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why and how to stress test client plans

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//www.g005e.com/2021/03/29/use-financial-stress-testing-to-get-more-business/what if? better to ask now.

by anthony glomski

i wrote this series of posts to help successful entrepreneurs and their advisors learn how they can build on their impressive accomplishments and utilize their wealth to achieve even greater things going forward – for themselves, for their families, for their communities and for the causes they care about.

more: three questions for clients who want to manage their own wealth | how to build your team of experts | why a virtual family office? why now? | 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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the fact is, your clients should take their financial health as seriously as they take their physical health. one of the best ways to ensure that their financial plan is strong enough to withstand whatever the market, the economy and life circumstances throw their way is to perform a regular “stress test” of their financial plan.
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teamwork drives firm success

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underview of 6 businesspeople in a circle with hands in center in teamwork gesturea team can’t become a standout team by dictate.

by anthony zecca
leading from the edge

leadership has responsibility and impact on creating a powerful and united team throughout the firm and an environment that motivates every single team member to their highest level of performance for the benefit of the firm, and not their own career advancement. teamwork and not individualism is a cornerstone of a strong culture that results in achieving the level of a standout, high-performing firm.

more: the two sides of the culture coin | four accountability steps for firm success | assessing your firm | incremental vs. exceptional success | is your leadership team at the edge? | leadership must drive culture
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in fact, a strong culture cannot thrive in an environment where silos exist, and individuals are more focused on what is best for their career versus what is best for the firm. teamwork is not only a key aspect of the firm’s culture, but a key factor in driving the firm’s performance to become a standout, high-performing firm.
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cas involves true communication

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businessman using internet on smartphone and laptoptake “trusted advisor” to another level.

by hitendra patil
client accounting services: the definitive success guide

a successful client accounting services practice requires increased interactions with clients. your usual non-cas methods of client communications are not sufficient to meet the demands and expectations of your cas clients. you must leverage new tech tools to reach out, communicate and collaborate with clients more frequently.

more: craft an engagement letter for cas success | how to choose your cas processes | nine ways to measure client experience | twelve clues it’s time to outsource or offshore | yes, you have the staffing for cas | why firms shy away from cas
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some accounting software can help you automate client notifications (by email/text) based on customized triggers set up in the software. similarly, automated payroll software can keep clients informed automatically. mobile apps of core accounting software are becoming a necessity to deliver client service and communications.

why?
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the seven building blocks of a great partnership

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businesspeople chatting around a water coolermaybe you can name them. can you live them?

by august j. aquila
what makes a great partnership

great partnerships are like great love affairs. there needs to be chemistry.

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after more than 36 years of consulting with large and small professional services firms, i’ve seen all sorts of chemistry. some partnerships were almost toxic, most were tolerable and a few were really great. let me share with you my observations about great partnerships and how they got that way.
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create family dynasties and add value, roi

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having a well-formulated succession plan is essential.

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

a family dynasty is defined as a cohesive economic entity where the perpetuation of family wealth, values and objectives lasts for five or more generations. about 60 percent of ultrawealthy families (net worth = us $30 million or more) are strongly attracted to the concept of a family dynasty.

more: why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
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the interest in creating a family dynasty is strongest among ultrawealthy families with single-family offices. nearly three-quarters of them think along these lines, according to senior management at these single-family offices. percentagewise, the founders of the single-family offices find the prospect of a family dynasty more appealing. at the same time, two out of five c-level ultrawealthy business owners are very interested in potentially creating a family dynasty. in these cases, more inheritors than founders find the idea of a family dynasty appealing. as the research is based on a worldwide sample, it is evident that the appeal of family dynasties is extensive and widespread.

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nine thoughts on self-marketing for the introvert

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are you afraid to put yourself out there?

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

are you shy? do you consider yourself to be a private person?  do you hate marketing because you feel exposed and prefer not to be the center of attention?

more: three questions for the new year | five lessons my clients taught me | how to fire a client | five tips for virtual team member happiness | boost your cross-selling in two easy steps | 11 kinds of wealth
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if so, you are not alone. but if you are also an entrepreneur or partner, you are probably sabotaging your marketing investment and you have a higher chance of your business failing (or suffering from low revenue).

what can you do? is there a way to attract clients and stay shy or private?

the answer is maybe. in any case, a mind shift needs to happen.

