special

you only have four strategies

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businessman turning compass labeled "strategy" like a steering wheel

look at your service offering like a stock portfolio. any losers?

by august j. aquila
price it right: how to value accounting servic

can you ever spend too much time thinking strategically about your accounting and consulting practice? if you are like most professionals, you usually have outlined some goals. you know where you want to go.

more: one question to guide your growth plans | five rules for a marketing orientation | the damage that traditional fee methods do | four ways to prepare for new business development | ten keys to marketing success
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the real question you must ask is this: “do you know the best way to get there?” in other words, “what’s your strategy?”
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set bold new goals for the rest of the year

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latina woman working on laptop

use four metrics to measure change, progress and success.

by sandi leyva
the complete guide to marketing for tax & accounting firms

think back to this day one year ago for just a minute. where were you in your business? what were your revenues, salary and profits at that time? what were your clients like? what were your biggest issues?

more: generative ai: should you avoid it or adopt it? | beyond compliance: six tips for adding value | track six figures to test your marketing | when you don’t know what you don’t know | eight things to give new clients | five ideas for summer focus | leverage your client list today | need leads? try a quiz | now’s the time to clean up your email list
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if we don’t occasionally look back to take a snapshot at a point in our history, we may not realize how much we’ve accomplished in such a short time. i’m not much for dwelling in the past, but this exercise is tremendously useful for a couple of reasons:
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adding new partners: 19 reasons to choose between equity and non-equity

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the ways they differ.

by marc rosenberg

it’s worth exploring the reasons for equity partners in great detail.

here are the key points:

  1. new partners deserve the promotion to such a great extent that the firm can’t afford not to admit them to the ownership ranks.
  2. the firm needs to expand its partner ranks.
  3. the firm needs to replace a departed partner.
  4. it rewards longtime managers who have solid client service skills.

more: what firms should address in partner agreements | six systems used to determine partners’ goodwill payments | fifteen steps to new partner buy-in | four philosophies for managing a cpa firm | public accounting as a business, 101 | 16 steps to creating a partnership path | six ways new partners differ from managers | the four essentials for every new partner
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  1. it’s part of a succession planning strategy.
  2. partner promotions send a strong message to the staff.
  3. it energizes the partner group.
  4. it’s part of a merger strategy.

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control your time: avoid ambush meetings and calls

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how much time do you lose to pop-ins and unscheduled phone calls? get it back.

by frank stitely
the relentless cpa

ambush meetings and phone calls are unscheduled events. clients just walk in with a tax document and want to say, “hello.”

more: get clients to bring tax docs early…yes, early |you train your clients, whether you mean to or not | train your clients before they train you | why time tracking still matters | business owners face one of three exits | don’t let clients dictate tax workflow | make fewer mistakes, increase revenue and capacity | how small firms can win the talent wars | easy ways to avoid ‘done but’ tax returns | six ways to create a millennial-friendly firm | do you know your turnaround time?
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this morphs into, “quick question while i’m here. …” fifteen productive minutes escape your life, which is really 30 minutes when you consider the mental time you need to switch back to the task that was interrupted.
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second opinions: an old service under a new label

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two people sitting across from each other at a deskbonus: a sample engagement letter.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

second opinions are just that – an outside look at a client’s business or personal situation.

more on marketing: elder care: not sexy, but vital | get your clients talking about retirement | how to assist investment clubs | when clients remarry | seven questions to suggest estate planning | four reasons to perform tax projections
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we used to call them second opinions and promoted them as such. we no longer do that, but offer this as a separate and distinct service or product such as we do for performance measurement services. we feel that the difference is how the service is marketed, not how it is performed for the client.
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ten questions for teamwork

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also: how to divide up back office support roles.

by penny breslin
it’s not just the numbers

i’ve developed a series of questions to assess someone’s aptitude for being on a team. each person in your firm who is a possible member of the back office support (bos) team needs to answer these questions. that includes you, as you are a potential team member.

more: build your team, then choose your clients | advisory services done your way | yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
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ask others in your firm or people you work with outside your firm to give you feedback on these questions as they see you and the other potential members of your team. their responses will give you a second filtering of your potential as well as others you would like on your team. notice these are not questions relating to the competencies in accounting functions. the assumption is that you and your people already possess those skills.
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culture can’t be ignored

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three questions to evaluate your firm.

by martin bissett
passport to partnership

this second c is a stormy and choppy one, often fraught with political icebergs but navigated diplomatically and with maturity, will lead you through.

