special

tax season memo from staff to managing partner

by

what if your staff didn’t write this email?

by hitendra patil

congratulations if your staff wrote such an email to you. (but what if they wanted to and didn’t?)

join the study: are you an owner, partner, or managing partner with talent challenges? we’re conducting research to uncover answers. if you’re interested, please email me here. 

dear [managing partner’s name],

as we start thinking about the next tax season, i am reaching out with a request that reflects the sentiment of many of us in the firm. i know tax season is crucial, and we all understand its importance. however, after all these years, we’re in a never-ending marathon. the long hours, the constant pressure—it’s draining. what if we could flip the script this year and make the next tax season, dare i say, a little less soul-crushing?

i have a few ideas—some might seem unconventional, but we must get creative to avoid the same burnout cycles. hear me out, in no particular order: read more →

tiktok fraud exposes gaps in financial literacy | accounting arc

by

social media users jumped on a chase atm “free money” scheme—but the consequences were severe. 

click to subscribe anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), boomplay (africa), or rss.

more arc: analysis, reaction, comedy

accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation

in the age of social media, financial misinformation can spread as rapidly as it’s created, and the recent chase bank atm scam exemplifies this.

more accounting arc: how accounting pros own the stage in public speaking | greg kyte: being a cpa is like being the marie kondo of numbers | rachel bashore: a lawyer’s case for reinventing accounting | beyond the basics in ethics eduction | bailey lenart: from ledger sheets to transformational change | election tax plans: what cpas need to know | leadership for the future: stakeholders, sustainability, and strategic vision |

a supposed “glitch” that allowed users to deposit checks and withdraw amounts above the federally set limit for immediate withdrawals became a viral trend on tiktok, leading many to commit fraud unknowingly. in a recent accounting arc episode, hosts liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma; analyze the scam’s implications and highlight the lack of financial literacy that may have facilitated its spread.

read more →

accounting firms upshift to corporate model

by

three people standing and talking around table in brick conference room

expect competition from non-cpa firms.

by terry putney
the rosenberg national survey of cpa firm statistics

the private equity influence and activity clearly will continue to dominate mergers and acquisitions in the profession in the near future. at this point there is likely over $10 billion in fee volume generated by firms pe has invested in. even more if you include esop-based firms (an alternative form of investment). contrast that with less than $2 billion at the height of the consolidation phase in the early 2000s. it seems likely that the fee volume generated by pe-backed firms could exceed $20 billion within at most 18 to 24 months.

editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:

    • how do you think the next 12 months will unfold? trends? predictions? other thoughts?
    • how would you assess the last 12 months? trends? observations? struggles?

more: tech anxiety paralyzing some accounting firms | what’s going to happen? lots, say consultants | growth and complacency must concern accounting firms this year | solving staffing requires intention | how accounting firms are handling the staff shortage | the future of fees | as private equity closes in, firms seek new answers to staffing problems | when staffing falls short, clients get culled | how accounting firms are dealing with retirement | next five years are critical for accounting firms | staffing turnover’s down, but why? | what’s your firm worth? private equity wants to know | the new pipeline: outsourcing and offshoring | is this the last year of accounting’s golden age?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

one of the trends that is already happening is firms are moving from the partnership model to a more corporate model with respect to ownership and owner compensation. this means compensation systems will include elements of ownership as part of the currency. it also means the concept that a professional is expected to commit to a full career with a firm with the reward being in the form of a 10-year deferred compensation buyout after 30 years of service is likely to start to wane.
read more →

jody padar: make radical changes now if you want to be relevant in 2030 | the disruptors

by

your pricing isn’t aligned with the future, and neither is your business model. plus 18 more takeaways!

this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members | go pro here

subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music, audible, player fm, audacy, rss.

the disruptors
with liz farr

jody padar, the radical cpa, has been pushing for big changes in accounting for years. her latest book, radical pricing, is a blueprint for firm owners who want to fully transform their businesses to serve clients better, make employees happier, and be more profitable. padar maintains that combining pricing with standardization and productization drives firm profitability.  

more disruptors here | more podcasts and videos: rebecca driscoll: amplify reach by helping other firm owners | rory henry: create the return on relationships | mike maksymiw: be the leader you wish you had | terrell turner: build a solid business showing up as yourself | kelly mann: be the bull in the china shop | alicia katz pollock: create a human-centric business |  nancy mcclelland: be the one your clients ask first |alan whitman: stop accepting the status quo | sean duncan: discover your own genius | ingrid edstrom: true wealth is not financial | caleb jenkins: firm growth requires owners to shift roles |

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

this handbook isn’t just about “putting pricing on something,” padar says. “that’s putting lipstick on a pig.” many firms that have tried value pricing say it doesn’t work, but padar says that’s because their business model isn’t aligned with their pricing. “if you leave the old school model and you just put pricing on top of it, you’re going to struggle,” she says. radical pricing walks readers through a process of standardizing and productizing services, defining the ideal customer, developing pricing, and even explaining how to bring legacy customers on board.  

read more →

stacy dreher: standing out in a ‘sea of sameness’ | capstone conversations

by

“marketing cpa firms in a sea of sameness is challenging, but when you niche down, the possibilities are limitless.”

stream, listen, download, and subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music and audible, player fm, audacy, rss

capstone conversations
by jean caragher
for 卡塔尔世界杯常规比赛时间

in the latest episode of capstone conversations, stacy dreher, the director of practice growth at james moore & co. and the association for accounting marketing’s (aam) 2024 marketer of the year, says one of the biggest challenges for cpa firms today is differentiating themselves from all the other cpa firms in the market.

