today's features

after an economic pause, the accounting industry restarts expansion engines

the 卡塔尔世界杯常规比赛时间 busy season barometer
click to join the survey; see the results

but many cpa firms appear to be missing out on the recovery.

by rick telberg
卡塔尔世界杯常规比赛时间  research

the nation’s tax and accounting industry appears to have re-started expansion with new hiring in january, after a two-month pause at the end of 2012 in november and december, according to 卡塔尔世界杯常规比赛时间 research. but the gains appear to be concentrated in non-cpa-owned offices.

analysts are attributing the 2012 year-end economic stall to two major storms which slowed economic activity: one, hurricane sandy, and, the other, congress, which has been gridlocked under a bubble of hot air.

卡塔尔世界杯常规比赛时间 pro members:
get the instant download
full report (pdf, 20 pages), here
.

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when is it time to shift your firm from partnership-style to corporate-style governance?

which is best for your firm?

by marc rosenberg
author of “cpa firm management and governance.” 

cpa firm management styles generally fall into two categories:  partnership and corporate. for the sake of argument, let’s use the terms “partnership” and “corporate” to describe management styles, rather than legal entities such as partnership, corporation, llc, etc.

marc rosenberg
marc rosenberg

more on cpa firm management and leadership for pro members [go pro here]:   not every firm needs a general patton   overcoming the three biggest obstacles in succession planning at cpa firms    cpa firm merger “non-negotiables”      the “aha moment” in cpa firm leadership     leadership is overrated: it’s good management that makes successful firms •  40 great ways to improve firm profitability  •  four management metrics that fool even the best-run firms  •  19 ways to improve accounting firm profitability de-bunking the myth about niche marketing for tax and accounting firms

in this article, we’ll:

  • define each style
  • compare the two styles’ pro’s and con’s
  • explain the concept of “rights”
  • explain the key duties of a partner in a corporate-style firm
  • when a firm needs to think about shifting from partnership to corporate

read more →

rev up your revenue with these two daily rituals

leverage the power of habit. by sandi smith, cpa accountant’s accelerator there’s something special about the word ritual. it sounds sacred, like you wouldn’t dare break it. it sounds a little mysterious, as if there’s a component you can’t quite control. and it sounds colorful, like something full of character that you would never get bored of.

more for soloists and small firms: 10 tips for creating more energy this tax season   • take a cue from venture capitalists: your firm needs a brain trust trinity    •   accountants, do you know your opportunity number?    •  five ideas to overcome client price-sensitivity   •    5 mistakes to avoid when seeking new clients  •  3 steps to start running on millionaire time   •  the missing ingredient in your marketing that will make all the difference   •  on the road to a stress-free life: identify your character strengths  •

we don’t think about rituals much when it comes to business, but i think we should. what rituals could you create in your business that will rev up your revenues? here are two ideas to get your engines started. read more →

are you asking clients the right tax prep questions?

the top ten tax questions that too often go unasked.   ed mendlowitz, 卡塔尔世界杯常规比赛时间 contributor and tax practice veteran, says he sees many professionals fail to systematically ask clients some basic and important questions. here’s his top ten list of key questions to ask this year. what would you add?

1. foreign bank accounts: make you ask every client if they have a foreign account and if they do report the income and file the proper forms. the penalties are too great if it is wrong. read more →

not every firm needs a general patton

but leadership remains crucial to making things happen. by marc rosenberg, cpa the author of cpa firm management and governance.” every firm asks the question, at one time or another:  do we want the firm managed by a leader, which for a cpa firm is the managing partner, or managed by one or more committees of partners?

marc rosenberg
marc rosenberg

more on cpa firm management and leadership for pro members [go pro here]: overcoming the three biggest obstacles in succession planning at cpa firms    cpa firm merger “non-negotiables”      the “aha moment” in cpa firm leadership     leadership is overrated: it’s good management that makes successful firms •  40 great ways to improve firm profitability  •  four management metrics that fool even the best-run firms  •  19 ways to improve accounting firm profitability de-bunking the myth about niche marketing for tax and accounting firms • 

i’ll make a case for having a strong leader. read more →

19 easy ways to cut costs, find more cash in time for tax season

start the new year with the resources you need. by sandi smith, cpa accountant’s accelerator could you use a bit of extra cash each month? i think most people would say yes.here are several tips to start your new year with a little more green in your pocket.

