client service opportunities

three ways to run a break-even analysis

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woman working on calculator in front of two computer monitorshow to tell what the profit should be.

by ed mendlowitz
77 ways to wow!

break-even analysis is a budgetary process designed to tell you how much sales are needed to break even, and how much you will make or lose if you exceed or fall short of this “break-even” sales amount. properly used, it can become a very potent tool.

more: the top 11 financial statement ratios | insurance you might not know you need | solos need plans for death, disability | you don’t need this, but your survivors do | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud
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in a break-even analysis, all costs and expenses must be separated into “fixed” and “variable” categories. designations such as “costs of goods sold,” “selling” or “general and administrative” are irrelevant.
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insurance you might not know you need

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young man under rain-covered umbrellathese are often overlooked.

by ed mendlowitz
77 ways to wow!

the following are brief descriptions of insurance coverage not usually obtained or obtained in inadequate amounts. insufficient insurance can expose you to serious losses and could also jeopardize your future financial comfort and security.

more: price not always the top consideration in a sale | eight ways to value a family-owned business | are you ready for a co-owner to drop dead? | simple controls can prevent fraud | charity directors must take theft seriously | forensic techniques can be fraud deterrence | the hazards of poor internal controls | rule #1: start with cash
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note that i am not covering all types of insurance and this guide’s purpose is to alert you to the importance of the right insurance protection. some of this coverage can be as riders to existing policies.
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dustin verity: keep an open mind and constantly learn

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tech allows small to mid-size firms to provide better cas.

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transformation talks
with bill penczak
center for accounting transformation

center for accounting transformation
center for accounting transformation

dustin verity admits to being cautious. he also admits to being a technophile.

in the latest episode of transformation talks, the cpa explained being conflicted between his obsession with playing with the latest technology and finding the right fit for his firm.

more: secret to success? a growth and abundance mindset | o.d. lanier: stepping into advisory | from tax to transformation | early adopters gain an edge in audit | why the future is in risk advisory | four strategies for a future ready firm
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“i’ve always been interested in technology and, and you know, efficiencies,” verity said, always wanting to know how his firm could produce more and work more efficiently. “that means less hours that we have to spend in the office ourselves.”  read more →

eight ways to value a family-owned business

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scales, money and gavelwhy fair market value can’t always be used.

by ed mendlowitz
77 ways to wow!

there are many ways and purposes for valuing a privately owned business. there is no one “right” way. an appropriate method should be determined depending upon the reason and use for the valuation. here are explanations of some of the most used methods.

more: solos need plans for death, disability | when an owner dies without a buy-sell agreement | due diligence is in the details | manage better with the right financial tools | do you need a forensic professional? | six benefits of an internal audit
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fair market value

many people refer to a business’ value as its “fair market value” but this is generally a misused term. its derivation is from a 1959 irs revenue ruling that specifically addresses valuations for gift and estate tax purposes and does not necessarily provide a reasonable valuation for other uses.
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in “aiccountants,” hitendra patil demystifies artificial intelligence for accountants

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learn more | buy now

how to make artificial intelligence work in the real world.

by 卡塔尔世界杯常规比赛时间 research

卡塔尔世界杯常规比赛时间 senior advisor and best-selling author hitendra patil is launching his latest book, “rise of the aiccountants™ – accountants augmented by artificial intelligence (ai) | the what, why, and how of artificial intelligence for accountants,” now available in paperback or kindle editions here.

more: how much advice should your firm provide? | battling cas cost pushback | will my clients find cas expensive? | cas: much more than bookkeeping | you don’t need a cas sales pitch | get clients to toot your cas horn | seven ways to market your cas offering | how to choose your cas processes | nine ways to measure client experience | twelve clues it’s time to
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

one of the accounting profession’s top 100 most influential, patil is a weekly columnist at 卡塔尔世界杯常规比赛时间, and author of “client accounting services: the definitive success guide,” available here, and “accountaneur,” here.

