today's features
leadership

when customer service is an opportunity to lead

manager standing in front of wall of tvs

who is observing?

by martin bissett
passport to partnership

in order to become a commercially aware practice leader, we need to understand the dna of leadership.

any woman or man leading an accounting firm, who chooses to overcome each operational or client challenge as it if their future depended on it, will not only succeed in practice but will become capable of delivering advisory value to their clients unmatched by their competitors, thus achieving true differentiation.

more by martin bissett
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there has been enough behavioral evidence in practice management now observed, collated and reported upon to be able to draw a conclusion that a great leader needs to be at peace internally in order to become a great leader externally. her or his personnel/staff need to see a consistency between that leader’s values and his/her most commonly perceived behaviors.
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featured video

carter-gray: poor review strengthens firm | the disruptors

client conflict became a catalyst for clearer boundaries, better processes, and a more scalable virtual practice.

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the disruptors
with liz farr

when nayo carter-gray, founder of 1st step accounting, received a one-star google review from a challenging client, she realized the crucial value of the boundaries she had established for clients. an email issue on the client’s end made the client think the firm was ignoring him when the reality was that he simply wasn’t receiving the firm’s correspondence.  

卡塔尔世界杯常规比赛时间 celebrates:the 100th episode of the disruptors

more streaming: hartman: upwork to “40 under 40” in 3 years | telka: transform fear into fuel | woodard: move past reports; deliver results | baker: find true purpose to end burnout | brolin: the w.i.n. leadership formula | gertrudes: how eos & “unreasonable hospitality” reshaped growthlab | vilms: the power of people in a tech-driven world | dickerson: from diagnosis to disruption | kapilovich: treat people like people | martha yasso: from wall street to main street | jackie meyer: tax plans in 90 seconds? believe it  | erica goode: build a $200k firm in 15hrs/week | randy crabtree: live at the intersection of passion & skill |mcclelland and telka: women ready to rewrite the rules of accounting | jacob schroeder: ai won’t replace accountants—but it will reveal who’s replaceable | ditching corporate america: the bold story behind pbs accounting’s rapid rise | jean zick: happy team = happy clients | breslin & greathead: be a client advocate |

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a happy ending came when the client took that one-star review down after carter-gray laid out “a timeline of events of how he didn’t follow the process from start to finish,” she recalls. “it just led to us realizing that we put these boundaries in place for a reason, and now i’m looking at the entire process that we have to make sure that our existing clients know these boundaries and why they’re important.” 

carter-gray’s firm uses a framework of three core elements to establish boundaries with clients.

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pro member exclusive

is hr ready for your firm to grow?

your efforts have implications. don’t assume everyone is as prepared as you are.

by domenick j. esposito
8 steps to great

“if you pick the right people and give them the opportunity to spread their wings – and put compensation as a carrier behind it – you don’t have to manage them … this whole game of business revolves around one thing: you build the best team, you win.” – jack welch, former ceo of general electric

now that you are equipped with a strategic plan that is realistic and focused on implementation and accountability, and you have a sound governance and economic model, let’s chat about what else it takes to build a mid-market sustainable brand.

more by domenick j. esposito
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it begins by recognizing that all partners are not created equal. you need a combination of
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featured video

fenton and hill: stronger firms inside out | holistic guide to wealth management

meet at the intersection of people, process, and purpose.

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by rory henry cfp®, bfa™
for 卡塔尔世界杯常规比赛时间

when firms talk about growth, they usually point to increases in revenue, staffing, or service lines. but as coaches will hill and john fenton remind me in our recent panel, the true drivers of sustainable growth are people, process, and purpose. without those foundations, they say, even the best new initiatives will stall. 