sandi smith

more for soloists and small firms from at 卡塔尔世界杯常规比赛时间: more for soloists and small firms:   •    10 tips for creating more energy this tax season  •   take a cue from venture capitalists: your firm needs a brain trust trinity    •   accountants, do you know your opportunity number?    •  five ideas to overcome client price-sensitivity   •    5 mistakes to avoid when seeking new clients  •  3 steps to start running on millionaire time   •  the missing ingredient in your marketing that will make all the difference 

  1. if you bill your time by the hour and sometimes forget to write your time down (i know i’m guilty), put in some extra procedures to capture that time. that’s a big cash drain in your business that needs plugging in 2013. read more →

what we’ve learned since accounting marketing was legalized by the u.s. supreme court in 1977

 

for good, bad or indifferent.

editor’s note: this article originally appeared in the september 1980 issue of the virginia accountant. it is one of the first articles – if not the very first article – on the advent of legalized marketing for accountants after bates v. state bar of arizona. it is as viable today as it was then.

by bruce w. marcus
professional services marketing 3.0

when, a few years ago, the codes of ethics were changed to allow straightforward marketing by profes­sionals, there came into play a new configuration of circumstances and activities that will reverberate throughout the accounting profession for years to come.

bruce w. marcus
bruce w. marcus

more for 卡塔尔世界杯常规比赛时间 pro members:   do accounting firms really want an ‘image’? what accounting firms need to learn from personal financial planning specialists the delicate art of positioning your firm in the mind of the prospect

for generations, concepts of probity have pervaded public accounting. accountants were to be not merely independent, but well beyond the fray of public quarrel of exposure. the sword of the cpa has always been independence and, it was long felt, independence is compromised by public debate. and now comes mar­keting, the crux of which is visibility. read more →

marketing directors take over succession planning

or, isn’t this really the partners’ job?

lisa tierney

accounting firm marketers – already tasked with landing new clients and adding new revenue, in addition to recruiting new staffers – are getting a new job: succession planning.

a new survey of 100 marketers shows 35% cite “the identification and development of potential successors for retiring managing partners as their top priority over the next 12 months.”

the new data suggests turnover among managing partners in the next 12 months will be far greater than anyone now imagines and it speaks to the critical inadequacy of incumbent partner teams to deal with the crisis on their own.

the survey was conducted among members of the bkr international network of firms by tierney coaching & consulting. here, lisa tierney reports on the results and the implications.

her report includes data and commentary on:

  • leadership as a top concern for firms
  • five challenges to be considered over the next 10 years
  • how a firm’s success is integral to the effective leadership of its professionals
  • the definition of effective leadership as it applies to the successful firm
  • six key leadership characteristics defined
  • the distinct roles
    • for partners,
    • for seniors and managers, and
    • for supervisors and associates
  • leadership and team building strategies

– rick telberg read more →

tracking tax season 2013: 47 trends, issues and opportunities

 

the most-read articles on tax season this year at 卡塔尔世界杯常规比赛时间. 

meanwhile, find out how other tax professionals are surviving and even thriving tax season: join the survey; get the answers.

