today's features

three ways to improve next tax season


you’ve survived 2023. here are some key lessons.

by seth fineberg
at large

in accounting, you know that tax season doesn’t end in april, as it often extends well into october. so, now that another season has come and gone and you’ve endured all the things you swore you’d never do again this year, what will be different in 2024 and beyond?

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every year, i speak to tax pros and accountants with tax work at their practice’s core. i listen, i read what they share on social media, and it always seems to be the same. they swear they’ll get rid of clients who regularly extend into october. still, they must hound those to the irs deadline. they rail against the irs and lack of guidance, or the hours spent on the phone trying to get answers or to resolve an issue for their clients. they exclaim, “this is the last year i’m going to…” and yet, little to nothing of significance changes. with more accountants getting increasingly frustrated with their careers and fewer coming into the profession, it is up to you to say what will change.

so, again, i ask you all, what do you need to change to make it more enjoyable, bearable and even productive for yourself?

here are a few suggestions based on my observations. take them for what you will.

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what partners do and don’t deserve

man wearing suit, pointing one thumb up, one down

yes, there are limits. 

by marc rosenberg
the rosenberg practice management library

partners are entitled to a lot. at some firms, they are virtually royalty. but that’s no way to run a firm these days.

a partner is entitled to:

1. attend partner meetings and retreats.

more: tell potentials what partnership takes | fifteen big questions for your next strategy session | five steps to transition to partnership | disturb the present to improve the future
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2. have access to all confidential firm financial data.

3. receive a return on capital; repayment of capital when he/she leaves the firm.
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five things that clients don’t know about accountants

number 5 drawn in sand

we have to remember to offer this information.

by sandi leyva
the complete guide to marketing for tax & accounting firms

i’m pretty sure that i am not the only accountant who has made the following mistakes with clients. here are a couple of ideas to help us remember what we know that the client doesn’t and why it costs us when we forget.

more: are your revenue projections realistic? | make your prospect kit stand out | six ways to beat the competition | grow your revenue with three marketing strategies | what can chatgpt do for accounting professionals? | generative ai: should you avoid it or adopt it? | want better clients? here’s how | get your name in the news | four ways small firms can beat large ones
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1. clients do not know how to evaluate our technical skills.

if you need to hire an accountant, chances are you don’t know a lot about accounting. it just follows that you’re not going to be perfect at hiring an accountant. as accountants, we need to remember that it’s not our technical prowess that gets us the job because the client has no way of evaluating that piece.
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bissett bullet: your little black book

today’s bissett bullet: “your clients will have needs that you are unable to fulfill. signposting to ‘best in class’ not only serves your client beyond the scope of the firm’s work with them, but also elevates your expertise in the eyes of your clients.”

by martin bissett

the most advanced stage of advisory services is signposting other support that your clients may need. be it recruitment, marketing, investing or something else entirely, if their requirements go beyond the skillset of your firm then you should at least be in a position to advise them on who they should listen to.

making introductions to your network of contacts and the professionals you trust helps your clients to achieve the outcomes you have agreed together and further establishes you as a trusted advisor.

today’s to-do:

go one step further. use your knowledge of your client’s business to foresee other needs. what recommendations are you about to make for which introductions may be useful? have them ready.

see more bissett bullets here

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outsourcing, remote work will help firms grow capacity, revenue

three people speaking by videoconference

another option: new hires who are not accounting majors.

by art kuesel
the rosenberg map survey

editor’s note: every year, the rosenberg map survey asks the industry’s top consultants to share their observations from cpa firms across the country. how do you think the next 12 months will unfold? also, how would you assess the last 12 months?

with the market for accounting talent remaining incredibly tight, and the demand for accounting and consulting services remaining relatively strong, i see the opportunity for continued double-digit revenue increases and strong margin growth at most firms. this won’t be without issue as we know how reluctant firms can be about charging what they are worth and increasing fees for current clients!

more: ‘great shakeup’ in cpa firms on the way | ai for accounting automation will be significant | private equity leading to corporate-style cpa firms | pe, consolidations to keep impacting accounting profession | a 40-hour workweek is feasible | five ways staff shortages are changing firms forever | soft skills are front and center
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and, the main issue at hand is how firms will continue to service existing clients while at the same time building capacity. outsourcing and remote talent will continue to be a popular means of maintaining and building capacity.
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