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control the level of risk

$100 bill being built of blocks

how you as the personal cfo can help when your client’s instincts are wrong.

by anthony glomski

let’s examine in detail some key drivers of investment success:

  1. diversification can provide a smoother investment journey – and greater
    wealth.
  2. global exposure adds value.
  3. diversity with fixed income.
  4. control what you can control.

more: clients who don’t listen | why you should function as a fiduciary | your entrepreneurs need advice, but which kind? | how to implement collaborative wealth management | five challenges of liquidating a business
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andrew carnegie’s advice for growing assets – put all your eggs in one basket and watch the basket – is sage wisdom when it comes to building a great enterprise. that strategy has worked for you as an entrepreneur, and it’s likely why your clients are successful, too
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growth strategies

referral fee? forget it

man seated at desk in front of computer, talking on phone

capitalize on your “business currency” with better referral strategies.

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

question: i referred a large amount of business to an attorney friend and she hasn’t reciprocated. i asked her for a referral fee and she declined. i’d like to keep referring her because she does a great job for my clients and that makes me look good, too. what should i do?

more: should you offer financial services? | thirteen things to consider before you sell your practice | ready to retire? selling your practice is no strategy | merge in lower-priced work without losing out | 20 things you need for a business valuation
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response: it is always the right thing to look out for your clients’ best interests. referring the best attorney you know for a job is the right thing to do. however, you are in business and need to nurture referral sources.
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outlook & analysis

‘great shakeup’ in cpa firms on the way

 

those that continue to make deep and sustainable investments will excel; “grinders” will face serious challenges to staying relevant.

by allan koltin
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?

as i look to the next 12 months (july 1, 2023, to june 30, 2024) i see the “hourglass” half full! i know we have been in and out of a recession and flattening economy for the past 3.5 years, but i believe that in 2024 the economy will be better and stronger (i know i may be a minority opinion here!).

more: 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 | it’s time for a new business model | rosenberg map: partner incomes surge 11.4%
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

whether i’m right or wrong may not matter though, as cpa firms continue to have strong performance in good and bad times. i realize that in a recession, the use of certain advisory and consulting services may be reduced or put on hold, but that aside, i think 2024 will be a strong year for firms as they continue to right-size and reimagine what their firm can be.
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client accounting services

three keys to developing your cas sales process

two men standing and shaking hands

plus seven points you need to identify.

by hitendra patil
client accounting services: the definitive success guide

“i am not a good salesperson.”

i have lost count of how many accountants have told me this over the years. but i also learned that what they really mean is that they do not have a well-defined, structured “sales process.”

more: happy clients will blow your horn for you | start with existing clients to add cas | your clients’ words = your new cas marketing | attract clients through facebook groups | how to destroy your cas profits | price by outcome, not time spent | want higher profitability? turn to cas | cas requires reaching out more
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this post is not about fundamental sales skills. that is beyond our scope. this is more about how to develop and execute your client accounting services sales process, pitch and supporting collaterals that can help get you more cas sales.
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outlook & analysis

ai for accounting automation will be significant

cybersecurity remains a concern.

by roman kepczyk
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?

positive optimism: barring an even larger international political crisis in the next 12 months, the opportunities within the accounting profession for firms both providing traditional compliance services and those that have expanded into advisory practices will simply be phenomenal! from a technology perspective, the evolution of artificial intelligence capabilities within accounting applications for process automation will be the most significant trend and while there will be a lot of early hype, good solutions will be able to prove themselves out fairly quickly.

more: 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 | it’s time for a new business model | rosenberg map: partner incomes surge 11.4%
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

watch for what microsoft does with copilot and integrated virtual assistance within excel, outlook, their edge browser and, in particular, microsoft teams. then start watching what individual accounting profession applications start integrating virtual assistance tools for tax research and projections, audit work program assistance, and use of tools to acquire and analyze accounting data and reporting, and the breadth of practical opportunities will start to unfold.
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