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wow clients with trend analysis

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//www.g005e.com/2021/11/17/business-development-and-sales-arent-scary/comparing the statement of operations with the balance sheet. bonus: the five numbers needed to run a better business.

by ed mendlowitz
77 ways to wow!

the sample statement of operations report below was created using excel to better illustrate and highlight the differences. this also enabled entering selected percentages, which cannot be done on most computer-generated financial statements. most computerized reports can be exported to excel with a couple of clicks.

more: trends are all around us | six kinds of loan covenants | what’s more profitable, raising or lowering prices? | solos need plans for death, disability | five ways to ward off fraud in not-for-profits
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besides the percentages included below, a helpful percentage would be increase or (decrease) in monthly sales, or any other item you want to track. in the illustration, monthly purchases to sales and cost of goods sold percentages were tracked.
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convince your firm of cas value

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three happy businesspeople looking at laptopdon’t just introduce, reinforce.

by hitendra patil
client accounting services: the definitive success guide

unless you become the “cas champion” or make someone accountable to be one, your client accounting services practice will not take off the starting blocks.

more: how much can automating bank feeds save you? | accountants are perfect for virtual cfo roles | raise client expectations with cas | the why behind your cas why
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and the single biggest initial challenge for the cas champ is how to communicate the value of cas to the firm’s future fortune to every stakeholder – be it partners, staff, clients and prospects. for this post, i will assume that your cas champ absolutely “gets it.”
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transferring business interests to optimize estate taxes

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couple sitting across desk from advisorstrategic estate planning could save your clients millions.

by anthony venette, cpa/abv

we stand at the precipice of the largest wealth transfer in american history. millions of business owners are struggling to write the next chapter of their companies and their legacies. prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.  

more: enhance wealth by mitigating taxes | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting | 2022世界杯32强赛程表时间
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that being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. here are four important reasons why gifting business interests can be advantageous: 

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help business clients lower property tax assessments

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profile of man shouting tax and other, starred-out wordssome property owners pay inaccurate property tax levels by as much as 20% to 30%.

by josh malancuk with jm tax advocates

with cash-starved states and municipalities looking under every nook and cranny for revenue, manufacturers with lots of fixed assets and personal property are generally taking it on the chin when it comes to their property tax assessments.

more: six kinds of loan covenants | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement | due diligence is in the details
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many of your business clients, especially manufacturers, sense their assessments are too high. but most don’t have the time, resources or expertise to challenge their assessment through the protest or appeal process before the deadline. and so, overpayments continue for another cycle and then again, and again and again. that’s what assessors count on. but you owe it to your clients to keep your assessors accountable through available appeals and to help them avoid overpaying taxes year after year.

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how to deal with underperforming partners

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man preparing to fly paper airplane at office deskmake sure the firm isn’t part of the problem.

by august j. aquila
what makes a great partnership

i’ve been dealing with underperforming or dysfunctional partners for a quarter of a century. while the underperformers and dysfunctional ones haven’t changed much in that time, the way firms are dealing with them certainly has.

more: when ‘quiet quitting’ hits the partner ranks | nine ways to handle partners with strong views | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the so-called white gloves in the accounting profession came off many years ago when dealing with competitors. they are now off when dealing with these two types of partners. in addition, modern technology of time and billing software can and does generate every conceivable productivity report. partners are ranked from top to bottom in terms of billable hours, dollars collected, new business developed, collections, etc. there is no place for these partners to hide.
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three ways a.i. will take shape in accounting

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artist concept of an ai-based neuronwhat do they mean for you?

by hitendra patil
rise of the aiccountants

artificial intelligence (ai) is a rage worldwide now, and accountants are racing ahead to test/try out publicly available ai tools. ai-powered tools can potentially automate tasks outside the purview of the software solutions created by programmers. ai also has the potential to help accountants to better understand and analyze data, which is essential for helping their clients, and accountants themselves make better informed business decisions.

more: four ways to prepare for the ai era | seven ways ai could change accounting | who is better at accounting, ai or humans? | talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact
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all of you (almost) have already tried chatgpt. but it is just one type of ai – a generative, large language model (llm). as it is “language”-based, it can, right now, quickly help accountants enhance marketing and client communications.
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eight things to give new clients

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woman and man shaking hands across a deskset expectations early.

