10 ways to link compensation and strategy
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jim bourke on soc: new growth opportunities for cpas [video]
jim bourke, cpa.citp and a partner at new jersey-based withum cpas, explains the new range of opportunities in soc engagements for cyber-security.
bourke adds:
the content at this year’s flagg management show is a perfect example of the transformation of revenue streams at cpa firms today. in order to keep competitive and viable, today’s firms need to embrace the non-traditional, non-attest and non-tax services.
offerings in the areas of cyber security, soc1, soc2, soc3, the new soc for cybersecurity, business process outsourcing, cfo advisory services, merger and acquisition planning and implementation and assistance with collaborative, web-based accounting systems will be critical to ensuring a firm’s continued profitability.
you can’t hide from the fact that attest and tax continues to become commoditized. cpas are the trusted professionals and possess the kills necessary to offer many of these alternative services.
so think out of the box this year and come and hear some of the best thought leaders in the industry discuss these revenue generating opportunities for your practice.
how savvy cpas use benchmarking to make smarter business decisions
drilling into firm technology and operations provides a roadmap for strategic success
by rick telberg
every day in the united states, more than half of all accounting firm owners are thinking about a merger, an acquisition or both. m&a is now as routine to the day-to-day operations of running a tax and accounting practice as turning on the lights in the morning and taking out the garbage at night.
fortunately, the new accounting firm operations and technology survey by the research team of randy johnston and leslie garrett provides a one-of-a-kind roadmap for growth-minded professionals seeking the hard-boiled data essential to making smarter strategic decisions. with thousands of key metrics for firms of every size, you can compare your firm against similar firms. better yet: you can compare where your firm is today to where you want it to be tomorrow.
taking the technology walking tour
the best way to gather new and useful information for your practice.
by gail perry
cpapracticeadvisor.com
i have the honor of leading the technology walking tours at the show. by all means, i suggest you give it a try.
wear some comfy shoes because you’re going to be on your feet for a couple of hours. and, more importantly, get ready to dive into the conference’s exhibit hall without having that feeling of walking the midway at a carnival and trying to avoid the carnival barkers.
on a walking tour, you visit the booths of a group of pre-selected vendors, and listen to a brief presentation in a relaxed setting. there is a difference from the drive-by experience that you would get on your own. first, the vendor isn’t under any pressure to grab your attention in five seconds and keep you from walking away. you are a captive audience, and the presenter knows that, so the presentation can be more heartfelt, real-life experiences can be shared.
often you will have an opportunity to ask questions during a walking tour presentation, and you can do so feeling more like a student in a class than someone who’s worried about whether or not you’ll be able to keep your credit card in your pocket.
in the time that a walking tour presentation is being made, a brief rapport is built, forging the way for you to feel comfortable returning to the booth later. “i heard your presentation,” you can say, and the vendor will immediately know that the sales pitch can be skipped and you’re here for some real answers.
you get cpe credit for your time spent on the tour. and, you even get to take whatever free gizmo the vendor is offering without even having to feel guilty about doing so. you might even find that the best free stuff is in the presentation itself.
gail perry is a cpa and the editor-in-chief of cpa practice advisor magazine. she is also a well-known public speaker and is the author of more than 30 books (including mint.com for dummies and surviving financial downsizing: a practical guide to living well on less money). in addition, she maintains a small tax practice. gail is a graduate of indiana university where she earned her bachelor’s degree in journalism. after returning to school to study accounting at illinois state university, gail earned her cpa and worked for deloitte’s chicago office as a state and local tax specialist. she is a former tax columnist for the indianapolis star newspaper, has been an adjunct accounting professor, and was on staff for 10 years at the indiana cpa society as a computer applications instructor. gail was the publisher and editor-in-chief of accountingweb before joining the cpa practice advisor team.
global talent wars hit home for local firms
in the war for talent, “local” cpa firms face new threats from distant, bigger rivals – worldwide
by rick telberg
卡塔尔世界杯常规比赛时间
the traditional business model of the so-called “local” cpa firm is being challenged anew by the emergence of a single, unified coast-to-coast talent market that’s undermining the pay differences between big-city and small-town firms.
