today's features

ready for change, so now what?

how to implement design thinking.

by jody padar

say it with me now: “i am a change agent.”

before you consider adopting the cloud or any of the “new firm” mindset, you have to ask yourself if you are willing to be the change.

more:your client base is global
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once you decide, first thing, first. own it! you have to commit. if you teeter, it will be harder. jump in feet first and feel the shock of the cold water. i’m not saying it won’t work if you wade in, i’m just saying it’ll be more of a challenge. when you change all your processes, it’s a lot of hard work, but part of what will get you there is commitment. if you are seriously considering uprooting your firm’s foundation, you need to ask the following questions:

  • are you a change agent?
  • are you willing to be that change agent, because it’s going take a lot of strength, determination and perseverance?
  • how much time will this actually take, and what is your level of commitment? maybe you’re the change agent but you are going to most likely need to have a team member help you commit.

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what your merger letter of intent needs

fontaine

bonus: a 19-point checklist for sellers.

by marc rosenberg
cpa firm mergers: your complete guide

note: this post was written in collaboration with attorney peter fontaine, the founder and managing partner of newgate law, a firm of lawyers that work with cpa firms exclusively. he served as legal counsel at arthur andersen and rsm for more than two decades. he can be reached atpfontaine@newgate.lawor (617) 513-2440.

at the onset of the merger process, most sellers contact at least two to three potential buyers. this positions the seller to selectone buyerto commence negotiations with, in earnest.

more:buying a solo|23 questions for mergers of equals|世界杯2022夺冠热门|why merging in smaller firms is fabulous|selling your firm? what to expect|thirteen ways to woo potential firm buyers
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after an exchange of financial and operating data and meetings to clarify the information, but before serious negotiations begin, it is customary for the qualified buyers to issue letters of intent (lois).
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how competitors drive pricing

four empty metal bucketsyou need to know the four types of competition.

by august j. aquila

intensive price competition in most professional service industries is now a way of life, from hotels to airlines, from car rentals to telecommunications and from law firms to cpa firms.

more:how to leverage demand in your pricing|the four phases of service life|what we know about pricing strategies|make the most of your marketing mix|marketing orientation is what firms need|when hourly billing hurts profits
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an important factor affecting a cpa firm’s pricing policies is competition. as clients and prospects become more educated about cpa firms in their market, more sophisticated about the services offered, and more cost-conscious, pricing becomes more important and more firms stress the price of their services, especially in competitive request-for-proposal situations.read more →

why accountants fail at wealth management

due to one reason. and it’s a big one.troubled businessman adobestock_73444359 1000w copy.jpeg

by russ alan prince

a growing percentage of accounting firms have wealth management practices by one name or another. most of these practices provide investment management services, life insurance, or both.

more:what level of advice do entrepreneurs need?|three approaches to investment consulting|the role of the personal cfo|three components of collaborative wealth management|2022世界杯32强赛程表时间
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but an estimated 75% to 90% of these wealth management practices are severely underperforming.

the reason why is both simple and difficult.

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why no one listens to you

how long are you talking?

by ed mendlowitz
2022年世界杯预选赛分组

q:i notice that most of the time my staff doesn’t listen when i talk. how can i make them listen?

more:when not to charge for an initial consultation|2022年世界杯赛程表及结果|世界杯欧洲预选赛直播平台|why partner retreats are worth the cost|selling your practice is not a retirement strategy
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a:err, what did you say?

just kidding! i find this issue very widespread. i believe there is an epidemic of people not listening, not just staff.
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how to guide students into accounting

pie chart
do you know any accountants personally?three out of four accounting majors/minors know an accountant personally, confirming the highly influential role of personal connections. (caq)

top five turn-offs and who they’d listen to.

by 卡塔尔世界杯常规比赛时间 research

why would anyone want to be an accountant? long, grueling hours under green eyeshades, cranking a calculator in a back room, thinking nothing but numbers, numbers, numbers …

actual accountants know that such a description is not an accurate, let alone a fair, description of their work. the truth is accountancy is as much about working with people as with numbers. it’s an area of business that touches on all areas of business and even the welfare of families. it’s challenging, rewarding and can actually be exciting.

more in staffing & recruiting:cpa staff wages hit new high and keep climbing|how to face hiring challenges head-on|four ways to propel new cpas into growing your firm|when an employee’s growth has gaps|private equity shakes up u.k. firms|unlock your accountant super powers|from senior to manager in 12 quick questions|staffing crisis: 40% are looking for new jobs|the fintech flood: accounting will never be the same|cpa roi doa: why the next-gen accountant won’t be a cpa|

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the trouble is students have little idea what a career in accountancy is like. and those of ethnic minority, unlikely to have an accountant in the family or even the neighborhood, have even less notion of what an accountant does for a living.