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hill, founder of will hill consults, describes his work as sitting at the intersection of people and process. fenton, ceo of john j. fenton executive coaching and a former bdo managing partner, focuses on leadership and culture, and sits at the intersection of people and purpose. together, the panelists offer practical guidance for firm leaders looking to improve their organization’s culture, to manage change, and to avoid staff burnout. 
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mergers & acquisitions

win at m&a without overpaying

//www.g005e.com/2021/11/09/why-its-time-for-an-acquisition/

seven tips for being a strong acquirer.

by ira rosenbloom

in today’s hyperactive cpa firm m&a market, buyers are circling many of the same opportunities. private equity and alternative investors can often offer more cash but that doesn’t mean they always win – or that the highest offer does.

more by ira rosenbloom
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securing the deal you want depends on the right ingredients for a strong outcome. based on our knowledge of the success factors for winning, we offer the following recommendations – especially if you are a more traditional acquirer:
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accounting influencers

pushing into law? a seismic shift for firms | accounting influencers

az opens the door to multidisciplinary firms, and big four competitors are watching closely.

this is a preview. the complete video episode, with commentary and transcript, is first available exclusively to pro members | go pro here
sponsored by “it’s not just the numbers: how to move beyond the numbers and deliver real value for your clients.”
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accounting influencers
with rob brown

accounting and law have long existed in parallel, separated by strict professional boundaries. that wall may be crumbling. kpmg is moving to become the first big four accounting firm in the united states to own a law firm, a step that could reshape the profession.

the opening occurred in arizona, which recently amended its rules to permit non-lawyers to own law firms under alternative business structures (abs). kpmg seized the opportunity, announcing plans to launch kpmg law us. the firm will not enter courtroom litigation but instead focus on contract management, legal project support, and m&a contract harmonization.

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advisory & consulting

private equity and the future of client advisory services

what to watch for now and over the next 10 years.

by hitendra patil
client accounting services: the definitive success guide

the accounting profession has experienced an unprecedented increase in private equity (pe) and private credit activity in recent years, significantly transforming the landscape of client advisory services (cas).

more by hitendra patil
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let us explore why pe firms are interested, how these deals work and what it all means for the advisory-cas movement. whether your firm is courting outside capital or not, these shifts signal where the profession is headed and how to future-proof your role within it.
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featured video

garrett: embrace your ‘and;’ transform firms | gear up for growth

your job title doesn’t define you. your ‘and’ does. 

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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间

“if we make sure that people are doing their ‘ands,’ they’re going to accidentally do their best work,” says john garrett, author of “what’s your ‘and’?” and stand-up comedian. during his appearance on gear up for growth, hosted by jean caragher of capstone marketing, the self-described “recovering cpa” says, “they’re going to accidentally stay. you’re going to attract more talent. you’re going to attract more clients. everything good is going to happen from that.”.  

more gear up for growth here. | more jean caragher here | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | more 卡塔尔世界杯常规比赛时间 videos and podcasts here

garrett says your job title doesn’t define you, your “and” does. an “and” is a passion, hobby, or interest outside of work that makes people unique and memorable. “you’re not a cpa; you’re a human being that does accounting work. you’re bigger and better than a tiny, little job title,” he explains. 

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2022年世界杯抽签

bissett bullet: strike while the iron is hot

today’s bissett bullet: “business owners are busy people. if they already have an accounting firm and have asked or agreed to spend time meeting with you, you can safely assume they’re open to change. don’t lose momentum.”

by martin bissett

picture this scenario. you’ve met with a potential client and it’s gone well. they may have given you a tour of their offices, you’ve talked through their issues and you know you can help them but the meeting has reached its natural conclusion and this is when you say goodbye and promise to send a proposal. don’t do that.

instead, tell them that you have identified several ways in which you can help them and need to put some thought into the best solution. suggest the second meeting for a date that gives you sufficient time to prepare your proposal. if they are resistant to meeting again when they’ve been willing to invest time into speaking with you, then that should be a red flag that something has gone wrong during your meeting.

