outlook & analysis

making it matter to accountants

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4 added values, plus questions you both should be asking.

by donny c. shimamoto, cpa.citp
intraprisetechknowlogies

back in the olden days of 2003, business philosopher nicholas carr published an earthshaking article in harvard business review under the title of “it doesn’t matter.” he said that it had essentially become a commodity, something that every organization had, something that had become so relatively inexpensive that all organizations were – with regard to it – equal.

related: it nerds need budget help | 8 ways to wrestle software subscriptions into submission | it hardware gets even more complex (great!) | how accounting geeks and techie nerds can play nicely together

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busy season 2015: fixing the tax system

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tax frustrationhow tax professionals would remake the tax code. 

imagine there’s no deductions,
it’s easy if you try.
no 8965, no1095-a,
above us, only sky.
imagine all the cpas,
living for today…

by 卡塔尔世界杯常规比赛时间 research

there’s nothing like another tax season to prod accountants into imagining about ways to reform the nation’s tax system. in the this year’s 卡塔尔世界杯常规比赛时间 busy season barometer, some cpas have specific suggestions; others are calling on the profession to take a leadership role in the national conversation.

register your comments here: 卡塔尔世界杯常规比赛时间 2-minute survey: fix the tax system

卡塔尔世界杯常规比赛时间 is polling the profession with a two-minute survey asking for specific recommendations for changing the code, the regs, the instructions and the forms – whatever it takes to make life easier for cpas and the american taxpayer. (the call was not to reduce or increase taxes, just to simplify them.)

the earliest responses call for a diverse set of approaches: read more →

‘time problems’ don’t exist

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businessman hiding clock in his suit jacketmanagement problems do, though, and here are 3 solutions.

by sandi smith, cpa
accountant’s accelerator

i know it’s a bold statement and a lot of you will disagree. but please have an open mind and hear me out.

time is the great equalizer. we all have the same number of hours in a day, yet some entrepreneurs, many of them self-made, become wildly successful, while others languish. only one in 20 business owners in the u.s. (2002 numbers) make it past $1 million in annual revenues. i believe the way they use their time is a big factor in their success or failure.

more on small-firm growth strategies: 7 ways to get new revenue from old clients | draw new clients in like a magnet | 11 ways to add value for clients | 5 things you know that clients don’t | 3 ways to test your revenue forecast | 8 must-haves for a prospect kit | whip out the wow factor for clients | how to work the same hours and make more money | busy season survival tips: 5 ways to turn a tough day into a great one | take advantage of 4 key marketing strategies  | four ways to stop leaving money on the table | 15 items for your ‘business bucket list’ | 3 ways to plug your firm’s money leaks

here are three better explanations of your time problem:

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busy season 2015: new lessons in time management

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the 卡塔尔世界杯常规比赛时间 busy season barometerclick to join the survey; see the results
the 卡塔尔世界杯常规比赛时间 busy season barometer
click to join the survey; see the results

lesson learned: plan, prioritize, repeat.

next question: key financial metrics for 2015 results.
join the survey; get the answers.

by 卡塔尔世界杯常规比赛时间 research

they don’t call it “busy season” for nothing. it’s a frenetic, hectic, even hellish effort to herd client cats toward an unforgiving deadline.

when we ask 卡塔尔世界杯常规比赛时间 members what lessons they’re learning this year and what they plan to do about it next year, we hear a lot about time management. based on the survey, time management issues can be organized into eight main categories:

  1. disorganized offices,

    lisa toback cpa
    toback
  2. timing,
  3. staffing,
  4. scheduling,
  5. procrastination,
  6. poor planning,
  7. the need for time off and
  8. the desire to retire.

the solutions cpas will be implementing next year range from minor tweaks to complete overhauls, or even surrendering to retirement and calling it victory. read more →

mandatory retirement? 4 reasons the firm comes first

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elderly businessman with hand on door frameand 6 reasons that firms struggle.

by marc rosenberg
retirements & buyouts

at cpa firms, the concept of requiring partners to retire at a certain age has been around for decades. the mandatory requirement policy has its roots in the “one-firm” concept of managing a firm: the interests of the firm should always be more important than the interests of any individual partner.

