today's features
pro member exclusive

five ways to separate accounting winners from losers

two women looking at laptop screen

how many of these are you expert in?

by marc rosenberg
the rosenberg practice management library

if cpa firms did everything “right,” they could easily double or triple their income. doing things right includes effectively bringing in clients, charging high billing rates, maintaining strong realization, high leverage of staff to partners and keeping expenses down. it’s the rare firm that does well in all of these categories.

more: two factors determine firm profitability | don’t make firm profitability a goal | top 20 tough choices for the partner comp committee |tell potentials what partnership takes | disturb the present to improve the future
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the path to profitability is different for every firm. but the truly profitable firms are successful at achieving one or more of the following:
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pro member exclusive

three money leaks and how to plug them

money coming out of sink faucet and going down drain

also: the biggest myth on the planet.

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

everyone is looking on the income statement to find places to cut their business expenses. but the best place to look is not on a report.

more: seven steps to keeping your clients forever | ten ways to make your business irresistible | five ways to target the low-hanging fruit | are your revenue projections realistic? | six strategies to make more without working more | the art of prompt engineering for accountants | calculate your business relationship ratios | another year, another chance
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it’s in the habits, processes and procedures that you and your team do through your workday. it’s also in the mindsets, the inner game you bring to your work.

here are my top three money leak sources for you to look at and see what you can find:
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marketing & sales

bissett bullet: the next level of advisory

today’s bissett bullet: “if advisory stage one is client care then advisory stage two is simply about providing the basics. by doing so, you help your clients to take control of their current situation and their future – today!”

by martin bissett

advisory is about helping your client to provide for both worst-case and best-case scenarios with the knowledge, skills and experience that you have. support them with budgeting, tax planning, financial forecasting, management reporting and so on.

remember to charge them appropriately for your advice, knowledge and skills.

today’s to-do:

are you supporting all of your clients in this way? who among them presents an opportunity for fee growth? arrange a meeting with them.

see more bissett bullets here

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client accounting services

firms offer advice about cas

man with six arms handling various aspects of business

can’t find staff? focus on technology … and other suggestions.

by 卡塔尔世界杯常规比赛时间 research

client accounting services is a bold, new world in the accounting industry, so no surprise we’re getting a lot of good advice from the 卡塔尔世界杯常规比赛时间 outlook 2024: emerging issues, opportunities, and trends survey.

more cas survey: ten+ ways firms prefer (and prefer not) to market cas | survey: the cas pricing problem | cas challenge: no staff, no services | cas ‘one-stop shop’ means steady clientele | accountants cozy up to clients with cas
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if 59 percent of firms are offering some form of cas, that means 41 percent aren’t even though most (but not all) the 59 percent are saying go for it … but be careful.

asap… but

while one respondent says, “dive in, there is plenty of need out there,” and another just says, “do it asap,” most others recommend some forethought and planning.
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advisory & consulting

how to maximize on-site client meetings

plus two traps to avoid.

by penny breslin
it’s not just the numbers

“we can evade reality, but we cannot evade the consequences of evading reality.” – ayn rand

the reality is that the robots and ai are here, and they will eventually take over much – if not all – of the day-to-day work that is typically done by a human interacting with a computer. you may not like it, but you cannot avoid it. so utilize robots to make your life easier.

more: use timesheets for productivity, not billing | best practices for source doc permissions and handling | every back office support client needs a playbook | strengthen client ties with workflow tools | understand your online marketing options | narrow your prospects by choosing a vertical | advisory services done your way | ai is not your enemy
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prepare for your meeting

do your homework before going out to the client’s office. if this is an existing client where you have been doing standard compliance work, review the data in their accounting program and make sure you are working with up-to-date information. if this is a new back office support prospect, ask to review their accounting data before going out to their offices. if they are not open to this, it may require an extra visit. the steps below assume you have either worked on the client’s accounting in some capacity, or you have had the opportunity to review the accounting files.
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pro member exclusive

mit tests new ingestible vital signs sensor

devices could deliver life-saving information and medicine in the near future.

by rick richardson
technology this week

an ingestible capsule that can track vital signs, including heart rate and breathing patterns, from inside a patient’s digestive system was created by massachusetts institute of technology researchers. the innovative gadget, according to the experts, may also identify respiratory depression symptoms that accompany an opioid overdose. the gadget will be particularly helpful for sleep studies, according to giovanni traverso, an associate professor of mechanical engineering at mit who has been working on creating a variety of ingestible sensors.

more: telehealth advances with ai-powered clinics | windows is now an app for pcs, apple products | 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
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patients in sleep studies typically need to be connected to multiple sensors and devices. sensors can be wired to a patient’s scalp, temples, chest and lungs in lab settings or at-home research investigations. a patient may also be asked to wear a chest belt, nasal cannula and pulse oximeter that connects to a portable monitor. it’s difficult to try to sleep with all this equipment.

