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private equity heats up m&a

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firms competing in the buyers’ market need to put on some polish. 

by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics

the accounting industry is seeing an upswing in mergers and acquisitions after a slowdown during the pandemic confusion.

more: why solo cpas need pcas | where mergers go wrong | what your merger letter of intent needs | 61 things buyers should explore with sellers | thirteen ways to woo potential firm buyers | one times fees isn’t the only way | four reasons to fear a merger
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the reasons, according to consultants quoted in the 2022 rosenberg survey, are several:

  • sellers are looking for viability as partners retire.
  • sellers are looking for funding to upgrade tech and shift to cas.
  • buyers are looking for scarce personnel.
  • buyers are looking for specialized niches.
  • buyers are looking for something to tempt private equity investment.

what kinds of tips are available for buyers and sellers?

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ed kless: clients don’t want outputs. they want outcomes

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the disruptors: too busy? raise your prices.

 

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

what do clients – or, as ed kless prefers, customers – want from their accountants? it’s not the tax return or the financial statement but the outcome for the customer, which is most often peace of mind.

to remain relevant in disruptions like online tax preparation and automated bookkeeping tech firms like pilot, accountants need to consider other ancillary services they can provide above and beyond those basic services.

more:  seth fineberg: your classic business model won’t allow growth | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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“when you bill by the hour, when you have to measure your time, and when you tell the customer, ‘pay attention to my efficiency because that’s what i’m going to charge you,’ then they start looking at your efficiency instead of your effectiveness, which is the wrong thing to be looking at,” kless explained.

additionally, kless said cpas who are “too busy” need to raise their fees.

he said, “one of the mantras in pricing is innovating for growth, pricing for profit. when an organization wants to grow, the focus has to be on innovating, creating new things to offer, not necessarily what we used to be called rainmaking, which is getting more customers.”

kless maintains that accountants or cpas should strive to be the first person called, no matter what the customer wants, whether it’s super bowl tickets or a recommendation for the best medical team in an emergency. but experimenting with adding additional services or converting to a subscription-based business model will not be possible for firms that remain wedded to the timesheet, which, kess said, quoting ron baker, is cancer of the accounting profession.

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how the pandemic changed firm mindsets

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businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presenttake mindful advantage.

by hitendra patil
client accounting services: the definitive success guide

coronavirus caught the entire world totally unprepared for its aftermath. the impact on economies is unfathomable. accounting firms are not immune to this unprecedented situation. the deadly pandemic led to “working for home” a requirement for accounting firms. the alternative was a risk to life itself.

more: twelve clues it’s time to outsource or offshore | matching your tech to your cas clients | six steps to spreading cas awareness | 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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firms scrambled to make technological arrangements to make remote working possible. it was a systemic shock to the decades of operating models of accounting firms. but over about four to six months into the pandemic, several firms recognized that it is possible to achieve good results by remote working.
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get clients to accept your new pricing philosophy

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hand moving triangle along beam to indicate balance between price and valuea client who does not contribute to your bottom line is not a client.

by august j. aquila

once your partners are sold on the new pricing philosophy, you will need to communicate it to your clients. there are five ways to get clients to understand and accept the new pricing methods. each of these methods is discussed below.

more: getting partners to accept a new pricing philosophy | when to use 11 alternative pricing methods | make the value curve work for you | how to leverage demand in your pricing | make the most of your marketing mix
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believe that clients will accept a new pricing method: if you don’t believe it, you can be sure that your clients won’t either. it is not unusual for physicians, stockbrokers and attorneys to change billing methods. actually, most of your clients will understand what you are doing if you clearly communicate with them. there is a truism that good client relationships are based on trust. the clients trust that you will do the right thing for them. if they lack this trust, no matter what pricing method you employ, you will have problems with your client.
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is elite wealth management right for you?

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it can result in a firmwide multiplier effect.

by russ alan prince

accounting firms are professional services firms. many accounting firms have expanded into other areas. one of those areas is wealth management. when wealth management is part of a well thought out accounting firm’s strategy, it can be instrumental in delivering greater value to clients. an elite wealth management practice can also be core to generating substantially greater revenues for the firm.

more: accelerate your success by becoming a thought leader | wanna know what clients say about you? | the goldmine at your fingertips | three components of collaborative wealth management | 2022世界杯32强赛程表时间
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an elite wealth management practice – as opposed to a traditional wealth management practice – results in a firmwide multiplier effect. most importantly, it can be central to optimizing clients’ financial lives. your elite wealth management practice will also contribute significant revenues – directly and indirectly – to the accounting firm.

