special

do you know your client’s total picture?

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diagrambonus case study: the cpa who saved a family’s net worth.

by anthony glomski

i realize that not all of your clients are entrepreneurs. but, consider this: 90 percent of all the wealth in the u.s. is owned by business owners and 10 percent is inherited. nearly every cpa i know works with business owners and their families. with all the changes impacting the cpa profession today, it’s imperative that you get comfortable changing lanes and adopt a more consultative role with your clients.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
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if you’re a cpa and you’re not actively overseeing all the people helping your clients with their financial lives, then you’re missing a big opportunity with your practice. you’re overlooking the opportunity to make a massive impact on the lives of your best clients, their families and the causes they care about.
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from tax to transformation

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transformation talks: paul mueller, cpa, took a leap of faith when he left a national accounting firm at the apex of his career to start a new firm serving small- and medium-sized businesses.

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center for accounting transformation
center for accounting transformation

transformation talks
with bill penczak
center for accounting transformation

paul mueller was at a crossroads. as a national manager for the tax group of a large firm, he should have felt like leonardo dicaprio, yelling, “i’m the king of the world!” yet, something just wasn’t right.

more: five lead generation mistakes to avoid | five post-tax season growth ideas | five better ways to say no | are you solving your clients’ problems? | five ways to grow: talent new service lines | business development and sales aren’t scary
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

today, he is the managing director of his own firm, mueller pye & associates, cpa llc in loveland, colo. his is a story of a late-life career transformation.

takeaways

  • there is life—a really fulfilling one—after a departure from a large national firm into a small firm in rural colorado.
  • in order to effect transformation either as a firm, or as a professional, it’s important to have a support network you can trust and open up to about your challenges
  • while firms do a great job of advising their clients on succession planning, that’s not always the case for themselves.

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how to encourage firm ownership

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what better way to shape the culture?

by sandra wiley

there’s a general assumption these days that younger professionals don’t have as much inclination toward, or ability for, firm ownership compared to previous generations. data is scarce to support that idea; however, it may be a misperception stemming from factors other than simply desire and potential. when asked, firm leaders young and old express enthusiasm about the opportunities for emerging leaders.

more: change when? continuously | win with an intentional culture | each generation must change
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in our discussion of bridging the gap between management and emerging leaders, we would be remiss in not addressing the topic of moving from emerging leader to owner. the perception among many in our profession is that there are fewer individuals at the senior and manager levels who aspire to be an owner, and even when they show a desire, they simply do not seem technically capable.
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cas is an upgrade pitch

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two businesspeople meeting over coffeetell clients what they will lose if they decline.

by hitendra patil
client accounting services: the definitive success guide

when you pitch client accounting services to your existing clients and new prospects, your communication and messaging changes quite a lot. it is no more packages, hourly rates and standard deliverables mentioned on your website, in your emails, engagement letters and sales brochures/materials.

more: hook your firm on cas | cut cost by three quarters with cas? yes, please | client wants vs. needs | the big money in cas for small firms | the mindset you need for client accounting services
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

cas is not a sales pitch to your existing clients. it is a value pitch, an upgrade pitch.
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the four phases of service life

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chart of a product life cycleplus the effects of a late mature market.

by august j. aquila

there is an important concept in marketing that provides companies with tremendous insight as to what they can expect for their products or services in the marketplace. it’s called the product life cycle and, sooner or later, all products and services will go through the complete cycle. as they do, several external and internal factors change. the accounting industry and the services it provides are no different.

more: what we know about pricing strategies | make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as this figure shows, the product life cycle is divided into four distinct phrases: introduction, growth, maturity and decline. the most important thing to remember about the product life cycle is that it is intimately tied into the sales of that product or service. it’s important that a firm’s marketing mix change during the life cycle of its various products.
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buying a solo

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two people sitting across from each other at a deskwhat to negotiate, plus key operating and financial issues.

by marc rosenberg
cpa firm mergers: your complete guide

the approach to orchestrating a merger differs depending on the nature of the transaction. is there a true survivor? in substance, not form, is the deal more an acquisition than a true merger?

more: 23 questions for mergers of equals | 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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when a sole practitioner is the seller, virtually all deals are true acquisitions. solos intend to retire in just a few years. their primary focus is on the negotiation of financial terms, such as the purchase price, payout term, down payment and compensation for the time they work. issues related to the operation of the buyer are generally of minor importance to the solo. in other words, when a buyer acquires a retirement-minded solo, the transaction is fairly simple and straightforward.
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change when? continuously

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build improvement into your culture.

by dustin hostetler

change is never easy, and the accounting profession has often shown a particular resistance to relinquishing traditional patterns. but for those firms that embrace change at all levels through process improvement initiatives such as lean six sigma, the results have been both visible and rewarding.

more: win with an intentional culture | each generation must change
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when this kind of initiative succeeds, generational conflicts melt away as the shared vision and firmwide efforts unite older and younger team members in their quest for the common goal.
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hook your firm on cas

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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: cut cost by three quarters with cas? yes, please | why you can be a virtual cfo | clients’ new expectations | what cas is and isn’t
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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your client base is global

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it’s yours if you want it. get radical.

by jody padar

i had just come off a really bad tax season and i knew there had to be a better way. i left a midsized firm, with seven partners and about 50 other employees and i joined my dad’s firm – literally and figuratively. figuratively, because many of his technologies and processes were “old school.”

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i was tired of working part-time and not being treated like a contributing member of the firm. my family was young. my son was four years old and my daughter was six. my son was in the process of getting ready for full-time kindergarten and things were just changing in my life. i no longer felt the need to only work part-time, so it seemed like the right time.
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maybe price isn’t the problem

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asian woman shopping for clotheswhat else do potential clients know about you?

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

i hear more accountants grumbling daily about how price-sensitive their prospects and clients have become. and they are right, to a degree. the economy has caused even the rich to count their pennies, and the percentage of people who look at a price tag before they buy has increased over the last five years.

more: when to talk about fees | five tips for virtual team member happiness | five skills that spell success | beyond compliance: what more you can provide  | the biggest seo secret of all: google business listings | five ways to get better clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

yet studies show that roughly 54% of buyers are not price-sensitive, and i would be willing to bet even more are selectively price-impervious depending on what they buy: women’s shoes, men’s cars, personal services, jewelry, vacations, cosmetics and hair, to name a few exceptions.

so why are so many accounting clients and prospects price-sensitive?
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what we know about pricing strategies

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price targetwhere penetration comes in.

by august j. aquila

pricing in the real world is much different than in the accounting profession. usually, wholesalers and retailers set their prices by using markups as the product moves through a distribution channel.

more: make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

producers or manufacturers usually set a list price. think of the manufacturer’s suggested list price on the window of a new car. car dealers will use various methods to price the new vehicle. let’s look at the most common pricing strategies that you may consider.
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23 questions for mergers of equals

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five businesspeople shaking hands under office skylightwhat do you want, and who will manage getting there?

by marc rosenberg
cpa firm mergers: your complete guide

mergers of equals or firms close to equal (some call these sideways mergers) are much less common than mergers in which there is a clear survivor. but they do occur.

more: 61 things buyers should explore with sellers | why merging in smaller firms is fabulous | 13 reasons to merge up | thinking merger? first ask why.
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there are two reasons that mergers of equals are rare.

first. mergers of equals are much more difficult to negotiate. in traditional mergers where there is a clear surviving firm, the buyer is in a strong position to dictate the deal terms and governance policies, and the seller respects this.
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