bissett bullet: setting the agenda
today’s bissett bullet: “take control of the first meeting with a potential client by gently setting the agenda at the beginning.”
by martin bissett
today's features
regenerative accounting: ingrid edstrom pioneers a holistic approach to financial practices
non-traditional thought leaders discuss innovative strategies for aligning values and professional work.
accounting arc
with donny shimamoto
center for accounting transformation
donny shimamoto, cpa, citp, cgma, hosts ingrid edstrom and matthew heggem, two accountants who are redefining the boundaries of their profession. their discussion provides a deep dive into innovative approaches to accounting that emphasize social impact, equity, and sustainability.
more: accounting arc: decoupling deib: a nuanced approach with jina etienne | accounting arc: what tech-savvy accountants know |accounting arc: where in the world are you seeing this? | accounting arc:breaking barriers – how becky dupree’s love for data analytics and her identity shaped her professional path | accounting arc: forecasting finance & the 2034 accounting landscape | accounting arc: top 10 strategies for managing growth | accounting arc: busting the big 4 myth | accounting arc: exploring ai’s role in modern accounting | accounting arc: unraveling the collapse of silicon valley bank | on a mission: introducing accounting, reaction, comedy (arc) | harper & co. cpas: the perspective of a non-accountant is imperative | menlo innovations: improve office culture by overhauling internal reviews | dustin wheeler: for serious cas success, hire tech teams | chase birky: overcoming paralysis by analysis |
exclusively for pro members. log in here or 2022世界杯足球排名 today.
edstrom, founder of priestess of profits, has transitioned from traditional accounting to business strategy, consulting, and coaching. her firm focuses on helping accounting professionals shift their limiting beliefs and align their work with their values. edstrom explains, “i no longer work for a living; i show up in my highest self in service, whether i’m getting paid for it or not.”
five reasons to ditch timesheets for good
you get what you measure.
by jody padar
radical pricing – by the radical cpa
when you measure time on timesheets, you are measuring a scarce commodity. there are only so many billable hours in a week.
more: productize services for consistent client value | digitize clients for standardization | six steps to creating a standardized practice | four ways automation pushes the paradigm shift | are you the key signal caller for your clients? | value pricing requires defining your clients | how value pricing impacts your employees | 6 steps to start value pricing | what are you selling? | three critical factors drive the value pricing trend
by measuring billable hours, you’re living in a world of scarcity. this is bound to affect your firm, both internally and externally.
report: efficiency still the top priority for accounting firms
tech’s the tool, but ai? not yet.
by 卡塔尔世界杯常规比赛时间 research
for the second year in a row, the thomson reuters state of tax professionals report finds that improving efficiency is the top strategy priority for accounting firms, but this year, for the first time, it ties with talent.
as the report notes, the two priorities are tightly linked in the sense that efficiency is linked to productivity. the former drives the latter.
more: is tech causing both cpa shortage and low salaries? | audit firms nervous about new tech | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis?
exclusively for pro members. log in here or 2022世界杯足球排名 today.
the report is based on an international survey of 500 respondents, about half in the united states, with the rest in the united kingdom, canada, australia, brazil and argentina. data comes from the first quarter of 2024.
read more →
ai displacing more jobs in banking than other sectors
upskilling will be key to keeping staff.
by rick richardson
technology this week
according to citigroup inc., artificial intelligence (ai) will likely replace more positions in the banking sector than in any other. technology is going to transform consumer finance and make employees more productive.
more: your brain can store 10 times more than anyone thought | how many ev charging stations will we need? | google launches new private space feature | microsoft discovers a security flaw impacting android apps | what is an ai pc, and should i get one? | fool’s gold may not be so foolish now | ai-engineered enzyme could be solution to plastic pollution | german researchers develop ev motor with no rare-earth magnets | ai named the highest-paying in-demand tech skill for 2024
exclusively for pro members. log in here or 2022世界杯足球排名 today.
