today's features
advisory & consulting

ai is not your enemy

clients still need context, and that comes from you.

by penny breslin
it’s not just the numbers

in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”

more: put back office support into action | make cybersecurity a client service option | start every engagement with an sla | get the most out of your client meeting | why you need standard naming conventions | how to develop internal procedures | proper workflow demands consistency
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the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.
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news

chatgpt passes cpa exam on second try

its average score was 85.1.

by rick richardson
technology this week

an improved and better-trained version of chatgpt took a simulated cpa test after an earlier failure and passed, similar to the roughly half of human applicants who fail on their first attempt. but does this trial suggest that chatgpt will soon compete for accounting positions?

more: smartwatch saves two lives | first e-road charges electric vehicles as they drive | stanford scientists 3d-print heart tissue | chatgpt unlikely to replace accountants | cancer vaccine available by 2030? | four of today’s new technologies that will be tomorrow’s ‘norm’ | chatgpt spurs competition in different ways | chatgpt: what it is. why you need to know.
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“this calls into question the ‘competitive advantage’ of the human accountant relative to the machine. to our knowledge, for the first time, ai has performed as well as most human accountants on a real-world accounting task. this raises important questions of how machines and accountants will work together in the future,” the study’s authors said.
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pro member exclusive

when would-be partners aren’t candidates

//www.g005e.com/2021/02/17/a-rose-by-any-other-name/what we’ve got here is failure to communicate.

by martin bissett
passport to partnership

have you ever wondered what the partners of your firm are looking for from you, beyond your technical abilities?

more: 10 can’t-skip steps for business development | three things that rich accountants do | four reasons it’s hard to sell | eight questions to hold yourself accountable | win your first client: yourself
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for full disclosure, i am not an accountant, but i have spent decades working with accounting firms of all shapes and sizes in the united kingdom, the united states and europe.
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advisory & consulting

be wary of discounting prices

plus some thoughts on branding.

by ed mendlowitz
77 ways to wow!

my father’s largest client was a luggage manufacturer with a national brand sold in specialty luggage stores, but not in department stores.

more: the role of strategy in pricing | how to react to trends | trends are all around us | six kinds of loan covenants | what’s more profitable, raising or lowering prices?
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he did this because he wanted to maintain the selling price, did not want discounting and felt his customer base would be more loyal if they did not compete against the larger stores’ discounting policy. he was very successful and very profitable, but probably not as large as he could have been had he had the volume that department stores would have provided.
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client accounting services

five ways to profit from cas

businesswoman using a tabletautomation is just a beginning.

by hitendra patil
client accounting services: the definitive success guide

if you feel offering client accounting services will bring in a lesser profit for you compared to the other services you are offering now, you may feel it is not a fit. it may be because you may have experienced others providing a lower rate, lower profitability commoditized services that you believe are actually cas offerings. if so, it is not your fault because there has been a great deal of confusion in the profession about what exactly is cas.

more: think cas isn’t for your firm? | which clients are best for cas | how much can automating bank feeds save you? | wants vs. needs: why not fill both?
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you may still feel that some of the cas components are low-profit services, but those are like essential building blocks that lead to higher value, higher priced and hence higher profit services that you can sell to the same clients. what steps can you take to make cas one of the most profitable service segments for your firm?
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