outlook & analysis

what the bitcoin phenomenon means for accountants

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it’s time to start to start thinking about the tax and accounting ramifications of digital, virtual currencies.

by hitendra patil
pransform inc.

bitcoin is virtual currency much in the news these days. it’s peer-to-peer so there’s no central bank or government. but, because it necessarily represents income or asset, it needs to be accounted for and hence will have tax ramifications.

accountants, the irs and accounting software developers are starting to take it seriously. but in the absence of irs rules specific to bitcoin taxability, accountants have to draw upon their knowledge of irs rules that govern income, assets, capital gains or losses, and stock and bond transactions, and apply that corollary to bitcoin ownership and transactions. read more →

the 4 dark clouds hovering over cloud accounting software

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and the two professional remedies you already know.

by frank stitely, cpa
stitely & karstetter pllc

cloud accounting software revolutionizes our relationships with our clients, enhancing our ability to provide real-time and forward-looking tax and accounting services. at the recently concluded sleeter conference in las vegas, cloud vendors promised zero data entry, the editing of transactions in spreadsheet format and seamless integration with best of breed third-party applications.

they didn’t mention, however, that their programmers redefine accounting principles by sacrificing sound internal control at the ease of use altar. before launching your clients into the accounting cloud, evaluate the risks currently ignored by many, if not most, cloud vendors. read more →

two steps to easy upsells

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by sandi smith leyva
accountant’s accelerator

adding revenue does not have to take much time or money. start by going after the low-hanging fruit.

open excel or your favorite spreadsheet tool, and make a worksheet from the sales numbers in your accounting system. list the name of each current, active client you have in the rows of the spreadsheet. across the top, make columns for each service you offer. for example, if you offer tax, bookkeeping and quickbooks consulting, you will have three columns.

you can break your revenue out any way you like. the more columns, the better.

then, drop in your revenue numbers from your accounting system. in quickbooks, you may be able to run your sales by customer summary to make it faster. you can create the columns by class, if that’s what you use to break out your revenue by service line.

that’s step one, to create your spreadsheet. step two is the fun part.

read more →

2014 roundtable: re-recruiting top talent without regard to ‘parity’

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2014 top trends logo vf
click for the full rosenberg map survey

what to do when your best rainmakers are at the front of the retirement line.

see the complete 2014 roundtable

by sam allred
upstream academy

analysis

leaders of firms are optimistic as they begin to see the firm dials move in positive directions.

allred
allred

in most markets, there are positive signs that the recession is beginning to lift: clients making more money, clients asking for more projects/services and a pipeline fuller than this time last year.

on the people side, the exodus has once again started. most firms have reported they have lost key partner-track people to industry jobs in the past six months. bd is a top-drawer issue with all firms.

the stark realization that the firm’s best rainmakers are at the front of the retirement line has caused firms to get very serious about developing future rainmakers. more and more firms are taking a team approach to landing significant new clients and engagements. many firms are getting better with the partner goal process and they are excited about the results that come from doing it right. read more →

tax return reviews: the key to a smooth tax season

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em htrtr cvr cliptop leadership must set the tone for solid review work.

by ed mendlowitz
how to review tax returns

tax season is a microcosm of everything done in an accounting practice. one of the primary concerns of a business is having the proper processes and quality control procedures. many firms, however, do not have uniform tax return review procedures, and even when they do, they are not always adhered to. choosing how to properly use the reviewers’ time and interface them with the staff can contribute immensely to a smooth tax season. read more →

managing partners reveal 11 strategies for getting their firms to the top

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survey of 150 chief executives also shows 10 ways they stay there.

by robert j.  lees and 
august j. aquila
creating the effective partnership

this article builds on two extensive bodies of research. the first, to which we refer briefly, is on what differentiates those managing partners who make a substantive difference to their firm’s performance from their peers. to add to our anecdotal understanding of this difference together with our years of desk research, we asked 150 practicing and managing partners from the u.s. and europe what they believed truly successful managing partners did to make a real difference. the result of this study is an in-depth understanding of the leadership attitudes and behaviors of successful managing partners. read more →

2014 roundtable: no shortcuts to sustainable growth

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2014 top trends logo vf
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firms come to understand success must be organized and leader-driven.

see the complete 2014 roundtable

by gale crosley
crosley co.

analysis

firms are realizing that growth is a more sophisticated game, and we are never going back to the “hang out your shingle” days. succession issues are playing a major part in motivating firms to take a hard look at how they are going to grapple with sustainable growth.

when the business world was somewhat predictable, growth could be counted on. but there are too many complexities today to count on the past as a predictor of the future. globalization, social media, innovation, regulation, competition — these are just some of the dynamics at play. the way business was generated by our seasoned partners will be quite different from our future leaders. this awareness is becoming more acute as sluggish economic conditions continue. read more →

get real: 15 questions for achievable growth

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by bruce w. marcus professional services marketing 3.0 in building a growth plan for your firm, perspective is important. objectives, clearly defined as they should be, should not be overwhelming. nor should they be adhered to slavishly. it’s often enough … continued

five thinking patterns that will keep you playing small

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what makes you flinch?

by sandi smith leyva
accountant’s accelerator

if you feel you should be doing better than you are in business, you may have a belief pattern that is unconsciously holding you back. the first step is to bring it to the surface. only then can it be addressed, released and replaced with a belief that will lead you to increased success.

here are five of the most common thinking patterns or beliefs that will keep your accounting business from growing. read more →

tax return review: the overlooked factor in tax season success or failure

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em htrtr cvr clipgreat reviewers aren’t born. they’re made.

by ed mendlowitz
how to review tax returns

reviewing tax returns is a key part of tax preparation. it also is an area vulnerable to major bottlenecks and backlogs. inevitably, firms have more preparers than reviewers. the latter are highly skilled professionals who are more difficult to train or find. therefore, you must consider ways to reduce review time, even at the expense of adding preparer time.

the best tax season managers know how to: read more →