more on retirement: you want goodwill payments? give proper retirement notice | retirement plan funding? what funding? | compromise is in order for some goodwill payouts | when retiring partners take a specialty with them | if clients leave, do you reduce retirement benefits? | the multiple of compensation method, fully explained | the ins and outs of aav for goodwill | 5 points to consider when paying out goodwill | how to set terms and limits for goodwill payouts | 4 ways to decide how to pay out capital | partners may balk at guaranteeing retirement obligations

why a mandatory retirement policy is good for the firm: read more →

it nerds need budget help

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donny c shimamoto, cpa citp intraprisetechknowlogies
shimamoto

accountants must define categories of expenditures.

by donny c. shimamoto, cpa.citp
intraprisetechknowlogies

if you think the brainiacs in the it department are going to tell you how to divvy up their budget into capital and operating expenditures, you’re in for a surprise, and not necessarily a good one. it people are smart, but they aren’t accounting smart, which, as we all know, is a very special kind of smart.

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tax pros cling to 57% of e-filing market

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total individual returns received has topped 90 million.

the irs has received nearly 90.3 million individual tax returns as of march 27, down 0.6 percent from 2014. the processing rate remains nearly at pace, with nearly 88.3 million of returns processed – down 0.9 percent from last year but still running more than 97.8 percent complete.

related: have fun this tax season! | tax preparation fees: the national averages [infographic] | irs form 3115: a sin and a travesty | how to get paid faster this tax season | accountants see solid business gains in 2015 | as market share slips away, accountants look beyond the 1040 | irs emerges as major tax season competitor | tax pros losing market share to self-filers

read more →

tax season 2015 marks watershed in cpa firm digitalization

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roman kepczyk , author of quantum of paperless at //www.g005e.com/shop/qop/
roman kepczyk , author of quantum of paperless

tax season 2015 may signal a landmark change in workflow automation.

by 卡塔尔世界杯常规比赛时间 research

this year’s busy season could mark a turning point in the tax and accounting industry’s techno-history, with mainstream firms flooding into digital processes like optical character recognition, pdf bookmarking, and collaboration tools.

results from this year’s paperless benchmarking survey, conducted for the association for accounting administration by 卡塔尔世界杯常规比赛时间 contributor roman kepczyk, author of quantum of paperless: the partners guide to accounting firm optimization, found a generally upward trend in the use of technology to avoid the carving of audit and tax prep data into stone or printing it out on paper. the survey compared responses in 2013 to foreseen usage in the busy season of 2015.

but which trends are trending the fastest? where are the rockets of digitalization?

read more →

tax and accounting industry hits new highs in headcount and wages

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chart of bls employment data
tax, accounting and bookkeeping employment, through march 2015, with number of employees reported by the thousands.

the u.s. tax, accounting and bookkeeping industries remain among the bright spots in the nation’s economy, as professional and business services make up nearly a third of the last month’s job gains, according to 卡塔尔世界杯常规比赛时间 sources.

here 卡塔尔世界杯常规比赛时间 reports on:

  • current hiring trends in each of the bookkeeping, tax, payroll and cpa segments of the industry.
  • average hourly wages for key segments.
  • typical hours worked per week.
  • trends concerning women in the accounting workforce.

read more →

could you use more energy this tax season?

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young businessman sleeping on the keyboard in the office10 habits to start now and keep all year.

by sandi smith leyva
the accountant’s accelerator

is keeping a high energy level a challenge for you? here are a few tips to revitalize your personal energy. some of these are very simple, so simple you may think they won’t do anything for you.

more on small-firm growth strategies: 7 ways to get new revenue from old clients | draw new clients in like a magnet | 11 ways to add value for clients | 9 ways to increase sales through ‘power networking’ | 15 items for your ‘business bucket list’ | 3 ways to plug your firm’s money leaks

as you read, check to see which ones have slipped from your current daily routine. in that way, you’ll discover how to change your routine to gain more energy.
read more →

8 ways to wrestle software subscriptions into submission

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one question leads to another.

by donny c. shimamoto
intraprisetechknowlogies

budget talks between accounting and information technology departments can get pretty complicated. accountants know budgets; it folks know it. not many people know both.

related: it hardware gets even more complex (great!) | how accounting geeks and techie nerds can play nicely together

but you don’t have to know both if you know the right questions. one area of special concern is budgeting for subscriptions to software.

read more →