bissett bullet: make good use of the time you save
today’s bissett bullet: “the cost of cloud-based software or automation tools is no longer prohibitive for smaller firms so if everybody is using them, how do you stand out?”
by martin bissett
today's features
business booming, but not as much as last year
how does your firm compare?
by 卡塔尔世界杯常规比赛时间 research
if the early results from the 卡塔尔世界杯常规比赛时间 2024 busy season barometer: emerging issues, opportunities, and trends hold true through april, this will be a pretty good year for the vast majority of accountants and tax practitioners – not quite as good as last year, but still, pretty good.
more: busy season barometer offers clues for better business | tax practitioners say happy days are here … again | brandon hall: firms try to make too much on tax prep | if only the irs’s tax pro were useful | id theft a problem for irs even when it doesn’t exist | irs still falling short on service | eight ways the irs can speed up processing tax returns | treasury ig sees progress at irs | how tax practitioners became cybersecurity risks
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despite difficulties finding staff and professionals, 45 percent of respondents say they have increased their client list by at least 5 percent. (last year, it was 65 percent.)
in fact, 14 percent have seen an increase of over 10 percent. good, but not as good as last year’s 22 percent.
read more →
how to use chatgpt to create images
if you can dream it, chatgpt can build it.
by sandi leyva
chatgpt 4.0 is enabled with computer vision, which means it can derive information from images that you input. it can also create images that you can use in your business.
check out our courses on chatgpt,
offered as a deep discount bundle or separately.
webinar schedule:
- april 18: your advisory assistant: using chatgpt to provide better advisory services to clients
april 25: the ai playoffs: chatgpt, bard, and bing compared
more chaptgpt here
here are just a few things i have found when using chatgpt 4.0 for image creation:
the radical pricing model: start with $25k
deliver more value to clients while freeing your team from timesheets.
by jody padar
the radical cpa
consider the $25k rule.
because this method requires heavy lifting on the front end, a good rule of thumb is to only value-price engagements of $25,000 or more. if the client falls below $25,000, they are eligible for a fixed price or fixed price plus a value add. this rule is important because if your client is a small business, it doesn’t matter how much value they perceive in your services; they will not be able to afford value pricing above a certain level.
more: three critical factors drive the value pricing trend | accounting disruptors are heading your way … with deep pockets | the convergence of trends makes pricing changes imperative | stop looking for talent that does not exist | advisory work must be priced by value, not hours
most services are fixed-priced, but based on conversations with the client, those prices may drop or be raised accordingly. some of the data points used to set pricing are the pita factor (pain in the a#%) and the client’s gross revenue.
read more →
busy season barometer offers clues for better business
take a tip from a peer.
by 卡塔尔世界杯常规比赛时间 research
the 卡塔尔世界杯常规比赛时间 busy season barometer: emerging issues, opportunities, and trends is more than just a survey of the state of the industry at cpa firms across the nation. it also offers clues to what firms are doing to make the busy season better, easier and more profitable.
the clues are in the comments – open-ended answers where practitioners tell us what they’re doing, how they’re feeling and where they’re going.
more: tax practitioners say happy days are here … again | 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 | id theft a problem for irs even when it doesn’t exist
one of the best questions is “what are you doing differently this year?” each answer reflects an attempt to make the best of a stressful situation – the annual tax season.
here are a few quotes to think about, categorized by how well various respondents’ seasons are going this year. each is an idea that might make your year better.
read more →
tax pros take the edge in e-filings
refunds up 5+ percent.
by beth bellor
卡塔尔世界杯常规比赛时间 research
the machine that is the internal revenue service keeps clicking along. as of march 15, the irs had received 71.6 million individual income tax returns, down 0.4 percent from the same period in 2023, and had processed 70.6 million, down 1.2 percent.
more: tax pros handle 46.4% of e-filing | tax refunds, tax pro market share trending up | refunds up as tax pros tackle 41.5% of e-filings | tax pros handle 37.7% of e-filings | tax pros file 33% of early returns
e-filings
electronic filings totaled 69.5 million, down 0.3 percent.
read more →
lenovo readies new thinkbook laptop with a transparent display
will see-through screens become the latest trend?
by rick richardson
technology this week
lenovo’s translucent laptop is said to revolutionize laptop design. but until the company can demonstrate how useful this is compared to more conventional models, the novel idea risks being dismissed as a gimmick.
more: breakthrough implant uses excess blood sugar to generate electricity | one state is now america’s clean energy paradise | did ancient romans find a solution for climate change? | telehealth advances with ai-powered clinics | fcc approves superfast wi-fi tethering | bill gates says america has a math problem | what is an heic file? | bill gates behind next-generation nuclear plant | congress: tax prep companies shared private data with google, meta for years | what an a.i.-powered workforce means for accountants | smartwatch saves two lives
there are rumors that lenovo will present the world’s first transparent laptop at the mobile world congress in barcelona this month. according to leaked photos obtained by windowsreport, the laptop may have a see-through keyboard and display, introducing transparent technology to pcs for the first time. read more →
are you correctly identifying the relevance intersection?
you may be prioritizing the wrong factors. that could cost you clients. worse, it could make you and your audits irrelevant.