according to citigroup’s most recent ai assessment, roughly 54 percent of banking professions might be automated. ai technology has the potential to enhance an additional 12 percent of jobs within the business.
adam lean: get out of the accountant’s trap
be unstoppable without sacrificing your soul.
this is a video preview. the complete video episode, with commentary and transcript, is first available exclusively to pro members.
subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).
the disruptors
with liz farr
like many of today’s younger accountants, adam lean didn’t want to be relegated to the back office recording history and focused on compliance but wanted to have an impact by helping businesses grow. “i didn’t want to just be that person that just recorded the fact that the titanic was sinking. i wanted to help the titanic not sink.” younger people “want to make waves,” lean says. “they want to make more money without having to sacrifice their soul.”
more podcasts and videos: geraldine carter: charging more is better for your clients | vimal bava: when working smarter, not harder, is the only option | dawn brolin says grow your firm by shrinking it | jason blumer & julie shipp: move leaders out of client service | james graham: drop the billable hour and you’ll bill more | karen reyburn: fix your marketing and fix your business | giles pearson: fix the staffing crisis by swapping experience for education | jina etienne: practice fearless inclusion | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow |
lean, the ceo and co-founder of the cfo project, had an epiphany.
instead of being “at the whim of my clients or government deadlines, or bookkeeping deadline,” lean discovered that by helping business owners understand their numbers, he could do something bigger and better. most business owners don’t understand their numbers, but as lean says “that’s a skill that if harnessed in the right way, you can be unstoppable.”
is the irs mismeasuring phone service?
bad metrics are hiding problems.
by 卡塔尔世界杯常规比赛时间 research
if there’s one nice thing about phoning the irs, it’s the opportunity to take a nap.
taxpayer naps were a little shorter this year, especially for those calling 35 of the 102 toll-free lines, known as enterprise lines, that taxpayers can call for assistance. those 35 lines are for accounts management (am) issues.
more: is tech causing both cpa shortage and low salaries? | audit firms nervous about new tech | what accountants can learn from t-ball | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade
exclusively for pro members. log in here or 2022世界杯足球排名 today.
thanks to a mandate from the secretary of the treasury, the irs hired 7,000 customer service representatives to handle the am lines.
read more →
how ‘business expert cpas’ get their own business wrong
only a small percentage of audit leaders understand businessmindedness’s inward and outward components.
by alan anderson, cpa
transforming audit for the future
i talk to leaders of firms all around the country who think that if they get their fee realization right, that’s a sign that they’ve got great business minds. they ask me what the market fee realization is, so i tell them that’s a miserable measure.
more: say adios to audit fee pressure | eight items to cover in the audit exit to deepen client relationships and prove value | know your three audit w’s | planning lays the foundation of audit relevance | how do we drive relevance in audit? | before the audit: more than just planning | are you correctly identifying the relevance intersection? | lack of relevance drives audit commoditization | five crucial attributes for successful audit leadership | traditional audits don’t deserve premium billing | four basic understandings every auditor must master
exclusively for pro members. log in here or 2022世界杯足球排名 today.
there is no perfect fee realization. as extreme examples, i’ve worked with firms with 10 percent and 200 percent fee realizations. which is better? neither. the firm with a 10 percent fee realization bills at $5,000 per hour, while the other bills at $20 an hour.
you can’t win with lowballing
when to let the next accountant take the losses.
ed mendlowitz
202 questions and answers: managing an accounting practice
question: a client of 10 years was paying a fixed fee that was now a little less than half of our time charges. also, there had been a gradual scope creep with additional services being forced on us without any extra fees.
more: nine reasons not to specialize | when board service gets tricky | yes, you have to share work papers | hiring experience vs. training inexperience | eleven ways new staffers can help bring in business | should you merge? here’s how to chart your path | a friendly chat or a billable discussion? | busy season is over, so it’s time for some resolutions | hold staff accountable if you want them to listen to you | when selling a firm to staffers is tricky | want to merge? six steps to take | how to raise your rates
exclusively for pro members. log in here or 2022世界杯足球排名 today.
