when my mom passed away, she had emails in her inbox that went unanswered because we didn’t have any passwords. no one likes to talk about passwords before we pass away, but these tools can help make things easier for your loved ones to manage your digital life.
there are many ways to price professional services. alternative pricing methods in the legal profession have received much more attention than in the accounting profession. in fact, entire publications have been issued by the american bar association on this particular topic.
i am aware of at least 14 different approaches to billing that attorneys can use under different sets of circumstances. obviously, each method has advantages and disadvantages as well as marketing and operational implications. i maintain that several of these methods can be used by accountants and consultants in accounting firms when pricing their services. read more →
the scope of due diligence will differ depending on the deal and should be tailored appropriately. the letter of intent issues, combined with the six areas outlined here, result in a comprehensive list of due diligence procedures that should serve the needs of most cpa mergers.
the six types of due diligence are financial and operational, clients and services, technical product and work quality review, personnel, risk management and legal. read more →
every year, we ask the industry’s top consultants to share their observations from cpa firms across the country. how do you think the next 12 months will unfold? and how would you assess the last 12 months?
firms will continue to struggle with all facets of remote work. firms will never get back to working in the office as a norm, not because of covid-19, but because their people – especially partners – don’t want to work in the office full-time.
taking on a client’s internal accounting work requires a level of comfort for both the business owner and the accounting firm. a client that has already provided you with access to sensitive financial data is easier to work with than a new business with no previous relationship. once you have done it well with current clients a few times, then you are ready to do this with prospects.
understand that to be able to effectively in-source your client’s internal accounting work to your accounting firm, you need on-demand access to your client’s information. it doesn’t work if you have to wait for someone to send you the information you need. understand that the processes you use today for write-up and compliance work will not transfer well to this level of client collaboration. read more →
how many in-person days make sense for your firm… and who decides?
by steven e. sacks
the concept of “quiet quitting” is now mainstream thought. summer 2022 is over, and with it, for many companies and their workers, their remote work arrangements.
many recognizable companies have sought to get back to some normality. some want workers to return to the office full-time, some have asked for a two- to three-day in-office arrangement, and some have viewed remote work as successful and see no reason to change anything for the foreseeable future.
difficult conversations: it’s tough to talk about wealth transfer, but it’s vital.
by anthony glomski
the personal cfo
many accomplished entrepreneurs are looking beyond their own financial needs. they want to ensure that their heirs, parents, children and grandchildren are well taken care of in accordance with their wishes – with minimal difficulty and cost.
according to vanguard, more than half of affluent americans say they are highly concerned about their kids’ (and grandkids’) financial situations. and yet, too many successful entrepreneurs have outdated estate plans or charitable giving plans that are not in sync with their current life circumstances and needs. read more →
we like to see a month or two of increases when we’re talking about jobs, but how about six or seven? that’s the rosy picture seen across several sectors in accounting, according to the latest available data.
encouraging new leaders and creating smooth transitions are easy goals to identify. honing in on specific tactics to accomplish these broad objectives can be much more difficult. this post offers practical suggestions from current leaders at firms that are finding success at developing the leadership capabilities of younger team members.
leadership is one of the top issues facing accounting firms today. we often hear firms say they can’t find or don’t have good leaders in their organization. read more →
your firm’s current processes/procedures adapted to your current technology stack, or vice versa. trying to “fit in” client accounting services into your existing technology stack may become a challenge for you – not just from a procedural point of view but also from a profitability point of view. if your current technology stack is still more of desktop software, it could be nearly impossible for you to offer cas as profitably as potentially possible with non-desktop solutions.
before you start thinking, “oh gosh, this is going to be a hugely expensive technological overhaul of my firm,” stop. cas does need you to adapt to an optimal technology mix, but it does not mean you just throw away your current technology and bring in entirely new technology. cas does not need a technological transformation of your firm. depending upon your existing technology stack, it may only require some reorganization, integration and adjustment. read more →
accountants face only two major restrictions in determining their fees – the restriction against contingency fees under certain circumstances and the taking of commissions or referral fees. we have also seen that for the most part, accountants bill their time based on a cost-plus method.
we don’t have to go far to find a source that suggests “that no business can survive and grow in the marketplace unless it is profit-oriented and motivated,” and “time charges at standard rates should only be the starting point for determining the amount to be billed. the real criteria is the value of the service to clients.” the source for these words of wisdom is none other than the aicpa management of an accounting practice handbook. the handbook goes on to say that “standard rates should not represent a maximum that can be billed for services; rather they should represent a minimum.” read more →
after years in public accounting, chris ortega decided he wanted something different.
the indianapolis native knew he wanted to be an accountant when sarbanes oxley was making headlines and accountants were in high demand. “also,” ortega said, “i always loved numbers.”
he continued, “i started the first six years of my career in both public and corporate accounting then moved into finance and fp&a while getting my mba.”
armed with his mba in corporate finance from the university of indianapolis and a stellar resume, ortega said something was missing.
“after 17 plus years of experience in accounting, fp&a, finance and leadership, i felt there needed to be a fresh perspective on finance,” he said. “so, that is why i started fresh fp&a, which is fresh perspective on financial partnership & advising.”
and, while many business owners start with dreams and plans, ortega said his company operates with six key pillars in mind.
“think of it as the foundation of a house,” ortega explained.
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