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accounting marketing 3.0: new rules

what we’ve learned from our mistakes.multiple arrow missed hitting target mark isolated on white background. fail archery goal inaccurate to purpose vector illustration. concept of business failure, mistake strategy and loss opportunity.

by bruce marcus
professional services marketing 3.0

in the early days, firms reluctantly hired people they thought were professional marketers. for example, one then-big eight accounting firm hired an advertising firm executive who, it turned out, had been in ad agency production and knew nothing about marketing. another firm hired a public relations company that saw all marketing as public relations.

more:2022年世界杯赛程时间表|why competition matters most|even a random disaster can be controlled with risk management|managing risk in client relations|your clients love you? what if you’re wrong?

editor’s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert’s evergreen work, which retains wisdom for the present.

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public relations or advertising people who didn’t know how accounting and law firms worked were hired. how could the professionals know otherwise? professional marketing and its process were new to the accountants and lawyers, and they had never hired marketers before.
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leadership growth is a two-way street

road with painted arrows heading two directionsfive skills to nurture.

by carrie steffen

bemoaning a lack of future leaders within the firm is not a solution to the perceived problem. instead, it behooves current leaders to identify and nurture potential leaders, helping them develop the relevant skills and clearly communicate a defined path to leadership as well as expectations for applying targeted competencies. young professionals with aspirations of leadership, in turn, must embrace opportunities and demonstrate willingness to meet current leaders partway.

more:how to encourage firm ownership|change when? continuously|win with an intentional culture|each generation must change
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firms are at a crossroad when it comes to transitioning to the next generation of leaders. according to the cpaca study on succession readiness, 48.3 percent of firms of all sizes cite “lack of future leadership talent” as a primary obstacle in their succession.
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how to tell who fits cas

//www.g005e.com/2020/10/09/how-to-develop-the-cas-mindset/then give your pricing “why.”

by hitendra patil
client accounting services: the definitive success guide

will your existing clients or prospects buy higher-priced and more services from you? if you ask them to, will they feel put off? if you do not ask, will you leave real money on the table? if you do not tell them about more services your firm is capable of providing, will they switch to another accounting firm simply because they were not aware of your other services?

more:cas is an upgrade pitch|hook your firm on cas|can you identify real cas prospects?|8 ways to create your cas practice|do you value your cas value?
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pitching relevant services to clients and prospects is nearly a fine art. it is fraught with the risk of coming across as is you have only your own interest in mind. at the same time, clients and prospects may not even know that you offer such services or that they need those services. you can lose such opportunities even before you explore those with your clients/prospects.
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early adopters gain an edge in audit

innovation insights: paving the way for esg reporting.

follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts hereorgrab the rss feed here.

innovation insights
with donny shimamoto, cpa, citp, cgma

center for accounting transformation

those who hesitate to adopt mature technologies could find themselves too far behind to easily catch up, according to tech experts pete myers, ceo ofauvenir, and donny shimamoto, founder and managing partner of intraprisetechknowlogies.

center for accounting transformation
center for accounting transformation

more:blake oliver: why tax work yearns to be free|private equity explodes in u.k.|brannon poe: the status quo must go|accounting nerds, unlock your super powers|private equity vs. the cpa firm partnershipthe fintech flood: accounting will never be the same|think small to think big with matt wilkinson|your sales tax headaches are only just beginning|when financial statements go extinct with corey schmidt|can geraldine carter save accountants from themselves?|re-inventing accounting with tyler anderson|turning client service into new revenue

see also:deloitte develops audit technology for smaller firms

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myers and shimamoto discussed the latest developments in cloud technology for audit, specifically for small to mid-size firms, explaining that heightened security measures have allowed platforms to expand capabilities and deliver streamlined results that can be tailored to specific situations. however, shimamoto lamented that many auditors and firms are hesitant to bring on new technology, a mindset that could leave them clamoring to catch up.