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nine reasons to make someone a partner

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signals, sparks and strategies.

by marc rosenberg
how to bring in new partners

why would a cpa firm ever want to make someone a partner in the first place? why would it want to share profits with more people?

more: tell potential partners what it takes
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the short answer is that it must be beneficial to both the firm and the new partner. a win-win, as the saying goes.
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the best tech for your team and clients

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blue glowing new technology background with particlesbonus: what all these acronyms mean.

by penny breslin
it’s not just the numbers

with accounting software and add-ons, from the standpoint of the person maintaining the “books,” the accounting program is the focal point. however, consider the focus of your business-owning client.

more: choose your little black dress of technology | going viral: today’s top marketing strategies | top ten types of clients (and 24 more reader suggestions) | meet the new bos | why ai is not the enemy

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their focus is operational. so, consider that for the business owner, the add-on is the accounting program. having the correct package of cloud-based programs turns the accounting program into a basic general journal that you, in your accounting hat, use to find any inconsistencies.

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three types of tax return reviews

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extreme close up of female hand with pen pointing on cash flow document.where you can add value.

by ed mendlowitz
how to review tax returns: the field-tested update

there are numerous ways to review tax returns. most reviewers have their own techniques, and some alter these based on the type of or size of the return, or who the preparer is or who the partner in charge of that client is. there is nothing wrong with this as long as the reviewer is experienced and really knows their stuff.

more: routine is key to reviewing tax returns | why you can’t skip checklists | tax review procedures are your quality control | seven types of tax return reviews | how to turn tax returns into new business
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my purpose is to show how returns can be reviewed effectively and efficiently and not cause major changes for those who are already doing a great job reviewing returns. hopefully they will glean a few tips from here. however, in many cases reviewers are not working effectively and efficiently and i offer processes that have worked for me and are working for many firms following these methods and that could help the reader work better reviewing returns.
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outlook 2023: authenticity comes to the workplace

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cas continues to be a huge opportunity.

by carrie steffen
the rosenberg map survey: national study of cpa firm statistics

during the pandemic, sheltering in place is allowing s to be more human and ourselves.

more: outlook 2023: private equity pumps up paychecks | tech automation takes hold | irs hires will add pressures | look who’s making money now | capacity strategies drive change | top five trends | compensation gets creative | the office is over | accounting firms face up to private equity
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in marketing and sales and in managing relationships at work, we’re moving away from “personas” and toward “person.”  that will translate into more individualized marketing, supported by automation tools like email marketing.

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do i need to learn new skills to succeed in cas?

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client needs and desires define which skills are necessary. hitendra patil cas q-and-a logo

by hitendra patil
the definitive success guide to client accounting services

have a cas question? get it answered here.

question: the largest revenue for my firm has been from tax services. we also offer accounting services, but it is not something we are the best experts in. what skills must practitioners have to grow a cas practice?

more cas: why cas? why now? | matching your tech to your cas clients | the tech stack you need for cas | yes, you have the staffing for cas | six steps to spreading cas awareness  | finding profits in cas |

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answer: first, the good news. you already have the foundation for offering cas successfully. it is only a matter of amplifying the parts of your current services that your clients need and want the most, from tax preparation to tax planning services to after-the-fact write-up accounting to more real-time accounting and advisory. but upgrading your service capabilities is just the start. skills development follows the service capabilities.

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simplify “handwritten” notes and prepare for success in 2023

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getting out thank you notes and blocking distractions was never easier.

by beth ziesenis
app of the week

the day after christmas is national thank you note day, which makes me feel bad for all the thanks i haven’t sent from last year’s gifts.

more apps of the week:  protect your computer from malware and more | 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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handwritten notes are the best, but if you have a lot of cards to write, consider making your own font in your own penmanship.

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