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cherry-pick your merger partner

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young businesswoman putting hand out in "stop" gesture while sipping coffeeit’s ok to walk away.

by marc rosenberg
cpa firm mergers: your complete guide

for anything really important in your life, do you opt for the first choice that comes your way? did you marry the first person you had a crush on? how many jobs did you accept without checking out other opportunities? when looking to hire someone, did you interview only one person? do you make an investment without considering alternatives? i trust the answer to all of these is a resounding no.

more: 34 steps to implement a merger | m&a: the six types of due diligence | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous | 13 reasons to merge up | thinking merger? first ask why.
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the same advice applies to mergers, whether you are a buyer or a seller. the more firms you talk to and negotiate with, the more expertise you acquire with the merger process. as the saying goes, “information is king.” more knowledge, information and experience are always better than less.
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how to turn tax returns into new business

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how are you using your reviewers?

by edward mendlowitz and andy mendlowitz
how to review tax returns: the field-tested update

tax season is a microcosm of everything done in an accounting practice. one of the primary concerns of a business is having the proper processes and quality control procedures. choosing how to properly use the reviewers’ time and interface them with the staff can contribute immensely to a smooth tax season.

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outlook 2023: the unstoppable forces behind m&a

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is it the pot size or the players?

by gary adamson

the people challenges will intensify with firms looking more to offshoring and beefing up their campus recruiting efforts to chase fewer graduates. remote work is here to stay – the focus will be on doing it better in terms of work management and people expectations/management.

more: outlook 2023: top five trends | outlook 2023: compensation gets creative | outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
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firms will be evaluating how to “keep our culture” in the face of a remote work environment or perhaps the question is what does our new culture look like. m&a is off to the races with pent-up demand because of covid-19 and the private equity money entering the market. the people portion of the deal will be more important than the client portion.
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the 12 winning traits of a great cpa firm

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they don’t get there by accident.

by 卡塔尔世界杯常规比赛时间 research

the 2022 karbon practice excellence report takes a good look at, well, practice excellency. it finds that excellency stands on four pillars:

  1. strategy
  2. efficiency
  3. management
  4. growth

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the strength of those pillars – and thus the performance of a given accounting firm – is determined by 12 competencies:
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maximize your client’s charitable giving

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woman conducting evaluationit’s not all about tax implications.

by anthony glomski

a growing number of successful people like your clients want to have a major positive impact in their communities and on the world at large. facilitating and increasing the effectiveness of charitable intent is very important to a burgeoning segment of high-net-worth investors.

more: plan for your client to exit their business | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset
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this area of advanced planning is all about helping your client fulfill their philanthropic goals – and maximizing the effectiveness of any charitable intent they may have. it’s very important to learn and use strategies that enable your client to give larger amounts than they would have been able to give otherwise. the actions involved in a charitable giving strategy include evaluating your client’s charitable options and determining how those options fit in with their other goals, such as retirement income needs and wealth transfer goals. various trusts, funds, foundations and gifting methods – including private foundations, donor-advised funds, charitable remainder trusts and charitable lead trusts – are routinely used to ensure one’s giving has the maximum positive impact.
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six benefits of an internal audit

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number 6plus the principal tasks.

by ed mendlowitz

every business has a system of internal controls. very small businesses likely rely on luck and the honesty of their one or two office staff. small businesses rely on their independent auditors to check their system once a year and large companies employ one or more internal auditors on their staff.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | organization minutes too often overlooked | five cash reports you can’t live without | the priorities were backward | the seven-minute financial statement
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this post explains the internal audit process that applies to every size business. businesses have voluminous transactions; multiple people involved, companywide; and assets that need protection.
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twelve clues it’s time to outsource or offshore

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businessman holding up magnifying glassplus the three categories of risk.

by hitendra patil
client accounting services: the definitive success guide

when you are the key person to make things happen at your firm, you want to invest as much time in “business development” (not just marketing and sales) as humanly possible. your firm’s growth will make you feel that producing and delivering your services is an essential core business function for you, but some of it is not. freeing up yourself to spend more time focusing on the things that add value to your practice, and help set it apart from the competition is an essential differentiating growth strategy you will ever deploy. the same principle applies to your experienced, talented staff.

more: matching your tech to your cas clients | the tech stack you need for cas | finding profits in cas | cas is an upgrade pitch | why you can be a virtual cfo
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you will build your cas practice on newer, cloud, collaborative technologies. it will help you automate many routine functions and optimize your operating costs. but you still need competent people to manage, nurture and strengthen your client services and advisory functions.
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