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move from a balance sheet orientation to a data orientation
rather than rely on sampling, you’ll use technology to find all the needles in the haystack.
by alan anderson, cpa
transforming audit for the future
most auditors have grown up their entire career with a balance sheet orientation. “i can audit any balance sheet,” is a common defense against making any of the changes needed to move into the future. it is not an easy task to think about a data-driven orientation.
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but the amazing part of moving to a data orientation is that it deepens your understanding of your client. you understand how data moves through their systems, a perspective you cannot have if you just look at the balance sheet. you start asking your client deeper questions, so you understand what these transactions do. i’ve had partners tell me that after they work with this data-driven approach, they’re embarrassed by how little they previously knew about their clients. conversations with your client are more profound, more valuable and more relevant when they focus on the kpis specific to a client and their industry.
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ten client tips for deducting travel expenses | listicle
four ways to provide wealth management in your accounting practice
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rob santos is ceo of arrowroot family office, which he founded in 2013, and of arrowroot advisors, an investment bank focused on m&a for software-based companies. he works with affluent families providing bespoke family office services. |
plus specifics on revenue potential.
by rob santos
the holistic guide to wealth management
at a california society of cpas conference our firm attended, a panelist said that before he made the transition to wealth management, he was very reluctant to register as an investment advisor. why? because he thought that registering would be too much trouble.
“eventually i made the decision to set up a separate ria firm,” he said “because as a cpa, we are regulated by the california board of accountancy. i didn’t want to also have another regulator, whether it was the state of california or the sec, in my accounting firm.”
more: profile of a modern firm: putting the vision into practice | toward a 21st-century cpa: a dynamic vision | what multiples mean to accounting firms | tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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that cpa-turned-advisor hasn’t looked back since. he told us later that he only wished he had set up his registered investment advisor many years prior. by setting up a separate firm he must be “very careful” about which hat he is wearing. “i don’t want to be a registered investment advisor in my accounting firm,” he said, “and i don’t want to be an unregistered cpa in my advisory firm.” he also told me there are very clear lines that his colleagues follow when it comes to which firm does the services for their clients. “all things considered, the obstacles weren’t all that great,” he added.
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the top ten problems the irs still needs to fix
despite improvements, substantial issues remain.
by 卡塔尔世界杯常规比赛时间 research
erin m. collins, america’s national taxpayer advocate, has been unusually complimentary in her annual report on the irs, but that doesn’t mean she hasn’t identified 10 problems that should be – and could be – fixed.
more: tax pros gear up for a better busy season | irs processing up; payouts down | help tax clients help you | art werner: beneficial ownership and control | quick tax tip | four challenges of managing new tax preparers | irs funding pays eye-popping 415x roi | tax season 2025 begins. ready or not. | every tax reviewer should be able to answer these ten questions | art werner: corporate transparency act and fincen reporting | taxpayer advocate sees big improvements at irs | major changes to circular 230: implications for tax professionals | cornerstone report
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all of these problems impact the tax preparation business. the impact is often indirect, hitting taxpayers who have a tendency to ask their tax preparers to do something about their particular problem.
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