special

closing the audit expectations gap

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regulator expectations versus client expectations: is there a middle ground?

by alan anderson
transforming audit for the future

instant download:
“the new manifesto for accountants.“

the overarching goal of the audit is to issue the correct audit opinion.  but what else do we expect from an audit?

more: three fundamental questions to ask in audit | how auditors can beat ai | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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the word “audit” comes from a latin word that means “to hear.” originally, the official examination of accounts – what we would call an audit – was an oral procedure. and, for many centuries, listening was a primary way of gathering information in an audit. the merriam-webster dictionary defines audit as “a formal examination of an organization’s or individual’s accounts or financial situation” or as “a methodical examination and review.” read more →

four simple game-changers to modernize your practice

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focus on the client experience.

by blake oliver
with david leary

my mom is in her 70s and still gets the taxes organized for her household. she’s been using the same 10-partner firm for the past 30 years. like many small firms, hers had no succession plan, so it recently merged with a big firm – top 25. as you may imagine, her recent tax season experience was disappointing. she submitted all her documents on time and then didn’t hear anything from her new accountant for weeks. finally, she received a return to review and was shocked to see herself marked down as blind. my mom is not blind. there were other errors in her return, including a missing real estate transaction. clearly, it had not gone through a proper review process.

more: nine ways to measure client experience | how the pandemic changed firm mindsets | twelve clues it’s time to outsource or offshore | yes, you have the staffing for cas | why firms shy away from cas | hook your firm on cas | can you identify real cas prospects? | 8 ways to create your cas practice | do you value your cas value?
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my mind exploded, wondering how such a large, well-known firm didn’t have a better quality control process in place. i’m guessing they didn’t even have a workflow management solution. after sharing this story with several cpas at other large firms, i learned that my mom’s situation was not all that unusual.

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generative ai: should you avoid it or adopt it?

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with ai, will it pay to be an early adopter or to be more cautious?

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

when a new technology arises, accounting professionals tend to be skeptical. they are seldom the people who are first to jump on the bandwagon. it’s been true at the introduction of mainframes, when pcs first arrived, when networks were first developed, at the internet’s inception, and during social media’s adoption. so, it’s not surprising to hear that accountants are skeptical of the newest technology, generative artificial intelligence.

while there are certainly issues to be aware of with all new technologies, generative ai tools such as chatgpt have the potential to save employees roughly two hours per day. it makes sense to at least learn about this technology to see if it fits in your firm.

more: now’s the time to clean up your email list | transform your marketing with crm | five kinds of small thinking | five tests: how open are you to change? | maybe price isn’t the problem | three thoughts for a quiet morning | the seven-step plan for marketing by spreadsheet | beyond quickbooks: wowing your clients | 11 ways to boost billings and impress clients
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the term generative ai refers to technology that uses a machine learning model and that contains interactive features such as the ability to chat. one example is chatgpt, which is a public, consumer-based product developed by openai. microsoft’s generative ai product is bing ai, and google’s entry is bard. there are a dozen or so others, but those are the “big three.” these tools are rapidly evolving with new features, capabilities, and content added weekly if not daily.
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how to match cas clients to technology

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the key: once data is created, don’t re-create it.

by hitendra patil
client accounting services: the definitive success guide

client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients. in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savvyness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.

more: cas tech stack depends on cloud use | five ways to overcome cas staffing challenges | think cas isn’t for your firm? | convince your firm of cas value | ten ways to tell a client is ready for cas | launch cas in just eight steps
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in such cases, you want the technology stack to be as standardized as possible to avoid costly, error-prone and time-consuming need to deal with a variety of software. at the same time, when clients do part of the work, you must seek to implement collaborative technology on the cloud to eliminate duplication of data entry and mailing/emailing information back and forth between your firm and clients. this will, most likely, require you to convince your clients of the benefits of common, collaborative, cloud technology platform, and more likely than not, train the clients onto newer technologies. but the experience of hundreds of firms shows that the payoff far outweighs the cost of such efforts.
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one question to guide your growth plans

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businessman looking at question mark sketch on the walleven services need to be packaged.

