target the family ceo
your role? personal cfo.
by anthony glomski
special
price by outcome, not time spent
look at it from the client’s point of view.
by hitendra patil
client accounting services: the definitive success guide
when your prospects shop for client accounting services, what they find out about cas pricing methods and trends defines their pricing expectations. if you follow very different approaches to price your cas offering, it will take significant effort on your part to educate the prospects (and existing clients) about why you are pricing cas the way you are. as they say, it’s easier to ride the horse in the direction it’s going.
more: want higher profitability? turn to cas | cas requires reaching out more | cas reports are better. here’s how. | is it time for your firm to outsource? | raise cas awareness among your clients | which clients are best for cas | how much can automating bank feeds save you?
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it is good to first conform to the perceptions of prospects when it comes to your cas pricing. once you ride the horse, you can direct it to the destination you want to take it to. once you conform to the pricing method (not the dollar value) expectations of the prospect, their anxiety, and perception of risk (what value will they receive in the price they are willing to pay) reduce. after that, they are more open to evaluating the choices you present to them.
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jina etienne: practice fearless inclusion
accounting is what we do. it is not who we are.
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the disruptors
with liz farr
jina etienne wants accountants to stop hiding behind our green eyeshades and all the stereotypes we share as cpas. she practices “fearless inclusion,” which is the freedom to be yourself and to create the space for others to do the same.
more podcasts and videos: heather satterley: you’ve got to meet people where they are | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa | ira rosenbloom: with m&a, nobody wants a fixer-upper | peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go | accounting nerds, unlock your super powers | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson
“inclusion happens because of how i show up and the space i make for others,” etienne said. she added that the fearless part means we need to be brave and bold while also interacting with others thoughtfully. when we show our personalities and our humanity, “that fixes a lot of things, actually,” she explained.
disturb the present to improve the future
five suggestions to help you compete.
by marc rosenberg
the rosenberg practice management library
to thrive in today’s tough and fast-changing market, accounting firms must become more agile and adaptable than ever before. but what are the characteristics of an agile, adaptable, quick-learning cpa firm? and how do you get that way?
more: new partners must be impact players | why partners can’t shirk performance reviews | what firms should address in partner agreements | 11 best practices for partner compensation | why buying into a firm is such a great investment | the business side of cpa firms | it shouldn’t take so long to make partner | three types of skills you need to become a partner
my initial, somewhat amusing (probably just to me) thought was the credo for little league umpires (who in many communities are 14-18 years old):
be mobile.
be assertive.
be loud.
it may have more relevance to what follows than either of us might initially think.
how to fight feeling overwhelmed
five ways to turn a tough day into a great one.
by sandi leyva
the complete guide to marketing for tax & accounting firms
the exact solution to managing your “overwhelm” level will depend on what the source of your overwhelm is. you can also be suffering from more than one source of overwhelm.
more: the art of prompt engineering for accountants | grow your revenue with three marketing strategies | what can chatgpt do for accounting professionals? | generative ai: should you avoid it or adopt it? | want better clients? here’s how | four ways small firms can beat large ones
here are five tips to help you manage the most common sources of overwhelm.
1. find support.
is your overwhelm related to your packed schedule?
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would you buy your own services?
don’t expect potential clients to if you don’t know what sets you apart.
by steven e. sacks, cpa, cgma, abc
do you ever wonder why after spending many hours on drafting, editing, proofing, and polishing—and proofing and polishing just once more—your engagement proposal efforts did not result in winning the engagement? and if this happens on a semi-regular basis, the frustration is never easier to take.
more steve sacks: how do you value your most important asset? | how to build a winning proposal | six ways to fix your firm agreement | the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
you may have the requisite knowledge, experience, and perhaps even a broad view based on a diverse set of clients. however, you may have become complacent by maintaining a “cookie-cutter” approach to developing your proposals. like the old joke defining a consultant: “a person who takes off your watch, tells you the time, and gives the watch back to you,” implies an approach that you believe is best for your potential client, yet reflects no understanding of what the client actually needs.
bissett bullet: relationship building
today’s bissett bullet: “if we’re on dragon’s den, we ‘pitch.’”
by martin bissett
see more bissett bullets here
bundle tax services with financial planning
two sample engagement proposals.
by ed mendlowitz
how to build a stronger tax practice
following are two sample engagement proposals for tax return preparation bundled with additional financial planning and business planning services.
more on marketing: when clients haven’t filed taxes for years | seven keys to a complete succession plan | the tax effects of buying or selling a business | elder care: not sexy, but vital | how to guide clients through divorce | help clients manage their investments
letter 1:
dear _________________:
it was good meeting with you last week. ed and i are excited to be working with you and look forward to a long and satisfying professional relationship.
