the unfolding events of 2020 will continue to be the tailwind of change for the profession.
the most significant and obvious change is the forced adoption of remote/flexible work. so many firms were convinced that remote work just wasn’t feasible. the pandemic has proven otherwise.
yes, for some firms, it’s not working well. but on closer inspection, these challenges are actually bringing to light systemic management and operational issues. from today’s vantage point, long- term operational change is inevitable as firms evaluate more permanent work-from-home scenarios in both the long and short term. read more →
a well-known practice management expert, whom i greatly respect, advises cpas to never tell clients that you don’t have time for them. i disagree with the never part. you know how it starts. on march 25th, the call comes in.
a request follows that could most certainly wait until after tax season. you are hip deep reviewing all the personal tax returns that got stuck in process while you climbed out of the march 15th corporate tax ditch. read more →
answer: there are many ways to break the ice when you meet new people that i could share with you, but i read a book about that so will recommend it to you and will now provide a brief summary of the book. read more →
want to grow? make sure your tech stack can keep up.
by terry putney
we are in a fluid environment as firms adapt and learn more about what to expect. i think earlier this year there was hope that we would emerge from this economic environment by the end of 2020. it looks now like this could definitely have an impact through 2021.
it is a mixed bag so far for m&a. some firms have pulled back and i suspect that is because, although this may not make sense logically, it may be hard to internally sell buying a firm and hiring more staff when the firm is laying off people and cutting back on partner draws. however, we are also seeing very motivated buyers and sellers because of the opportunities that appear to be available. one thing that can’t be avoided is the difficulty of negotiating and evaluating targets when you can’t meet face to face regularly. read more →
client-focused business development is fundamental. the everyone wins process is effective at every level of wealth. as we said, the everyone wins process is not only business-enhancing, it’s life-enhancing. so, if you are interested in working with the super-rich and with single-family offices, mastering the everyone wins process will serve you well.
on the other hand, you will need to make modifications to how you operate, including what you can deliver to these cohorts when it comes to your high-net-worth practice. an obvious example is that a single-family office will turn to you for all that most high-net-worth practices can deliver. this is extremely rare. read more →
there’s hardly a business that will remain unaffected by blockchain technology.
^ play the video
with steven sacks
in blockchain basics for business, steve sacks interviews jack shaw on the elements of the technology, its early beginnings, the industries impacted, and the practical business applications.
jack shaw is an innovation and change management consultant, who has been voted one of the world’s top 25 speakers and one of the top 5 technology futurists. jack integrates his executive experience in industry, technology, and consulting to speak on innovation, change management, and transformational leadership. and, he has decades of experience designing, developing, and implementing emerging technologies and how these will impact business and society.
jack has advised key decision-makers at such fortune 500 organizations as mercedes benz, bosch, ge, coca-cola, johnson & johnson, ibm, oracle, and sap. jack has delivered over 1,000 keynote presentations and executive forums in 26 countries and every state across the u.s. he is a yale university graduate, and holds a kellogg mba degree specializing in finance and marketing.
jack’s expertise is in the strategic impact of leading-edge technologies, including blockchain technology, 5g, the internet of things and artificial intelligence. he can be reached at https://jackshaw.io
workflow fails when admins are the only ones updating status.
by roman h. kepczyk
the most important aspect of transitioning the firm’s tax process to a digital environment is managing electronic files that are no longer physically viewable in assorted stacks around the office. this requires a digital tax workflow system that lets everyone know the status of every return and easily connects that person to digital copies of the return and the source documents.
under traditional manual tax systems, firms utilized due date tracking databases that identified when a return was due, but not what information was missing, or the preparation, review or extension status, which was often recorded manually on a physical routing sheet. read more →
mostly it starts with mindsets. the viability of virtual work environments is obviously a big one. tech companies have been operating virtually for over 20 years. we’re finally catching up. read more →
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.
you read about companies every day: those that separate themselves from the competition by disrupting the norms and those that remain steadfast, much to their detriment. for the former, think about amazon, uber, netflix and other “change agents.” now, think about the latter: jcpenney, kmart and sears.
as the late chairman and ceo of intel, andy grove said, “success breeds complacency. complacency breeds failure. only the paranoid survive.” read more →
we need self-acceptance that as human beings we are emotional, have faults, are regularly scared, will make mistakes, are very self-critical, expect more from ourselves at times than is reasonable, and more.
we need to accept the fact that we will commonly sabotage or undermine our own efforts, sometimes consciously, often subconsciously. when we find our psychological and physiological energy heading down one of these destructive paths, rather than pile on and beat ourselves up even more, we need to accept that these detours are both expected and predictable so that we can quickly refocus on more constructive responses. read more →
it is well known that the general sentiment in our industry is that business development is terrifying and not what we were trained to do as accountants. in reality, the fundamentals of sales are actually what accountants do best – number manipulation. once the framework of sales is broken down to a numbers game, it becomes fun, exciting and dare i say, easy! read more →
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