client accounting services

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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cas reports are better. here’s how.

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traditional reports stop short of what businesses need.

by hitendra patil
client accounting services: the definitive success guide

if you are wondering whether client accounting services (cas) needs a different set of reports, you are in the right place. at the same time, it may be confusing how you can produce reports that are different than those your software provides out of the box.

more: help your clients run their businesses better | 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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cas is about the outcomes of your work, from the clients’ perspective. cas outcomes are useful, insightful, and advise clients in ways that routine, traditional reports cannot deliver. the outcomes you provide from your cas offering need to relentlessly focus on the relevance, usability and importance from your clients’ point of view. one of my ex-clients, an experienced and expert cpa from san diego – who had mostly high-net-worth individuals with multiple businesses as his clients – told me, “after 19 years in practice, i realized that small to medium business entrepreneurs are not really concerned with managing their balance sheets. it is the job of the accountant.”
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are you ready to become a data analyst?

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the right dashboards can optimize your data … and your value.

by bonnie buol ruszczyk

business leaders are constantly called upon to make snap – yet important – decisions. yet, poring through spreadsheets, reports and financial statements can be a laborious and time-consuming process, especially for those who need to act on urgent matters.

more: survey: zoom, teams top meeting choices | are you using too many monitors? or not enough? | one in four firms replaces servers by schedule | you’re probably not reading this on an ipad | 52% of firms look outside for it support | pandemic? what pandemic? | today’s top 3 problems: staffing, workflow and tech
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this is where data visualization tools can be a tremendous boon to organizations. automatically pulling from various data sources, these cloud-based, interactive dashboards present business data visually using charts, graphs and other widgets. once designed, these repositories save precious time for analysts, managers and key decision-makers, allowing them to focus on the information and analysis rather than on the grueling process of gathering it and creating reports.

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stop sending the wrong message to audit teams

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audit is becoming further commodified. 

by alan anderson
transforming audit for the future

instant download:
“the new manifesto for accountants.“

the value of what we provide to clients has declined until it has become a commodity. that, in turn, drives our fees down.

the lack of innovation means that our clients can’t tell the difference between the audit we do and one done by the firm down the street. none of them provide relevant information or any value to our clients.

more: three fundamental questions to ask in audit | how auditors can beat ai | 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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if our clients don’t see the value, then the audit is only being done to meet a regulatory or banking requirement, and in that case, the cheapest option that meets that basic requirement is the one they choose.

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adrian hong: necessity can make you an expert

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innovation insights: trial by fire may not be fun, but it can make you a pro.

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innovation insights
with donny shimamoto
center for accounting transformation

adrian hong’s journey into the realm of environmental, social, and governmental (esg) reporting has been nothing short of inspiring. as the founder of hong consulting, llc, his dedication to assisting companies with esg reporting stems from a rich tapestry of experiences, all pointing to one common thread – the desire to help.

center for accounting transformation
center for accounting transformation

more: 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  | private equity vs. the cpa firm partnershipthe fintech flood: accounting will never be the same  |  think small to think big with matt wilkinson | your sales tax headaches are only just beginning | when financial statements go extinct with corey schmidt  |  can geraldine carter save accountants from themselves? |  re-inventing accounting with tyler anderson |  turning client service into new revenue

see also: deloitte develops audit technology for smaller firms

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after building a formidable reputation in auditing within public accounting and lending his skills to the financial accounting standards board for refining external taxonomy, life had other plans. hong returned to his roots in hawaii to steer the helm of his family’s venture, island plastic bags.

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five ways your cas practice traps you

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know the pitfalls … and how to avoid them.

by w. michael hsu, cpa

are you working tirelessly but not seeing the benefits and results you deserve? essentially, do you feel trapped in the cycle of your business? if so, you’re not alone.

more: review your cas: when, what, how | be serious about ai, not amused | how to offer proof to cas prospects | how to market cas to existing clients | 12 cas profitability killers | how weekly cas reports help businesses | cas: much more than bookkeeping
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many firm owners, as well as the entrepreneurs they serve, feel exhausted by their business, but it doesn’t have to be that way.

in this article, we’ll identify common signs that your business is trapping you, and show you how to optimize for freedom. by addressing these issues and implementing some simple strategies, you can reduce stress, achieve more and live a life you love.