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

marketing and business development do not have to be a painful experience. if it is, then i suggest that you simply stop what you are currently doing. how many of us are successful in doing painful activities? i know i’m not.

more: 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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start your marketing thinking with the following question: “what kind of firm do i want to have?” while i can offer some suggested answers, the real answer must come from you, and it shouldn’t be determined in two minutes.
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everyone in your firm is marketing

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every activity performed in an accounting firm is visible and of concern to prospective clientele.

by bruce marcus
professional services marketing 3.0

editor’s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert’s evergreen work, which retains wisdom for the present. the following article appeared in the september 1980 issue of the virginia accountant. it is probably the first – or at least one of the first – articles on post-bates professional services marketing.

when, a few years ago, the codes of ethics were changed to allow straightforward marketing by professionals, there came into play a new configuration of circumstances and activities that will reverberate throughout the accounting profession for years to come.

more: let’s lose the word ‘image’ | marketing a fixed position in a moving world | how to build a marketing culture | have you planned how to service your new revenue? | why is change so hard for firms? | why value pricing works | why competition matters most
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for generations, concepts of probity have pervaded public accounting. accountants were to be not merely independent, but well beyond the fray of public quarrel or exposure. the sword of the cpa has always been independence and, it was long felt, independence is compromised by public debate. and now comes marketing, the crux of which is visibility.
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what firms should address in partner agreements

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businessman sitting in office and reading documents
… and what partner candidates should know before they sign.

by marc rosenberg
how to bring in new partners

what is a partner agreement?

according to nolo.com, “a partner agreement spells out the rights and responsibilities of the firm’s owners. without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. a partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs and preferences.”

more: six systems used to determine partners’ goodwill payments | how partner buyouts work | what buying in actually means | how partner and staff actions impact profits | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner | sixteen duties of a partner
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any post on partner agreements will have an obligatory paragraph like that. here is a more in-depth description that may be illuminating.
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client clues for wealth management opportunities

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leader addresses co-workers
how to grow your firm outside of wealth management.

by russ alan prince

a pervasive problem many accounting firms face with wealth management practices is how little wealth management business they generate. having an arrangement with a wealth manager or establishing their wealth management practices does not tend to result in very much business.

more: exceptional teams are key to high-net-worth practices | four keys to an elite wealth management team | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
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indeed, some accountants will send clients over to the wealth management practice because the client asks them to. however, relying on clients to initiate the referral is something other than a solid business development strategy. instead, the wealth manager must show accountants how to identify opportunities and make the proper connections.
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build your team, then choose your clients

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group of businesspeople hiding their faces behind question mark signs at officefive aspects critical to success … and they’re not accounting.

by penny breslin
it’s not just the numbers

before you can build back office support (bos) practice, you need to assess what kind of team you already have. let’s look at two similar and at the same time, uniquely different accounting and tax businesses who contacted me for help in outsourcing some of their bookkeeping.

more: 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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both businesses have multiple offices; both have multi-partner owners; both do taxes, accounting and bookkeeping; and both list client advisory services. both have ownership and employees of a similar age. both exist along the same coast. both of these accounting businesses appear successful. one business is full of happy employees, owners and cooperative clients. the other business has the word no figuratively imprinted on their front door.
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why firm culture matters for partners

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with insight from our exclusive expert council: dunn, pipe, grundy.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style.

more: five ways to rally your firm to its culture | three questions about your competence | 10 can’t-skip steps for business development | attract clients, don’t chase them | success in business comes second | business won’t come to you
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examples that really stood out on the realities of individual variances in firm culture are showcased below.

“our partners have articulate minds, and that’s what we want to be demonstrated by any new appointees.”
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organize meetings to save time and stress

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give meetings more purpose and take back some time for yourself.

by beth ziesenis
app of the week

a 2021 survey found that 94% of employees feel happier when they can take a lunch break, but 40% said they only occasionally, rarely or never take breaks during the workday (for women it was 67%!).

more apps of the week:  automate captions for videos | can’t read it now? save it for later | don’t lose precious memories: digitize old photos | track your mileage automatically | keep track of your subscriptions | capture testimonials to increase credibility | find an extra set of hands for time-consuming tasks | personalize communication and set yourself apart from competition | waiting to exhale (i.e., can april 19 hurry up?) |
see all: apps of the week here |
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

and because one of the biggest timewasters in the office is mindless meetings, try an app that organizes agendas and keeps track of all the meeting discussions and decisions.

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six ways to offer financial products

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unbalanced brass scalesplus three best practices.

by anthony glomski and russ alan prince

accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions.

either they do or they do not.

more: family offices come in three types | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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a fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

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