ten topics for a busy season newsletter | listicle
special
what multiples mean to accounting firms
plus the appeal of rias.
by rory henry
the holistic guide to wealth management
why are accounting firms measured in revenue multiples while most other businesses are measured in ebitda multiples?
according to allan koltin, accounting industry transaction guru, there is no better reason than because that’s how we’ve always done it in the accounting profession.
more: tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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“accounting firms have zero ebitda; they clear out the register every year,” noted koltin. “when i talk to firms about private equity, i have to walk them back and explain how you’re going to create your own ebitda. and the biggest piece of it is what we call the ‘scrape of partner compensation.’ you’re making $1.2 million. can you live on $800,000 if we move that extra $400,000 into an ebitda category and put a multiple of 7x to 11x on that and get capital gain?” asked koltin.
“partners 55 and older love it. partners who are 35 are not so sure.”
read more →
jason staats: thriving in turbulence | accounting influencers
balancing tech, trust, and innovation.
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accounting influencers
with rob brown
in a recent episode of the “accounting influencers” podcast, jason staats, a content creator and influencer in the accounting industry, shared insights on balancing innovation, mental health, and technology in today’s profession. staats, known for his ability to mix accounting expertise with entrepreneurial thinking, has become a prominent voice in the field.
staats’ mission is to help accountants and firm owners create enjoyable and sustainable ways to manage their practices. through platforms like twitter, linkedin, and youtube, staats encourages his audience to rethink traditional success in accounting.
“sometimes, we mistake working hard for working smart,” staats said. “running into the same wall for the tenth time isn’t progress—it’s a sign to rethink your approach.”
kimberly ellison-taylor: talent is key to growth | gear up for growth
“we have to tell a better story, but we also have to have a better story to tell.”
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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间
a powerhouse in the accounting profession, kimberly ellison-taylor, cpa, cgma, citp, cisa, the ceo of ket solutions, shares her deep insights on talent recruitment and retention, inclusive leadership, and the evolving role of cpas in a rapidly changing world.
gear up for growth spotlights the best strategies for smart and efficient growth in today’s competitive landscape. more gear up for growth every friday here | more capstone conversations with jean caragher every monday | more jean caragher here | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | more 卡塔尔世界杯常规比赛时间 videos and podcasts here
ellison-taylor’s journey into the accounting profession began earlier than most. she recalls a pivotal career day in third grade when she learned that “accountants manage the money.” this revelation not only sparked her initial interest but also set her on a path to becoming one of the most recognized leaders in the profession, including serving as chairman of both the maryland association of cpas and the aicpa. her story is a testament to the power of early inspiration and leadership support.
save 75% with one banking change
put technology to work for you.
by hitendra patil
client accounting services: the definitive success guide
in the desktop days, write-up, bookkeeping and accounting processes were perceived more as “data-entry” work. the price clients were willing to pay for data entry put so much pressure on fees that many firms found it is not worth the hassle.
more: you, a virtual cfo? why not? | who is ready for client accounting services? | wants? needs? cas helps fill both | automation can be exciting in client accounting services | eight steps for better client accounting services | do you have the client accounting services mindset? | four ingredients to your cas ‘why’ | cas clients are ‘stickier’
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other services such as tax preparation, financial statements preparation, etc. brought in higher per-hour dollars than write-up, bookkeeping and accounting work could. such work got more and more “outsourced” by accounting firms to bookkeeping firms, freelancer bookkeepers and “processing” firms operated by non-cpas/non-accountants.
read more →
bissett bullet: building loyalty
today’s bissett bullet: “build career paths for your brightest and best team members from day one of their employment with you.”
by martin bissett
see more bissett bullets here
what it takes to get a promotion in accounting
job descriptions for staff accountant, senior accountant, manager and partner.
by marc rosenberg
cpa firm staff: managing your #1 asset
“the last person i ever want working for me is someone who says, ‘that’s not in my job description.’” – neil degrasse tyson, cosmologist and astrophysicist
“well-written and effectively developed job descriptions are communication tools that allow both employees and supervisors to clearly understand the expectations of the role, its essential duties, the competences and responsibilities, along with the required educational credentials and experience.” – mary anne kennedy, hr daily advisor
more: generational differences can’t be ignored | surveying your staff: why and how | why developing women partners matters | six tips for setting compensation | eleven things that good mentors do | how remote work is impacting accounting firms | how to solve the big disconnect in talent management
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this post addresses the four most common positions at a cpa firm: staff accountant, senior accountant, manager and partner.
there is no such thing as a standard job description for these four positions. each firm must define them in ways that make sense for their practice. if ever there were job descriptions that should have flexibility built into them, most certainly they would be cpa firm positions, because the expectations vary as much by the type of assignments as by their title.
read more →
break the burnout cycle in accounting | arc
“a firm’s culture during busy season reveals its true colors.”