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help your clients run their businesses better

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six ways that cas processes are different.

by hitendra patil
client accounting services: the definitive success guide

let us focus on cas-specific processes that can give you competitive advantages. this is not about the technicalities of accounting processes. as a professional accountant, you already know the accounting fundamentals required to create your processes for each of the segments of the services you provide.

more: set your processes apart in nine steps | 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 | the why behind your cas why | who is the professional?
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are cas processes different than what you have been doing till now? yes, and no.
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set your processes apart in nine steps

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woman in white office meeting with man

your clients should notice the difference.

by hitendra patil
client accounting services: the definitive success guide

if you were to define how your firm is different in three sentences, what would those three sentences be?

write them down. read those the next day and judge for yourself if your competitors can say the same three sentences to differentiate their firms. if yes, you will see why this is a significant challenge for your firm’s growth aspirations.

more: is it time for your firm to outsource? | cas tech stack depends on cloud use | five ways to profit from cas | cas is a value pitch | accountants are perfect for virtual cfo roles | raise client expectations with cas
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the classic equation of “people, process and technology” defining differentiation from the competition is somewhat flawed in accounting. by its very nature, accounting is about doing exceptionally well-defined work that follows clear laws and regulations. most firms have employees certified in similar lines of education and specialization. technology solutions for accountants are highly mature now.
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safe harbor compliance reduces risk of fines and penalties

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protect your clients–and your firm–by being proactive.

by donny shimamoto, cpa, citp, cgma

in the last few years, we’re starting to see state legislatures and attorney generals recognizing that tax practitioners are trying to protect their clients. they are formalizing this recognition with changes to regulations or laws to include “safe harbor” provisions that limit or eliminate the fines and penalties for tax practitioners who take proactive action to manage their cybersecurity risks.

more:  how hacker-proof is your firm? | unleashing the power of technology: transforming accountants into trusted advisors | 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?
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as of december 2022, the following states have some type of safe harbor provision in place:

in contrast, states like california and colorado are taking the opposite approach and penalizing organizations that have data breaches.[iv]

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is it time for your firm to outsource?

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businessman holding up magnifying glass

twelve clues to help you decide, plus the three categories of risk.

by hitendra patil
client accounting services: the definitive success guide

when you are the key person to make things happen at your firm, you want to invest as much time in “business development” (not just marketing and sales) as humanly possible. your firm’s growth will make you feel that producing and delivering your services is an essential core business function for you, but some of it is not. freeing up yourself to spend more time focusing on the things that add value to your practice, and help set it apart from the competition is an essential differentiating growth strategy you will ever deploy. the same principle applies to your experienced, talented staff.

more: cas tech stack depends on cloud use | 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 | who is the professional?
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you will build your cas practice on newer, cloud, collaborative technologies. it will help you automate many routine functions and optimize your operating costs. but you still need competent people to manage, nurture and strengthen your client services and advisory functions.
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be the flywheel to increase revenue

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“this will be the largest transfer of wealth the nation has ever seen in such a short period of time.”

by rory henry, cfp®, bfa

henry

rory henry is a director at arrowroot family office and host of the wealth management forward podcast. he can be reached to discuss ways to integrate financial planning into your practice through the cpa partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.

the financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. the arrival of private equity firms, combined with the rise of m&a and rapid advancements in technology, has shifted the landscape considerably. while these changes are unsettling to some practitioners, i view them as opportunities.

more: four core principles for elite wealth management | why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
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in many ways, a cpa is a flywheel at the center of the financial advisory engine. all the other providers and advisors rotate around the cpa, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.

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four simple game-changers to modernize your practice

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focus on the client experience.

by blake oliver
with david leary

my mom is in her 70s and still gets the taxes organized for her household. she’s been using the same 10-partner firm for the past 30 years. like many small firms, hers had no succession plan, so it recently merged with a big firm – top 25. as you may imagine, her recent tax season experience was disappointing. she submitted all her documents on time and then didn’t hear anything from her new accountant for weeks. finally, she received a return to review and was shocked to see herself marked down as blind. my mom is not blind. there were other errors in her return, including a missing real estate transaction. clearly, it had not gone through a proper review process.

more: nine ways to measure client experience | how the pandemic changed firm mindsets | twelve clues it’s time to outsource or offshore | yes, you have the staffing for cas | why firms shy away from cas | hook your firm on cas | can you identify real cas prospects? | 8 ways to create your cas practice | do you value your cas value?
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my mind exploded, wondering how such a large, well-known firm didn’t have a better quality control process in place. i’m guessing they didn’t even have a workflow management solution. after sharing this story with several cpas at other large firms, i learned that my mom’s situation was not all that unusual.

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