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why cpas are best positioned to become financial advisors

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portrait of blake oliver
oliver
 blake oliver is a cpa and the founder and ceo of earmark, an app that offers nasba-approved cpe and irs-approved ce credits for listening to your favorite accounting and tax podcasts. he also co-hosts the accounting podcast, the world’s most popular podcast for accountants.

you have a lot of advice to offer beyond taxes.

by blake oliver
the holistic guide to wealth management.

“isn’t it ironic? we ignore those who adore us and adore those who ignore us.” – author ellen hopkins

every cpa i know wants to help clients make the best financial decisions. study after study shows cpas are their clients’ most trusted advisors because they have integrity, are prudent, and don’t engage in the hard sell, especially when it comes to financial services.

more: 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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most cpas claim to do tax planning. but how can you do proper tax planning without knowing a client’s financial goals? you need to know much more about a client than merely their tax liability. yet that’s often where the accountant’s relationship with their client stops every year. how many people have a great tax guy/tax gal whose only goal is to minimize their client’s tax liability? that’s their job, right?
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susan bryant: set boundaries and elevate client services for better results | accounting influencers

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accountants who stay silent risk disappointing–and probably losing–clients.

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accounting influencers
with rob brown

accountants, take charge of your client relationships, says susan bryant, cpa, in this episode of accounting influencers.  bryant’s on a mission to empower accountants to refine their client base, set professional boundaries, and elevate client interactions to meet today’s high expectations.

bryant, a cpa and co-owner of a firm in plano, texas, has built her career on driving excellence in accounting. known for her expertise in advisory services, she’s passionate about transforming how accountants view client relationships and service delivery. “accountants today must redefine what a good client looks like,” bryant stated. “in this industry, it’s time to align with clients who truly value and respect the work we do and are ready to invest in that relationship.”

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automation can be exciting in client accounting services

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businessman pressing virtual "automation" button

raise client expectations.

by hitendra patil
client accounting services: the definitive success guide

we know that cas generally constitutes three key service segments:

  • after-the-fact financial statement preparation, i.e., “write-up,”
  • business transaction processing and
  • outsourced cfo and controller services.

more: 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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tax planning/tax strategy services may also become part of your cas offering if you have interest/expertise in that segment.

have your clients’ needs changed now?
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four steps could close the tax gap

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the difference between what’s owed and what’s paid is $625 billion.

by 卡塔尔世界杯常规比赛时间 research

what’s more aggravating than paying all the taxes you owe while other people cheat?

maybe this: that the biggest tax cheats are the wealthy while it’s the lower-income taxpayers who get audited more.

more: 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 | art werner: estate planning strategies | quick tax tip | art werner: post-mortem estate planning | quick tax tip | pause to praise the tax pro volunteers | irs vs. fraudsters | imagine! the national tax advocate does | art werner: maximizing fringe benefits
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the financial consequences of noncompliance are staggering. according to the annual public report issued by the internal revenue service advisory council, an estimated $688 billion in taxes went unpaid in 2021.
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better communication = better retention

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high angle view of business people stacking hands in a teamwork gesture

tips for policies, staff meetings and just plain fun.

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

“i have yet to find a company that has earned high levels of customer loyalty without first earning high levels of employee loyalty.” – frederick reichheld

we have discussed key ways to retain staff. this post looks at scheduling and managing, accountability, communication and ideas for having fun at the office.

more: eight strategies for recruiting | why developing women partners matters | a better way to provide performance feedback | training? cpe? they’re not the same | six tips for setting compensation | staff crave advancement and challenge | what leadership looks and feels at cpa firms | eleven things that good mentors do | give the recognition your staff needs | the importance of great bosses | how remote work is impacting accounting firms | make work flexibility work for everyone | why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
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scheduling of staff

organized, effective centralized scheduling enables firms to staff client projects so the client work is promptly completed. other benefits:

  1. it matches staff with the assignments each needs to grow and develop technically. example: a staff member may have worked on nonprofits and needs more experience in the for-profit sector.

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angie grissom: next gen inspo for accountants | arc

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“leadership and culture define the future of accounting firms.”

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more arc: analysis, reaction, comedy

accounting arc
with donny shimamoto.
center for accounting transformation

when angie grissom first stepped into a nashville-based consulting firm, she likely didn’t foresee owning and transforming it. yet, over two decades later, she leads the rainmaker companies, a firm dedicated to empowering accounting professionals through leadership development, business growth strategies, and culture-building initiatives. 

more accounting arc: 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 |

“selling is helping,” grissom says in accounting arc. “business development is about uncovering opportunities and serving clients holistically. it’s about being a true advisor.” 

