the full cost of terrible service
this is not a question, but a story and comment.
by ed mendlowitz
202 questions and answers: managing an accounting practice
growth strategies
how to offer family office services
bonus: sample letter.
by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set
q: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?
more: why hiring out of school works | how to improve quality control | why no one listens to you | how to stop yourself | how to handle referrals with attorneys | why checklists?
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a: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled; mortgage, car lease or condo fee payments aren’t skipped; and tax payments paid on time.
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seth fineberg: your classic business model won’t allow growth
the disruptors: billable hours – demeaning and demoralizing or useful measurement?
subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).
the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间
anyone who has been in the accounting profession–or legal profession–for any length of time knows how revered the billable hour is. however, plenty of firms are ditching the billable hour–a move that many professionals say is long overdue. 
more: 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
seth fineberg, a business journalist specializing in the accounting profession, says the billable hour can’t be a significant part of the business model of the future.
captive insurance: a game changer for business clients
there are eight key advantages to captive insurance. just don’t get fooled by the hype.
by ken huffman, cpa
president, captive nation in fort worth, texas.
while there are several common objections skeptics throw out against captive insurance, including its perception as a hidden tax shelter, there are also multiple advantages.
more in tax practice: captive insurance: the top eight myths | the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt?
here we’ll look closer at the many advantages of a captive for your business owner clients, including flexibility, speed, financing source, wealth building and creditor protection.
captive insurance: the top eight myths
deconstructing misconceptions about forming your own insurance company to optimize cash, mitigate taxes and build enterprise value
by ken huffman, cpa
president
captive nation
with continued economic uncertainty, companies of all sizes are looking toward captives as a way to manage high-severity risks and gain enhanced flexibility and greater control over their total cost of risk. and you don’t have to be a global behemoth to form a captive.
more in tax practice: the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt? | how the r&d tax credit has expanded over the years |
captive insurance can be one of the most effective ways for businesses to protect themselves, optimize cash, mitigate taxes and build enterprise value. however, captives often arouse suspicion among those who are not well-informed. that’s because there have been widely publicized cases of companies using captives as illegal tax shelters, among other abuses.
to separate fact from fiction, i will walk you through some of the most frequently heard objections to captives and explain why those objections are often short-sighted. read more →
telling prospects too much
know when to stop.
by ed mendlowitz
202 questions and answers
q. i usually give away too much info at a meeting to get a new client. we simply answer too many of their questions during the initial meeting.
more: how to improve quality control | how to get into your own cpa practice | when not to charge for an initial consultation | what good managers know about bad judgment
we don’t know how much info to give away, so the possible new client will get hooked and not take the information and run to somebody else. usually, somebody else is cheaper.
how do i find the right balance?
the new tax opportunities in real estate
maximize deductions and increase cash flow for real estate and construction clients.
by hank berkowitz
with a new tax landscape on the horizon, there’s never been more pressure (and more opportunities) for cpas to help their real estate and construction clients maximize deductions and increase cash flow.
more in tax practice: new small firm cost seg opportunities | what gig workers want |survey: big worries for u.s. and small business | working harder for every dollar | for a few: why busy season 2022 beats 2021 | can the r&d tax credit be used to offset the amt? | 21 reasons tax clients fire accountants | unhappy about tax season? | individual tax refunds up 13% | shut down the tax charlatans | eight quick, easy ways to fix irs filing | a tax season worse than 2021? | 16 traits of the best tax clients | irs under covid: heroes or goats?
