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find your cas team at your firm

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silhouettes of three business partners talking against a window in an officethen ask your client about their satisfaction.

by hitendra patil
client accounting services: the definitive success guide

“we do not have the staffing for cas.”

non-cas firms cite this as the topmost reason for not being able to offer client accounting services. nothing could be further from the truth.

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 | clients’ new expectations | what cas is and isn’t
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experience of firms that offer cas, including that of small firms with fewer than five staff members, proves beyond doubt that you do not need more staff to start offering cas. even solo practitioners provide cas. the only thing you need to begin your cas journey is to be ruthless, relentless and fearless to leverage newer and cloud technologies. automation, integration and even artificial intelligence make it easier, faster and cheaper to perform some repetitive, time-consuming work of accounting firms.
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six ways to fix your firm agreement

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schedule an annual review.

by steven e. sacks
the new fundamentals

earlier i discussed that engaging in what is considered conflict avoidance can undo the progress a firm has made. this can be because of complacency, frustration, intimidation or a host of other issues.

more: the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
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some things are intuitively understood, but it’s those occasional sticky matters that tend to make situations unravel. establishing and keeping agreements helps to avoid confrontation: the one typically arising from someone promising to do something in a timely and complete manner and within a specified budget. even if the firm’s board casually agreed on a matter, something can go awry and threaten the direction of the firm.
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getting partners to accept a new pricing philosophy

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post with two signs, "same" and "change"they have to be on board before clients.

by august j. aquila

once you have decided to adopt an alternative pricing philosophy, what do you do next? changing your firm’s pricing philosophy is really a three-step process.

more: when to use 11 alternative pricing methods | 12 subjective factors for pricing your next engagement | how utility and value affect pricing | the four phases of service life | marketing orientation is what firms need
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first, you need to consider several factors before suggesting a change. second, you need to get your partners to agree that it is a good idea, and third, you need to educate your clients so that they accept and understand the new approach. the steps are not easy, but they are possible. and, remember, change does not occur overnight.

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pick your favorite clients

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happy business professionals giving high five hand slapthen get more work from those clients.

by penny breslin
it’s not just the numbers

you cannot do everything all at once for everyone. this group exercise calls on your team to be an integral part of selecting the best clients to approach for back-office support services.

more: top ten types of clients (and 24 more reader suggestions) | eight things to stop doing now | you don’t have to do everything | why ai is not the enemy
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sit down with your team members and identify those clients you like working with now. get their experience of working with these clients. because your team’s collaboration is critical to success, getting their input is vital. the changes that occur will affect them as much as it will your clients.
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outlook 2023: compensation gets creative

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accounting will be an attractive career choice again.

by carl george
the rosenberg map survey: national study of cpa firm statistics

there has and will continue to be a significant number of private equity transactions. as with any major shift of ownership in the past, there will be some fallout – partners, staff, niches, clients, etc.

more: outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
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that is natural as what we will witness is the creation of new firms and opportunities for those who choose to depart. just look at the new firms that have started in the last five years – that is one way the profession stays young, fresh and entrepreneurial – new players practicing in different ways.
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how to offer family office services

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bonus: sample letter.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?

more: why hiring out of school works | how to improve quality control | why no one listens to you | how to stop yourself | how to handle referrals with attorneys | why checklists?
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a: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled; mortgage, car lease or condo fee payments aren’t skipped; and tax payments paid on time.
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seth fineberg: your classic business model won’t allow growth

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the disruptors: billable hours – demeaning and demoralizing or useful measurement?

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

anyone who has been in the accounting profession–or legal profession–for any length of time knows how revered the billable hour is. however, plenty of firms are ditching the billable hour–a move that many professionals say is long overdue.

more:  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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seth fineberg, a business journalist specializing in the accounting profession, says the billable hour can’t be a significant part of the business model of the future.

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captive insurance: a game changer for business clients

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there are eight key advantages to captive insurance. just don’t get fooled by the hype.

huffman

by ken huffman, cpa
president, captive nation in fort worth, texas. 

while there are several common objections skeptics throw out against captive insurance, including its perception as a hidden tax shelter, there are also multiple advantages.

more in tax practice: captive insurance: the top eight myths | the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt?

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

here we’ll look closer at the many advantages of a captive for your business owner clients, including flexibility, speed, financing source, wealth building and creditor protection.

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the cheapest clean energy might be lunar

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here’s how the next wave in the energy revolution should work. 

by rick richardson
technology this week

in the decarbonization era, solar power is, by far, the leading technology both in scale and cost. lunar energy is taking a lot longer.

more: only 19% of firms host email | 52% of firms look outside for it support | firms battle disruptions in communications and workflows | pandemic changed work for 64% | pandemic? what pandemic? | m&a looms large for 30% of firms | today’s top 3 tech problems: security, client onboarding and workflow | today’s top 3 problems: staffing, workflow and tech
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we only need to walk into the surf on the north shore of oahu, hawaii, to understand the enormous power of the ocean. one of the biggest differences in wave technology is the harsh and punishing environment in which this new energy generation will have to operate.

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how to explain internal controls to clients

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man writing in notebookthen you have to use them.

by ed mendlowitz
77 ways to wow!

what are internal controls? auditors widely use this term. it also appears multiple times in engagement letters for audits of businesses and not-for-profits, but i do not believe many outside of the accounting profession really know or understand what internal controls are. i will try to explain it here.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
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internal controls refer to an organization’s system of deterrence, oversight, checks and balances. an illustration is where someone in a business writes and mails the checks to pay a bill. if this same person then receives the bank statement and performs the reconciliation of that account, there would not be any control or oversight on that person and whether the payment was proper and not misdirected. they are checking their own work. this is how many frauds occur.
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is your client’s umbrella big enough?

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many policies are too small for true wealth protection.

by anthony glomski

no matter where your client grew up or how they accumulated their wealth, they can be a target for a host of unscrupulous people. many affluent investors, including entrepreneurs, are worried about keeping their assets safe from potential creditors, litigants, children’s spouses, ex-spouses, and disgruntled former employees and partners. they also want to protect their assets from catastrophic losses that could cripple them financially. as a cpa, you have an important role here.

more: estate plans: can you ask clients these eight questions? | enhance wealth by mitigating taxes | what clients need to know | what level of advice do entrepreneurs need? | three components of collaborative wealth management
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wealth protection involves strategies you can use to ensure that your wealth is not unjustly taken from you by potential creditors, litigants, ex-spouses and children’s spouses. wealth protection is also designed to protect you against catastrophic loss. identity theft is another emerging threat to wealth protection that should be addressed carefully with your clients.
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what’s the why?

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how do you view the answers of others?

by gary adamson

the very human tendency to assume that others think as we do can lead to great misunderstanding. in truth, the things that drive individuals – what makes it all worth it – vary widely. discovering what makes each team member tick and what he or she most desires and values is an important step toward creating a cohesive partnership and bridging the gap, not just between generations but among all members of the firm.

more: three strategies to keep emerging leaders energized | marketing: not just for partners anymore | leadership growth is a two-way street | each generation must change
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as firms wrestle with baby boomer succession, the differences in attitudes, thinking and motivators between current and future leaders can sometimes be great. more often than not those differences or gaps are major contributors to the absence of future leaders who are on deck and ready to step into the shoes of the retiring partners.
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matching your tech to your cas clients

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why it is worthwhile.

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: yes, you have the staffing for cas | six steps to spreading cas awareness | how to tell who fits cas | cut cost by three quarters with cas? yes, please | client wants vs. needs | the big money in cas for small firms
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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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