advisory & consulting

how back office support adds value

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woman using tablet in front of laptop and desktopbonus: a case study of how not to do things.

by penny breslin
it’s not just the numbers

accounting businesses have historically provided a range of “after-the-fact” compliance services including year-end accounting and tax return preparation. many firms also provide “write-up” services, which involve the recording of business transactions based on documents generated by the client, such as invoices, checks, deposit slips and documents provided by third parties, such as bank statements and payroll reports. write-up work is typically done once a month, after the fact.

more: ai is not your enemy
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today, major innovations in technology are giving accountants the opportunity to expand their services and to provide much more comprehensive, timely and useful information to their clients.
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where to find wealthy clients

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executive on phone in officefour steps to maximizing your referral network.

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

most professionals, including accountants, get most of their client referrals from satisfied clients. the complication is that if you want to work with wealthier clients, the likely best way to source them is from other professionals they are currently engaging.

more: how everyone can win | 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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if you aim to work with the ultrawealthy and even the super-rich, be aware that as you move up the wealth hierarchy, they are less and less inclined to refer you to other people. it is something of a catch-22. in general, the better you are, the more the very wealthy are disinclined to share. that is, they are less likely to refer you to their financial peers. also, if you are maximizing your wealthy client relationships, there is hesitancy by these clients to make referrals because of a strong preference for extreme confidentiality (if not secrecy).
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seven principles to work less and achieve more

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bid farewell to late nights at the office and weekend “catch-ups.”

by w. michael hsu

in accounting, where being constantly busy is the norm, working less while achieving more seems like a distant dream. but is it?

more w. michael hsu: how do firm leaders learn? | why your approach to cas and cfo services is wrong | when it comes to pricing, it’s about ‘can’t afford not to’ | your client base is global |

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what if i told you there’s a method that can help you strike the perfect balance between productivity and rest? it’s called the measure x hack method. in this article, we’ll dive into the seven principles of this method, showing you how to achieve more with less effort.

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why accountants don’t get referrals from wealth managers

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reconsider your focus.

by russ alan prince

for accountants with high-net-worth practices, research study after research study has shown that there is no question that wealth managers and attorneys are the best referral sources for wealthy clients. moreover, accountants have enormous opportunities with these clients as a significant percentage are not getting optimal results.

more: the biggest obstacle to taking your firm upmarket | 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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generally speaking, quite a few of the wealthy up to multibillionaires are satisficing instead of maximizing. the results they are getting are good enough, and they do not know they can get more. however, once they understand they are not getting optimal results, they will likely change the professionals they’re working with. while the possibilities for accountants with high-net-worth practices are extensive, there is still the matter of being introduced to the wealthy clients of wealth managers and attorneys on a preferential basis.
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how to guide clients through divorce

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three paper hearts: one whole, one crumpled, one tornnine questions to ask about taxes.

by ed mendlowitz
how to build a stronger tax practice

divorce settlement planning attempts to help clients realize the reality of the financial situation and to suggest ways to settling the financial arrangements before extensive, expensive and drawn-out negotiations, depositions and litigation.

more on marketing: how to assist investment clubs | help clients with basic budgeting | help clients manage their investments | when clients remarry | questions for after tax season | help heirs with tax issues | seven questions to suggest estate planning | 28 data points for a financial planning discussion | every client can use financial planning | four reasons to perform tax projections | four additional services to suggest
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who needs this service

divorce today has become commonplace. with 50 percent of first-time marriages ending in divorce it is a good bet that many of your clients are either in the process of getting divorced or considering it. a simple inquiry can tell you where the client is in the process.
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ai is not your enemy

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clients still need context, and that comes from you.

by penny breslin
it’s not just the numbers

in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”

more: put back office support into action | make cybersecurity a client service option | start every engagement with an sla | get the most out of your client meeting | why you need standard naming conventions | how to develop internal procedures | proper workflow demands consistency
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the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.
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be wary of discounting prices

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plus some thoughts on branding.

by ed mendlowitz
77 ways to wow!

my father’s largest client was a luggage manufacturer with a national brand sold in specialty luggage stores, but not in department stores.

more: the role of strategy in pricing | how to react to trends | trends are all around us | six kinds of loan covenants | what’s more profitable, raising or lowering prices?
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he did this because he wanted to maintain the selling price, did not want discounting and felt his customer base would be more loyal if they did not compete against the larger stores’ discounting policy. he was very successful and very profitable, but probably not as large as he could have been had he had the volume that department stores would have provided.
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help clients with basic budgeting

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couple meeting with investment advisor.some of them might need a reality check. use these worksheets.

by ed mendlowitz
how to build a stronger tax practice

assisting clients who need help with their spending is a valuable service.

more on marketing: help clients manage their investments | when clients remarry | seven questions to suggest estate planning | four reasons to perform tax projections
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clients indicating they are high in debt and particularly credit card debt need help. following are some worksheets you can use to assist clients.
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