“we’re looking at some of the biggest changes to the tax regulation, code, stimulus in a generation,” observed rick telberg, founder and ceo of 卡塔尔世界杯常规比赛时间, at the ct society of cpas virtual real estate conference, produced in association with bedford cost segregation /source advisors.
o.d. lanier: stepping into advisory
transformation talks: a leader at one of the fastest growing firms in the country describes transforming his career, pros and cons of building versus buying and the four (or five) steps to becoming a consulting firm.
transformation talks
with bill penczak
center for accounting transformation
how does an accounting expert journey from audit and big four to starting his own firm and becoming a consultant? odysseus (o.d.) lanier, a founding partner of one of the fastest growing firms in the country, describes his start, why he left “boring” auditing (but why it is critical experience), as well as what he sees as pros and cons in building a consulting firm versus buying a consulting firm.
more on mcconnell jones: five global cpa leaders: four survival strategies
more videos & podcasts: why doing nothing is not an option | 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 partnership the 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
subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).
why are cpas moving from tax and audit to get into consulting? lanier said the bottom line is that consulting is lower risk with a higher margin.
comfort vs. complacency
don’t let recurring fees kill your practice.
by martin bissett
business development on a budget
as you know, the traditional accounting firm model is firmly based on the reality of recurring fees that come in from clients every year. we can rely on these and forecast accurately how much revenue they bring in – which hopefully covers overheads and direct expenses of the business.
more: are you committed to your firm? | selling isn’t hard | selling happens all the time | do you make your firm look good? | how to communicate your value | 4 top communication habits | three questions to evaluate firm culture
this is a good thing, right? well, maybe not as much as you think.
read more →
hector garcia: success strategies of a quickbooks youtube superstar
the disruptors: his secret recipe for attracting and retaining clients and employees.
subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).
the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间
any accountant who has ever met hector garcia will likely use the adjective “generous” to describe him. since 2011, he’s been sharing his encyclopedic knowledge of quickbooks on a youtube channel that has generated millions of views.
more: why doing nothing is not an option | 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 partnership the 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
because of that youtube channel, he hasn’t printed business cards for two years.
accelerate your success by becoming a thought leader
distinguish yourself from the competition by being the go-to pro.
by russ alan prince
accounting services are commoditized. however, this does not mean that all accountants can deliver the same level of expertise, but it does mean that better accountants can provide better expertise. what is more telling is that clients—both individual and corporate clients—are usually unable to discern the quality of the accounting services they receive. for most clients, it can be tough to differentiate between accountants when it comes to filing tax forms or providing tax advice.
more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
for higher-margin practices, the competition for clients is intense. for example, one of the most significant growth areas for accounting firms is having a family office practice. the wealthy—especially the ultra-wealthy—are regularly choosing to work with family office practices over other providers. furthermore, the profitability of a well-run accounting firm’s family office practice is significantly better than most other practice areas. with so many accountants positioning themselves to provide family office services, even with exploding demand, some will seriously underperform.
secret to success? a growth and abundance mindset
transformation talks: mike maksymiw, cpa, cgma, says the secret to success and transformation in accounting is to be willing to learn, believe there’s enough work for everyone…and allow yourself to be vulnerable.
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transformation talks
with bill penczak
center for accounting transformation
after 16 years of working in firms, mike maksymiw, cpa, cgma, was done.
he went to his employer with his concerns about wanting to do something else. instead of encouragement to pursue another area in the firm, he was persuaded to remain on the partner track he was on. maksymiw decided he’d rather move on.
more on aprio: why tax work yearns to be free | the fintechflood: accounting will never be the same | top issues for 2022: talent, time and transformation | what’s in a (firm) name?
more: five lead generation mistakes to avoid | five post-tax season growth ideas | five better ways to say no | are you solving your clients’ problems? | five ways to grow: talent new service lines | business development and sales aren’t scary
“i didn’t have anywhere to go when i left. i just knew i needed to go,” he said. “so, after, you know, a couple pandemic busy seasons, learning about the cares act, being a national leader at the firm at that, like i was toast. so, my family and i just went to hawaii stayed there for two weeks.”
why accountants fail at wealth management
due to one reason. and it’s a big one.
by russ alan prince
a growing percentage of accounting firms have wealth management practices by one name or another. most of these practices provide investment management services, life insurance, or both.
more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
but an estimated 75% to 90% of these wealth management practices are severely underperforming.
the reason why is both simple and difficult.