that’s bad news for traditional firms trying to control staffing costs. but great news for a new generation of top talent.
more on talent management: survey results: firms face staff turnover tsunami | global tax talent shortage mounting into ‘perfect storm’ | accountants without borders: tight talent pool drives salary increases nationwide | are you an ostrich or a giraffe? | your firm’s biggest assets walk out the door every day | so much to do and so little time: achieving success in the c-suite |
exclusively for pro members. log in here or 2022世界杯足球排名 today.
the study shows that salaries are increasing faster than inflation throughout the american market, and they aren’t always limited by the local cost of living. the average salary for a tax professional in new york city, for example, has risen to $77,660 this year, up from $75,400 last year. importantly, the numbers ($77,660 this year, up from $75,400) are the same in des moines, iowa, where the cost of living is substantially lower – along with the pricing sensitivity of des moines clients. this augurs new pressures on billing rates and profitability across the nation.
forget value billing. focus on value building
finding new profits in client accounting services.
by chandra bhansali
ceo, accountantsworld
we have all heard a lot of buzz about value billing. it sounds like a great concept to boost a firm’s bottom line, but have you tried it. chances are you haven’t.
why not? because although it is a great theoretical concept, it’s too complex to implement. and there are various reasons why it is hard to implement in accounting practices.
taxpayers tell how they really feel
they don’t like the irs, but they might get an irs tattoo to skip out on taxes.
by 卡塔尔世界杯常规比赛时间 research
let’s put the shoe on the other foot for a moment.
more on tax season: five-point action plan for turning tax scam threats into new opportunities | liberty tax earnings down 48% | h&r block lagging behind last year | tax pros filing only 51% of e-returns | tax refunds up slightly | tax filings data looking less squirrely | tax return filings still lag, but pros hold 57% of market | tax filings down, but irs blames the calendar
exclusively for pro members. log in here or 2022世界杯足球排名 today.
we know how accountants view tax season. but how about the average taxpayer?
read more →
four common errors in form 1098-t
the minefields in tuition statements.
by dennis p. benvie ms, cpa
surgent professional education
errors associated with educational credits, specifically for form 1098-t, can be easily misinterpreted.
eligible educational institutions often file form 1098-t to report either the aggregate amount of payments received (box 1) for qualified tuition and related expenses or the aggregate amount billed (box 2) for such tuition and expenses. should you receive this form, here are four common errors to watch for, and how to interpret them.
1) educational credits are based on the amount of adjusted qualified education expenses paid for the student in 2016 for academic periods beginning in 2016 or beginning in the first 3 months of 2017. an issue occurs when the costs for early 2016 tuition were billed in 2015, and the educational institution utilizes box 2 of form 1098-t.example: in january 2016, alex pays $6,000 for his final semester of classes. the university alex attends actually billed the tuition payment in december 2015. in may 2016, alex pays certain qualifying expenses amounting to $200. alex receives form 1098-t for 2016. box 1 is blank, and box 2 includes $200.
five ways to protect clients from ‘the sleazy six’ tax season scams
let clients know you’re on their side.
tax season 2017: what’s working. what’s not
join the conversation. get the answers.
by rick telberg
卡塔尔世界杯常规比赛时间 research
internal revenue service workers may be chronically understaffed, but they’re not stupid. they’ve been in the tax collection business since the civil war, and the irs has been harvesting income tax since 1913. it has processed billions of tax returns, and it knows the tricks that taxpayers often try. it also knows the tricks that wanna-be cheats use to exploit the tax system, effectively robbing the honest people who pay what they owe.
for the last three years, the irs has given a name to the most common schemes to swindle either taxpayers or the nation’s treasury. it calls them “the dirty dozen.” this year, half the dozen are scams by third parties that attempt to rip off taxpayers. the other half are taxpayer attempts to effectively rip off their government.
