today's features

audit fees climb another notch

bar chart and pie chart

the financial industry tops the list (no surprise).

by 卡塔尔世界杯常规比赛时间 research

audits aren’t getting any easier, that’s for sure.

but that’s a good thing.

more: cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | opportunity awaits incoming aicpa ceo | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business
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thanks to the headaches continually passed down from the boards and commissions that set the rules and standards for audits of public companies, audits have grown more complex and time-consuming.

add to that the increasing complexity of global business.

and the complications of mergers and acquisitions.
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bissett bullet: think results. not services

today’s bissett bullet: “productivity is key for most business owners.

by martin bissett

if what we do for a client gives them time to work on their businesses, then what we charge is paid back by the opportunities they can create, the sales they can make and the profit they can generate as a result. the value we possess, therefore, is talking to them about the outcomes they can create in the time we save them, rather than the services we carry out on their behalf. sound familiar? good.

today’s to-do:

read your last proposal. did you talk about services or outcomes? rewrite any areas in which you talk about services and reframe them to reflect the outcomes they might create. keep this as a template for your next proposal.

see more bissett bullets here

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steve yoss: automating data entry reconciliations with ai | quick tech talks

save time and reduce errors with automated transaction mapping. 

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quick tech talk
with steve yoss
cpe today

artificial intelligence is a game-changing technology. its ability to take on tedious processes allows accountants to focus on higher-value work. a prime example is bank feeds in applications like quickbooks, xero, and other accounting platforms.

more steve yoss
more tech
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bank feeds already streamline workflows by pulling transaction data directly into accounting systems, but ai takes it further. it can automatically match transactions to existing entries, intelligently categorize expenses, and continuously improve its accuracy based on user input and patterns from other businesses.

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ron baker: visions for the accounting profession | arc

“i’d rather have questions i can’t answer than answers i can’t question.”

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more arc: analysis, reaction, comedy

accounting arc
with donny shimamoto.
center for accounting transformation

ron baker discusses his revolutionary journey in accounting, his challenge to the status quo, and how accountants can lead transformation. 

in the latest episode of accounting arc, baker, founder of the verasage institute, shares his insights into the accounting profession’s evolution. a pioneer in value pricing, baker’s career is defined by a relentless pursuit of better client relationships and innovative business models. 

more accounting arc: angie grissom: next gen inspo for accountantsdoes accounting belong in stem?rose wang: where numbers meet strategy and creativitytiktok 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 numbersrachel 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 |

“i knew i wanted to be a cpa in high school,” baker says. this passion led him to a big eight firm, but it wasn’t long before he began questioning traditional practices like the billable hour. “the billable hour was a lousy customer experience,” he explains. 

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challenges for the accounting profession: private equity, offshoring, training new hires

chalkboard saying indicating that time to change is now

new tech will force firms to examine value pricing if they haven’t already.

by gale crosley
the rosenberg national survey of cpa firm statistics

private equity interest in the profession will continue. new pe organizations are dotting the landscape, showing interest in firms from the top to the near bottom of the market. family offices and esop investment bankers/consultants are appearing. in the future, firms will have multiple alternative sources of equity capital.

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: recalibration is key for accounting profession | 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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private equities that have already invested are starting to more fully understand the vast operational differences between corporate america and cpa firms. this will put pressure on pe-backed firms to perform in more sophisticated ways. on the revenue growth side, corporate-world staples such as effective firmwide pipeline processes, professional sales organizations and a repeatable innovation (product management) process will start cropping up.
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