question: i’ve heard you say that you shouldn’t count on anything from your practice when you decide to retire. are you serious?
response: i probably said that, but it was in the context of planning for guaranteed cash flow in retirement. a practice’s value is never guaranteed until the checks clear.
i did say that it is important to create an asset base for retirement and that these can come from a number of sources – and we each need to assign an importance to each source and a probability of their providing a comfortable retirement. read more →
i realize that not all of your clients are entrepreneurs. but, consider this: 90 percent of all the wealth in the u.s. is owned by business owners and 10 percent is inherited. nearly every cpa i know works with business owners and their families. with all the changes impacting the cpa profession today, it’s imperative that you get comfortable changing lanes and adopt a more consultative role with your clients.
if you’re a cpa and you’re not actively overseeing all the people helping your clients with their financial lives, then you’re missing a big opportunity with your practice. you’re overlooking the opportunity to make a massive impact on the lives of your best clients, their families and the causes they care about. read more →
karen reyburn wants accountants to stop thinking “about marketing as this one-off thing where you tick little boxes,” but instead about the ways you can use your marketing to connect to the human experience. her company, the profitable firm, or pf for short, has been helping accountants with their marketing since 2012.
in reyburn’s view, marketing is closely connected to the business. “if you have a marketing problem, you have a business problem. if you have a business problem, there’s often a marketing solution that can help with it.”
this book springs out of a pf coaching group called the accelerator, where participants were guided through a process of creating a structured approach to content marketing that made their marketing better. reyburn and pf take a collaborative approach to marketing. “we don’t do marketing for people,” she explained. “we do marketing with them.”
five reasons that growth in profit is outpacing growth in revenue.
by 卡塔尔世界杯常规比赛时间 research
the rosenberg 2023 practice management survey exults in the growth and profitability of cpa firms last year, but warning bells are flashing. how long can this keep up?
the good news: firms with revenue greater than $2 million saw 2022 average income per partner soar 11.8 percent over the previous year, and revenue shot up 11.4 percent. this was the second year that profits grew faster than revenue.
we asked about sales and marketing methods as part of the accounting profession’s largest cas survey. among firms offering client accounting services, the chief means for gaining new cas business is “proactively seeking referrals” and the firm’s “website,” each at 48 percent. networking at local/regional/national events follows at 35 percent.
today’s bissett bullet: “some of us are compliance providers only and there is absolutely nothing wrong with that if that’s what you want to do, but beware of what is happening elsewhere.”
by martin bissett
there are no two ways about it, tech is coming for your job if your job is compliance-based. software companies want you to upload data to the cloud so that they can see what it is you do and create ai solutions for your clients. will there still be compliance work out there? of course, but whether or not it will be at a rate you are happy working for is yet to be seen.
this is solely a threat in terms of those clients who only have compliance needs. if you are a firm that is reliant on that work, now is the time to build a pipeline that brings you bigger and better clients. if you are already at the advisory stage then you cannot be replaced by tech. in fact, many firms that already go beyond compliance have written themselves into their clients’ strategic plans for years to come, because they are recognized as critical to that plan and an integral part of the business operation.
today’s to-do:
take a look at your current client base. if you took your compliance-only clients out of the equation, what would you be left with?
the serenity prayer states, “grant me the serenity to accept the things i cannot change, the courage to change the things i can, and the wisdom to know the difference.” keep that in mind for a moment.
when preparing tax returns and financial statement audits, one of the biggest challenges cpa firms face is either late or incomplete client information.
artificial intelligence is entering accounting in numerous ways, so it should be no surprise that another company has thrown its hat in the ring to automate the bookkeeping and related processes for accounting firms.
after closing on a $3.6 million seed round, basis, which touts itself as an ai platform for accounting firms, is officially coming into the accounting market. the idea behind basis is that accountants can have ai-powered “intelligence” so they can (wait for it …) focus on being better advisors and not the “tasks” of being an accountant. read more →
we all want additional business, but sometimes the client should be vetted to determine if it is a good fit for your firm and if there are any danger signs.
no question about it: the 2023 tax season was a banner year. generally speaking, revenues were up, profits were up, no quarantines and the irs didn’t pop any surprises in the middle of it.
yes, it was also a tough year, with staff shortages increasing the workload on practitioners, but it was that extra work, unburdened with payroll costs, that led to higher profits.
i tell them i need to know your name, address, phone number, ein/ssn and your passwords. except for the guy who closed his bank account and had to have the old statements mailed to him, i run with a chromebook and make sure there is accessible wi-fi when i go onsite. if i need to collect documents that have never been digitized, i just have them download dext and start snapping pics. no paper, no pen, no mess and typically a stunned prospect who wants to become a client. see, i can’t sell, so i let the technology do the selling for me. read more →
imagine driving across america and not stopping for gas. by rick richardson
technology this week
a substantial advancement in battery technology has been made in the quickly developing field of electric vehicles (evs), offering an unparalleled increase in energy storage capabilities. this finding couldn’t have come at a better moment, given the exponential rise the electric vehicle sector is currently experiencing.
the energy storage capacity of batteries can now be increased tenfold according to a ground-breaking method developed by researchers at the pohang university of science & technology (postech). this invention could change the face of the entire electric vehicle market in addition to advancing battery technology. here’s how:
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