more on tax season: five-point action plan for turning tax scam threats into new opportunities | taxes: beyond income to gas and more | readers sound off: what tax season decline? | overhyping ibm’s watson is dangerous | average tax refund by state | irms face staff turnover tsunami |
sleazy tax tactics don’t do a practicing accountant any good. the slime taints the tax pro, and the pro may be put in the very uncomfortable position of having to defend the taxpayer before an irs agent. this is not the light tax preparers look for at the end of the busy season tunnel. they’re thinking “bahamas,” not “irs office.”
clients who know about the dirty half-dozen will be disinclined to try a trick the irs is expecting. sharing the list will go far to ward off problems. read more →
taxes: beyond income to gas and more
ranking the states by tax burden.
by 卡塔尔世界杯常规比赛时间 research
you hear the word “tax” right now and the first thought is “income” – ah, but there are so many more varieties.
more on tax season: five-point action plan for turning tax scam threats into new opportunities | liberty tax earnings down 48% | h&r block lagging behind last year | tax pros filing only 51% of e-returns | tax refunds up slightly | tax filings data looking less squirrely | tax return filings still lag, but pros hold 57% of market | tax filings down, but irs blames the calendar
while the average u.s. household pays more than $5,700 in federal income taxes, there is significant disparity when it comes to state and local taxes.
read more →
analysis: local firms worldwide are losing the wars for talent and for clients
the eight moves smart firms are making today to win tomorrow’s battles.
by rick telberg
卡塔尔世界杯常规比赛时间 research
does the tax and accounting profession have a role to play in global peace, harmony, and understanding?
you may think so, based on a new 卡塔尔世界杯常规比赛时间 analysis of a global survey of small, local, and mid-size accounting firms.
the study paints a picture of a global community of local firms with shared aspirations, expectations, challenges, and opportunities – despite (or perhaps because of) rising nationalism, protectionism, and conflicting political regimes.
more on talent managment: global tax talent shortage mounting into ‘perfect storm’ | accountants without borders: tight talent pool drives salary increases nationwide | how to create a talent management strategy | survey findings: talent wars, m&a frenzy continue | why job descriptions matter | how to develop home-grown future leaders | new staffing strategies for the next-generation accounting firm
in fact, the research finds that the talent shortage plaguing unites states firms is now turning into a global problem. that is, by no means, a good thing. but it is another item all firms across the globe can share in common. and it is another chink in the armor of the so-called traditional business model of the owner-operator accounting firm because most of the issues flow from two overriding factors: rampant under-pricing or owner greed (or both) that fails to build up capital reserves for re-investment in the business, and the lack of access to other sources of funding.
it’s enough to make us wonder if solutions to global problems are beyond the ability for individual nations to solve alone. instead, multi-national worldwide strategies may be required. maybe that’s part of the reason the american institute of certified public accountants is rebranding itself as the association of international certified professional accountants (still, just the “aicpa” to most).
but today, owning, operating or working in a perfectly “average” firm is not necessarily a sign of success. instead, “average” seems doomed to obsolescence in irrelevancy – and on a global scale never before seen in the profession.
infographic: average tax refund by state
texas and d.c. get biggest refunds.
by 卡塔尔世界杯常规比赛时间 research
does that mean they need better accountants in texas and washington? hard to say. but it’s easy to see the big picture in this groovy graphic. read more →
survey results: firms face staff turnover tsunami
how to beat the staffing crisis: join the survey. get the answers.
by rick telberg
卡塔尔世界杯常规比赛时间 research
the accounting industry may be on the verge of a seismic shift. the results of a new 卡塔尔世界杯常规比赛时间 survey of job satisfaction and personnel retention indicates a mounting tsunami of personnel migration in the near future, possibly on the heels of the busy season.
more on staff retention: effective stay interviews for cpa firms | the 16 biggest #fails in delegation | work-life balance: according to whom? | two ways your strategic plan can reduce turnover | top firms muscle up with specialized talent
the survey, conducted in conjunction with practice management consultant kristen rampe suggests that barely half—just 52 percent—of respondents intend to definitely stay with their firms for the next six to 12 months. they describe their jobs as perfect for them right now.