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accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation
as the busiest time of year looms for accountants, industry leaders byron patrick, cpa.citp, cgma; donny shimamoto, cpa.citp, cgma; and liz mason, cpa, share practical advice in the first episode of the second season of accounting arc on maintaining resilience during tax season. their conversation explores actionable strategies to counteract stress and promote mental health.
more accounting arc: accounting in transition: 2024 reflections & the road ahead | ron baker: visions for the accounting profession | angie grissom: next gen inspo for accountants | does accounting belong in stem? | rose wang: where numbers meet strategy and creativity | tiktok fraud exposes gaps in financial literacy | how accounting pros own the stage in public speaking | greg kyte: being a cpa is like being the marie kondo of numbers | rachel bashore: a lawyer’s case for reinventing accounting | beyond the basics in ethics eduction | bailey lenart: from ledger sheets to transformational change | election tax plans: what cpas need to know | leadership for the future: stakeholders, sustainability, and strategic vision |
the hosts share relatable anecdotes, from patrick’s newfound habit of scheduling haircuts to mason’s candid discussion about balancing adhd with professional responsibilities. shimamoto, founder and managing director of intraprisetechknowlogies llc and founder and inspiration architect for the center for accounting transformation, adds, “if it’s not on my calendar, it’s not happening,” highlighting the need for intentional scheduling.
six methods for getting paid faster this tax season
sure it’s good for business, but it’s also considerate to clients.
by ed mendlowitz
tax season opportunity guide
accounting is a business and businesses need to be paid.
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.
more: four steps could close the tax gap | art werner: how to turn tax prep into tax advisory | quick tax tip | art werner: navigating business structure decisions amid tax law changes | quick tax tip | tax season memo from staff to managing partner | is the irs adequately tracking corporate tax evasion? | irs still unsure how to measure audit rate | irs vs. fraudsters | is the irs mismeasuring phone service?
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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.
read more →
how to create price packages
three steps to setting your monthly fee.
by jody padar
radical pricing – by the radical cpa
packages are the first step toward productizing your services. your packages define your services as discrete offerings with defined parameters around what they include and what’s excluded.
more: seven steps to determining your price | using change orders with scope | when to increase scope and when to let it go | which clients should you scope? | getting aligned on scope helps your team and your clients | five areas to ground new metrics other than time | digitize clients for standardization | are you the key signal caller for your clients? | six steps to start value pricing | the radical pricing model: start with $25k | the convergence of trends makes pricing changes imperative
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the secret sauce to creating a fixed price package with a value add consists of combining several variables:
deliverables + client persona = well-priced packages
client-specific price point + market price point = well-priced packages
steve yoss: ai’s power in assurance services | quick tech talks
efficiency meets innovation when you turbocharge audits with ai.
quick tech talk
with steve yoss
cpe today
barry melancon: private equity and the partnership | gear up for growth
not all will succeed, but accounting will influence and evolve the models.
gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间
use humor to get tax documents in early
my secret? humor, sarcasm and a bit of shame.
by frank stitely
the relentless cpa
there are easy ways to get clients to do what we need them to do. in our office, we call the process “training” clients. one of our biggest headaches is the late delivery of tax materials. so, we train our clients to bring their tax documents in early.
more: end tax season meetings with clients … seriously | get clients to understand firm processes … or say goodbye | train now before it costs you down the road | keep clients from “balance due” shock | stop clients from performing “favors” | who needs fall tax planning? clients … and you | it’s ok to say no to clients (even the large ones) | control your time: avoid ambush meetings and calls | you train your clients, whether you mean to or not | don’t let clients dictate tax workflow | make fewer mistakes, increase revenue and capacity | easy ways to avoid ‘done but’ tax returns
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we accomplish this through a series of e-blasts explaining our deadlines. the e-blasts start in december, and we call them “countdown to tax season.” they cover much more than our deadlines for clients to provide business and personal income tax returns documents.
we use the blasts to train clients in other areas – such as minimizing the use of staples when they give us their documents. we also discourage people from putting their documents in three-ring binders. as i’m certain you already know, staples and binders drive your admin staff crazy when they’re trying to scan documents.
read more →