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inside a partner comp committee

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how buyout was affected.

by marc rosenberg
the rosenberg practice management library

we worked with a 10-partner cpa firm a few years ago to change their income allocation method from an incredibly complicated formula that was deeply flawed to a compensation committee (cc). we talked to the partner group recently to get their feedback on how things worked out.

more: rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more
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why did you adopt the cc? it embraces the fundamental concept that an accounting firm’s success depends on its partners’ production and intangible attributes such as management, leadership, mentoring staff, and teamwork, among others.
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turn process into profit

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pixelated blue text "workflow" on binary code backgroundit might be time for a new 80-20 rule.

by jody grunden
building the virtual cfo firm in the cloud

as a business grows, it becomes necessary to systemize the processes in order to increase the team’s efficiency and deliver a consistent experience for clients.

more: three keys to client file security | cybersecurity poses challenges for virtual firms | check the roi of new tools | is that shiny new software your best choice? | distributed firms need different tech suites | a tech stipend for employees? why not?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

one of the challenges that comes with creating systems can be getting every team member on board with the process you want to put in place. for example, joe may have one way of doing things, while karen does them another way and susie yet another.
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five things clients have taught me

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they’ll tell you what they want if you just listen.

by sandi leyva
the complete guide to marketing for tax & accounting firms

i feel extremely fortunate to have such a wonderful set of clients that i have learned much from the last few years.

more: boost your cross-selling in two easy steps | why your social media is a flop | the biggest seo secret of all: google business listings | beyond bookkeeping: five value-add service areas | beyond quickbooks: wowing your clients
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here is a list of lessons learned that i hope will inspire you to work with your clients in new ways.

lesson 1: help clients with what they dislike

although not all clients dislike writing, i’ve found that the majority of professionals in financial fields appreciate getting help with their writing. what took me a while to learn was the degree to which many wanted help, and what worked the best is to provide sample letters, emails, and marketing materials that was as close to their situation and as complete as possible.

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giving clients the best you’ve got

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what it looks like in black and white.

by ed mendlowitz
call me before you do anything: the art of accounting

we all use the cliché that we give the clients the best we got, but what does it really mean?

more: how to become a specialist | making sure the son got proper credit | 10 more reasons cpas quit public accounting | preparing for the worst (thanks to my wife) | why accountants quit | when cpas leave to work for a client | readers rip: ‘she wanted her shoebox back’ | how bickering can ruin a family business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i’ve written about value-added services and efforts we can do on behalf of our clients, but here is a different approach i have used.
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how to profit by being a thought leader

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will you create or curate?

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

becoming a thought leader is one of the most effective ways to effectively position you and your practice to the ultrawealthy and the other professionals who serve them. think of it as complementing and augmenting the powerful relationships you are building using the everyone wins process.

more: the best wealth coaching candidates | opportunities within covid-19 | clients who prefer obscurity | four steps of stress testing | the smart way to handle financial products | three types of family offices for the wealthy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

while there are different ways people define a thought leader, the following captures the actions and outcomes of becoming a thought leader:
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beyond compliance: what more you can provide

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businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women presentbeat the billable hour … and let your clients know all your offerings.

by sandi leyva
the complete guide to marketing for tax & accounting firms

as compliance services become more commoditized and automated, accountants face the impacts on their practice and bottom line. they can:

more: boost your cross-selling in two easy steps | why your social media is a flop | the biggest seo secret of all: google business listings | how clients get underserved and accountants get underpaid
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  1. serve a higher level client that requires greater complexity, making themselves fairly immune to these changes
  2. serve a larger number of clients to offset a drop in revenue per client averages
  3. add new services to their practice to boost revenue per client

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payroll services rocket with u.s. economy

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cpa firms expand by 6%. tax prep takes losses.

line graph
^ staff employment in payroll services

new highs in headcounts and hourly wages.

by beth bellor

there were bright spots in several sectors of the latest employment figures, but let’s get the ball rolling with the most gleaming: payroll services, which set a couple of new highs on the way to positive year-over-year marks in every measure but hours.

and by “positive,” we mean the likes of 16 and 17 percent.

