today's features

looking for investments? check out smart home technology

the industry is expected to grow by almost 400% by 2027.

by rick richardson
technology this week 

we bought our first home in late 1968. we watched it being built and even installed sound cables in the walls before they dry-walled so we would have a sound system for the whole home. those days were called “container days.” the contractors erected the container and left the homeowner to finish the rest.

more tech this week: russia-linked ransomware back with a vengeance | amazon aws: the mainframe killer? | amazon launching its first internet satellites | russian solarwinds hackers at it again | nasa finds a $10 quintillion asteroid | firms must balance benefits, risks of emerging technology | microsoft and google go to war
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now, 45 years later, the sector is being upended by smart home technology, creating a large market opportunity for investors, entrepreneurs, designers, and builders. the smart home industry, which was estimated to be worth $79 billion in 2020, is expected to increase to $314 billion by 2027, according to recent research from mordor intelligence.
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seven ways ai could change accounting

artist concept of an ai-based neuronget past the ai tools hype to see the real potential.

by hitendra patil
rise of the aiccountants 

accounting, as it existed until now, is ripe for a makeover.

more: who is better at accounting, ai or humans? | talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact | be serious about ai, not amused
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this is not a doomsday prediction for the accounting profession. on the contrary, it is just a confirmation of the golden era of accounting that is about to come.

and artificial intelligence will be the driver leading the metamorphosis.
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what buying-in actually means

two women in office shake handsyou’re probably not an owner.

by marc rosenberg
how to bring in new partners

there are two components to the value of a cpa firm: capital and goodwill, the latter of which is often stated as a percentage of the firm’s annual revenue. capital is on the balance sheet; goodwill is not.

more: why buying into a firm is such a great investment | four philosophies for managing a cpa firm | public accounting as a business, 101 | 16 steps to creating a partnership path | six ways new partners differ from managers | the four essentials for every new partner | tell potential partners what it takes
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here’s a crash course in cpa firm business valuations. assume a firm with annual revenue of $10 million. most firms have accrual basis capital of roughly 20 percent of their revenues, consisting mostly of wip and a/r. if we value the goodwill at 100 percent of revenue (this used to be so common it was automatic; today it is still common but much less so), the total value of the firm is $12 million: $2 million of capital and $10 million of goodwill.
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four ways small firms can beat large ones

two partners celebrating business success outsidethink like an entrepreneur, not a technician.

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

when i look through accounting today’s top 100 leaders list and the comments they have made about what they perceive to be the challenges in our profession, many of the answers are the same: change, talent and relevance are a few you’ll see. and they are all right to some extent, but there is a deeper systemic problem that i think could fix quite a few of these in one swipe. i’m not saying it will be easy, but it is a fairly straightforward problem once diagnosed.

more: put your linkedin profile to work | leverage your client list today | why you need a link-in-bio tool | what’s in a (domain) name? plenty | need leads? try a quiz | four tips for tough times | now’s the time to clean up your email list | transform your marketing with crm | nine thoughts on self-marketing for the introvert
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the most interesting part is that the smallest firms are getting better at solving this than the larger firms.
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every client can use financial planning

older man and younger man in meetingand accountants are perfectly positioned to offer it.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

“financial planning services” is a catchall phrase for any services a client would need for their personal financial security and wealth management and is an outgrowth of tax services and any of the other core services performed for a client. these services can be offered to existing clients or to clients engaging you for the specific service.

more on marketing: four reasons to perform tax projections | four additional services to suggest
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with regard to tax services as the catalyst, the tax return is the roadmap of a client’s financial life. a keen observer can uncover many areas clients can be assisted with.
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