the cpa had not received an increase in six years because of the client’s constant complaining that the fee was too high. the client just told us they had a quote from another firm that was half of ours, and said if we didn’t match it, they would leave us. what should we do?
read more →
is tech causing both cpa shortage and low salaries?
there’s a paradox going on.
by 卡塔尔世界杯常规比赛时间 research
a working paper by three academics presents a paradoxical contradiction in the accounting industry. somehow, technology, which is starting to replace some accounting functions, is causing a shortage of accounting professionals. and despite the high demand for the few graduates who major in accounting, starting salaries are lower than in related professions.
more: audit firms nervous about new tech | what accountants can learn from t-ball | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade | whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads
exclusively for pro members. log in here or 2022世界杯足球排名 today.
and in a related paradox, technology’s most powerful tools may be augmenting the accountant’s workload.
how can all this be concurrent?
read more →
geraldine carter: why charging more is better for your clients
do the work you love for clients who value your expertise.
this is a video preview. the complete video episode, with commentary and transcript, is first available exclusively to pro members.
subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).
the disruptors
with liz farr
geraldine carter wants accountants to get off the treadmill of working too many hours for too little pay. her new book – down to 40 hours – will help accountants achieve the “utterly reasonable” goal of working only 40 hours a week.
more podcasts and videos: vimal bava: when working smarter, not harder, is the only option | dawn brolin says grow your firm by shrinking it | jason blumer & julie shipp: move leaders out of client service | james graham: drop the billable hour and you’ll bill more | karen reyburn: fix your marketing and fix your business | giles pearson: fix the staffing crisis by swapping experience for education | jina etienne: practice fearless inclusion | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow |
carter helps accountants solve the problem of overwork with a three-pronged approach: creating value for clients, pricing effectively, and delivering services efficiently. a key to this approach is focusing on a niche. by focusing on a particular type of client, you see the patterns that help you create value for clients, “and you’re likely going to be one of the few with that expertise.” providing more value “enables you to increase your prices for the same work,” she says.
three more strategies for growing your practice
show people what they stand to lose without your expertise.
by august j. aquila
price it right: how to value accounting services
in my last post i provided you with four basic practice-building strategies that don’t cost you anything other than your time.
more: four strategies for building your practice | eight areas to cover for personal goals | service quality: the key to client retention | how life cycle changes your marketing | clients buy solutions, not features | make sure you know what you will get from your marketing | three pillars support a successful accounting firm | clients have six reasons for needing you | six ways to market your technology consulting practice
exclusively for pro members. log in here or 2022世界杯足球排名 today.
they were (1) keep in touch with former clients, (2) call existing clients, (3) ask for help and (4) get out and be seen. here are three more strategies for you to consider:
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irs makes big progress but …
problems remain. (shocked, we are.)
by 卡塔尔世界杯常规比赛时间 research
national taxpayer advocate erin m. collins has plenty of good things to say about the irs in her annual objectives report to congress.
more: the irs is coming! get your clients into compliance | end tax season meetings with clients … seriously | brandon hall: firms try to make too much on tax prep | eight steps to getting started with ai: a guide for tax professionals | ftc nails turbotax for ‘free filing’ scam | if only the irs’s tax pro were useful | can’t irs online accounts be more useful? | id theft a problem for irs even when it doesn’t exist | the nightmare of non-credentialed tax preparers | taxpayer assistance centers: a good idea that should be better | irs still falling short on service
exclusively for pro members. log in here or 2022世界杯足球排名 today.
“the irs largely succeeded in 2024,” collins writes regarding this year’s tax season. “after several years of abysmal taxpayer service during the covid-19 pandemic, the irs has now delivered two filing seasons that demonstrate the agency has restored service to pre-pandemic levels and has improved in most, but not all, areas of service. this is excellent news for most taxpayers.”
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