special

salim omar: identify the $100k problem | the disruptors

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if you try to help everyone, you don’t help anyone.

this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here

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the disruptors
with liz farr

salim omar, cpa, opened his firm in 1996 after working as a cfo in a small investment boutique firm because he wanted to be his own boss. but the experience was terrible: “i found myself working long hours. i was not enjoying the work i was doing. having the team was a revolving door.”

“there’s got to be a better way,” omar said then. “if this is what entrepreneurship is, i’m not sure if i want it anymore.”

more podcasts and videos: jackie meyer: earn more with fewer clients | jack flaherty: don’t be a ‘yes’ person | greg adams: from finance to storytelling | the disruptors | jody padar: make radical changes now if you want to be relevant in 2030 | rebecca driscoll: amplify reach by helping other firm owners | rory henry: create the return on relationships | mike maksymiw: be the leader you wish you had | terrell turner: build a solid business showing up as yourself | kelly mann: be the bull in the china shop | alicia katz pollock: create a human-centric business |  nancy mcclelland: be the one your clients ask first |alan whitman: stop accepting the status quo | sean duncan: discover your own genius | ingrid edstrom: true wealth is not financial | caleb jenkins: firm growth requires owners to shift roles |

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omar started reading and studying books by other entrepreneurs, many outside the accounting industry. “and i just took what they were saying and what they were doing in their business, and they were getting success, and i brought it back to my own practice.”  after adding a few minor tweaks here and there, omar, the ceo of straighttalkcpas, says, “my practice was very different to what it had been when i started it a few years back.”

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tsunami of m&a, pe is disrupting the accounting profession

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cresting ocean wave made of $20 bills

return on relationship still just as important as roi.

by rory henry
the holistic guide to wealth management.

there’s no question the pandemic accelerated the accounting profession’s transformation and the entry of private equity (pe) into the marketplace. in many ways the pandemic years were an inflection point. the old way of doing things – meeting clients face to face and providing tax and accounting services – is essentially over. the pandemic and private equity are propelling the profession forward as firms adopt new service offerings, change how they operate, and find innovative ways to recruit, retain and compensate talent.

more: 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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pe is considered “smart money” because it has a track record of building better business models, increasing efficiencies and then selling the companies and firms they invest in for a profit. smart money sees enormous potential by investing in accounting firms thanks to technology that makes it easier than ever to integrate professional services on a much larger scale.
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how to advance from audit to advisory

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four people on lower stairs, one on upper stairs, gap between

moving from quality control to quality assurance lets you advance from auditing and accounting to assurance and advisory.

by alan anderson, cpa
transforming audit for the future

for decades, a&a has stood for audit and accounting. it’s been focused on compliance. but sooner than we may want to believe, business owners and stakeholders will be using technology to provide the assurance they need.

this is already happening. to remain viable, we need to move a&a from audit and accounting to assurance and advisory.

more: create a culture of audit quality assurance | what quality in audit leadership means | meet your client all year, not just during audit | give advice while remaining independent | the new formula for an accounting business | don’t risk losing good employees for bad clients | four questions to make your firm more successful as a business | say adios to audit fee pressure | deliver more audit value by getting out of the conference room | six essential elements in audit planning | before the audit: more than just planning | five crucial attributes for successful audit leadership
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now all auditors take the quality control standards of our profession seriously. but quality control that only happens at the end is more about satisfying the minimum requirements for compliance. it won’t let you move out of providing the commodity service that clients need to keep their stakeholders happy. quality at the end doesn’t provide an opportunity to really look under the hood and think about what the client really wants.
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expert panel: how marketing is reshaping the accounting profession | capstone conversations

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“this is the golden age of opportunity for accounting… let’s seize it.”

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capstone conversations
by jean caragher
for 卡塔尔世界杯常规比赛时间

accounting marketing has come a long way since the landmark bates v. state bar of arizona case, which 45 years ago allowed professional services firms to market their services. today, as firms navigate digital transformation, client experience, and talent challenges, marketing plays an increasingly pivotal role. capstone conversations brought together a panel of trailblazers to explore the journey and future of accounting marketing. featuring four decades of association of accounting marketing (aam) marketers of the year, the panel included adrian ornik (ey), sally glick (formerly sobel & co.), eric majchrzak (beachfleischman), and sarah cirelli (hbk cpas & consultants).

follow jean caragher on 卡塔尔世界杯常规比赛时间 here. | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | catch jean caragher’s other show, gear up for growth, on fridays here. | and browse all the shows in the 卡塔尔世界杯常规比赛时间 broadcast network here

ornik, the 1993 marketer of the year, recalls a time when accounting marketing was uncharted territory. “ignorance was bliss,” he shares, reflecting on a period when both marketers and their stakeholders were still learning. despite challenges, ornik emphasizes that the profession’s transformation provided immense opportunity.

glick, recognized by aam in 2003, credits her father, a sole practitioner, for offering her the freedom to innovate when marketing lacked measurable tools. “there wasn’t always a correlation between initiatives and results,” she notes, yet her creative strategies laid the groundwork for relationship-building in the profession.

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you, a virtual cfo? why not?

