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the damage that traditional fee methods do

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a road sign depicting falling dollarsthe rule of three and cost-plus overlook some key considerations.

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

the time has come for the accounting professional to rethink the paradigm on which pricing has been based. let’s discuss the traditional methods of price setting and how they can have a negative impact on a firm.

more: four ways to prepare for new business development | ten keys to marketing success
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somewhere along the line accountants began to believe that an hour of their work had a set value to their clients. as we shall see, this false assumption has led to the current state of affairs and has caused accountants to:
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why the u.s. must act now to protect our online privacy

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lawmakers need to step up. don’t expect big tech to help.

by jonathan baron

i’m thankful for the european union. they watch out with much more diligence to protect privacy and do so with an eye to cybersecurity as well. but at least our regulators in the u.s. are fairly good, but slow, followers.

more cybersecurity: top tax vendors caught red-handed selling private taxpayer data | how hacker-proof is your firm? | it takes a village to stop cybercrime | one-third of cyber attacks involve small businesses | cyber insurance costs rise in health care as attacks soar | the why, what and how of cybersecurity for accountants | when cyber-crime hits close to home | cybersecurity for tax professionals |

more jon baron: top tax vendors caught red-handed selling private taxpayer data | client accounting services poised to surge in post-corona world | tax pros retake market share from diyers | three new technologies that will change everything [video] | economic mega-trends [video] | today’s best opportunities for accounting firms [video] | re-invest in your firm or get out? [video] |  when tax work dies [video] |  the big shift and the shakeout [video] | why the u.s. lags the world in tax tech [video]

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i was reminded of this because the other day, i received my quarterly report from deleteme, which i use to periodically clean up my data being bought and sold without my knowledge on the open market. since our last report, my wife and i have had over 20 new third parties needing cleanup. unbelievable.

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want better clients? here’s how

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five ways to find the sweet spot for your target client.

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

many accountants serve clients with extremely small businesses that gross six figures a year or even less. these clients are prone to being price-sensitive and often struggle with budgets and cash flow. if you’re serving these clients, you’re definitely meeting an important need in the marketplace, but you may also start to question your own prices, or worse, underprice your services.

more: five ways to acquire more clients | get your name in the news | five ideas for more summer revenue | four ways small firms can beat large ones | why you need a link-in-bio tool | five emotional skills for entrepreneurs | transform your marketing with crm | five kinds of small thinking
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the good news is that, on average, the higher revenues a company earns, the more likely they are to be a higher-quality client for you. owners with larger companies, on average, are less price-sensitive and less emotional about running their businesses. the sweet spot for many small cpa firms and bookkeeping companies is to attract clients from $1 million to $3 million all the way up to about $10 million to $20 million in annual revenues. so how do you get to these higher-quality clients? here are five ideas:
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six systems used to determine partners’ goodwill payments

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businesswoman using calculator while reviewing something on laptop screenalso: 28 main provisions of partner buyout plans.

by marc rosenberg
how to bring in new partners

this chart shows the different systems that firms across the country are using for partners’ goodwill payments. the data is from a recent edition of the rosenberg map survey.

more: how partner buyouts work | 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 | seventeen basic expectations of partners
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six systems used to determine partners’ goodwill payments

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top tax vendors caught red-handed selling private taxpayer data

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taxslayer, h&r block and taxact have been passing on sensitive personal and financial data to meta, google and other big tech companies.

by 卡塔尔世界杯常规比赛时间 research

q: since when did private tax returns become public information?

a: since some of the nation’s biggest tax preparers decided to share it.

more cybersecurity: jon baron: why the u.s. must act now to protect our online privacy |top tax vendors caught red-handed selling private taxpayer data | how hacker-proof is your firm? | it takes a village to stop cybercrime | one-third of cyber attacks involve small businesses | cyber insurance costs rise in health care as attacks soar | the why, what and how of cybersecurity for accountants | when cyber-crime hits close to home | cybersecurity for tax professionals |

more tax: irs embracing stakeholders | coming soon: new ways to pay the irs | irs sets milestones for radically new service | irs promises 12 customer service initiatives | should tax preparers be certified competent? | irs has big plans for its $80 billion | can’t irs tax pro accounts do more? | taxpayer assistance centers need upgrade
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for all your concerns about protecting client information, it seems that taxslayer, h&r block and taxact have been passing on sensitive personal and financial data to meta, google and other big tech companies.
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four keys to an elite wealth management team

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business people having meetingput care into negotiating roles.

by russ alan prince

building and growing your accounting firm’s elite wealth management practice hinges on a team of accountants, elite wealth managers, and other talented and capable professionals and providers working under close direction.

more: four core principles of elite wealth management | why accountants don’t get referrals from wealth managers | growth during a recession? here’s how | five business models for wealth management | four core principles for elite wealth management | wanna know what clients say about you?
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in the team approach that is pretty characteristic of the wealth management industry, the wealth managers have contacts with other experts they can refer to or call upon to help address various client matters. unfortunately, from the client’s perspective, this approach is commonly very inconsistent and sometimes even counterproductive. also, accountants usually play a subservient role, diminishing the value clients receive.
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get your clients talking about retirement

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man with briefcase climbing up ladder to top of giant piggy bankare they over 50? give them your counsel.