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strengthen client ties with workflow tools
bonus: a solution for authentication code headaches.
by penny breslin
it’s not just the numbers
managing tasks and workflow through email, handwritten notes, telephone messages or walking down the hall is a recipe for disaster. a web-based tasking app, preferably linked to your document management system, allows the back office support to inspect what they expect:
- recurring tasks done on time and accurate load leveling of resources
- audit trail of work
- set up, review, make notes, share information and complete tasks while maintaining the relationship with the client
more: decoding accounting tech (and all those acronyms) | do your apps play well with others? | it’s ok to have favorite clients | ten questions for teamwork | yes, you can be an outsourcer
tasking applications come on the market regularly and there are a few that are specific to the accounting industry. they can run the gamut in price ranges and capabilities. from advance flow to 17 hats, a firm large to small can find one that will work and fulfill 80 percent of their needs. below are some we work with and that get high reviews with our staff:
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‘uncharted’ economic outlook for accountants
click to play
gustonomics’ liz wilke “bullish on a soft landing.”
by blake oliver
it’s been a wild ride that past 12 months with the regional banking crisis, the fed raising rates to the highest level in two decades, not to mention ai disrupting accounting and other professions, and the constant threat of recession.
more blake oliver: four simple game-changers to modernize your practice | why tax work yearns to be free
if you’re wondering how to advise your clients with so many conflicting signals on the horizon, you’re not alone. to help make sense of it all, i spoke with liz wilke, chief economist at gusto, on an episode of the accounting podcast.
“honestly, i’m pretty bullish on a soft landing for the economy,” shared wilke. “if we have a recession, it will most likely be a mild one in the minus 1 percent to zero percent growth range. and i don’t think it’s coming till 2024 if it’s coming at all,” added wilke, host of the gustonomics podcast.
who needs fall tax planning? clients … and you
avoid balance-due whining sessions and earn additional revenue.
by frank stitely
the relentless cpa
you’ve surely had this conversation a million times during multiple tax seasons, most often in april. you give a client a tax return with a $20,000 balance due.
client: i didn’t expect to owe that much.
you: how much did you expect to owe?
client: about $5,000.
more: it’s ok to say no to clients (even the large ones) | control your time: avoid ambush meetings and calls | train your clients before they train you | don’t let clients dictate tax workflow | how small firms can win the talent wars | do you know your turnaround time?
here’s where my conversations may differ from yours a bit.
seven mistakes in winning new fees
plus nine metrics to measure.
by martin bissett
passport to partnership
like it or not, the 21st-century accountant is in the relationship-building business.
when a qualified accountant learns the art of developing those relationships in such a way as they empower the practice to be able to forecast its new fee income each year, the accountant becomes a profit center and their value to the firm increases tenfold.
more: tell the world your worth | don’t overlook internal communication | four reasons people struggle with communication | why firm culture matters for partners | competence is step one of seven | three things that rich accountants do | make your expertise a new-client magnet
our fourth “c,” conversion, has flirted with being the top answer from respondents in the passport to partnership study and has featured in over 80 percent of all firms interviewed as to what makes a senior manager stand out as a potential partner.
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ai + mri = diseases that doctors might miss
could this patented ai algorithm predict metabolic abnormalities up to a half-decade in advance?
by rick richardson
technology this week
an artificial intelligence platform developed by a british health tech business can analyze mri data to look for early signs of sickness. the company’s strategy, which employs imaging biomarkers, promises better disease diagnosis and treatment decision-making.
more: printer ink: not just expensive, but a blatant scam? | bill gates behind next-generation nuclear plant | electronic skin that can sense touch will transform robotics | four of today’s new technologies that will be tomorrow’s ‘norm’ | solar sensors detect wildfires early, saving lives, money
twinn health claims to be advancing longevity and preventive healthcare thanks to a $500 million venture capital fund from saudi aramco.
read more →