outlook & analysis

bill reeb: new rules for the covid era

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steven sacks explores how the coronavirus crisis is exposing all the bad habits of bad management.

with steven sacks
the new fundamentals

cpa firms are ill-prepared for the new era of virtual, work-from-home partners and staff, according to bill reeb, a leading cpa firm practice consultant, in this conversation with 卡塔尔世界杯常规比赛时间 contributor steven sacks.

more covid conversations:  when covid ‘got real,’ with gabby luoma’ |  the covid outlook with darren root and joel hughes: a long, slow climb back to recovery | steven sacks: covid crisis management | jean caragher: how to fight ‘fear’ and ‘insecurity’ | sarah dobek: learning how to operate in the new normal | august aquila: what comes next? | jody grunden: covid and client communications | andrew argue: on a mission | martin bissett: covid slams u.k. accountants, too | bill reeb: separating the winners and losers |

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

management at all levels will need to adapt, reeb says, requiring new processes and procedures.  but more than anything, it requires new metrics of productivity. and, most of all, new habits.

or, listen to the podcast:

after a painful, wrenching re-positioning, reeb says, firms will emerge stronger, more agile, and more profitable than they were before.

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say hello to the new 24-month busy season

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deann auman hill and mike shost at aicpa engage: “the 24-month tax season?”

covid chaos turns busy season 2020 from bad to worse.

busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

last year—the good old days!—busy season seemed to be about as bad as it could get. congress enacted the tax cuts and jobs act without explaining how it was to be enacted, and then changed some things. and then the irs shut down before the rules could be set and the new forms and schedules made available. and all of a sudden it was april 15.

more on the 2020 season: the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

tax practitioners had little good to say about 2019. according to last year’s 卡塔尔世界杯常规比赛时间 busy season barometer, 46 percent said 2019 was worse than the previous year. only 13 percent thought it was “much better.”

that was then.

this is now. and, now is worse.

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the seven simple steps to thrive in the covid crisis

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//www.g005e.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/leveraging the relationships you already have. step 1: make a list.

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

the covid-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. at the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

see also: the three new business models delivering significant profits for accounting firms | the 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves |

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

the result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.

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when covid ‘got real’

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tax season turns into ‘advisory season,’ and a whole new niche is born.

^ click to play

by 卡塔尔世界杯常规比赛时间 research

gabrielle luoma, long one of the profession’s leading innovators, says the future under covid-19 belongs to the quick and the smart, in this exclusive video interview with 卡塔尔世界杯常规比赛时间. firms will need to deploy new services to attract new clients who may have not realized that they needed a firm like yours but now do.

more covid conversations: the covid outlook with darren root and joel hughes: a long, slow climb back to recovery | steven sacks: covid crisis management | jean caragher: how to fight ‘fear’ and ‘insecurity’ | sarah dobek: learning how to operate in the new normal | august aquila: what comes next? | jody grunden: covid and client communications | andrew argue: on a mission | martin bissett: covid slams u.k. accountants, too | bill reeb: separating the winners and losers |

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

^ play or download the podcast version

in this conversation, luoma talks about what’s going on in the business, what’s going on with tax season, and what the future holds for cpa firms and the clients of cpa firms.

speaking from her base in tucson, ariz., the ceo of mod ventures is bringing some of her dna to regional powerhouse beach fleischman through a joint venture.

we started by asking about “when it got real?”

she responds, “we truly are affected by the whole world. we have clients in new york. things changed for them rather quickly. and when they started changing, we started realizing, ‘oh, my goodness, we’re going to have to really buckle down.’ in arizona, we started seeing shutdowns mid-march. that’s when things really got real for us because then we started seeing that the businesses that we work with on a regular basis – we’re outsourced accounting, so we work with clients weekly, – we knew that we could be in trouble. we started working really hard on transitioning, and seeing what we needed to do to help our clients quickly.”

for pro members-only: get the transcript:

[pro member bonus]
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the covid outlook: a long, slow climb back to recovery

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why right networks’ acquisition of rootworks may be just what the doctor ordered

^ click to play

with rick telberg
卡塔尔世界杯常规比赛时间

the accounting world shifted a little with the acquisition by right networks, a cloud-hosting vendor, of rootworks, a technology platform provider to cpa firms.