by alan anderson, cpa
transforming audit for the future
if we can’t demonstrate to our clients that our work is relevant, then the audit will go the way of the dinosaur. relevance underpins the other attributes.
relevance is not a one-time event. it’s a continuous process, woven through everything your firm does. you build it one step at a time. this should be done with every audit, so this becomes core to the fabric of the firm’s culture.
more: 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 | put the ethics code to work for your clients and your firm | turning audit & accounting into assurance & advisory | wanted: great audit mentors | is audit in crisis because of definitions? | stop sending the wrong message to audit teams | closing the audit expectations gap
without understanding what’s relevant to the client, we can’t practice business-mindedness and help improve our client’s business. with an understanding of the relevance and how the standards impact the client’s business and industry, the quality of audits goes up. relevance helps you evaluate innovative audit methodologies because you understand how they can be used to obtain the required audit evidence. finally, relevance empowers your staff to do their best work because audit isn’t reduced to filling out endless checklists.
but what does relevance mean?
how to raise your rates
clients who complain aren’t walking away, just haggling.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i haven’t raised my fees in three years. how do i suddenly go about it now and how much should i raise them?
more: courting a client? don’t give too much away for free | how to start providing family office services | every accounting firm needs quality control | no one listens to you? change how you talk | 47 types of business valuation to provide | thirteen things to consider before you sell your practice | uncooperative partner might not be the problem
also, i have many business clients where the individual returns are done as part of the yearly service with extra billing. how can i start charging for this?
read more →
make sure you know what you will get from your marketing
are you spending your time effectively?
by august j. aquila
price it right: how to value accounting services
i once knew a firm that was spending a significant amount of money on marketing and was experiencing little or no growth. they could not understand what was going wrong. they tried all sorts of marketing activities. they presented webinars, sent out a client newsletter, did some advertising and public relations, and so on.
more: ten questions to refine your successful marketing plan | ‘sales’ is not a four-letter word | maybe what you need is a marketing audit | three types of marketing message, and which is best | why you need progress billing | five tips for cross-selling and upselling | five keys to successful marketing | twelve fundamentals of planning | one question to guide your growth plans | four ways to prepare for new business development
the problem was that this firm did not know what to expect from their marketing activities. sometimes they wanted clients immediately, and when that did not happen, they then tried another marketing activity, never staying with an activity long enough to see results. the moral of the story is that marketing takes time to produce results, and if you are not patient, it can eat up your hard-earned dollars and time.
read more →
how to leverage chatgpt during this crazy tax season
make tax season less taxing and more productive.
by sandi leyva and chatgpt
in the fast-paced world of tax preparation and accounting, time is of the essence. embracing chatgpt can dramatically transform your workflow, offering practical and actionable solutions to common challenges.
check out our courses on chatgpt,
offered as a deep discount bundle or separately.
webinar schedule:
- march 22 webinar: deep dive with chatgpt and zapier interface
april 18: your advisory assistant: using chatgpt to provide better advisory services to clients
april 25: the ai playoffs: chatgpt, bard, and bing compared
more chaptgpt here
here’s how you can put chatgpt to work, making this tax season less taxing and more productive, even if congress decides to pass a retroactive tax bill right in the middle of busy season.
auditing standards ‘yellow book’ updated
the changes are more than just technical.
by 卡塔尔世界杯常规比赛时间 research
america has a wealth of governments. they’re all over the place. municipal governments. county governments. parishes, boroughs, villages, hamlets. special purpose local governments. school districts, fire districts, tax districts. independent authorities, tribal councils and councils of governments. state governments, territorial governments and, of course, the big one in washington, district of columbia, with its thousands of branches, arms and agencies.
love them or hate them, there they are. tens of thousands of governments. and they all have one thing in common: they need to be audited.
more: firms culling clients as staffing woes persist | revenue up at 59% of accounting firms … and more good news | chatgpt for the reluctant accountant | survey shows challenges, priorities shifting | can big data spot financial fraud? | accountants torn over 2024 economy, offer advice | survey: are you offering the right services? | survey: 42% of accountants turn away work over staff shortages | talent gap widening: be very scared
or, to put it another way, they need auditors.
being governments, their accounting and auditing standards are different from those of nongovernmental entities.
read more →
firms culling clients as staffing woes persist
others tap outsourcing, training clerical staff as solutions.
by 卡塔尔世界杯常规比赛时间 research
early results from the 卡塔尔世界杯常规比赛时间 2024 busy season barometer: emerging issues, opportunities, and trends are showing a painfully persistent problem with staff shortages, though it seems the hardship may have improved a bit since last year.
more: revenue up at 59% of accounting firms … and more good news | compensation’s up, but up enough to retain staff? | are accountants charging too little? | chatgpt for the reluctant accountant | cpas needed to help small biz adopt ai | revenue growth is top priority for small firms | is the cpa business model the clog in the pipeline?
this year, like last year, survey respondents are reporting staffing as the second most common concern. last year, it was reported by 47 percent, almost tied with the main concern: late or unprepared clients.
this year, uncooperative clients still rank first, at 50 percent, but staffing concerns have dropped to 37 percent.
read more →