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pro member exclusive

passed on chatgpt the first time? it’s time to think again.

chatgpt is evolving so fast you’ll need weekly updates.

by sandi leyva

tax and accounting professionals are used to keeping up with new tax laws that arrive rapidly. one thing that’s changed faster than tax law this year is ai, specifically the features of chatgpt.

check out our webinars on chatgpt,
offered as a deep discount bundle or separately.
webinar schedule:
more chaptgpt here

if you decided to use chatgpt a few months ago, this software tool has changed drastically. and the new features are breathtaking.

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outlook & analysis

is the cpa business model the clog in the pipeline?

older woman showing young woman something on office computer screen

maybe a flip in perception is in order: 150 hours as an investment, not a burden.

by 卡塔尔世界杯常规比赛时间 research

the accounting profession is in trouble. big trouble.

cpa firms experience the problem as a difficulty in finding certified professionals. but the real problem is in the personnel pipeline that feeds the industry, the long, hard, expensive process of becoming a cpa.

more: can big data spot financial fraud? | will unclogging the accounting pro pipeline kill mobility? | accountants bullish on income | which niche’s the best niche? | ethics on sustainability puzzle some accountants | accountants hopeful, concerned and confused about ai | survey respondents see exciting year coming up | the 7 categories of cybersecurity solutions firms need
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

to continue the metaphor, it’s also the drain pipe – the increasing flow of professionals out of cpa firms and into retirement. in 2020, 75 percent of cpas became eligible to hang up their green eyeshades and find something else to do, such as get to know their families and experience the pleasures of daylight.
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pro member exclusive

how a virtual family office can serve your wealthy clients

it comes down to financial security.

by anthony glomski

uberwealthy families like the vanderbilts, morgans and rockefellers realized several centuries ago that managing all of their vast wealth and resources was extremely difficult. sure, they had scores of advisors working exclusively for their families. still, when each of those advisors was toiling away in their silo, there was no coordination of their efforts and lots of waste and inefficiency.

more: there’s more to giving than tax implications | see your client to a graceful exit | check tax effects before liquifying | why you should function as a fiduciary | your entrepreneurs need advice, but which kind?
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so, they established formal office headquarters where all financial experts working on their behalf could meet in one place to make it easier to oversee and coordinate everything important to the extended family – their taxes, asset protection, wealth transfer, and their legacy planning, etc.
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management

no one listens to you? change how you talk

man intently listening to woman in office

it might be more of a workaround than a solution. but it gets results!

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i notice that most of the time my staff doesn’t listen when i talk. how can i make them listen?

more: free consultation? not always | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
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response: i find this issue very widespread. i believe there is an epidemic of people not listening, not just staff.
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audit & assurance

can big data spot financial fraud?

woman leaning toward desktop computer screen

google searches give auditors a glimpse of true sales.

by 卡塔尔世界杯常规比赛时间 research

google trends is a free service at the world’s most widely used search engine. in an instant, users can see how often a keyword has been the target of a search.

more: will unclogging the accounting pro pipeline kill mobility? | accountants cozy up to clients with cas | cpas culling clients for better work-life balance | women-owned businesses upbeat but need help | accountants to the rescue as startups struggle | looking for recent grads? good luck
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when that keyword is a product, the searches tend to reveal something about sales.

and that should be of interest to auditors.
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pro member exclusive

humans beat ai in some aspects

… but not all. what that means for the profession.

by hitendra patil
rise of the aiccountants

a research study by the american accounting association evaluated the performance of chatgpt on accounting-specific content.

more: why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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the study was conducted by a team of 327 coauthors from 186 educational institutions worldwide, who entered 25,817 assessment questions and evaluated the accuracy of chatgpt’s responses.
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marketing & sales

three types of marketing message, and which is best

woman stands facing three open doors

what are you trying to accomplish?

by august j. aquila
price it right: how to value accounting services

there is no silver bullet when it comes to marketing. that does not mean that having a focused marketing plan is not of critical importance to the success of your consulting practice. at last count, there were more than 15 different marketing tools that you can use to support your sales efforts, to generate leads and to get prospects to select your firm.

more: six ways to market your technology consulting practice | five reasons to implement change orders | make your practice better | eleven marketing strategies for smaller firms | five questions for developing your marketing plan | you only have four strategies | the damage that traditional fee methods do
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the first question that comes to mind is, “which of the marketing tools should my firm use?” only you can answer that question, but here are some other things to consider in reaching your decision:
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