today's features
survey says 57% of firms are raising prices next year
are you charging enough?
by 卡塔尔世界杯常规比赛时间 research
more than half of american accounting firms plan to increase their prices next year, according to the 2024 u.s. accounting and tax pricing benchmark survey just issued by software developer ignition.
more: how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve? | the slow, painful death of the 150-hour rule | partner comp earnings gap: what’s the right spread?
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the survey finds that 57 percent plan to jack up their invoices across all services, with 31 percent of them going for a 10 percent increase. but 37 percent will limit their increases to just 5 percent.
and a gutsy 6 percent will go for 20 percent more.
read more →
art werner: preparing for the tax cuts and jobs act to expire | quick tax tip
expect tax hikes and lost deductions.
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quick tax tip
with art werner
cpe today
as the end of 2024 draws closer, tax advisors and taxpayers should prepare for major changes that could significantly impact tax bills. art werner highlights an upcoming challenge: the scheduled expiration of the tax cuts and jobs act (tcja), which was signed into law in 2017 and brought significant tax breaks and lower tax rates.
like many tax laws, the tcja was designed to “self-destruct,” meaning its provisions will sunset at the close of 2025 unless congress takes action.
bissett bullet: just another accountancy firm?
today’s bissett bullet: “why are my website inquiries so much more fee-sensitive than my usual referrals?”
by martin bissett
this is because your website will usually list your services and as a lot of those are compliance-based, this will attract inquiries from those looking for a basic compliance solution rather than advisory services.
your referrals, on the other hand, have come from a recommendation of you as a trusted advisor. to someone searching for a service on google, you are “just another accountancy firm” so if you would like stronger inquiries via your website, you need to stand out from the competition by swapping lists of services for stories.
today’s to-do:
write the answers to the following: who have you helped? what time have you saved them? what tax have you recovered for them? what have they been able to reinvest in their businesses? how have you helped them in their personal lives? take one example and get someone to write a case study to feature prominently on your website.
see more bissett bullets here
get more referrals in five steps
who do you want? (hint: it’s not “everyone.”)
by sandi leyva
the complete guide to marketing for tax & accounting firms
there are many great things about getting referrals. first, referrals have a built-in trust that helps you move through the sales process faster. second, there’s almost no marketing cost involved. third, they tend to make a better long-term client.
more: is your practice leaking money? | boost your value, boost your fees | how to put your strengths to work for you | are you throwing away profits? | three steps to becoming a millionaire | how to use chatgpt to create images | create a bad website in ten easy steps | leverage your strengths to beat stress | are you crossing off your business bucket list? | ten ways to make your business irresistible
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unfortunately, many business owners take a reactive approach to referrals, waiting until they come to them, rather than a more profitable approach, which is to proactively maximize referrals. here are five proactive ways to boost referrals:
read more →
how accounting pros own the stage in public speaking | accounting arc
from free speeches to paid engagements, thought leaders discuss breaking into the speaking circuit and what they’ve learned along the way.
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accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation
public speaking is not for the faint of heart, especially in the accounting world.
in a recent episode of accounting arc, hosts liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma; share how their speaking careers transitioned from volunteer gigs to paid engagements. they delve into their varied approaches to preparation, overcoming imposter syndrome, and learning from feedback, painting a picture of how they influence the profession from the stage.
more accounting arc: greg kyte: being a cpa is like being the marie kondo of numbers | rachel bashore: a lawyer’s case for reinventing accounting | beyond the basics in ethics eduction | bailey lenart: from ledger sheets to transformational change | election tax plans: what cpas need to know | leadership for the future: stakeholders, sustainability, and strategic vision | in-person conferences still essential | non-accountants in accounting: a game-changer for the profession | rubik yeriazarian: smaller firms offer big opportunities for rapid skill development in forensic accounting | accounting arc | ai will steal your job. and that’s a good thing | accounting arc | the right kind of lazy: innovative approaches to streamlining workflows | accounting arc
in their early speaking years, shimamoto, mason, and patrick often presented free of charge, primarily as a way to share knowledge and establish credibility. “when it’s a paid gig, there’s a different level of responsibility,” says patrick, ceo of verifyiq and vice president of client success at the b3 method institute®. today, these professionals are in high demand for keynotes and panels, representing a new, evolving face of the accounting profession.
tech anxiety paralyzing some accounting firms
ai? inescapable. but don’t forget cybersecurity.
by roman kepczyk
the rosenberg national survey of cpa firm statistics
wild ride: as i am primarily focused on accounting firm technology and departmental production, i will limit my observations to it, where the big trend will be that we will continue to see a profusion of new ai-assisted applications coming at firms from all directions, at an increasingly untenable pace. i think that the reality of the mantra stating, “you won’t be replaced by ai, but by someone using ai” will sink into every accountant’s brain in 2025 and the urge to jump to solutions will be overpowering
editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:
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- how do you think the next 12 months will unfold? trends? predictions? other thoughts?