today’s to-do:

there is a very real possibility that the above approach will be met with a request for your proposal to be emailed. practice doing the following so that it feels natural when you next have a conversation with a potential new client:

ask who else in the business is involved in the decision to hire another accounting firm and when would be convenient to get everyone involved in the process in a room so you can share your thoughts with them all and give everyone a feel for what it would be like to work together.

see more bissett bullets here

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leadership

will your success be incremental or exceptional?

eight forces that have altered the future of accounting firms.

by anthony zecca
leading from the edge

“all organizations are perfectly designed to get the results they are now getting. if we want different results, we must change the way we do things.” – tom northup, author of “five hidden mistakes ceos make”

what a great statement not just about accounting firms, but all organizations – “perfectly designed to get the result they are now getting.” there is another old saying that goes something like this: “if you want different results you have to do things differently.” center leaders hold onto the status quo whereas edge leaders constantly push the envelope of what is possible – pushing to the future edge.

more by anthony zecca
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leadership is a topic that has been researched, talked about, written about, training sessions built around, and endless models developed – yet it is also one of the most challenging issues in most firms today. over my career, i have worked and consulted with leaders of all shapes and styles and firms that experienced varying degrees of success. based on working with hundreds of companies, my conclusions – and two of the primary reasons that drove me to write my book – are that in many cases, firms are performing below their capabilities and every firm has the potential to reach higher levels of performance if and when leadership moves from the center to the edge. edge leaders want to be at the top of the pack when it comes to all metrics that matter whereas center leaders are content to remain average.
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growth strategies

four practical case studies of real advisory success

woman and man meeting in office; chart on his laptop screen

and four lessons learned.

by jackie meyer

you’ve already heard the story of one of my first high-net-worth clients – an executive preparing their own tax return, making costly errors and ultimately turning to me for help. let’s revisit this example with a deeper dive into the transformation and outcomes.

more: your balanced millionaire journey begins now | how to cultivate holistic wealth | five hard-earned lessons from exiting an accounting firm | it’s never too early to plan your exit strategy | beyond blocking: more time management strategies | reclaim your hours with time management and productivity hacks | master the roi method: price for value, not time
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case study 1: from $150,000 in tax savings to 1,400 percent roi

the situation: this client was an executive with a complex financial situation, including private equity investments that generated dozens of k-1s. when i initially reviewed his self-prepared return, i found that he had misclassified a capital gain sale as royalty income, which led to an overstatement of income by hundreds of thousands of dollars. in 2012, i charged him an hourly rate of $150 to amend the return and correct the mistake. this simple fix saved him $150,000 in taxes.
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accounting arc

cash bags, casinos & audits: how first jobs shape us | arc

“as an auditor, you learn how non-financial events end up having a financial impact.”

sponsored by holistic guide to wealth management by rory henry, cfp, bfa – get today’s special offer here. 
plus, join rory next week for holistic wealth management: modern cpa opportunities.

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accounting arc
with liz mason, byron patrick, and donny shimamoto
center for accounting transformation

on this episode of accounting arc, liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma, revisit their first accounting jobs. the conversation underscores how early exposure to operations, technology, and industry economics cultivates the judgment accountants need to interpret business realities.

more accounting arc: gen z redefines careers | bootleggers, baptitsts & cpas: rethinking licensure |cpa firm ownership under fire | walking violation: when showing your cpa gets you in trouble | audit bags to tiktok tags, gen z talks success | students challenge accounting’s traditional career path | true grit: recognizing struggles that shape our successes | more admins, fewer students, no plan | what career advice gets wrong for gen z – and how to fix it |your identity is not a liability | what happens in vegas… gets reported on a tax return | burnout, be gone: accounting needs a boundary breakthrough | the ultimate business hack you’re probably ignoring | resilience, real talk, and the road to mental wellness | blockchain could still reshape accounting | what gen z wants from business | firm differentiation depends upon client service

from hustling down the beach with bags of money to deploying field laptops with new tech to counting millions of dollars over 15 hours, each host shares a unique accounting beginning, but all have the same clear messaging.

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