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history could help accountant-vendor relations

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older woman showing young woman something on office computer screen

think about where you want your business to be.

by seth fineberg

the phrase “history is the greatest teacher” can be applied in many ways, but to me it does not ring truer than when thinking of the current state of accountant-vendor relations. in short, it’s not all that good.

more: accounting needs a ‘rethink’ not a ‘rebrand’ | big change comes with deep reflection | three ways to raise the bar for your business
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the accounting profession has evolved to the point to where there is a tool for every task, and the choices have never been more plentiful or the process of selecting one more challenging. at the same time, having overseen this profession as long as i have, the thing that’s been clear is the risks of tying so much of what you do to one vendor.
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twelve years and out: seasoned accountants join the exodus

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no longer a problem confined to just new talent or middle managers.

where they go: the biggest slice, 19 percent, goes into finance, followed by business and operations. (via live data)

by 卡塔尔世界杯常规比赛时间 research

in a startling shift, thousands of highly experienced top-level accountants are leaving the field mid-career, challenging the long-held view that the staffing crisis is limited to new graduates or middle managers.

related: middle managers getting squeezed | explaining the talent shortage in one big chart | salary and compensation outlook for small cpa firms | gen ai in accounting: epic transformation, or overheated hype? | more: the talent crisis | download the national pipeline advisory group report

for many accountants on the edge of transition, the coming years will determine whether the profession can reinvent itself to retain the trust of its workforce or continue to lose ground as one of america’s fundamental professions.

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how accounting firms are handling the staff shortage

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two women having business discussion in front of laptop; wall of windows in background

some creativity may be in order.

by 卡塔尔世界杯常规比赛时间 research

rare is the cpa firm that has no problem finding, hiring and retaining professionals in accountancy. those that don’t have a problem are either not hiring or are paying plenty with packages that include higher than average salaries, the option to work remotely, stock option plans and other benefits.

more: 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?
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several of the top-notch consultants who contributed observations to the 2024 rosenberg national survey of cpa firm statistics not only noted the problem but shared some of the solutions that firms are applying.
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ai can help market your firm

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it augments rather than replaces human expertise.

by august j. aquila
price it right: how to value accounting services

artificial intelligence can do a lot of things very effectively, and one of them is to offer numerous benefits to a look at it as a start and not the end of the ai marketing discussion.

more: twenty questions to ask before starting your marketing plan | five ways smart marketing boosts your firm’s enterprise value | marketing’s role in staffing and recruitment | measuring marketing success: the 10 kpis | seven reasons marketing can make your firm a great place to work | seven ways that marketing helps you retain clients | is pricing a marketing function? | develop your personal marketing plan in ten steps | five ways to make partners fall in love with marketing | analyze your firm to keep it current | what makes a great website? | losing can help you win more | three more strategies for growing your practice | four strategies for building your practice | eight areas to cover for personal goals
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here are some ways ai can assist in your marketing efforts:

  1. customer segmentation and targeting: ai can analyze vast amounts of data to identify patterns and segment customers based on their preferences, behaviors and demographics. this enables the firm to create highly targeted marketing campaigns tailored to specific customer segments, resulting in improved engagement and higher conversion rates.

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donny shimamoto: defining accounting transformation | accounting influencers

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“this is a new area for accountants, but it’s an evolving area, and i think it represents a great opportunity for us…”

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accounting influencers
with rob brown

rob brown and donny shimamoto discuss reform, transformation, and change in the accounting profession at individual accountant and cpa plus practice levels.

more accounting influencers with rob brown here

in 2001, donny founded intraprisetechknowlogies llc, a specialized cpa firm dedicated to helping small businesses and middle-market organizations leverage strategic technologies, proactively manage their business and technical risks, and enable balanced organizational growth and development. donny also works as a trusted business advisor with larger organizations, facilitating organizational strategic planning and execution, it governance and planning, enterprise architecture, information architecture and assurance, business process improvement, and business intelligence initiatives.

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staff crave advancement and challenge

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three coworkers looking at a tablet

do your people know what it takes to get ahead?

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

the cpa firm mergers and acquisitions company prohorizons has surveyed thousands of staff on what they want most from their jobs. here are excerpts from their survey results:

more: 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
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opportunities for growth and development

one of the most common reasons people leave their jobs is because they don’t see potential for future growth. staff want to be in a position where they are constantly growing and improving instead of just staying stagnant. the best cpa firms encourage that growth by providing opportunities for career and personal development.
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bissett bullet: it’s all about balance

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today’s bissett bullet: “there are two races to be won in the accounting profession if you are to win new work. you must have a strategy in place for both if you want to ensure that your firm is at the front of the queue when it comes to winning the right clients at the right time.”

by martin bissett

those who adopt technology in the most effective way, and deliver the fastest results in the most attractive way, will win the race for compliance work going forward as this work becomes ever more commoditized.