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irs processing returns as fast as it gets them

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data tablerefund numbers up 20+ percent, but average amounts still down.

by beth bellor
卡塔尔世界杯常规比赛时间 research

has the internal revenue service been bingeing nascar videos? the agency put the pedal to the metal in processing individual income tax returns, with an incredible current rate of 99.8 percent.

more: only 39% of tax returns filed by pros | tax season opens with refunds up 85%
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as of feb. 17, the latest data available, the irs had received 36.9 million individual income tax returns, up 2.6 percent from the same period in 2022, and processed 36.8 million of them, up 9.9 percent.
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how bullish are you this tax season?

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tax pros see gains in clients, revenue, and profits.

rosy scenario: 75% forecast increases in revenue per client. more work, or higher fees, or both?

join the 5-minute survey. get the answers. start here.

by 卡塔尔世界杯常规比赛时间 research

if the early results of the 2023 卡塔尔世界杯常规比赛时间 busy season barometer are any indication, tax practitioners can look forward to a lucrative year.

more tax season ’23:accountants’ top problems for tax season 2023 | tax season 2023: better or worse? | tax: the procedural checklists your firm needs  |  stop tax return review shortcuts  |  offers in compromise aren’t for everyone  |  trump’s tax returns: read the originals here  |  survey: tax software favorite keeps crown

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over 46 percent of respondents expect a five to ten percent expansion of clientele, and another 13 percent say theirs will swell by more than ten percent.

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aynsley damery: adding value is the only way to stay in business

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rethink the 80:20 rule, because the 80% are likely stealing from you.

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

aynsley damery wants accountants to think more deeply about their work. the ceo for clarity said we need to think about what clients want and deliver it to them, but as simple as that sounds, the problem is he doesn’t “think many accountants truly understand what their clients are looking for.” clients who have started their own businesses are looking for a combination of “money, time and freedom.” however, damery said, we’re selling them dashboards, kpis and cash flow forecasting without explaining why that’s important and what that’s going to do for them. “clients are looking for an advisor who’s going to listen to me, understand my hopes, my fears, my vision, what the challenges are, and be able to be there to support me,” damery said.

more: 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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“our clients don’t understand numbers, yet we give them plans with the numbers, and … it doesn’t help,” he said. instead, damery said cpas need to help them understand what they need to do “to make a difference and move their business forward. and that’s not about giving them the answers. that’s about asking the right questions.”

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clients don’t understand cas, but they know value

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hitendra patil cas q-and-a logo

your cas marketing itself should provide value, too.

by hitendra patil
client accounting services: the definitive success guide

q: we put in significant work to develop our firm’s cas offering. we know we can deliver great value through cas. we are proactively marketing our cas packages to our existing clients. but the response is lukewarm. how can we make our clients interested in our cas capabilities?

more cas: matching your tech to your cas clients | the tech stack you need for cas | yes, you have the staffing for cas | six steps to spreading cas awareness  | finding profits in cas |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: “client accounting services (cas)” are words accountants understand. but clients may not comprehend what cas is. unlike “accounting,” “bookkeeping,” and “tax,” “cas” is not in your clients’ everyday vocabulary. as a result, cas can feel like yet more accounting jargon to them. you must make cas both understood and valued.

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six ways to create a millennial-friendly firm

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your firm’s future depends on successfully engaging younger clients and younger staff. here’s how.

by frank stitely
the relentless cpa

do you know why millennials can’t buy houses? avocado toast is expensive. how many millennials does it take to change a light bulb? none. they accept it for what it is. buy me a craft beer and i’ll tell you a half-dozen more.

more: do you know your turnaround time?
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now, here’s why you need millennials as clients and how they increase the efficiency of your firm.

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the life insurance that your firm needs

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//www.g005e.com/2020/04/06/accountants-are-emergency-responders-who-will-help-us-recover-from-the-covid-19-crisis/

guarantee funding when your business needs it the most.

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

there are times because of death when key people in a company are lost. key person life insurance provides funds to a business to address the financial losses that can occur when a key person dies.

more: 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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revenue losses can be offset, and money can be tapped to help ensure the business remains viable and doesn’t fail – for example, to find a replacement or train someone to take the job of the key person who died.

this is almost always the most cost-effective approach. additionally, key person life insurance pretty much guarantees the money required will be available when needed.

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