today's features

ai displacing more jobs in banking than other sectors

upskilling will be key to keeping staff.

by rick richardson
technology this week

according to citigroup inc., artificial intelligence (ai) will likely replace more positions in the banking sector than in any other. technology is going to transform consumer finance and make employees more productive.

more: your brain can store 10 times more than anyone thoughthow many ev charging stations will we need?google launches new private space featuremicrosoft discovers a security flaw impacting android apps | what is an ai pc, and should i get one?fool’s gold may not be so foolish nowai-engineered enzyme could be solution to plastic pollution | german researchers develop ev motor with no rare-earth magnets | ai named the highest-paying in-demand tech skill for 2024
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according to citigroup’s most recent ai assessment, roughly 54 percent of banking professions might be automated. ai technology has the potential to enhance an additional 12 percent of jobs within the business.

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adam lean: get out of the accountant’s trap

be unstoppable without sacrificing your soul.

this is a video preview. the complete video episode, with commentary and transcript, is first available exclusively to pro members.

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the disruptors
with liz farr

like many of today’s younger accountants, adam lean didn’t want to be relegated to the back office recording history and focused on compliance but wanted to have an impact by helping businesses grow. “i didn’t want to just be that person that just recorded the fact that the titanic was sinking. i wanted to help the titanic not sink.” younger people “want to make waves,” lean says. “they want to make more money without having to sacrifice their soul.”

more podcasts and videos: geraldine carter: charging more is better for your clientsvimal bava: when working smarter, not harder, is the only option | dawn brolin says grow your firm by shrinking itjason blumer & julie shipp: move leaders out of client service | james graham: drop the billable hour and you’ll bill morekaren reyburn: fix your marketing and fix your business | giles pearson: fix the staffing crisis by swapping experience for education | jina etienne: practice fearless inclusionbill penczak: stop forcing smart people to do stupid worksandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow |

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lean, the ceo and co-founder of the cfo project, had an epiphany.

instead of being “at the whim of my clients or government deadlines, or bookkeeping deadline,” lean discovered that by helping business owners understand their numbers, he could do something bigger and better. most business owners don’t understand their numbers, but as lean says “that’s a skill that if harnessed in the right way, you can be unstoppable.”

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is the irs mismeasuring phone service?

unhappy man waiting on phone in office

bad metrics are hiding problems.

by 卡塔尔世界杯常规比赛时间 research

if there’s one nice thing about phoning the irs, it’s the opportunity to take a nap.

taxpayer naps were a little shorter this year, especially for those calling 35 of the 102 toll-free lines, known as enterprise lines, that taxpayers can call for assistance. those 35 lines are for accounts management (am) issues.

more: is tech causing both cpa shortage and low salaries? | audit firms nervous about new tech | what accountants can learn from t-ball | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade
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thanks to a mandate from the secretary of the treasury, the irs hired 7,000 customer service representatives to handle the am lines.
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how ‘business expert cpas’ get their own business wrong

only a small percentage of audit leaders understand businessmindedness’s inward and outward components.

by alan anderson, cpa
transforming audit for the future

i talk to leaders of firms all around the country who think that if they get their fee realization right, that’s a sign that they’ve got great business minds. they ask me what the market fee realization is, so i tell them that’s a miserable measure.

more: say adios to audit fee pressure | eight items to cover in the audit exit to deepen client relationships and prove value | know your three audit w’splanning lays the foundation of audit relevance | how do we drive relevance in audit? | before the audit: more than just planning | are you correctly identifying the relevance intersection? | lack of relevance drives audit commoditization | five crucial attributes for successful audit leadership | traditional audits don’t deserve premium billing | four basic understandings every auditor must master
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there is no perfect fee realization. as extreme examples, i’ve worked with firms with 10 percent and 200 percent fee realizations. which is better? neither. the firm with a 10 percent fee realization bills at $5,000 per hour, while the other bills at $20 an hour.

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you can’t win with lowballing

when to let the next accountant take the losses.

ed mendlowitz
202 questions and answers: managing an accounting practice

question: a client of 10 years was paying a fixed fee that was now a little less than half of our time charges. also, there had been a gradual scope creep with additional services being forced on us without any extra fees.

more: nine reasons not to specialize | when board service gets tricky | yes, you have to share work papers | hiring experience vs. training inexperience | eleven ways new staffers can help bring in business | should you merge? here’s how to chart your path | a friendly chat or a billable discussion? | busy season is over, so it’s time for some resolutions | hold staff accountable if you want them to listen to you | when selling a firm to staffers is tricky | want to merge? six steps to take | how to raise your rates
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the cpa had not received an increase in six years because of the client’s constant complaining that the fee was too high. the client just told us they had a quote from another firm that was half of ours, and said if we didn’t match it, they would leave us. what should we do?
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