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

how you welcome your new client can set the tone for a relationship that could last for years or in the worst of cases, just days. start out on the right foot by looking super-organized (because that’s part of why we get hired anyway) and making it super-easy for a client to get on board with you.

more: five ideas for summer focus | 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
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the best vehicle for this is a welcome kit. here are eight things that should be in your kit at a minimum:
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help heirs with tax issues

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two women talkingthey may not see the possible tax ramifications, but you can.

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

inheritance advice and guidance is a valuable service for clients who have lost a loved one and are remembered in the will.

more on marketing: seven questions to suggest estate planning | 28 data points for a financial planning discussion | every client can use financial planning | four reasons to perform tax projections | four additional services to suggest
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most times accountants are not the first ones clients call. usually the attorney is the first person and then a financial planner. we get involved after the fact to “record” the results of what was done on the tax return, or via a phone call asking about the taxation of what they either received or think they will receive.
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can’t read it now? save it for later

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catch up on your reading at your convenience.

by beth ziesenis
app of the week

many american workers will not be in the office on may 29, but it is a great time to celebrate an underappreciated workhorse in the office because it’s national paperclip day. (who knew?)

more apps of the week:  make your computer a clean slate | recycle and repurpose old devices | enlist ai for more productive meetings | keep teams on task with project management apps | apps to put your affairs in order | app of the week: celebrate black business month | app of the week: cheap flights | help your clients save money | time to upgrade your spreadsheets | app of the week: secretly stash cash | easy apps for increasing client engagement with video | app of the week: grow your business knowledge and career skill sets | app of the week: upgrade your resume | app of the week: end procrastination | 
see all: apps of the week here |
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remember when we used to print articles and paperclip (or staple) them with memos (or sticky notes) about why the article was interesting or needed to be reviewed? fortunately, we now have great tools that do that for us. let’s look at one of my favorites:

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how to safeguard client information

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protecting user privacyfive areas of information security to cover.

by penny breslin
it’s not just the numbers

your clients trust you with their information; however, in today’s world, where sensitive information can be compromised and distributed, clients want assurance that their information is safe and that you are protecting them from identity theft.

more: how to create effective communication systems | start every engagement with an sla | get the most out of your client meeting | why you need standard naming conventions | how to develop internal procedures | proper workflow demands consistency | workflow tools can deepen client relationships
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

although certain state laws (check with your state); federal laws such as gramm-leach-bliley (glb), which covers individual privacy disclosures; and the aicpa rules of ethics do provide some protection, we recommend that as the trusted business advisor, you should disclose to your clients how you:

  • safeguard their information in your office and on your servers
  • securely transmit sensitive data
  • closely supervise access to authorized parties only

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here’s where your next $5 million is coming from

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businessman working netbook outdoors, wearing sunglassesthe three essential components.

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

a lot goes into building a $5 million high-net-worth practice.

it is a given that you will need wealthy clients. for most accountants, most of these wealthy clients are very likely to be successful business owners. but that is not always the case. you can potentially achieve your financial end goals with wealthy inheritors, for example.

more: 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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your commitment to becoming wealthier, your integrity, and doing the best possible job for your wealthy clients all play into your success. all of this is not enough. you need more. consider the following equation:
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don’t think of it as selling

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businessman holding two papers with happy and angry face each on themstart treating it like a service.

by martin bissett
winning your first client

being a successful person according to your own measurement of that, and your own goals and your own standards is different for everyone.

more: success in business comes second | eight questions to hold yourself accountable | win your first client: yourself | perception is reality, client version | 10 questions for reconsidering your prices | a list is not a pipeline
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you’re comfortable with yourself, it’s very likely that others will be too. if you understand the value that you offer (how you can improve a client’s situation to move them closer toward their personal and professional aspirations), you’re likely to be able to convey that value in front of a prospect.
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