advisory & consulting

your cas engagement letter needs a reset option

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even with the best definitions, scopes can change. here’s what to include.

by hitendra patil
client accounting services: the definitive success guide

“people think of us (accountants) as the compliance agents – the necessary evil.”

this sentence haunts me even today, after hearing it nearly 15 years ago from a multi-award-winning, highly experienced cpa.

perception!

more: structure insights as what-why-what | cas reports are better. here’s how. | is it time for your firm to outsource? | raise cas awareness among your clients | which clients are best for cas | how much can automating bank feeds save you? | wants vs. needs: why not fill both? | get sticky with cas | who is the professional?
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has the accounting profession’s brand been (predominantly) perceived as “compliance” only?

“we deal with the past. we do audits. and we deal with the present. we do taxes and books. future – is not our business.”
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stress test: will clients get the outcome they want?

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keep their cleverness from turning fraudulent.

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

for the extremely wealthy, financial stress testing is quite common. just consider the following case.

more: why the ultrawealthy favor family offices | three steps to thought leadership | six ways to offer financial products | 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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a super-rich individual (net worth = $500 million or more) asked us to examine a tax mitigation strategy he was using. he was quite proud of how ingenious it was and how well it worked. the complication was that some of his business dealings were under scrutiny, and he wanted to make sure his wealth planning would not cause any problems. as part of this tax strategy, he had done several things:
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50 ways to create value for business owners and board members

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woman interviewing another woman

why a valuation should be performed on a regular basis.

by ed mendlowitz
77 ways to wow!

here we’ll identify 50 ways that a valuation professional can provide something far more valuable than a number. while the valuation profession is under pressure to reduce costs or prepare a report, the business owner is better served in the long run retaining a valuation professional who provides greater insight to operations.

more: what earnings mean for a business valuation | use organization charts to rewrite the future | how to account for materials purchased | 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
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the true market value of a business is only determinable when it is sold to an independent buyer – and even then, it is only for that time with that buyer. however, there are many reasons for valuing a closely held business that can provide valuable insights to the owner; these same reasons also underscore how credentialed professionals add value to business owners and board of directors. these are also not commodity services that warrant a low fee.
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how to begin a business valuation

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woman wearing glasses, using calculator in front of two computer screens and a window

includes a sample preliminary document request.

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

business valuation is performing appraisals of businesses for many uses and reasons.

forensic investigations relate to disputes that are in or will lead to litigation.

more on marketing: how to help a client start a new business | the tax effects of buying or selling a business | elder care: not sexy, but vital | how to guide clients through divorce | help heirs with tax issues | every client can use financial 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.

who needs this service

this service is for anyone engaged in litigation or where the value of a business is an issue, such as partnership and marital dissolutions. also, valuations are necessary in many instances where there are tax-motivated transactions, particularly in the gift and estate tax arena and employee compensation situations.
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what earnings mean for a business valuation

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why ebitda falls short.

by ed mendlowitz
77 ways to wow!

earnings are not always objective, and valuations apply a multiple to earnings to determine a company’s value. the elements making up a company’s valuation involve determining normalized earnings, a decision whether income taxes would be applied, and the capitalization rate to be used to get the value. there are also other factors, but this post looks at the quality of earnings.

more: use organization charts to rewrite the future | 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 | what’s more profitable, raising or lowering prices? | insurance you might not know you need
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it is always about the earnings – except when it isn’t. there are some situations where a company could be acquired based upon strategic, synergistic or ego considerations, but otherwise, valuation all boils down to a dependence on earnings and the quality of such earnings.
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why the ultrawealthy favor family offices

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businesswoman smiling at two clients, man and woman

six benefits they offer.

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

in many ways, the accounting industry is under pressure from fee compression and seriously increasing competition. the current crisis is exacerbating the problems some accounting firms are having.

more: three steps to thought leadership | referrals best for gaining wealthy clients | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

at the same time, certain types of clients and sets of services prove to be extremely profitable for accounting firms. one such type of client is the ultrawealthy. furthermore, a potentially highly profitable segment of the ultrawealthy is those with single-family offices.
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heather satterley: you’ve got to meet people where they are

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stop saying yes to everything and start saying yes to yourself.

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see the disruptors

the disruptors
with liz farr

heather satterley is well-known for being an accounting tech expert. but tech isn’t the only skill accountants need today and for the future. “you can have great technology skills, but if you don’t have people skills and those softer skills, that’s going to be a problem,” she said.   

more podcasts and videos: bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa | ira rosenbloom: with m&a, nobody wants a fixer-upper | peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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one of those softer skills that will be a key skill for the future is problem-solving, which requires keeping an open mind to “look at not just facts and figures, but look at tools, resources, people and pull them all together,” she explained. no one can be an expert at everything, so having “a wide network of really awesome professionals” is vital for filling in any gaps “to get the job done.”  

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