehensive income.

the asu amends the guidance in the fasb accounting standards codification [fasb asc] topic 220, entitled comprehensive income. the goal behind development of the asu 2013-02 amendments is to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.

the amendments to fasb asc 220 do not change current requirements for reporting net income or other comprehensive income in the financial statements. essentially, all of the information required to be displayed or disclosed in financial statements already are required to be disclosed in the financial statements.

the amendments require reporting entities subject to comprehensive income display requirements to: read more →

what your liability policy probably doesn’t cover

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insurance company beats accountant in court over lost client data. how to make sure it doesn’t happen to you.

卡塔尔世界杯常规比赛时间 research

in yet another warning to firms about safeguarding client databases, insurance policies won’t necessarily protect you if the data gets lost or stolen, according to a 卡塔尔世界杯常规比赛时间 reading of a new legal case.

the highly influential u.s. court of appeals for the seventh has ruled that nationwide insurance co. has no duty to defend or indemnify an accountant who lost sensitive personal information from client files.

here’s the case, analysis and comment: read more →

tax season: ‘tis better to give than to receive for this firm

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vicenti, lloyd & stutzman donates clean water with every tax return.

paul dunn, known in the u.s. (and in much of the english-speaking world) for his results accountants practice management sessions years ago, is doing some awesome things these days for world poverty.

in his latest coup, he signed up glendora, calif., cpa firm vicenti, lloyd & stutzman as one of the first firms in the united states to join the global giving initiative buy1give1, a non-profit organization that supports other charity organizations around the world to create sustainable contribution models. read more →

there is a better way! in fact, many better ways

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in response to our question: “is there a better way? the answer, according to our commenters, is a resounding yes!

“in the latest 卡塔尔世界杯常规比赛时间 research update, firms seem to be focused on profitability like never before. and they seem to be relying on only three strategies:  1) timesheets. 2) timesheets. and, 3) timesheets.

to be sure, some firms have avoided the time-keeping rut. but many others have nothing left in their toolkit. they’ve already made all the cuts they can in partners and staff, overhead and leases, expense accounts and club memberships. some have even gone too far and are now dialing back.  and many firms are looking to improve profitability with new clients and new, higher-margin services. but here, too, this takes time and some good luck.

so most firms seem to be looking more closely than ever at realization, utilization, staff-to-partner ratios — the nuts-and-bolts of cpa firm economics.  if there’s a better way, please let me know by email or in comments below.

– rick telberg
卡塔尔世界杯常规比赛时间
president, ceo

maybe there is, indeed, a better way…

here are some comments, including some from the cross-post at linkedin:

read more →

11 ways to make sure clients know you care during tax season

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including six situations that demand you call the client immediately.

by ed mendlowitz
tax season opportunity guide

ed mendlowitz
ed mendlowitz

occasionally accountants lose touch with their clients, especially during tax season. part of this is because of the crush of work, which is compressed into a pretty short period.

we sometimes lose sight that we are working on something the clients consider one of the most important things in their lives at that moment.  clients are not numbers on a list that needs to be reduced – they are all individuals and consider themselves very important people and want professionals that treat them accordingly.

it is attitudinal, and accountants must adopt that mindset and transmit that through to their culture.

following are a few things you can do, and should do.  not only does doing these things communicate your culture, but they are all good business: read more →

the secret formula for getting new clients

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the 16-step plan to focus on landing one new client at a time. by bruce w. marcus professional services marketing 3.0 here’s a little secret about accounting marketing. it always comes down to selling the individual clients — one by … continued