though conceived before the pandemic, the deal was closed as the first wave of coronavirus was crashing against the shores of the u.s. and it may be a sign of the times under pandemic conditions, as accountants — and, indeed, business in general — race for new technology solutions and business models.

see: right networks acquires rootworks

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

in this exclusive interview with 卡塔尔世界杯常规比赛时间, right networks ceo joel hughes and rootworks founder darren root, explain the reasons for the deal, and their forecast for the future under covid. warning: their forecast for the future under covid is not pretty.

but the combination of the two companies may augur hold clues to the future of the profession.

transcript

here’s the full transcript, only lightly edited:

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firms recall half of furloughed staffers

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total tax and accounting employees, in thousands, over the last 18 months. (卡塔尔世界杯常规比赛时间 research)

just in time to finish tax season.

by beth bellor

got whiplash? job sectors that saw figures plummet in last month’s report are seeing them climbing back, albeit not as quickly.

more: the mystery of 10 million missing tax returns | pro tax prep stalls to a crawl amid covid-extended season | planning for the coronavirus recession | the tax season 2020 dumpster fire | |  covid kills 67,600 jobs in tax and accounting  | pre-covid-19, accounting profession hits new highs

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the tax and accounting industry has quickly added back about half of the jobs lost in the covid-19 shutdown – just in time to finish the hyper-extended tax season, according to the latest 卡塔尔世界杯常规比赛时间 jobs report. but what happens next is anybody’s guess.

in this report, 卡塔尔世界杯常规比赛时间 analyzes:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

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accounting firms take billions in ppp payouts

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cpa firms grab the biggest slice of ppp loan payouts, accounting for 56% of the tax and accounting industry’s imperiled jobs. (卡塔尔世界杯常规比赛时间 research)

thousands of tax prep shops, bookkeeping companies, cpa firms, and payroll services take emergency loans, promising to save over 200,000 jobs.

by 卡塔尔世界杯常规比赛时间 research

some 6,610 tax, accounting, payroll, and bookkeeping firms have so far received millions of dollars in small business administration paycheck protection program loans, potentially saving over 210,613 jobs, according to new data obtained by 卡塔尔世界杯常规比赛时间 research.

the 卡塔尔世界杯常规比赛时间 full list of tax, bookkeeping, payroll and cpa firms is available to pro members here.

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

the leading borrowers have all been cpa firms – each collecting $5 million to $10 million against a promise to save 10,298 jobs, more than half of the entire industry headcount threatened by the pandemic-fueled economic crash.

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covid cuts accounting profits

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two views on tax season from texas: john lister and jonathan kaplow

a shift in the wrong direction.

busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

every business in the country, if not the world, is feeling the impact of the covid-19 pandemic. outside of the tech sector, the impact has been largely negative. every business is suffering. so, relatively speaking, the tax and accounting sector may be getting off easy.

more trends in surveys & research: seven ways covid has changed busy season | getting a handle on covid | covid crushes cpa business outlook |  is the worst over? 63% of small business say so | beat the covid crisis with these 20 steps for your firm and your clients | clients, revenues, profits – trending down, down, down | covid crushes rosey forecasts | the seven factors keeping accounting firms afloat amid covid-19 | feeling the pain? the biggest job losses by client sector | tax season pivots to covid rescue season | planning for the coronavirus recession | how accountants are coping with covid-19 |

more coronavirus coverage here

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

according to the latest data from the 卡塔尔世界杯常规比赛时间 2020 busy season barometer, about 39 percent of firms are still expecting to see an increase in business, but overall optimism seems to be dipping even as the economy begins to reboot.

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how to fight covid-19 ‘fear’ and ‘insecurity’

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crisis management strategies with jean caragher

^ click to play

“we need to show more empathy than normal because there is a level of fear and insecurity going on,” jean caragher, ceo and founder of capstone marketing, says in this exclusive 卡塔尔世界杯常规比赛时间 video interview. “cpas can be those leaders to spread a calming influence.”

catch caragher’s next webinar:
3 often overlooked factors in successful mergers & acquisitions
with special guests: joel sinkin, transition advisors; and rick telberg, 卡塔尔世界杯常规比赛时间
tuesday, june 23
2 to 2:50 p.m. et
complimentary / 1 cpe
register today

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