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disruptor: jason staats shakes up the status quo

the future is social.

^ click to play video | > play the podcast andfollow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts hereorgrab the rss feed here.

the disruptors
with liz farr
for 卡塔尔世界杯常规比赛时间
jason staats started doing videos at the beginning of the pandemic to quickly share information about the ppp and other relief programs with as many clients as possible.

more disruptors:how to face hiring challenges head-on with penny breslin|thinking smart about new tech: byron patrick|世界杯比赛名单|blake oliver: why tax work yearns to be free|private equity explodes in u.k.|brannon poe: the status quo must go|accounting nerds, unlock your super powers|private equity vs. the cpa firm partnershipthe fintech flood: accounting will never be the same|think small to think big with matt wilkinson|your sales tax headaches are only just beginning|when financial statements go extinct with corey schmidt|can geraldine carter save accountants from themselves?|re-inventing accounting with tyler anderson|turning client service into new revenue

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now, he has an entertaining and informative youtube channel where he shows how to use his favorite tech tools and a new mission to drive accountants into the future with collaborations and vision.

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how to leverage demand in your pricing

implementing service differentiation, direct sales and promotion.

by august j. aquila

economists define demand as a schedule of the various amounts of an item (a good or service) that buyers will purchase at different price ranges during a given time period. according to the theory of price elasticity of demand, there is an inverse relationship between price and the quantity of an item bought. in other words, as the price of a service decreases, the quantity demanded increases and as the price of a service increases, the quantity demanded decreases.

more:the four phases of service life|what we know about pricing strategies|make the most of your marketing mix|marketing orientation is what firms need|when hourly billing hurts profits
goprocpa.comexclusively for pro members.log in hereor2022世界杯足球排名 today.

it’s very difficult for professional service firms to increase demand by offering a special pricing. for example, if a law firm offered a discount divorce, would happily married couples look for a divorce, or if an accountant offered a lower price for an irs tax examination, would people who did not receive a notice be at all interested?. in short, it has been difficult for most cpa firms to accurately estimate the demand for their services.
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which kind of team do you have?

group of businesspeople hiding their faces behind question mark signs at officefive non-accounting aspects critical to success.

by penny breslin
it’s not just the numbers

before you can build a back office support (bos) practice, you need to assess what kind of team you already have. let’s look at two similar and at the same time uniquely different accounting and tax businesses who contacted me for help in outsourcing some of their bookkeeping.

more:you don’t have to do everything|what do you want advisory services to be?|meet the new bos|why ai is not the enemy
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both businesses have multiple offices; both have multipartner owners; both do taxes, accounting and bookkeeping; and both list client advisory services. both have ownership and employees of a similar age. both exist along the same coast. both of these accounting businesses appear successful. one business is full of happy employees, owners and cooperative clients. the other business has the wordnofiguratively imprinted on their front door.
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app of the week: end procrastination

coming back from a long weekend may make it harder to get motivated, but this 卡塔尔世界杯常规比赛时间 app of the week can help you get through the deluge of emails.

by beth ziesenis

self-help guru wayne dyer said, “procrastination is the art of keeping up with yesterday and avoiding today.”

however, sometimes your problem is not procrastination. it’s just not enough time to get things done in the day.

more:nerd365: app of the week|app of the week: celebrate black business month|app of the week: cheap flights

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professionals spend about three hours a day mucking around in email. one way to clear out your inbox is to make use of the snooze features in outlook and gmail or whatever email tool you’re using.

what do i use? i’m glad you asked.

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when not to charge for an initial consultation

bonus: a sample initial business valuation consultation engagement proposal.

by ed mendlowitz
2022年世界杯预选赛分组

q: i was wondering what your thoughts are regarding initial consultation fees. currently, i do not charge a fee for an initial consultation, and it seems that most cpas do not charge either (at least not the sole practitioners that i know).

more:2022年世界杯赛程表及结果|how to stop yourself|how to handle referrals with attorneys|2022世界杯晋级名单|thirteen things to know before selling your practice
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would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? if a fee is charged, then how much, and how long should the consultation last? should the fee be applied to any work that i am eventually engaged to do?

a:there seems to be a toss-up between two different philosophies:

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