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accountants are perfect for the role and cas helps drive up the demand.

by hitendra patil
client accounting services: the definitive success guide

tom, a cpa, has always been a curious person. for over 15 years, his tax “practice” was doing well. during the tax season, he had no time to think. but, oblivious to himself, with each tax return, he was depositing new questions in his subconscious.

he is now a shared cfo of 12 companies. but he took up the cfo work accidentally.

how?

more: 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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tom believed that it was his thinking power – armed with the cpa education, years of experience, and knowing which tools to use effectively to produce the impeccable tax returns – that could help him make a meaningful positive difference to clients’ businesses, and hence lives.
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better starting pay calls for a new revenue model

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young woman holding giant dollar sign in modern office

considering pe? beware focus on the next five years.

by michelle golden river
the rosenberg national survey of cpa firm statistics

pricing and talent are related. we’ll see another wave of fee increases as well as more firms feeling compelled to establish higher “minimum” fee thresholds. but these increases still won’t be enough. until firms earn a lot more revenue per person, they simply cannot pay enough to overcome starting salary gaps.

editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:

    • how do you think the next 12 months will unfold? trends? predictions? other thoughts?
    • how would you assess the last 12 months? trends? observations? struggles?

more: business models continue to evolve | accounting firms must consider capital resources | artificial intelligence plays role in analytics, optimization | people development still a concern | tech anxiety paralyzing some accounting firms | solving staffing requires intention | as private equity closes in, firms seek new answers to staffing problems | next five years are critical for accounting firms | the new pipeline: outsourcing and offshoring
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

our would-be hires choose higher-paying professions like finance and tech, and who can blame them? to offer commensurate starting pay (and raise legacy salaries, accordingly), we must change our revenue model. our current 5-10 percent annual increases cannot get us there. we fell behind more than a decade ago and, at this pace, we’ll never catch up.
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generational differences can’t be ignored

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don’t stereotype, but don’t pretend all ages are the same, either.

by marc rosenberg
cpa firm staff: managing your #1 asset

“each generation imagines itself more intelligent than the one before it and wiser than the one that comes after it.” – george orwell

the following was written by scott steadman, who heads up jacksonville, fl-based steadman valuations and forensic accounting llc. read with caution: statements about the traits of an entire generation are, of course, generalizations that do not necessarily apply to every individual in the grouping.

more: surveying your staff: why and how | better communication = better retention | a better way to provide performance feedback | staff crave advancement and challenge | give the recognition your staff needs | make work flexibility work for everyone | what relevance means for staffing in accounting
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baby boomers (born 1946-1964)

early on, a strong economy and stable lifestyle made baby boomers generally optimistic about their future and the future of the united states. once known as idealistic dreamers, boomers were forced to focus on their economic future and real-world concerns over money and stability. in the movie “wall street,” when gordon gekko said “greed is good,” he was speaking to (and for) baby boomers.
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art werner: busy season predictions | quick tax tip

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learn why the upcoming busy seasons could be among the most demanding in recent memory.

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quick tax tip
with art werner
cpe today

according to seasoned tax educator art werner, the next busy season may be the last of what he calls a “lull period.” preparers are currently working under existing laws, dealing with the tax returns for the 2024 calendar year. however, significant changes are expected on the horizon.

click here for more art werner

“the fact is, busy season in 2025—and especially 2026—will require a lot of knowledge of new laws,” werner explains. he anticipates that navigating these updates will pose a steeper learning curve for tax preparers, resulting in more complicated filing seasons.

one of the primary drivers of this complexity will be legislative changes. with uncertainty around tax reform and the evolving tax landscape, 2025 could see the introduction of new regulations that tax professionals will need to quickly master.

“when you get to busy season, you’re in this historic mode,” werner said. “you’re preparing tax returns based on the old law. but by 2026, you’ll need to know all the nuances of the new law.”

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create a culture of audit quality assurance

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man in office writing notes at desk

get a better result in less time.

by alan anderson, cpa
transforming audit for the future

for way too long, many firm leaders have equated quality in their audits with making it through the peer review process. peer review is important, but making quality all about that is like the american car executives whose production lines needed a guy with a rubber mallet at the end of the production line to make sure the door fit right. that’s quality control.

more: what quality in audit leadership means | business-minded approach helps build a better firm | are you looking at the big picture? | meet your client all year, not just during audit | give your audit teams tasks that increase business acumen | are you using the right business model? | give advice while remaining independent | stop mixing up your v’s and losing your best people | empower your team by dumping c and d clients | the new formula for an accounting business | how to upgrade c and d clients | eleven types of audit clients and which to fire | don’t risk losing good employees for bad clients | can a service center model solve audit staffing shortages? | don’t take on audits in an industry you don’t understand
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

quality assurance is making the guy with the rubber mallet irrelevant. the first-time right mindset is taking the japanese approach and making sure the door is designed so it fits correctly from the beginning.

quality control is at the end. quality assurance starts at the beginning and continues throughout the entire process. it’s not a one-time event.
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business model evolution accelerates

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two men talking in an office

change is needed in mindset and skillset.

by scott moore
the rosenberg national survey of cpa firm statistics

leading firms will continue to proactively evolve their business models to include more digital process automation, bundling of services with subscription-style pricing, strategic outsourcing, and upscaling of talent along the client value continuum.

editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:

    • how do you think the next 12 months will unfold? trends? predictions? other thoughts?
    • how would you assess the last 12 months? trends? observations? struggles?

more: accounting firms must consider capital resources | firms not keeping all their clients | accounting still short on staff and students | artificial intelligence plays role in analytics, optimization | challenges for the accounting profession: private equity, offshoring, training new hires | recalibration is key for accounting profession | people development still a concern | focus on intentional growth | accounting firms upshift to corporate model | tech anxiety paralyzing some accounting firms | what’s going to happen? lots, say consultants | growth and complacency must concern accounting firms this year | solving staffing requires intention | how accounting firms are handling the staff shortage
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

this will set the pace for the profession as a whole, as more firms follow suit in these areas in their efforts to keep up with client expectations and market dynamics. an increase in m&a activity and consolidation will increase this effect, as strategic investments target firms with the highest potential to achieve maximum market value.
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