advisory & consulting

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
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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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build your team, then choose your clients

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group of businesspeople hiding their faces behind question mark signs at officefive aspects critical to success … and they’re not accounting.

by penny breslin
it’s not just the numbers

before you can build back office support (bos) practice, you need to assess what kind of team you already have. let’s look at two similar and at the same time, uniquely different accounting and tax businesses who contacted me for help in outsourcing some of their bookkeeping.

more: 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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both businesses have multiple offices; both have multi-partner owners; both do taxes, accounting and bookkeeping; and both list client advisory services. both have ownership and employees of a similar age. both exist along the same coast. both of these accounting businesses appear successful. one business is full of happy employees, owners and cooperative clients. the other business has the word no figuratively imprinted on their front door.
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six ways to offer financial products

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unbalanced brass scalesplus three best practices.

by anthony glomski and russ alan prince

accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions.

either they do or they do not.

more: family offices come in three types | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance
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a fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

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how to account for materials purchased

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businessman manager using tablet check and control for workers with modern trade warehouse global business commerce concept or import-export commercial logistic.take care when choosing the method you will be using. four illustrations.

by ed mendlowitz
77 ways to wow!

materials purchased are comprised of many elements in addition to the actual product purchased. following is an illustrative cost sheet that accumulates and calculates unit cost. usually, a large unit such as a case, skid or truckload would be measured and the per unit cost determined by dividing the total by the number of units. all costs are included.

more: how to advise clients on allocating business resources | use constraints to make improvements | the role of strategy in pricing | wow clients with trend analysis | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

cost sheets are maintained for every separate product or sku (stock keeping unit) and is a string of characters that uniquely identify a product or part with a separate sku for every item with a distinguishing difference such as size, color, material and packaging.
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unleashing the power of technology: transforming accountants into trusted advisors

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the smartest route to advisory:
join the survey. get the roadmap

imagine the possibilities.

by donny shimamoto, cpa, citp, cgma
the center for accounting transformation

in today’s rapidly evolving world, technology is revolutionizing the way we work and live. accountants and cpas are no exception.

more donny shimamoto:  how trusted advisors transform businesses | the future of accounting: a vision of trust, clarity, and hope | donny shimamoto: future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

we need to embrace the power of technology to enhance our services and better serve our clients as advisors. by leveraging technology and focusing on the complicated work that bots can’t do, accountants become trusted advisors, building deeper relationships and unlocking their full potential.

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overcoming the five hurdles to advisory services

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face these issues to achieve firm growth.

the smartest route to advisory:
join the survey. get the roadmap

by donny shimamoto, cpa, citp, cgma
the center for accounting transformation

are you tired of feeling overwhelmed and stuck in the compliance workload, unable to provide valuable insights to your clients? do you feel that your firm has the potential to grow and create a lasting impact, but capacity issues hinder your progress? 

more donny shimamoto:  how trusted advisors transform businesses | the future of accounting: a vision of trust, clarity, and hope | donny shimamoto: future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

you’re not alone. many accounting firms are struggling with the same challenges. but what if there was a way to break through these barriers and elevate your firm to new heights? read on to discover how to overcome the challenges associated with providing advisory services and transform your firm into a thriving, client-centered business.
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exceptional teams are key to high-net-worth practices

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six businesspeople in meeting around tablehow to build and manage them.

by russ alan prince

in serving the wealthy, polymaths do not exist. one individual cannot possibly have the knowledge, skills and wherewithal to deliver the diverse array of solutions the wealthy need and want; consequently, an exceptional team is required.

more: four keys to an elite wealth management team | four core principles of elite wealth management | what the wealthy getting wealthier means for your practice | does wealth management make sense for your firm? | create family dynasties and add value, roi | is elite wealth management right for you? | why accountants fail at wealth management
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your ability to surround yourself with high-caliber professionals is often essential to building a very successful high-net-worth accounting practice. you not only have to identify the specialists with whom you need to work, but you also need to manage the relationships between your experts and your affluent clients.
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