those who are the best relationship builders are going to win the advisory race, which is the most profitable and usually the most enjoyable work because you progress from providing a service, to improving lives.

you will no doubt want to have a balance of compliance work to give you recurring fees and advisory work for highly profitable engagements.

today’s to-do:

do you have a strategy for winning a balanced mix of new work? take some time to review it now.

see more bissett bullets here

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the future of fees

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are you raising yours to close a salary gap?

by 卡塔尔世界杯常规比赛时间 research

when the 2024 rosenberg national survey of cpa firm statistics asked prominent consultants what’s coming down the pike in the accounting profession, an upheaval in fee structure came up a lot.

more: 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?
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first, the good news: net fees are growing rather nicely.

  • net fees at firms billing more than $2 million jumped an average of 10.7 percent.
  • growth at firms billing over $20 million leaped by 12.5 percent.
  • even small firms, those with $2-5 million in revenues, grew by 9.1 percent.

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using change orders with scope

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how is a change order like taking your car to a mechanic? read on.

by jody padar
radical pricing – by the radical cpa

change orders are the result of a well-scoped process. they occur when a client adds a service not included in their original engagement or when a manager or partner requests a service be scoped and priced separately. the client decides whether or not to proceed with the change.

 

more jody padar

the radical cpa

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the process of a change order is similar to taking your car to the mechanic for an oil change. during a diagnostic, they find you need a tire alignment as well. the alignment is not included in the services you bought, but you’re curious to know how much it would cost. depending on the price, you’ll add it to the original quote, or you won’t.

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bailey lenart: from ledger sheets to transformational change | accounting arc

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accountants must adapt to new value measures to remain relevant in a rapidly changing world. 

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more accounting arc here
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accounting arc
with byron patrick and donny shimamoto.
center for accounting transformation

accountants are often seen as guardians of financial records, working behind spreadsheets to balance books and ensure compliance. but bailey lenart, an entrepreneur based in new zealand, is breaking that mold. as the founder of world changing business and collective flow, lenart is redefining what it means to be an accountant by focusing on non-financial metrics—such as carbon emissions and biodiversity loss. 

more accounting arc: leadership for the future: stakeholders, sustainability, and strategic vision | in-person conferences still essential | non-accountants in accounting: a game-changer for the profession | rubik yeriazarian: smaller firms offer big opportunities for rapid skill development in forensic accounting | accounting arc | ai will steal your job. and that’s a good thing | accounting arc | the right kind of lazy: innovative approaches to streamlining workflows | accounting arc

in a conversation with donny shimamoto, cpa.citp, cgma, on the accounting arc podcast, lenart recounts her transformation from a conventional accountant to a trailblazer in esg (environmental, social, and governance) accounting. “i realized early in my career that i wanted to do more than just prepare financial statements,” she shared. “i wanted to make a real impact, and that led me to look beyond numbers.” 
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as private equity closes in, firms seek new answers to staffing problems

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smart leaders are investing in tech, talent and orderly retirement timing.

by jennifer wilson
the rosenberg national survey of cpa firm statistics

we’ll see positive movement in staffing with more firms investing in outsourcing, offshoring, non-accounting staff added to work streams, increasing starting salaries, providing more support on campus to students and candidates, and other pipeline initiatives. the pace of consolidation and private equity investment will only accelerate, changing the face of the top 100, with firms separating their audit practices .

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: 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.

 

pe investors will have their hands full, trying to manage by the numbers, and drive change with traditionally change-averse, entrepreneurial partners who didn’t sign up originally to submit to a boss. and i fear that pe firms are overpaying for their equity stakes (and driving firm prices up for acquirers) and that realization will begin to dawn on some of them who realize there might not be a flip in sight.
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competence is just the beginning

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where are you headed? answer these questions about your ambitions and finances.

by martin bissett
passport to partnership

staffers aspiring to be partners must learn the key characteristics of successful partners. they also must learn how to develop their own personal plans to achieve partnership. firms and staffers alike need a clear set of procedures, processes and milestones for turning top talent into the next generation of firm leadership.

more: what rich accountants do | attract clients, don’t sell to them | think of it as service, not selling | eight questions that target personal accountability | are you projecting confidence? | does client perception match your firm’s reality? | firm not thriving? five fixes | five questions for grading prospects | health, wealth, stealth: challenges on the path to partnership | don’t let recurring fees kill your practice | rate your personal purpose | five ways to make selling easier
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

there are seven critically important criteria by which partners assess partners-to-be. i call them:

the seven c’s

1. the first is competence. as a prerequisite, but only a prerequisite, accountants must master their technical abilities and qualifications, whether it be audit, tax or management accounting. whatever your area of specialty, as a staffer the partners expect you to be able to know at least as much as anyone else who may report to you.
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