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client accounting services

liz scott: bookkeepers may beat cpas in the race to advisory | the disruptors

the real value of accounting isn’t in the numbers but in the conversations we’re not having.

this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here
sponsored by “turbocharge your profits: how to thrive in the new economy,” by frank stitely, cpa, cva – see today’s special offer

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the disruptors
with liz farr

liz scott, like many other disruptors, prefers keeping her firm small. “i did try and grow my firm to this million-dollar firm. and i found myself in a spot where i was managing 10 team members, and that’s all that i had time for,” she recalls. “so i wasn’t able to do the thing that i actually really love, which is the tech development. i love that piece.”

more podcasts and videos:  ashley francis: ai’s a partner, not a replacement | richard roppa-roberts: collaboration over competition | ira rosenbloom: m&a numbers are easy – culture fit is hard | roman villard: ditch the suit & shine | monique swansen: align firm values with services | tina mcgill: how to create lasting client impact | stefan van duyvendijk: develop operational mindset | steve evans: why traditional hiring methods fail | roger knecht: can you be an accountrepreneur? | beth whitworth: focus on outcomes not hours |mike sylvester: learn to say no | salim omar: identify your client’s $100,000 problem | jackie meyer: earn more with fewer clients | jack fleherty: 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 |

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her firm, accounting lifeline, serves as an incubator across various industries and technologies so she and her team can test different apps. at the same time, the consulting side of her business, liz scott training and consulting, dives in deeper to spend time testing apps and giving feedback to developers.

scott was attracted to accounting because she wanted to help other entrepreneurs in her family understand and grow their bottom lines. “if you’re going to be spending time working, how do you maximize your efforts? so how can you make the most money in the least amount of time?”

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advisory & consulting

rethinking audits: shift to advisory

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

move from quality control to quality assurance.

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 by alan anderson
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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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featured video

divakar vijayasarathy: breaking barriers and scaling success | the concierge cpa

“every problem looks big from a distance, and every opportunity looks small.”
this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here
sponsored by “turbocharge your profits: how to thrive in the new economy,” by frank stitely, cpa, cva  – see today’s special offer

click to subscribe anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), boomplay (africa), or rss.

the concierge cpa
with jackie meyer
for 卡塔尔世界杯常规比赛时间

for many, the road to success is paved with incremental progress. for divakar vijayasarathy, it was forged through sheer resilience, entrepreneurial grit, and an unyielding vision. in this episode of the concierge cpa podcast, the founder and ceo of dvs advisory group discusses his inspiring journey from the slums of chennai to leading a multimillion-dollar international firm operating across four countries.

more jackie meyer

vijayasarathy’s story is nothing short of remarkable. raised in challenging circumstances in india, he excelled in accounting, passing one of the most grueling exams with a pass rate of just 0.3%. after securing high-profile positions, including at citibank, he felt stifled in employment and pursued his entrepreneurial aspirations.

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advisory & consulting

ten tax deductions for senior citizens | listicle

//www.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

taxpayers aged 65 or older may qualify for special tax deductions. here are 10 that tax professionals can distribute to clients and potential clients.

more listicles here
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obviously some apply to pre-senior citizens, but older folks might appreciate a reminder.

  1. higher standard deduction for seniors: taxpayers aged 65 or older receive an additional standard deduction, which reduces taxable income without needing to itemize.
  2. medical and dental expense deduction: seniors can deduct unreimbursed medical expenses that exceed 7.5 percent of their adjusted gross income, covering premiums, prescriptions and other medical costs.
  3. credit for the elderly or disabled: tax credits are available to some low- and moderate-income taxpayers aged 65 or older. eligibility depends on income and the amount of social security benefits received.
  4. charitable contributions: donations to qualifying charitable organizations are deductible for those who itemize. qualified charitable distributions (qcds) from iras can also satisfy required minimum distributions without increasing taxable income. make sure seniors understand their required distributions and what kinds of charities qualify for deductions.
  5. qualified medical mileage deduction: seniors (and others) can deduct the cost per mile driven to and from medical appointments if itemizing. advise seniors on the best way to track and record mileage. (they need to know this at the beginning of the year, not later when the mileage starts adding up. can they keep track on a computer? maybe if you show them how.)
  6. health savings account (hsa) contributions: while seniors can’t contribute to an hsa once they are on medicare, unused hsa funds can be used for qualified medical expenses tax-free.
  7. ira contributions: if still working, individuals over 65 may be eligible to contribute to a traditional or roth ira, with possible deductions for traditional ira contributions.
  8. investment and dividend income exclusions: some income from municipal bonds is tax-free, and qualified dividends and long-term capital gains are subject to lower tax rates.
  9. retirement savings contribution credit (saver’s credit): seniors contributing to retirement accounts may qualify for a credit of up to 50 percent of contributions, depending on income and filing status.
  10. mortgage interest deduction: if a taxpayer is itemizing, interest paid on a primary home mortgage is generally deductible, reducing taxable income.

tax professionals can use this list as a reason to contact senior clients. probe to see what they qualify for, and let them know what documentation they will need to provide.