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six ways to get paid faster

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stamp paid - 3dit’s good for business and considerate to clients.

by ed mendlowitz
tax season opportunity guide

accounting is a business and businesses need to be paid.

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it’s harder to justify prices when providing services rather than products. products are usually priced before delivery while many times services are priced after delivery, i.e. performance.

many accountants price tax returns before they are worked on, usually basing the fee on last year, or a rate schedule. sending a bill with the return establishes the relationship that you should be paid promptly for the work done.

it shows that you run a business and also provides a courtesy to the client in that they can immediately evaluate the cost and value of what was done.

but just as importantly: read more →

show your priciest cas package first

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an organization chart in a ball shapehow to identify the right clients.

by hitendra patil
client accounting services: the definitive success guide

will your existing clients or prospects buy higher-priced and more services from you? if you ask them to, will they feel put off?

more: your firm needs a cas champion | lower your costs by 75% with cas | cas drives up demand for virtual cfos | turn client wants into needs | a job description for client accounting services | why cas is great for revenue growth | cas: finding the why behind the why
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if you do not ask, will you leave real money on the table? if you do not tell them about more services your firm is capable of providing, will they switch to another accounting firm simply because they were not aware of your other services?
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11 kinds of wealth

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//www.g005e.com/2021/03/23/17-basic-expectations-of-partners/what resources are you overlooking?

by sandi leyva
the accountant’s accelerator

we all have far more sources of wealth available to us in addition to the assets we normally count as financial wealth. a great skill to add to our tool box is that of resourcefulness. learning and practicing being resourceful has always come in handy for me while traveling, working, and making changes in my life.

more: 11 ways to boost billings and impress clients | how clients get underserved and accountants get underpaid
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as you go through the list, take an inventory and make a list of all of the resources you have available to you in one form or fashion. by the end of the article, you might be amazed at how wealthy you really are.
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is it time to outsource?

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notepad with word "hire" crossed out and "outsource" written in underneatha swiftly changing environment demands flexibility.

by steven e. sacks
the new fundamentals

one of the revelations arising from the great recession was that cpa firms found they could do more with less human resources, or at least maintain the same level of productivity. we are now operating in what is referred to as the gig economy, in which important functions can be outsourced and firms and companies can still focus on core competencies that impact growth and profitability.

round 3: five reasons you’re not swot-ready | who needs another meeting? | the five big rules for powerpoint presentations
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because it is increasingly challenging to maintain high standards in all functions while still focusing on core competencies that drive growth, seeking outside help is becoming an attractive option. so, when should you outsource services?
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are you under-pricing your client accounting services?

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cas revenues are surging 20 percent, but profits are lagging. discuss.

by 卡塔尔世界杯常规比赛时间

growth in client accounting services appears to be accelerating, but the expansion may underlie simultaneous growth in personnel turnover and trouble in the pipeline of professionals, according to new research.

more: show clients why they can’t say no | your firm needs a cas champion | how cas drives virtual cfo billings | lower your costs by 75% with cas | your top six cas questions | the roi on identifying clients for cas |

the new benchmarking study found a burgeoning median growth rate of 20 percent, nearly double the rate of 2018. net client fees per professional shot up by 17 percent to average $112,293 as cas practices continued to move toward fixed fee and value billing methods.

and apparently, profits could have been even higher.

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avalara buys crowdreason for property tax compliance

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deal follows the acquisition of track1099.

avalara, a  provider of tax compliance automation software for businesses of all sizes, is acquiring crowdreason llc, a developer of saas-based property tax compliance applications, as well as a related property valuation and advisory services business to help solve property tax compliance challenges.

acquiring leaders in tax compliance verticals has been core to avalara’s mission and growth strategy since its founding. earlier this month, avalara acquired track1099, which automates the managing, filing, and delivery of irs forms, including 1099s, w-9s, and more. with the acquisition of crowdreason, avalara furthers its mission of being the leading global compliance automation provider.

