advisory & consulting

elder care: not sexy, but vital

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caregiver with senior woman in wheelchair outdoorsbonus: a sample engagement letter.

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

there are two distinct types of elder care assurance services.

more on marketing: get your clients talking about retirement | help clients with employment compensation | help clients with basic budgeting | questions for after tax season | 28 data points for a financial planning discussion | four additional services to suggest
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one service is the complete financial care and oversight of elderly clients. these could be relatives of the people retaining us, or the elderly person themselves. the other service is consulting on the financial planning and tax needs of the elderly person.
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advisory services done your way

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how to craft a plan to delegate, partner and outsource.

 

diagram

by penny breslin
it’s not just the numbers

back office support for the accounting firm defines you and your firm. are you servicing clients who are part of the past, or are you servicing clients living into the future? remember the new generation of business owners has never owned a filing cabinet, fax machine, landline, printer and turntables (only if they are into retro music!).

more: yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
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the diagram above is how i think about “advisory services.” the traditional role of an accountant has been as steward and operator. if you’re happy there, then that’s ok, this post will help you streamline your processes and technology to deliver these services more efficiently and profitably. and if you want to move into higher valued (and higher paying!) work and play a role in transforming your clients’ businesses, and play the role of strategist and catalyst, then we’ll show you how.
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how to advise clients on allocating business resources

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man and woman in meetingthe best course might not be the most exciting.

by ed mendlowitz
77 ways to wow!

time, resources and money are limited assets of a business, and, actually, anyone. successful organizations and people know how to maximize each one and how to integrate and allocate them for the best benefits possible.

more: use constraints to make improvements | ten strategies for smart a/r collections | how to react to trends | trends are all around us | how to prepare business plan financial projections | the top 11 financial statement ratios | eight ways to value a family-owned business | are you ready for a co-owner to drop dead?
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these assets are called into action when opportunities arise. however, typically opportunities come in bunches and then a choice must be made. is the newest opportunity taken, the easiest or the most strategic? that is when the organization’s leadership earns its pay. here are some thoughts using a client’s specific situation.
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family offices come in three types

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family of three using smartphones on couchtheir characteristics include three drivers of exceptionalism.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

when it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. at the very high end, there is a strong preference to create a single-family office. for the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.

more: help pros become experts through thought leadership | where to find wealthy clients | take time to tune your practice goals | here’s where your next $5 million is coming from | help clients avoid fallout from personal complications
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with the family office model, you are providing a broad array of expertise holistically. consequently, you can deliver substantial value to the wealthy. many accounting firms provide family office services. while family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. the services tend to comprise business management expertise and other accounting and tax-related capabilities.
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how auditors can beat ai

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ignore the coming tsunami of change at your own peril.

by alan anderson, cpa
transforming audit for the future

instant download:
“the new manifesto for accountants.“

the other day, i picked up a college textbook on auditing from 2001.

more: the disruptors: re-inventing accounting with tyler anderson | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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even back then, that book listed these as “critical forces on the profession:”

  • increasing market saturation with relatively little opportunity for growth
  • perceptions that financial statement audits have become a commodity
  • price competition and continual pressure to reduce fees
  • cost pressures that have resulted in the reduction of time devoted to engagements
  • perceptions that the incidence and severity of alleged audit failures have increased

in the 20-plus years since that book was published, not much has changed. today many of the college students who learned auditing from that textbook are in leadership positions at audit firms. they were warned about what we were up against.

that we are still facing those same “critical forces,” which have only exacerbated since then, is an indicator of the ossified state of leadership in the audit profession.

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why compliance still matters. but it’s not enough.

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resistance is futile… and silly because it’s necessary for the profession.

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

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

in the world of accounting, compliance work is often seen as the unglamorous side of the profession. but what if i told you that compliance is the heart and soul of accounting, the unsung hero that makes advisory work possible?

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.

let’s explore the importance of compliance work in the accounting profession and why it’s time for us to stop minimizing its significance. read more →

four keys to an elite wealth management team

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business people having meetingput care into negotiating roles.

by russ alan prince

building and growing your accounting firm’s elite wealth management practice hinges on a team of accountants, elite wealth managers, and other talented and capable professionals and providers working under close direction.

more: four core principles of elite wealth management | why accountants don’t get referrals from wealth managers | growth during a recession? here’s how | five business models for wealth management | four core principles for elite wealth management | wanna know what clients say about you?
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in the team approach that is pretty characteristic of the wealth management industry, the wealth managers have contacts with other experts they can refer to or call upon to help address various client matters. unfortunately, from the client’s perspective, this approach is commonly very inconsistent and sometimes even counterproductive. also, accountants usually play a subservient role, diminishing the value clients receive.
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yes, you can be an outsourcer

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woman on video conference with four other peoplehow bos work lets companies focus on what they do best.

by penny breslin
it’s not just the numbers

what do you want to do for your clients? define it, implement it in yourself and build a team that wants to be a part of your defined image. watch it grow, and adapt it to the changing times.

more: how back office support adds value | ai is not your enemy
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added knowledge and insights assist the client in taking future action on sustainability and growth of their company. cooperation between the client, the account manager and the cloud ai makes this work in order to provide the space for advisory.
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