advisory & consulting

what clients don’t know about cost variances

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you want the best information possible.

by ed mendlowitz
77 ways to wow!

when we discuss estimates – trailing amounts based on previous transactions and costs, it is important to have the amounts as accurate as possible to reduce the variances, but they will exist.

more: why and how to track payroll costs | how to account for materials purchased | ten strategies for smart a/r collections | where is your firm in its lifecycle? | six kinds of loan covenants | what’s more profitable, raising or lowering prices? | insurance you might not know you need | solos need plans for death, disability | you don’t need this, but your survivors do
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the estimated costs will be measured at the end of a period, i.e., week, month, quarter or year, and the reasons should be investigated and reconciled.

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is it time for your firm to outsource?

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businessman holding up magnifying glass

twelve clues to help you decide, plus the three categories of risk.

by hitendra patil
client accounting services: the definitive success guide

when you are the key person to make things happen at your firm, you want to invest as much time in “business development” (not just marketing and sales) as humanly possible. your firm’s growth will make you feel that producing and delivering your services is an essential core business function for you, but some of it is not. freeing up yourself to spend more time focusing on the things that add value to your practice, and help set it apart from the competition is an essential differentiating growth strategy you will ever deploy. the same principle applies to your experienced, talented staff.

more: cas tech stack depends on cloud use | five ways to overcome cas staffing challenges | think cas isn’t for your firm? | convince your firm of cas value | ten ways to tell a client is ready for cas | launch cas in just eight steps | who is the professional?
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you will build your cas practice on newer, cloud, collaborative technologies. it will help you automate many routine functions and optimize your operating costs. but you still need competent people to manage, nurture and strengthen your client services and advisory functions.
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second opinions: an old service under a new label

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two people sitting across from each other at a deskbonus: a sample engagement letter.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

second opinions are just that – an outside look at a client’s business or personal situation.

more on marketing: elder care: not sexy, but vital | get your clients talking about retirement | how to assist investment clubs | when clients remarry | seven questions to suggest estate planning | four reasons to perform tax projections
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we used to call them second opinions and promoted them as such. we no longer do that, but offer this as a separate and distinct service or product such as we do for performance measurement services. we feel that the difference is how the service is marketed, not how it is performed for the client.
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ten questions for teamwork

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also: how to divide up back office support roles.

by penny breslin
it’s not just the numbers

i’ve developed a series of questions to assess someone’s aptitude for being on a team. each person in your firm who is a possible member of the back office support (bos) team needs to answer these questions. that includes you, as you are a potential team member.

more: build your team, then choose your clients | advisory services done your way | yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
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ask others in your firm or people you work with outside your firm to give you feedback on these questions as they see you and the other potential members of your team. their responses will give you a second filtering of your potential as well as others you would like on your team. notice these are not questions relating to the competencies in accounting functions. the assumption is that you and your people already possess those skills.
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be the flywheel to increase revenue

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“this will be the largest transfer of wealth the nation has ever seen in such a short period of time.”

by rory henry, cfp®, bfa

henry

rory henry is a director at arrowroot family office and host of the wealth management forward podcast. he can be reached to discuss ways to integrate financial planning into your practice through the cpa partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.

the financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. the arrival of private equity firms, combined with the rise of m&a and rapid advancements in technology, has shifted the landscape considerably. while these changes are unsettling to some practitioners, i view them as opportunities.

more: four core principles for elite wealth management | why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in many ways, a cpa is a flywheel at the center of the financial advisory engine. all the other providers and advisors rotate around the cpa, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.

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why stress testing matters

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four steps to take.

by anthony glomski and russ alan prince

the everyone wins process is at the center of how you can maximize wealthy client relationships. most often, this is a function of aligning interests. the process is also core to generating new business from these clients and other professionals. the ability to add value often plays a significant role in being referred by other professionals to their best clients.

more: six ways to offer financial products | family offices come in three types | how everyone can win | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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at the same time, there are many different ways to frame your conversations based on the self-interests of the wealthy to optimize their financial worlds and accelerate results. stress testing is one of those ways.
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why and how to track payroll costs

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businesswoman using calculator while reviewing something on laptop screenbonus: nine specific illustrations.

by ed mendlowitz
77 ways to wow!

most business owners look at the total payroll in dollars and go no further. but – payroll numbers are useful only if you drill down several levels to determine …

more: how to account for materials purchased | how to advise clients on allocating business resources | be wary of discounting prices | where is your firm in its lifecycle? | six kinds of loan covenants | what’s more profitable, raising or lowering prices? | insurance you might not know you need | solos need plans for death, disability | you don’t need this, but your survivors do | five ways to ward off fraud in not-for-profits
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

head count

i tell clients to keep track every month of the total head count of the business – whether it’s three, 10 or 100 employees. on a year-to-year basis, the head count can be very revealing. first, it tells you whether employment is growing faster than you realized. second, by comparing head count with unit sales, you can measure worker productivity. if there is growth in units sold, your payroll is in good shape. if growth of units per employee declines, you have a problem that needs immediate attention.
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client clues for wealth management opportunities

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leader addresses co-workers
how to grow your firm outside of wealth management.

by russ alan prince

a pervasive problem many accounting firms face with wealth management practices is how little wealth management business they generate. having an arrangement with a wealth manager or establishing their wealth management practices does not tend to result in very much business.

more: exceptional teams are key to high-net-worth practices | four keys to an elite wealth management team | the biggest obstacle to taking your firm upmarket | wealthy drive expansion of family offices | build your high-performing family office practice | are you missing maximum potential?
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indeed, some accountants will send clients over to the wealth management practice because the client asks them to. however, relying on clients to initiate the referral is something other than a solid business development strategy. instead, the wealth manager must show accountants how to identify opportunities and make the proper connections.
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