more: why firm culture matters for partners | five ways to rally your firm to its culture | when would-be partners aren’t candidates | make your expertise a new-client magnet | don’t think of it as selling | experts: what it takes to become partner | where is your next money coming from? | your website promises. do you deliver?
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case study on culture

deborah had done well. she was bridging the firm’s culture gap and fulfilling its desire to be seen as an equal opportunities employer by becoming the practice’s standout rising star.
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the first police officer on the scene might be a drone

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the robocops can de-escalate situations and save lives.

by rick richardson
technology this week

in the posh seaside town of santa monica, california, when someone dials 911 for police, a drone is instantly launched from the station’s roof.

officers also respond. however, most of the time, the drone arrives first, flying directly to a set of gps coordinates the controller entered. sometimes, it arrives in less than 30 seconds.

more: electronic skin that can sense touch will transform robotics | what an a.i.-powered workforce means for accountants | smartwatch saves two lives | chatgpt unlikely to replace accountants | looking for investments? check out smart home technology | solar sensors detect wildfires early, saving lives, money | the top hotspot router – and why you need it | chatgpt: what it is. why you need to know.
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“it’s a fundamental change in the way that we can bring policing services to our city,” said peter lashley, a veteran of the force who often pilots the drone from a screen-filled command center inside the police station.
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accounting tech doesn’t have to be daunting

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getting unstuck on the tech stack and how to use ai today.

by seth fineberg
analysis & commentary

you’ve probably realized by now that the accounting profession has reached an inflection point. professionals’ trust in the vendors that create and distribute the essential technology they use is strained at best. and with automation once again at the forefront, the very nature of accountant tasks is up for debate.

live chat: watch or listen to the entire flash briefing here.

in short, we needed a non-sponsored, real chat with actual practitioners who, by all accounts, know what it’s like to be a tech-forward accountant. moreover, they know that’s not what the profession is comprised of and, despite being innovative, have struggled with tech adoption over the years. this is what our recent flash briefing, “getting real: the accounting tech decisions you need to make today,” was all about.

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the whats and whys of audit fee trends

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refinements to certain guidance increased the workload, putting upward pressure on fees.

by 卡塔尔世界杯常规比赛时间 research

audit fees have been rising steadily, if slowly, since 2018. but the first post-covid-19 audit fee reports show paradoxical records, according to a new study.

more: three fundamental questions to ask in audit | closing the audit expectations gap | how auditors can beat ai | the big issues in audit: frustration, inconsistency, and technology | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | five ways to increase audit efficiency

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in 2022, average audit fees increased 11 percent over 2021, reaching an all-time high of $2.24 million per securities and exchange registrant.

at the same time, however, fees per million dollars of client revenue have hit a nine-year low, according to a study from audit analytics, “20-year review of audit fee trends – 2003-2022.”

what’s going on … and why? well, it’s complicated.

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why stress testing matters

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four steps to take.

by anthony glomski and russ alan prince

the everyone wins process is at the center of how you can maximize wealthy client relationships. most often, this is a function of aligning interests. the process is also core to generating new business from these clients and other professionals. the ability to add value often plays a significant role in being referred by other professionals to their best clients.

more: six ways to offer financial products | family offices come in three types | how everyone can win | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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at the same time, there are many different ways to frame your conversations based on the self-interests of the wealthy to optimize their financial worlds and accelerate results. stress testing is one of those ways.
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why and how to track payroll costs

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businesswoman using calculator while reviewing something on laptop screenbonus: nine specific illustrations.

by ed mendlowitz
77 ways to wow!

most business owners look at the total payroll in dollars and go no further. but – payroll numbers are useful only if you drill down several levels to determine …

more: how to account for materials purchased | how to advise clients on allocating business resources | be wary of discounting prices | where is your firm in its lifecycle? | six kinds of loan covenants | what’s more profitable, raising or lowering prices? | insurance you might not know you need | solos need plans for death, disability | you don’t need this, but your survivors do | five ways to ward off fraud in not-for-profits
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head count

i tell clients to keep track every month of the total head count of the business – whether it’s three, 10 or 100 employees. on a year-to-year basis, the head count can be very revealing. first, it tells you whether employment is growing faster than you realized. second, by comparing head count with unit sales, you can measure worker productivity. if there is growth in units sold, your payroll is in good shape. if growth of units per employee declines, you have a problem that needs immediate attention.
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