today's features

26 ways to wreck a financial projection

and some things to do instead.

by ed mendlowitz
77 ways to wow!

hello, i am mr. no and have been asked to explain what i do and why i could be your biggest obstacle.

more: how to prepare business plan financial projections | what’s more profitable, raising or lowering prices? | insurance you might not know you need | solos need plans for death, disability | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud | how to explain internal controls to clients
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i can’t help you, but i can definitely hurt you. and i love to hurt those who understate my importance. in reality, there is nothing in it for me to okay a deal, and my reputation and credibility might be hurt, and i could even lose my job if the deal flops. on the other hand, saying no keeps me safe and free from harm.
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help clients avoid fallout from personal complications

this requires a certain level of trust.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

the terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. all too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.

more: why tax planning matters so much to the wealthy
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family relationships are commonly impacted. for example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.
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megan genest tarnow: hire for curiosity rather than compliance

flip the org chart and put staff at the top.

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with liz farr
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megan genest tarnow is well-known in accounting circles as the go-to expert in using quickbooks for the fund accounting required by nonprofit entities.  

more: clayton oates: one way to keep clients for liferandy crabtree: follow these three rules to keep employees happyerik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshiftjennifer wilson: empower young workers to build the firm everyone lovesmike whitmire: re-think your hiring and training practiceshector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be freeprivate equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinsonwhen financial statements go extinct with corey schmidtcan geraldine carter save accountants from themselves?re-inventing accounting with tyler anderson

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many of the best accountants she knows have come from non-traditional backgrounds like dance or philosophy. megan herself worked in theater for several years before she was thrust into a finance role. like her, these non-traditional accountants apply their native curiosity to understand how the pieces fit together. by leaning into the work and asking questions, they uncover an unknown aptitude for accounting, suggesting that perhaps we should hire for curiosity rather than compliance knowledge.  

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wants vs. needs: why not fill both?

woman driving a sports carcas can help make it happen.

by hitendra patil
client accounting services: the definitive success guide

what some clients feel is an absolute need, other clients may feel it is not. people may need to book an uber or lyft ride, but some of them may want a premium ride.

more: raise client expectations with cas | launch cas in just eight steps | get sticky with cas | the why behind your cas why | who is the professional?
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some of your client accounting services will be the premium ride your clients will want. for some clients, your premium services will be the need. (you want such clients.)
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12 points of a good compensation plan

green checks being made on checklisthow to reward partners.

by august j. aquila
what makes a great partnership

during the last 13 years i have focused a large part of my practice on helping firms develop compensation plans. a critical element in keeping partners engaged is having a compensation system that rewards them for doing the right things. here’s what i found to be some of the best practices.

more: rate managing partners in six areas | eight ways managing partners make a real difference | five reasons that leaders fail | eleven things partners must do | seven keys to becoming an equity partner | how to achieve partner unity | the seven building blocks of a great partnership
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  1. every compensation plan should be constructed to help the firm enhance its ability to service clients, achieve its strategic goals and attract, reward and retain the right people. if a firm’s plan does not accomplish these objectives, it needs to be restructured.

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