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8 ways to create your cas practice

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here’s the how.

by hitendra patil
client accounting services: the definitive success guide

whether you are thinking of offering client accounting services, have already started offering it, or you want to grow your cas practice or make it more profitable, some proven steps will make your cas practice shape up in the most optimized way. if you have already started offering cas, these are the steps that you will revisit from time to time.

more: the big money in cas for small firms | what cas is and isn’t | do you value your cas value? | the mindset you need for client accounting services
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there are eight steps to get started in cas and make your cas practice better. the following details are just a bird’s-eye view of the important aspects of how to create your cas practice. read more →

build the framework to a solution with five answers

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woman and man shaking hands across a deskavoid last-minute decision-making.

by steven e. sacks
the new fundamentals

cpa firms often believe the most crucial part of negotiations to close a deal happens at the final stage of talks. but in order to have a satisfactory conclusion, you must set the tone at the beginning stage with an honest and forthcoming discussion based on mutual benefit – with an underpinning of respect and trust.

more: try for success, not a win
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for young professionals, it is never too early to evaluate your negotiation aptitude. think about this as a process with key milestones. this gives you the chance to make modifications along the way and to avoid the last-minute pressures of bargaining that can remove the advantages you have created. adhering to a game plan will reduce the chances of objections from the other party, or even worse, the backing out of an arrangement that you considered to be a “lock.” this can be applied to discussions involving a promotion or a pay increase.
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marketing orientation is what firms need

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production orientation is where too many rest.

by august j. aquila

let’s look at the different focuses or orientations that firms can take toward managing and running their practices and see which ones the traditional pricing methods encourage. any organization, whether an accounting firm or not, usually tends to have one of four focuses.

they are either selling-oriented, product-oriented, production-oriented or marketing-oriented.

more: when hourly billing hurts profits
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each focus will have a direct impact on how a firm looks at servicing clients and pricing its services. the predominant focus is often dictated by the value system of the founders of the organization or its current management team. perhaps when the firm was first started, the predominant focus was appropriate. however, a danger exists when the external environment changes and the internal environment of the firm stays the same. in the ’70s and early ’80s firms did quite well by following a production orientation focus. in the late ’80s and the ’90s, this strategy did not work as well. and it certainly does not work today.
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selling your firm? what to expect

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down payment? unlikely.

by marc rosenberg
cpa firm mergers: your complete guide

we’re talking about mergers of accounting firms and turning to specifics the seller should expect.

more: thirteen ways to woo potential firm buyers | 13 reasons to merge up | merger? the 100 data points you need first | one times fees isn’t the only way | thinking merger? first ask why.
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the items in this article are very common examples of what sellers should expect from buyers. sellers are obviously free to try to negotiate any and all aspects of the deal that they want. but most buyers will not relent very much, if at all, on the items listed here.
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five tips for virtual team member happiness

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businesswoman with piggy bankfind ways to challenge them.

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

it’s not uncommon for even the smallest of businesses to have employees and contractors all over the world. at one point i had an employee in ukraine, two employees in san jose, a virtual admin in orange county, a warehouse team in indiana, a transcriptionist in las vegas, partners in new york, chicago, missouri and atlanta, and a coach in sydney, australia.

more: three thoughts for a quiet morning | take a moment for appreciation | five skills that spell success | the seven-step plan for marketing by spreadsheet | five things clients have taught me
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i moved from san jose, calif., to plano, texas, while my team stayed put. and it didn’t hurt my business one tiny bit. here are five tips to help your virtual team play at their best.
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why partner retreats are worth the cost

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send your toughest questions to ed at emendlowitz@withum.com

new environment, new ideas.

by ed mendlowitz
managing an accounting practice, the complete 2-volume set – 202 questions and answers, the 650-page encyclopedia of practice management

q: is there any value to a retreat?

more: why checklists? | ask these 10 questions before adding financial services | selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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send your toughest questions to ed at emendlowitz@withum.com

a: absolutely! retreats are very important to reconnect with your partners and reassert why you are in business and what you hope to accomplish, in addition to making a living and not having to work for a boss who isn’t as good or nice as you are.
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why ai is not the enemy

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clients still need context.

by penny breslin
it’s not just the numbers

in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”

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the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.

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52% of firms look outside for it support

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“i’ll just handle it myself” is the answer for 28 percent.

the accounting firm operations and technology survey

more than half of accounting firms look outside their walls to solve information technology issues, but that doesn’t mean they all do it the same way.

bar chart

more: 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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an external consultant is an answer 30.9 percent of the time, for projects or as needed, with a managed service provider taking on the rest. of respondents who handle things on their own, 80 percent are solo practitioners, while full-time it staff or an it department are 60 percent likely at extra-large firms. read more →

four ways to propel new cpas into growing your firm

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young businesswoman talking to her client and using tabletpractice makes progress.

by sarah johnson dobek
inovautus consulting

it’s no secret most accounting firms are facing partner succession and will continue to do so for years to come. the most common area of concern is how to involve new cpas in your firm’s growth activities.

more: five better ways to say no | six ways to engage young managers, staff in firm growth | the right dna for growth | how crisis illuminates your biz dev skills | business development and sales aren’t scary
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the short solution is young staff members should be involved in anything that will help them learn the business and develop the skills they need to lead one day, whether that means the partner track or some other role. it’s never too early to start. in fact, immersion should be expected from the first day they walk into the firm.

here are four instant and easy ways to get your young people involved in the business:

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tech vexes 58% of solos

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checklist: the five best ideas for winning the tech wars.

by 卡塔尔世界杯常规比赛时间

solo practitioners enjoy certain privileges. they can set their own hours, pick their clients, work at their own pace, dress in office grunge, nap at will and take their dogs to work.

more in surveys & research:  clients would switch for portals | firms on the brink of big spending | m&a looms large for 30% of firms  |  is remote the new normal?  |  the top challenges in these turbulent times   |  new worlds of opportunity   |  accountants agree: the top five ways to fix the irs   |  survey: firms on the brink of big spending  |  irs audit rates are dropping, and big earners couldn’t be happier  |  six more ways to fix the irs  |  cpa hiring rises as number of new grads continues to decline   |  2022世界杯赛程安排  |  six quick solutions for irs backlogs  |  the big battles ahead for corporate finance

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but when it comes to tech, solos can be challenged. they may know accountancy and their clientele better than anybody in town, but when it comes to tech, they don’t know

  • what’s out there,
  • what’s coming down the techno-pike,
  • how to use new apps and
  • whether the latest stuff is worth paying for.

and they tend to run their hardware into the ground, investing in new tools only when they have to.
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firms battle disruptions in communications and workflows

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next up? scheduling and paper.

the accounting firm operations and technology survey

covid-19 and its variants forced a number of challenges upon the accounting profession. accountants are telling us that tops on that list were communication and workflow, at 49.4 and 49.1 percent respectively. even solos felt the burn, at 40.6%, so it wasn’t all internal communication to blame, although large firms of 51-100 felt it most sharply, at 60%.

survey results

top corona problems: communication, workflow, and digitizing paper top the list.

more: 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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some responses that didn’t hit the top six still were notable. postal mail was called out by 21.9 percent, including 40 percent of solos and 33.3 percent of large firms. solos also reported phone calls and lost income at 24.6 percent. despite most groups saying lost income was a challenge, relatively few put that figure anywhere near the one for paying bills, except extra-large firms noting 11.8 percent difficulty with lost income and 5.9 percent with paying bills.

details by firm size read more →