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

this is a specific financial planning service that helps clients plan for their retirement. this involves calculating how much a client will have to retire on and how much he or she will need.

more: use constraints to make improvements | ten strategies for smart collections | how to react to trends | trends are all around us | how to prepare business plan financial projections | the top 11 financial statement ratiosgoprocpa.com
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this work can take place one to two years before the expected retirement, or 15 to 20 years earlier. it depends on the client. you may also find yourself doing some quick calculations for a client in his or her early 50s who is being offered early retirement. whatever the case, it is a matter of paramount importance to the client, and must be treated by the accountant as such.
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yes, you can be an outsourcer

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woman on video conference with four other peoplehow bos work lets companies focus on what they do best.

by penny breslin
it’s not just the numbers

what do you want to do for your clients? define it, implement it in yourself and build a team that wants to be a part of your defined image. watch it grow, and adapt it to the changing times.

more: how back office support adds value | ai is not your enemy
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added knowledge and insights assist the client in taking future action on sustainability and growth of their company. cooperation between the client, the account manager and the cloud ai makes this work in order to provide the space for advisory.
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three questions about your competence

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confident businesswoman looking straight at camerahow do others view your partnership readiness?

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style.

more: competence is step one of seven | 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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but two brief but succinct examples on the realities of how a firm assesses an individual’s “competence” for leadership are showcased really stood out:

  1. they need to explain technical data to me in a way that i know they understand.

  2. what kind of lifestyle does this person have outside of work? we’ll be looking at facebook, twitter, and google to find out.

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help pros become experts through thought leadership

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businessman smiling and talking on phonebe certain to track results.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

an approach you can use and one that can strongly differentiate you from your competitors is to add value that helps the professionals reach their goals and become more successful. some of the more viable approaches involve helping them become thought leaders and providing them with turnkey business development solutions.

more: where to find wealthy clients | how everyone can win | five questions for your high-net-worth practice | take time to tune your practice goals | nurture referrals from wealthy clients | what your wealthy clients aren’t telling you | here’s where your next $5 million is coming from | four steps to a high-net-worth practice | three ways the wealthy use life insurance | help clients avoid fallout from personal complications | why tax planning matters so much to the wealthy
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adding value with thought leadership: becoming a thought leader is one way just about any professional can become significantly more successful.
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use constraints to make improvements

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scrambled thoughts enter man's head, straightened ones come outif you want different results, you must change the system.

by ed mendlowitz
77 ways to wow!

something is blocking the business from achieving its goal of making more money.

that something is what dr. eli m. goldratt, one of the world’s most sought-after business leaders and authors, calls a constraint.

more: ten strategies for smart collections | 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
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a constraint is any element or factor that prevents a system from achieving a higher level of performance with respect to its goals. goldratt developed the theory of constraints (toc) to manage business systems better. it is a management philosophy of focusing on the system constraint.
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how hacker-proof is your firm?

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thieves always build a better mousetrap, so stay vigilant.

by donny shimamoto, cpa, citp, cgma
on cybersecurity for accountants

in 2018, fraudsters posed as tax authorities and state accounting and tax professional associations. these were simple phishing attacks trying to get tax practitioners’ email usernames and passwords, allowing fraudsters to obtain client contact information and perform email-based password resets for other systems.

more:  future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
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the irs reported seeing threats specifically targeting preparers in illinois, iowa, new jersey and north carolina. additionally, the irs received reports tied to a canadian accounting association.[i]

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five ways to overcome cas staffing challenges

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number 5 drawn in sandquestion your processes at every step.

by hitendra patil
client accounting services: the definitive success guide

when we asked firms what is stopping you from offering client accounting services, their top response was that they don’t have the staffing.

more: raise cas awareness among your clients | five ways to profit from cas | cas is a value pitch | accountants are perfect for virtual cfo roles | raise client expectations with cas
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the #1 cas killer that emerged from the cas survey results is, unfortunately, also the most misconceived perception. it is a myth.
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