advisory & consulting

decoding accounting tech (and all those acronyms)

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how to choose what’s best for your team and clients.

by penny breslin
it’s not just the numbers

with accounting software and add-ons, from the standpoint of the person maintaining the “books,” the accounting program is the focal point. however, consider the focus of your business-owning client.

more: do your apps play well with others? | understand your online marketing options | digital marketing strategies level the playing field | it’s ok to have favorite clients | narrow your prospects by choosing a vertical | eight tasks to delegate today | ten questions for teamwork | build your team, then choose your clients | advisory services done your way | yes, you can be an outsourcer | how back office support adds value
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their focus is operational. so, consider that for the business owner, the add-on is the accounting program. having the correct package of cloud-based programs turns the accounting program into a basic general journal that you, in your accounting hat, use to find any inconsistencies.
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five challenges of liquidating a business

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help your clients anticipate and prepare.

by anthony glomski

my years of experience helping successful entrepreneurs, combined with my research and interviews with experts in the area of successful business exits, have helped me to identify five key financial challenges that must be addressed by entrepreneurs who are planning to cash out of their businesses.

more: why and how to stress test client plans | three questions for clients who want to manage their own wealth | five experts your wealth management team needs | your client’s instincts are wrong
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the objective is to help business owners make a smooth and successful transition from where they are today to where they want to be post-exit.
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valuing a family-owned business: eight options

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businesswoman working late at desk

the correct standard depends on the reason for the valuation.

by ed mendlowitz
77 ways to wow!

here are eight standards of value that a valuation analyst may need to consider and discuss with a client. each standard has a different set of rules, and the valuations can vary greatly. valuing a business is an art – not a science – even though careful calculations are made to arrive at an appraisal of the business. also provided are some insights regarding how these are used and how the valuation analyst can protect their client.

more: business valuation comes down to cash flow | 50 ways to create value for business owners and board members | what clients don’t know about cost variances | 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
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valuations of closely held family businesses are confusing because of the varied reasons, uses and purposes for the valuation. there is no one “right” way, because the value arrived at is contingent on the assumption used. this is confusing to many business owners.
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cas requires reaching out more

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businessman using internet on smartphone and laptop

use tech to up your communication game.

by hitendra patil
client accounting services: the definitive success guide

a successful client accounting services practice requires increased interactions with clients. your usual non-cas methods of client communications are not sufficient to meet the demands and expectations of your cas clients. you must leverage new tech tools to reach out, communicate and collaborate with clients more frequently.

more: your cas engagement letter needs a reset option | structure insights as what-why-what | set your processes apart in nine steps | 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
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some accounting software can help you automate client notifications (by email/text) based on customized triggers set up in the software. similarly, automated payroll software can keep clients informed automatically. mobile apps of core accounting software are becoming a necessity to deliver client service and communications.

why?
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two words define your work future in the ai world

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the boundary you must cross to ensure future success.

by hitendra patil
rise of the aiccountants

imagine there is no artificial intelligence.

i know it is tough to imagine this, but for the next two minutes, just imagine there is no ai.

more: ai systems just for accounting in development | three ways a.i. will take shape in accounting | four ways to prepare for the ai era | seven ways ai could change accounting | who is better at accounting, ai or humans?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

how have you been working as an accounting professional without ai so far?
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do your apps play well with others?

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be careful as you gather your ideal technology.

by penny breslin
it’s not just the numbers

software is always changing, and new products come to market quicker than ever before. twenty-five years ago, software such as quickbooks, peachtree, accpac and mas changed how we did accounting. ledger books became a thing of the past as we could now review ledgers on a computer screen. in the last nine years, cloud-based systems have radically changed accounting once again.

more: understand your online marketing options | digital marketing strategies level the playing field | eight tasks to delegate today | advisory services done your way | how back office support adds value | ai is not your enemy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the technology landscape can be confusing, but that will always be the case. your goal is to find what works for you and train your team and clients on a limited number of products that can become the base of your work. we call this our little black dress.
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financial planning: beyond the numbers

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young man looks in mirror, sees older version reflected back

strive for harmony between your present and future selves.

by rory henry, cfp, bfa

when helping clients plan for retirement, exit their business or reach other major financial goals, we tend to default to the numbers. financial projections, spending needs, drawdown rates and risk tolerance are great navigational aids, but as lewis carroll wrote in alice in wonderland, “if you don’t know where you’re going any road will take you there.”

more rory henry: be the flywheel to increase revenue
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in the fast-evolving field of behavioral finance, research shows that understanding clients’ emotional relationship with money is just as important as the numbers. and a new approach is showing that getting in tune with our future selves is one of the best ways for clients and their advisors to plan for retirement.

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business valuation comes down to cash flow

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this step needs to come before proper financial planning can occur.

by ed mendlowitz
77 ways to wow!

business owners contemplating retirement should obtain a business valuation to determine the value of the business and whether the other resources will provide financial security. the conversation and successful engagement also require that the valuation analyst understand the owner’s motivating factors, or the qualitative information.

more: 50 ways to create value for business owners and board members | what earnings mean for a business valuation | why and how to track payroll costs | use constraints to make improvements | the role of strategy in pricing | wow clients with trend analysis | 26 ways to wreck a financial projection
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obtaining the right price is important but holding out for a larger value and deeming all other values lower than that as a “deal breaker” can be self-defeating to the owner seeking financial security. there are other ways to obtain the security. further, quibbling over a smaller amount can potentially undermine the long-term plan, which is to retire.
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