today's features

three ways to start an accounting practice

smiling man in shirt and tie seated at desk

plus a dozen tips for once you get there.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i am working for a cpa firm, but would like to start my own practice. can you give me some suggestions?

more: fifteen strategies for first-time supervisors | no one listens to you? change how you talk | 47 types of business valuation to provide | thirteen things to consider before you sell your practice | uncooperative partner might not be the problem
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response: essentially, you have three options (four if you count my pet project, but i won’t belabor it).
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your wealth management team needs these five people

woman's hand pressing words "ask an expert"

details on each, plus 10 other specialists to consider for occasional circumstances.

by anthony glomski

entrepreneurs and other successful people typically have complex and varied financial needs. the most successful among them typically work with five key professionals on a regular basis (see below). these are the experts who have the capabilities to solve the majority of the investment and advanced planning issues your clients are likely to face as they pursue the next stage of their lives:

more: wealth management calls for a team of experts | how a virtual family office can serve your wealthy clients | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | how to implement collaborative wealth management | five challenges of liquidating a business
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  1. wealth manager
  2. private client lawyer
  3. accountant/cpa firm – ideally, a firm large enough to have multiple partners and a deep bench
  4. life insurance specialist, who is knowledgeable about current estate tax mitigation strategies
  5. property and casualty specialist

expert #1: wealth manager. wealth managers who use the collaborative wealth management process we’ve described focus mainly on helping investors grow and preserve their wealth through the investment consulting process. then, to help clients meet their advanced planning needs, these wealth managers develop strong relationships with the other professionals listed below.
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ai means clients need you more than ever

businesswoman in wheelchair meeting with potential client

four ways to prepare.

by hitendra patil
rise of the aiccountants

we have discussed that ai-powered functions will become more potent with time. it will not feel like an overnight apocalypse, provided you are keeping yourself abreast of the progress of artificial intelligence in the accounting profession.

more: seven changes ai brings to accounting | humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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but how exactly can you prepare for the era when ai metamorphoses your work?

before entering the new ai-powered era, let us figure out what is happening now.
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accounting jobs back on the rise

line chart
overall accounting profession employment

 

tax prep is an exception.

by beth bellor

the accounting profession has regained some ground in the most recent jobs data available to 卡塔尔世界杯常规比赛时间 research. there are 1,162,100 people employed in the field, up 4,400 or 0.4 percent for the month and 30,400 or 2.7 percent for the year. the figure is just 1,200 shy of the record set in july.

 

more: staff wages hit record high | despite staffing crunch, firms freeze pay raises | tax & accounting firms grow for 9th straight month | tax & accounting profession grows, but wages don’t | tax and accounting pay advancing at 5.9% pace | accounting jobs up 4% for year
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nationally, overall employment – total nonfarm payroll – increased by 216,000 the same month, pegging unemployment at 3.7 percent. professional and business services added 13,000.

accountants are putting in 36.2 hours weekly – the highest mark since october 2022 – up half an hour or 1.4 percent for the month and 12 minutes or 0.6 percent for the year.
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bissett bullet: remember the golden rule

today’s bissett bullet: “please do not talk to your clients and prospects about services but rather the achievement of their desired objectives and outcomes.”

by martin bissett

despite us having discussed this subject earlier on, nevertheless you will already have forgotten about it because it takes time to form a habit. remember the golden rule. people buy outcomes and people buy you. is your approach from a personal meeting perspective and a firmwide marketing perspective, demonstrating that you are the right person to work with and that you are focused on creating outcomes that they want to see realized?

today’s to-do:

if your website talks more about your services than it does about your results, change it today.

see more bissett bullets here

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