more on staffing: the disruptors: re-inventing accounting with tyler anderson | stop complaining and start innovating | staff retention for remote workers  |  staffing shortage cripples growth at 40% of firms  |  is it time to outsource?   |  the six essential kpis for managing partners  |  competing for talent in a private-equity world  |  the great resignation: five reasons accountants are quitting  |  a tech stipend for employees? why not?  |  five ways to get staff to own their work

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

payroll services overall hit a new high of 192,300 employees, up 1,500, or 0.8 percent for the month, and 28,800 or 17.6 percent for the year.

those employees worked 35.8 hours, up 12 minutes or 0.6 percent for the month but down 2 hours 6 minutes or 5.5 percent for the year.

their earnings set a record at $40.53, up 20 cents or 0.5 percent for the month and $5.18 or 14.7 percent for the year.

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internal communication can’t be overlooked

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businesspeople in business fightingbonus checklist: five questions to evaluate yourself.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style. several examples really stood out as the first steps in effective communication:

more: 4 top communication habits | the seven levels of communication management | make firm culture work for you | sailing the seven c’s to partner | you can’t land your next client without this
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would we put this person in front of a client?
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trullion lands $15 million in series a

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ai-powered fintech to deploy funds for product development and marketing.

trullion, which promises to help automate lease accounting, says it has closed $15 million in series a funding, co-led by aleph and third point ventures, with participation from existing investors greycroft and verissimo ventures, and seasoned financial executives including jody padar, “the radical cpa” at 卡塔尔世界杯常规比赛时间.

see: trullion: new a.i. startup targets rev rec, lease accounting

“accounting errors due to incorrect data entry, omissions, and compliance oversights can cost organizations millions of dollars and harm their brand reputations, yet it’s still all too commonplace for manual, laborious practices to pervade,” says isaac heller, co-founder, and ceo of trullion.

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new insights on emerging technologies and people issues

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fresh research from the hawaii accounting research conference.

by donny c. shimamoto, cpa, citp, cgma

this year’s hawaii accounting research conference provided some insights into the use of emerging technologies in audit and internal control, as well as on people issues like creativity and performance incentives. held every year in january at the university of hawaii at manoa, this conference draws accounting researchers from around the world to share their research findings with a broader academic audience (physical and virtual).

i started attending this conference in 2021 and gained some interesting insights into research being conducted that could shape some of what we do as accounting professionals. this year, i also helped moderate a practitioner panel featuring two past aicpa chairs, tracey golden and kimberly ellison-taylor, and a fellow cpa.citp and tax expert lauren kovar, to share with attendees how they could make their research more relevant to practice.

if you’d like to see the panel discussion, you can watch the recording:

i was only able to attend one day of the conference, but from just the one day, i got some good takeaways from several of the sessions. i’ve outlined these sessions and my key takeaways below. you can also click on any of the links to read the full paper that shares the research study and findings. read more →

the disruptors: can geraldine carter save accountants from themselves?

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go pro for the complete video, notes, analysis, takeaways and transcript.

the disruptors
with liz farr

geraldine carter is on a mission to make accounting more attractive as a profession, and to make accountants more profitable, particularly soloists and small firms.

more: the disruptors: re-inventing accounting with tyler anderson |  the disruptors: how to scale with new padgett coo amanda aguillard | eat that frog: asking for a prospect meeting | growing revenue through client service | lease accounting is about to get very real | google ads for new tax season clients | exclusive: eisner ceo charly weinstein explains the private equity deal  | flash briefing: a “call to arms” after private equity deal | four ways to beat the staffing shortage, with pasha malik

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

in this episode of the disruptors with liz farr, carter explains the trouble with “orphan 1040s,” how to “level up” your firm, the priceless value of emotional intelligence, and why giving your all is too much (80 percent is enough.)

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look backward for your cas processes

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process touch screen showing workflow designsmart design will save you time.

by hitendra patil
client accounting services: the definitive success guide

we have examined how you can enhance your firm’s internal processes and what factors influence those processes. in this post, we will focus more on cas-specific processes that can give you competitive advantages. however, this post 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: make sure your differentiation is truly different | is it time to outsource? | your firm’s cas team: who and how many | two tech approaches to cas | when to start building your cas tech stack | stop derailing cas | show your priciest cas package first | your firm needs a cas champion
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

are client accounting services processes different than what you have been doing until now? yes, and no.
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