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quick tech talk
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raise your rates to change your clientele
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loren fogelman, founder of business success solution, is an expert in pricing strategy and sales for accounting firms. a sought-after keynote speaker, she is continually listed among america’s top-ranked business coaches. |
the fees you charge make a statement about your firm.
by loren fogelman
the holistic guide to wealth management
setting your fees appropriately is one of the primary challenges that accounting professionals face. according to mckinsey, 80 to 90 percent of services are priced too low. throughout my career, i too have found that most firm owners don’t know how much to charge for their services – and too often they undercharge.
more: pursue excellence to win the battle for talent | leverage ai to grow and protect revenue: six steps | how wealthtech is reshaping the future of holistic advice | seven tech keys to a holistic service model | four ways to provide wealth management in your accounting practice | profile of a modern firm: putting the vision into practice | toward a 21st-century cpa: a dynamic vision | what multiples mean to accounting firms
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many firm owners tell me that setting fees can feel like tiptoeing through a pricing minefield. and pricing shouldn’t be taken lightly. this is especially true for wealth management services. the prices you set today will impact your firm’s profit margin as well as your growth for years to come.
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five ways to head off reluctant leadership
focus on the results and behaviors, letting go of “how.”
by tamera loerzel
partners often tell us that one of their number one succession concerns is wondering who will ascend to partner. the perception is that “there is no one interested in becoming a partner these days.”
more: you need capable successors for a seamless transition | generosity: the root of great leadership
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yet, when we talk to managers and senior managers (and even staff!), they are interested, but they don’t really know what it means to be a partner. they are also concerned that they would have to be a clone of the current partner(s) – and they’re not, nor do they want to be!
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twelve nuggets of advice for the new managing partner
plus some thoughts on compensation.
by marc rosenberg
the rosenberg practice management library
in an ideal world, a new managing partner will have been groomed and mentored by the existing managing partner for two or three years. a great way to do this is by executive committee participation. but alas, many things at firms under $30 million are not ideal. unfortunately, we have seen many firms anoint their new managing partner with relatively little training and mentoring.
more by marc rosenberg
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so, our first piece of advice is to provide for a two- or three-year process of gradual transition from the current to the new managing partner. regardless of the effectiveness of the transition period, here is advice that we always give to prospective managing partners:
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artificial intelligence may go vertical first
how cas could be affected.
by 卡塔尔世界杯常规比赛时间 research
artificial intelligence is just beginning to impact, embolden and facilitate the accounting industry, but it still has a long way to go.
but make no mistake: it’s going and it’s going to get there.
more: america’s running short of financial advisors | maybe the pipeline problem is technology | five ways to fill the staffing gap | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | twelve years and out: seasoned accountants join the exodus | gen ai in accounting: epic transformation, or overheated hype?
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the big question of the moment is what path ai will follow as it becomes pervasive in the accounting industry.
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becky livingston: use ai to boost marketing & client engagement | gear up for growth
level up thought leadership and advisory services.
gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间
download becky livingston’s free ai marketing tool guide here
why chaos at the irs spells new work for tax professionals
the three key irs tools every pro must learn today.
by eric l. green, llm
between all of the back-and-forth between doge and the irs, not to mention travel and credit line reductions, it raises questions about what exactly the fate of the irs will be.
more: the irs tidal wave is here | s corp clients beware | four ways to handle federal tax liens | the irs is coming! get your clients into compliance | tax chat: eric green reveals the tax rep guide to tax season | what i wish clients knew about tax liens | tax: explaining the bad news about canceled debt to clients | offers in compromise aren’t for everyone
in fact, the latest announcement is to cut the irs by 50 percent by the end of 2025. so, if you are wondering just what the heck the game plan is, you are not alone. after speaking with close colleagues inside the irs, i can say it is basically chaos at the moment.
big growth coming for client advisory services
but firms must prepare for it.
by 卡塔尔世界杯常规比赛时间 research
firms committed to client advisory services are projecting a median growth rate of 99 percent over the next three years, according a benchmark survey issued by the american institute of cpas.
more: america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | five ways to fill the staffing gap | top 10 red flags to watch for in accounting offices | arc | deals 2024: over 100 cpa firm mergers and acquisitions | barry melancon: private equity and the partnership | gear up for growth | cfos see ai as top risk and opportunity | artificial intelligence may already be plateauing | ten ways to manage price increases
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yes, 99 percent. and yes, that’s a median. half of the 206 participating firms expect to grow faster than that.
the survey lays out seven insights and conclusions plus commentary and suggestions for cpa firms.
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is it time to outsource?
twelve ways to tell.
by hitendra patil
client accounting services: the definitive success guide
when you are the key person to make things happen at your firm, you want to invest as much time in “business development” (not just marketing and sales) as humanly possible. your firm’s growth will make you feel that producing and delivering your services is an essential core business function for you, but some of it is not. freeing up yourself to spend more time focusing on the things that add value to your practice, and help set it apart from the competition is an essential differentiating growth strategy you will ever deploy. the same principle applies to your experienced, talented staff.
more by hitendra patil
exclusively for pro members. log in here or 2022世界杯足球排名 today.
you will build your client accounting services practice on newer, cloud, collaborative technologies. it will help you automate many routine functions and optimize your operating costs. but you still need competent people to manage, nurture and strengthen your client services and advisory functions.
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is agentic ai a game changer or game ender? | arc
“we’ve underestimated how quickly ai is changing our profession.”
accounting arc
with liz mason, byron patrick, and donny shimamoto
center for accounting transformation
seven musts for a client-centric firm
right pricing for the right clients.
by jody padar
radical pricing – by the radical cpa
being client-centric means putting your client first. but holding on to the billable hour puts time before your client’s interests every day.
more by jody padar
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to be truly client-centric, you must prioritize the needs of your clients and deliver the products and services they want. while the traditional firm focuses on the timesheet, a client-centric firm focuses on keeping the client happy because a happy client means happy profits.
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twenty-one reasons that clients fire tax pros
are you guilty of any of these?
by ed mendlowitz
tax season opportunity guide
clients have many choices, including the choice of a tax preparer. every new client an accountant gets is because that client left – fired – their previous accountant.
more by ed mendlowitz
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so why do clients leave?
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tax refund totals up 7%
individual amounts are up 5 percent.
by beth bellor
winter is fading away but busy season remains with us.
more: tax pros handle 46% of e-filings | tax refund totals up 10% | tax refunds plummet, but no worries | tax refunds up 18% early on | first tax filing reports are in
exclusively for pro members. log in here or 2022世界杯足球排名 today.
as of march 7, the latest data available, the internal revenue service had received 61.4 million individual income tax returns, down 2.1 percent from the same period one year ago. it had processed 60.8 million returns, down 1.8 percent.
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