  1. hard-hit soloists voice their biggest problems 
  2. tax practitioners end busy season 2013 short by 300,000 returns
  3. worst tax season ever? “it’s supposed to get better!”
  4. 12 good reasons for obtaining extensions
  5. pro’s turn negative on busy season
  6. slammed with sloppy software and federal sequestration
  7. soloist and small firms taking it on the chin this tax season
  8. tax season 2013 adds up to an exceptionally difficult year for many practitioners
  9. amid industry expansion, cpa firms remain cautious in hiring
  10. free instant download: sample fee schedule for 1040’s
  11. how to stay energized, upbeat, and thinking bigger through busy season
  12. the big issue for 2013: fee pressure
  13. accountants chop prices for schedule c’s and 1120’s
  14. 12 reasons to love tax season
  15. five ideas to overcome client price-sensitivity
  16. 10 best practices for tax season
  17. how many irs agents does it take to screw in a light bulb?
  18. 12 good reasons for obtaining extensions
  19. five ways for partners to lead by example this busy season
  20. get paid faster this tax season: six good reasons to send the bill with the return
  21. how to survive tax season: 100 real-life ideas… and counting
  22. 10 tips for creating more energy this tax season
  23. 5 success tips for tax season
  24. are you asking clients the right tax prep questions?
  25. congratulations! you bought a tax practice. now what?
  26. 19 easy ways to cut costs, find more cash in time for tax season
  27. seven checklist secrets for turning tax season into opportunity season
  28. five new tax season tips to provide consistency in service, processes, and standards
  29. getting your website ready for tax season
  30. how do you survive tax season?
  31. nine healthy things to do during tax season
  32. 11 ways to make sure clients know you care during tax season
  33. 12 fast, low-cost tips for a stress-less tax season
  34. seven smart ways to make this your best tax season ever
  35. tax season: ‘tis better to give than to receive for this firm
  36. when’s the right time for a full-time quality control reviewer?
  37. nine ways to create well-behaved tax clients
  38. putting the “no jerks” rule to work in tax season
  39. seven ways to increase fees
  40. the 9 biggest billing mistakes that cost accountants their hard-earned profits
  41. seven ways to wow your prospect
  42. show me the margins: six ways to take home more of what you earn this tax season
  43. fix the top 21 reasons why tax clients switch firms
  44. tax season tip: eliminate atmosphere of urgency
  45. ten steps to a better tax season
  46. the newest top ten tech trends in tax and accounting
  47. what’s the most ridiculous thing you’ve heard in tax season?

accountants chop prices for schedule c’s

but most other rates are increasing.

in another sign that the profession is pushing through at least some price increases in a highly fee-pressured environment, a new survey reports that professional tax preparers this year will be charging an average of $246, up 6%, for a typical 1040 with a schedule a and a state return. still, the survey finds price pressure for schedule c’s.

the survey shows pricing for the bread-and-butter forms delivered by local independent tax professionals, including:

  • form 1040 schedule c (business)
  • form 1065 (partnership)
  • form 1120 (corporation)
  • form 1120s (s corporation)
  • form 1041 (fiduciary)
  • form 990 (tax exempt)
  • form 940 (federal unemployment)
  • schedule d (gains and losses)
  • schedule e (rental), and
  • schedule f (farm)

the survey also breaks down pricing patterns by region, and adds data on client payment options.

read more →

a cpa’s big wait for blackberry 10 ends badly

[jwplayer mediaid=”26216″]

more like failure to launch day. after 19 days of camping out for the new game-changing blackberry 10, here’s greg kyte’s final video blog.

the big blackberry 10 launch was on january 30. cpa (and comic) kyte waited in line for days (with tongue firmly in cheek) while posting a video journal.

 

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practice doctor q&a: how to get started in family office services

ed mendlowitz cpa the practice doctor q and aincluding a sample engagement letter.

question: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them.  what is involved and how do i charge for it?

ed mendlowitz, vpa, pfs, abv, responds: many large firms provide “family office” services.  this is a complete one stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.

more from ed: seven ways to increase fees in 2013 | 10 best practices for tax season  | nine healthy things to do during tax season  |  12 reasons to love tax season | free instant download: sample fee schedule for 1040s | ask the geek: a couple great gadgets for saving money on all your other gadgets | three and a half ways to get your own cpa practicealso: “implementing fee increases” and “the tax season opportunity guide.”

following is a sample engagement letter that i use with clients needing such services. also, this letter provides a detailed description of what the service involves. read more →