follow jean caragher on 卡塔尔世界杯常规比赛时间 here. | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | catch jean caragher’s other show, gear up for growth, on fridays here. | and browse all the shows in the 卡塔尔世界杯常规比赛时间 broadcast network here

dreher’s journey in the field is nothing short of inspiring. having joined james moore & company in 2014 as a marketing manager, she rose to director of practice growth by 2020, a time that tested marketing professionals like never before. her leadership has helped shape a dynamic six-member team, navigating challenges and opportunities in an ever-evolving industry.

read more →

ten ways to manage price increases

by

communicate your value, not your rising costs.

by 卡塔尔世界杯常规比赛时间 research

the ignition 2024 accounting and tax pricing benchmark survey indicates that most accounting firms are planning modest price increases in 2025 – in too many cases somewhat less than what they need to provide decent salaries and top-notch services.

more: survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve? | the slow, painful death of the 150-hour rule | partner comp earnings gap: what’s the right spread? | main street accountants see turbulence ahead for small business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the survey offers 10 tips for managing price increases without losing clients (unless you want to). here they are, with a bit of commentary.
read more →

do i owe my employee a referral fee?

by

young woman seated at laptop counting money

new business should be rewarded.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i got a new client because of one of my employees. do i have to give her anything?

more: why you shouldn’t sue a client | what to do when a partner becomes disabled | i’m just starting out; why join an association? | i’m 76. should i slow down? how? | ask for what you’re worth | two options for collecting past due fees | when board service gets tricky | eleven ways new staffers can help bring in business | busy season is over, so it’s time for some resolutions | want to merge? six steps to take | how to start providing family office services | every accounting firm needs quality control
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: wrong attitude! you should want to give her something. you should be happy that a staff person was able to bring in business.
read more →

a better way to provide performance feedback

by

two men seated across desk from each other, having discussion

yes, we included a form. but we almost didn’t.

by marc rosenberg
cpa firm staff: managing your #1 asset

“feedback is the breakfast of champions.” – ken blanchard

“average players want to be left alone. good players want to be coached. great players want to be told the truth.” – doc rivers, nba basketball coach

more: training? cpe? they’re not the same | six tips for setting compensation | staff crave advancement and challenge | what leadership looks and feels at cpa firms | eleven things that good mentors do | give the recognition your staff needs | the importance of great bosses | how remote work is impacting accounting firms | make work flexibility work for everyone | why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

this post is divided into two sections:

  • the progressive view of providing performance feedback, which a minority of firms today practice. whenever something new to the field of practice management appears in a major way, many firms are slow to embrace it. examples: proactive selling, going paperless, adopting the cloud and managing a cpa firm like a real business.
  • the traditional view of providing performance feedback, which a majority of firms still practice today. if asked why the traditional practice continues, partners often respond, “that’s the way we’ve always done it. it ain’t perfect, but we are reasonably satisfied with it.”

read more →

rory henry upends the traditional accounting firm

by

henry
 rory henry, a behavioral financial advisor, is the director at arrowroot family office and co-founder of afo wealth management forward. he has created a program to help accounting professionals incorporate holistic wealth management and proactive planning services into their practice.

why “advisory” encompasses more than you might think.

by rory henry
the holistic guide to wealth management

i work at a virtual family office called arrowroot family office. over the course of my career i have learned that family (and family dynamics) significantly shapes who we are and how we form relationships in life.

more: why now is the time for cpas to embrace wealth management

research shows that one of the biggest drivers of family dynamics is the order in which each child is born. birth order theory, developed by alfred adler in the 20th century, suggests that the order in which children are born can have a significant impact on their development and personality.
read more →

bailey parnell: why accountants must master soft skills in a vuca world | accounting influencers

by

having a growth mindset, seeking feedback, and auditing one’s skills are essential to continuous learning and development.

subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music, audible, player fm, audacy, rss.

accounting influencers
with rob brown

bailey parnell, owner of skills camp, says grit is just one element of resilience and that soft skills often characterize our relationships with ourselves and others. parnell also explains how to navigate through today’s volatility, uncertainty, complexity, and ambiguity—vuca, for short.

parnell says accountants need a growth mindset in times of change and stress. parnell highlights the need for a learner-centric approach to teaching soft skills that prioritizes the learners’ interests and learning styles over serving the institution.

read more →

cas clients are ‘stickier’

by

businessman looking at question mark sketch on the wall

they’re more loyal and buy more services. what’s not to like?

by hitendra patil
client accounting services: the definitive success guide

client accounting services (cas) is the new revenue segment you cannot afford to miss.

if you are an accounting firm owner/partner, you do not want to miss the emerging, growing and profitable opportunities in client accounting services.

more client accounting services articles
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

before we get to why, to ensure that we are on the same page, let us agree on a description of what cas is.
read more →

john higgins: leveraging chatgpt for advisory | gear up for growth

by

“clients want value, and now, with these tools, you can give them more value.”
click to subscribe anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), boomplay (africa), or rss. 

gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间

“ai and chatgpt-type tools can become your advisory services assistant,” says john higgins, founder and ceo of higgins advisory. “it can help cpas communicate better as an advisor and help identify the things cpas should focus on for the type of client they’re advising.” 

gear up for growth spotlights the best strategies for smart and effficient growth in today’s competitive landscape. more gear up for growth every friday here.|  more capstone conversations with jean caragher every monday | more jean caragher here | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | more 卡塔尔世界杯常规比赛时间 videos and podcasts here

higgins was a guest on gear up for growth, hosted by jean caragher, president of capstone marketing, and powered by 卡塔尔世界杯常规比赛时间. higgins shares specific examples of how chatgpt can help cpas become more efficient by providing quick research assistance, summarizing complex information for client presentations, and creating tools like excel templates for common tasks. how does efficiency impact a firm’s pricing model? 

read more →