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drive your profits with only four metrics

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accounting firm econ. 101, including a sample income statement.

by marc rosenberg
the rosenberg practice management library

all businesses have economic structures unique to their industries:

  • grocery stores are high volume, low-profit margin.
  • real estate ventures use accelerated depreciation and other tax angles to generate cash flow and healthy rois.
  • professional sports teams focus on increasing the value of the franchise so it can eventually be sold for a gigantic profit.

more: a crash course in the business of public accounting | how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the typical cpa firm is a low-volume, high-priced business, with a relatively high-profit margin (generally 30-45 percent of revenue).

clients: what accountants don’t understand

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knowing them is just the start.

by gary bolinger

you know a lot about your business clients. as a  result of the compliance work you do – tax and financial reporting projects – you do know a lot about your clients. you know about profit and loss. you know about payroll. certainly, you have some knowledge about vendors and customers, at least from a financial perspective. you have seen marketing budgets, cost of sales and know what occupancy costs are. all of that is good.

more: why accountants fail at consulting | advisory vs. low-value clients | what + who leads firms to better service | how accountants are profiting in disruption | ask the right question(s) | seven elements of engagement for cpas | true advisory work isn’t just consulting
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but do you understand your clients? do you understand your clients in ways that can give you the kind of insight that is needed to indeed be a most trusted advisor? in fact, to be the most valued advisor?
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44 key attributes for assessing staffers

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green checks being made on checklistthey’re in no order. what are your priorities?

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: do you have a staff evaluation checklist?

more: reasons to drop your book of business | get more done by saying no | don’t fire that staffer on may 18! | employee demands a raise she doesn’t deserve | how are you spending the next five years? | how to get the most from cpe | does your staff know all the services you provide? | price your practice by gross
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

answer: i did not have a checklist of attributes that are looked at in evaluating staff performance, so i prepared one.
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salt: the small business disaster waiting to happen

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more highlights: “tax season from hell.” the pandemic pivot. small business outlook. digitally-powered recovery.

small business salt: 98% of accountants say small businesses are vulnerable to interstate sales tax issues, including 7% who say “none or almost none” are in compliance and 39% who say “most” are not and another 39% saying only “some” are.  (卡塔尔世界杯常规比赛时间 research)

 

by 卡塔尔世界杯常规比赛时间

three years after the notorious “wayfair” decision, accountants say a vast number of small businesses face new and burdensome interstate sales tax measures. but only a few accountants appear ready to help, according to new research by 卡塔尔世界杯常规比赛时间.

more: survey: rough seas ahead for small business

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

most accountants believe that 98 percent of small businesses – virtually all – are failing to fully comply with all the interstate sales tax issues they may be liable for. and yet, about 71 percent of accountants are falling short of handling all their clients’ sales tax issues, with about 12 percent saying they address “most” issues, 36 percent handling “some,” and 24 percent handling none, according to the new study conducted in conjunction with avalara, the tax management software company.

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how cas makes firms better

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unbalanced brass scalesofferings fall into three categories.

by hitendra patil
the definitive success guide to client accounting services

client accounting services (cas) is the new revenue segment you cannot afford to miss.

more: cas: finding the why behind the why | how to lead clients into client accounting services | cas begins with a mindset
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are an accounting firm owner or partner, you don’t want to miss the emerging, growing, and profitable opportunities in client accounting services.
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why your billings are ruining your firm

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businessman sitting on scales with stack of coins in other traydo you see managing partner as a part-time role? if not, don’t treat it like one.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: about a year ago i became the managing partner of my 50-person, six-partner firm. we gross about $7 million. i still maintain my book of business, which is about $1 million, and have 1,000 chargeable hours.

more: get more done by saying no | make cpe worth your while | are you marketing for 2022 yet? | don’t fire that staffer on may 18! | what to do with a lousy client? | stop drowning in client documents | employee demands a raise she doesn’t deserve | but i am managing! | make more money starting now
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

needless to say, i have been working very hard, about 2,700 total hours, yet my partners are complaining i do not have enough chargeable time and i tend to agree with them. how i can increase my chargeable hours?
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foster opportunities from wealthy clients

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female executive greeting couplehow to maximize referrals.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

as part of the discovery process, you are ascertaining who your wealthy clients can refer to you. in empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. they also say that this happens because they do an excellent job for their clients.

more: it’s all about your wealthy clients | conviction + process + expertise = your next $5 million | a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
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cas: finding the why behind the why

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man facing mirror that has bursting out of it a hand holding a red question markhow to develop the cas mindset.

by hitendra patil
the definitive success guide to client accounting services

“why did i start my accounting firm/practice?”

if you are the owner of your firm, print this in a bold, big font and post it somewhere in such a way that you can see it, even if it is just in your peripheral vision, every moment when you are working at your desk.

round 2: how to lead clients into client accounting services | cas begins with a mindset
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are a partner of the firm or an employee, print the following question to post it where you can see it all the time:

“why did i get into the accounting profession?”
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you have the right people, but are they in the right seats?

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blank organizational charttry an accountability chart.

by jody grunden
building the virtual cfo firm in the cloud

“getting the right people on the bus, the wrong people off the bus, and the right people in the right seats – these are all crucial steps in the early stages of buildup…” – jim collins, “good to great”

more: leaders need time to lead | better understanding = better communication | why your firm’s core values matter | when value billing eliminates guesswork | make tech your ally in protecting clients | be more efficient with tech stacks | put bots to work for you | not all employees want the same perks
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when adam and i first started the company, we didn’t have much organizational structure. we didn’t need it. but as the company grew, it became necessary to develop an organizational structure. there’s a great quote by michael e. gerber in his book “the e-myth revisited” that says, “without the organization chart, confusion, discord and conflict become the order of the day.”
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when siblings battle over the family business

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succession plans can get dicey… for the advisor.

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

someone has to be the boss. when the founder is active, he or she is usually the boss. but what about arents who step aside to have their children run the business? particularly where there is more than one child working in the business?

more: readers rip: ‘she wanted her shoebox back’ | when parents, children hit an impasse | wealth is a state of mind | the six types of “impossible” clients | you’re not just taxes | granting unconventional request pays off | 20 best practices for staff training and retention | what does the client want to see?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i’ve seen some situations where two siblings can run the business as equals. and then, there are other situations where they can’t. what do you do?

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