- how would you assess the last 12 months? trends? observations? struggles?
more: what’s going to happen? lots, say consultants | growth and complacency must concern accounting firms this year | solving staffing requires intention | how accounting firms are handling the staff shortage | the future of fees | as private equity closes in, firms seek new answers to staffing problems | when staffing falls short, clients get culled | how accounting firms are dealing with retirement | next five years are critical for accounting firms | staffing turnover’s down, but why? | what’s your firm worth? private equity wants to know
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like the dotcom boom of the early 2000s, i’m already seeing firms display a significant amount of anxiety around making application decisions and paralysis around concerns about integrating tools that could shortly be replaced by another, better product. my advice is to research peer success, pilot small and learn fast (or at least fail fast and move on).
read more →
rebecca driscoll: amplify reach by helping other firm owners | the disruptors
the future of accounting will be strategy, communication, analysis, and proactive support.
this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here
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the disruptors
with liz farr
rebecca driscoll went out on her own at a young age when a partner at the cpa firm where she was working encouraged her. “you’re not cut out for this path that we have in a traditional accounting firm,” driscoll recalls him telling her. “you’re different, so you should go be different.”
more podcasts and videos: rory henry: create the return on relationships | mike maksymiw: be the leader you wish you had | terrell turner: build a solid business showing up as yourself | kelly mann: be the bull in the china shop | alicia katz pollock: create a human-centric business | nancy mcclelland: be the one your clients ask first |alan whitman: stop accepting the status quo | sean duncan: discover your own genius | ingrid edstrom: true wealth is not financial | caleb jenkins: firm growth requires owners to shift roles |
she already had a book of business as a staff accountant, but on the traditional path at that firm, it would be another decade before she could be considered for partnership.
partners need to respect firm culture
with insight from our exclusive expert council: dunn, pipe, grundy.
by martin bissett
passport to partnership
the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style.
examples that really stood out on the realities of individual variances in firm culture are showcased below.
more: five thoughts about your firm’s culture | do others think you’re ready to be partner? | attract clients, don’t sell to them | think of it as service, not selling | eight questions that target personal accountability | are you projecting confidence? | does client perception match your firm’s reality? | firm not thriving? five fixes | five questions for grading prospects | health, wealth, stealth: challenges on the path to partnership
exclusively for pro members. log in here or 2022世界杯足球排名 today.
“our partners have articulate minds, and that’s what we want to be demonstrated by any new appointees.” meaning, can they hold their own intellectually in more senior circles?
how would they then behave when meeting with other senior executives as a contemporary of theirs?
read more →
art werner: new issues in qualified plans and iras | quick tax tip
new legislation on qualified plans and iras can help accountants grow their practices.
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quick tax tip
with art werner
cpe today
the world of qualified plans and iras has been flooded with legislative updates, and many accountants are still catching up with secure act 1.0, let alone the more recent secure act 2.0.
as 2020 introduced both the covid-19 pandemic and a slew of legislative shifts, accountants found themselves grappling with the dual challenge of pandemic-related legislation and the original secure act. many missed the chance to fully understand and implement the updates from secure 1.0, and now, with secure 2.0, the tax planning landscape has become even more complex.
what’s going to happen? lots, say consultants
insights on staffing, private equity and more.
by 卡塔尔世界杯常规比赛时间 research
in case you haven’t noticed, the whole world is changing. everything.
even the accounting business.
and everyone wants to know what’s going to happen.
even cpas.
more: growth and complacency must concern accounting firms this year | solving staffing requires intention | how accounting firms are handling the staff shortage | the future of fees | as private equity closes in, firms seek new answers to staffing problems | when staffing falls short, clients get culled | how accounting firms are dealing with retirement | next five years are critical for accounting firms | staffing turnover’s down, but why? | what’s your firm worth? private equity wants to know | the new pipeline: outsourcing and offshoring | is this the last year of accounting’s golden age?
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some of the answers (for cpas) might be found in the 2024 rosenberg national survey of cpa firm statistics, where some of the industry’s leading consultants are opining on what’s coming down the pike.
and they all agree on one thing: change is coming.
read more →
why you shouldn’t sue a client
there’s more to consider than you may realize.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: a former client owes me a lot of money and will not pay or even discuss a settlement. i want to sue him. what can you tell me about this?
more: what to do when a partner becomes disabled | do as little as possible | want to merge? here are 23 things to request | i’m just starting out; why join an association? | don’t blame the client for your location | realign partners with monthly meetings | i’m 76. should i slow down? how? | who to hire when it’s time to grow | hourly billing doesn’t cover the value; now what? | ask for what you’re worth | the top tip for reviewing tax returns | you have to start somewhere | two options for collecting past due fees | you can’t win with lowballing
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response: i don’t know the details so cannot address your specific situation. however, i have some comments about suing that i would like to share with you.
read more →
ten tips for a healthier tax season (and life) | listicle
by 卡塔尔世界杯常规比赛时间 research
tax season isn’t just hectic. it’s unhealthy. it has to be done, of course, but make an effort to mitigate the mental and physical impact.
more listicles here