you have to believe in yourself. by martin bissett “no man has the ability to step outside of the shadow of his own character.” — robespierre as far as our potential clients are concerned, how they perceive us is how … continued
document, document, document.
camico, the california-based malpractice insurer, describes five ways cpa firms can increase their exposure to lawsuits and what preventive measures to take.
highlights:
1. accounting rules: while accounting rules don’t require certain procedures, e.g., confirmation of information in a compilation engagement, juries may not take that rule into consideration. so if something doesn’t seem right to you, it is best to do some probing and make sure it is right. then be sure to document it and communicate it. read more →
a little tlc and they’ll never want to leave.
by sandi smith leyva
the accountant’s accelerator
it’s far less expensive to keep your existing clients happy than it is to find new clients, especially since the trust factor between people is at an all-time low.
more on small-firm growth strategies: draw new clients in like a magnet | 11 ways to add value for clients | 9 ways to increase sales through ‘power networking’ 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 | if you’re a ‘best-kept secret’ cut it out! | busy season surval tips: 5 ways to turn a tough day into a great one | four ways to stop leaving money on the table
so you might want to think about redirecting a portion of your marketing attention on your existing client base instead of networking for new clients. read more →
six ways to eliminate stress and potential mistakes. by ed mendlowitz tax season opportunity guide urgency creates stress and pressure and leads to mistakes and improper perceptions of the quality of the work. planning and execution reduce urgency. one way … continued
partial credit is an option for those whose schedules vary over their careers.
by marc rosenberg
retirements & buyouts
full vesting age is different than mandatory retirement age.
more on partner retirement: retirement vesting: the devil’s in the details | compromise is in order for some goodwill payouts | when retiring partners take a specialty with them | if clients leave, do you reduce retirement benefits? | three ways to calculate goodwill payable in partner buyouts, none of them great | the ins and outs of aav for goodwill | clients leaving? time to reduce retirement benefits | how to set terms and limits for goodwill payouts | partners may balk at guaranteeing retirement obligations
these two ages are similar, but most firms treat them differently. for instance: read more →
leading firms are centralizing client contact updates for consistency, efficiency, security.
by roman h. kepczyk
quantum of paperless
many firms today maintain contact information within multiple applications such as practice management, outlook, tax systems, and other marketing and crm (customer relationship management) programs.
more on tech spending: standardize quickbooks support for clients | how to choose the right client portal solution | streamlining bill-paying at cpa firms | digital tools streamline audit production | accounting firms run on more than checklists alone | going paperless means convincing clients first | making digital tax process easier is all about the workflow | why firms need document retention standards | new tech tools for the 24/7 accounting firm | the single best defense against computer viruses | how to choose the right backup system | how to know it’s time to scrap your old server
too often, a significant amount of time is wasted in firms pulling contact information together, reconciling and verifying lists for mailings, invitations and even organizers. it is critical that firms centralize the updating of contact information for consistency. read more →
creating awesome value to become the go-to business strategist.
by hitendra patil
pransform inc.
as part of my role in calling on cpa firms, i meet with as many as a hundred in a month. but three of them absolutely blew me away. let me tell you why.
they all share one common factor in their thinking, which is creating awesome value for their clients. all of them provide the same standard services to their clients that an accounting and tax firm would. what happens beyond those standard services is what separates them from the rest of the world. and they use a simple trick to create awesome value. read more →
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the irs has processed more than 97 percent of returns received.
tax professionals e-filed over 23.7 million returns through feb. 20, 2015, down 3.9 percent from the nearly 24.7 million returns e-filed by the same time in 2014.
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
attitude is a big factor.
change, in business as in life, doesn’t always happen the way we want it.
especially in busy season.
it’s at those times when we may need some help. here, from “change expert” m.j. ryan, author of “adaptability: how to survive change you didn’t ask for,” are a few helpful thoughts…
1. focus on the solution, not the problem. because society rewards analytic thinking, we believe that identifying the cause of our troubles is the answer: why is this happening? that’s a starting point, but don’t spend too much time there. what are you going to do about where you are?
apply it to service, processes and standards.
by ed mendlowitz
tax season opportunity guide
one way to guarantee extra work is to have everything always done differently each time it is done.
more on tax season: 11 clear client instructions to make your tax season easier | 3 ways to build a tax season team | have fun this tax season | how to get paid faster this tax season
not establishing uniform procedures is bad business and unnecessarily consumes part of your life. consistency in performance reduces work and review time and creates a greater reliance on the staff people. read more →
if you don’t ask, you can’t know. if not now, when? by jean marie caragher the 90-day marketing plan for cpa firms tax season is the perfect time to identify cross-selling opportunities, strengthen client relationships and ensure client satisfaction. consider … continued
and two common methods fully illustrated.
by marc rosenberg
retirements & buyouts
vesting of retirement benefits is not unique to cpa firms. but vesting concepts for accounting firms are somewhat unique and are important to understand.
more on buyouts: compromise is in order for some goodwill payouts | when retiring partners take a specialty with them | if clients leave, do you reduce retirement benefits? | why you’ll get less from your partners in a buyout than you might by selling the whole firm | three ways to calculate goodwill payable in partner buyouts, none of them great | eat what you kill? then maybe ‘book of business’ is for you | the multiple of compensation method, fully explained | the ins and outs of aav for goodwill | 5 points to consider when paying out goodwill | clients leaving? time to reduce retirement benefits | 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
employee retirement plans are intended essentially as “savings programs” that people can take with them when they leave the firm, even if they depart well in advance of a normal retirement age. when there is employer matching, vesting provisions are common, and vesting is fairly rapid. in contrast, vesting in partner retirement plans is intentionally slow.