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find clients with the right fit

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businesswoman smiling at two clients, man and woman

not everyone is ready for a new you.

by jody padar
radical pricing – by the radical cpa

a friend who owned a business services firm in the marketing industry once told me he would rather face waterboarding than resign a hard-won client. however, even he cast a big one aside after his key employee returned from a client meeting in tears. some things just can’t be tolerated. your job is to determine where the line should be and to make the decision before a bad client has the chance to negatively affect your company.

more: seven steps to determining your price | using change orders with scope | who needs to understand scope? | how to scope before you price | when to increase scope and when to let it go | determining a price … and when to change it | seventeen questions to ask when scoping | which clients should you scope? | perfecting the client needs assessment | four steps to scoping for alignment … and the #1 rule to remember | getting aligned on scope helps your team and your clients | create more meaningful kpis | here’s how profit sharing improves your firm
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a client’s fit with your firm is every bit as important as their behavior and payment practices. after you adopt a new client-centric, value-based business model, some clients won’t fit in. some will want to stick with the transactional model of the billable hour. they may not be comfortable with your new direction. some clients may not even want to pay for your smallest service bundle despite the enhanced service levels it includes.
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jack flaherty: don’t be a ‘yes’ person | the disruptors

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the next generation is purpose-driven. firms that lean into this will retain scarce talent.  

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

jack flaherty believes that one of the most important business skills is on the wane: the art of decision-making.

“we’re all becoming ‘yes’ people. we don’t want to have an objective discussion, bringing out different ideas,” flaherty says. the unfortunate result is that “it’s causing us to make decisions that don’t allow us to achieve our goals.”  

more podcasts and videos: 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 |

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

to help individuals master this vital skill, flaherty wrote his book, the decision switch, and created a platform of the same name. as flaherty explains, “the decision switch is to define your goals in clear and simple terms and build a clear path forward that allows you to consistently get those results.”  

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recalibration is key for accounting profession

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three people meeting, "strategy" written behind them

growth is being sustained by offshoring.

by art kuesel
the rosenberg national survey of cpa firm statistics

i think a great word for the next 12 months will be recalibration. i think it is fitting in so many areas. firms are recalibrating their investments in technology to gain efficiency and drive capacity. firms are recalibrating their investments in staffing as technology and outsourcing impart their influence process. firms are recalibrating their succession plans as movement on the bench continues. and firms are recalibrating their pricing strategies to raise the bar on new and existing clients.

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: 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 | the future of fees | as private equity closes in, firms seek new answers to staffing problems | when staffing falls short, clients get culled | how accounting firms are dealing with retirement | next five years are critical for accounting firms | staffing turnover’s down, but why? | what’s your firm worth? private equity wants to know | the new pipeline: outsourcing and offshoring | is this the last year of accounting’s golden age?
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nothing is sacred – anything that got us to where we are today will not necessarily get us where we need to be in the future. it’s a tsunami of change (and opportunity) and the best firms are leaning into it with vigor.
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sarah dobek: how curiosity and problem-solving propel success | capstone conversations

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understanding buyer behavior is the toughest—and most rewarding—part of the job.

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

a trailblazer in the field, sarah dobek was recently inducted into the association for accounting marketing (aam) hall of fame, cementing her status as a bruce w. marcus lifetime fellowship member. with over two decades of experience in accounting and professional services marketing, sarah shares her insights, challenges, and strategies that have shaped her remarkable career.

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

dobek reflects on her unexpected journey into the accounting marketing profession, which began as an internship at an accounting firm in 2002. since then, she has been at the forefront of shaping marketing strategies for public accounting firms, serving on the aam board of directors, and being recognized multiple times as one of accounting today’s top 100 most influential people in accounting.

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are you looking at the big picture?

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young black woman sitting in front of laptop looking thoughtful

reinforce the teaching in every experience.

by alan anderson, cpa
transforming audit for the future

another method for ingraining a business-mindedness attitude into the culture of the firm is to treat every experience as a learning opportunity. partners take staff accountants to lunch with clients all the time, and the three of them talk business. but most partners never do anything with that experience. a better approach is to have a follow-up meeting where the partner asks the staff accountant questions about what they heard and what they learned during the conversation. this could even be on the car ride back to the office.

more: meet your client all year, not just during audit | give your audit teams tasks that increase business acumen | stop mixing up your v’s and losing your best people | how to upgrade c and d clients | can a service center model solve audit staffing shortages? | move to advisory and assurance with relevance | use eight audit exit items to deepen client relationships | know your three audit w’s | planning lays the foundation of audit relevance | are you correctly identifying the relevance intersection? | traditional audits don’t deserve premium billing
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business-mindedness means we take seriously the development of the talent in our firms so that what we reward is business acumen, having great conversations with clients and with the team, and coming up with valuable advice for the clients. but instead, what many firms value is the chargeable hour. they don’t want to take the time out of chargeable hour budgets to have those conversations or to reinforce the learning from meetings with clients.
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