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the six essential kpis for managing partners

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proper planning prevents poor performance.

by bill penczak

we have all heard the term, “working in the business” instead of “working on the business.”   i would suggest that most managing partners and senior leadership fall more into the “in” than the “on,” given staff turnover, busy season deadlines, exhaustion, and advancing years of many managing partners.

more: the great resignation: five reasons accountants are quitting   |  five tips for better decision-making   |  your marketing sucks: six reasons why   |  five global cpa leaders: four survival strategies    |  are you too generous with your write-offs?    |  it’s time to herd your highly compensated cats  | nine smooth moves to build client satisfaction   | five tough questions for these tough times |  i started a consulting practice the first week of march 2020

i’ve endured enough management committee meetings during which the course of conversation leans more heavily towards rat-holes than addressing key firm issues of people, technology, quality, risk management, and growth.  at the end of the day, every decision you make as managing partner foots back to one of those areas. deciding on the venue of the holiday party does not fall into that category.

peter drucker, the famous management consultant, summed it up succinctly: management is doing things right; leadership is doing the right things.

here are six ideas that managing partners should contemplate when it comes to running an effective and engaged firm: read more →

when to avoid the appearance of assuming a responsibility

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magnifying glass held over document with word "agreement" highlightedbottom line: are clients willing to pay for your services?

by ed mendlowitz
call me before you do anything: the art of accounting

accountants are really nice people who look for ways to help and better serve clients.

more: yes, shirt logos can matter | 10 more reasons cpas quit public accounting | the 10 best movie accountants | when cpas leave to work for a client | when parents, children hit an impasse | wealth is a state of mind
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sometimes we present the appearance that we are doing something or are assuming a responsibility that we are not, and this should be avoided.

here are some illustrations:

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lease accounting is about to get very real

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> click to play

after a brief pandemic pause, new lease accounting rules will start to hit hard in 2020.

with ane ohm
ceo, founder of leasecrunch

after a delay for the pandemic, new lease accounting rules are set to take effect in 2022 and too many firms and companies aren’t ready, ane ohn, founder and ceo of leasecrunch software tells 卡塔尔世界杯常规比赛时间.

related: google ads for new tax season clients | eisner ceo charly weinstein explains the private equity deal   |  a “call to arms” after private equity deal | is that shiny new software your best choice? | survey: office 365 dominates accounting offices | mobile devices without batteries? | distributed firms need different tech suites | are scanners out of date? | drake takes the cake in tax apps | zoom tops teams for now  |

the lease standard was delayed by a year, ” ohm says,  “instead of having been effective this past year, it is effective in 2022.”but the world has changed since the rules were first written.

read more →

competing for talent in a private-equity world

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why your firm’s compensation and ownership model just became obsolete.

by anthony zecca
leading from the edge

talent has been one of – if not the – biggest bottlenecks blocking growth at accounting firms.

more on private equity for cpa firms: analysis: private equity the new source of growth capital for cpa firms?  |  analysis: how outside capital will remake cpa firms  |  exclusive:  ceo charly weinstein explains the private equity deal   |   flash briefing webinar: a “call to arms” after eisner private equity deal   |  eisneramper gets private equity backing |

in my strategy work with accounting firms, i hear over and over how firms can’t attract talent, how talented individuals are being recruited away to other firms or other industries with significant salary increases. i hear managing partners telling me that their marketing teams and partners are afraid to bring in new clients since the staff they have are already stretched beyond what is reasonable to expect.

now with private-equity investments in accounting firms, this fight for talent will only get more intense.

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show clients why they can’t say no

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senior businessman and another businessman talkingmake the upgrade irresistible.

by hitendra patil
client accounting services: the definitive success guide

when you pitch cas 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 and in your emails, engagement letters and sales brochures/materials.

more: your firm needs a cas champion | lower your costs by 75% with cas | cas drives up demand for virtual cfos | turn client wants into needs | a job description for client accounting services | why cas is great for revenue growth | cas: finding the why behind the why
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communicating cas to your existing clients

cas is not a sales pitch to your existing clients. it is a value pitch, an upgrade pitch.
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