special

is your team ready for tax season?

by

happy multi-ethnic business team with thumbs up in the office

three ways to prepare.

by ed mendlowitz
tax season opportunity guide

if you have staff, have happy cheerful helpful people. don’t surround yourself with downers and naysayers.

more: six methods for getting paid faster this tax season
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

also have team players. part of this is your firm’s culture. it takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely.  everyone working together gets it done.
read more →

art werner: due diligence and irs enforcement | quick tax tip

by

the irs is increasing scrutiny, and your due diligence must meet the challenge.

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.

quick tax tip
with art werner
cpe today

as the irs increases its enforcement efforts fueled by new funding and additional agents, understanding and practicing due diligence is more critical than ever for tax professionals. due diligence requirements, established to ensure compliance with tax law, place a significant responsibility on tax practitioners to verify their clients’ eligibility for certain tax benefits.

click here for more art werner

tax professionals must now certify positions related to the american opportunity tax credit, the earned income tax credit, the child tax credit, and the filing status of head of household. these certifications require meticulous documentation, a thorough understanding of the client’s situation, and adherence to the law.

failing to uphold due diligence can have serious consequences.

read more →

make ‘done but’ tax returns a thing of the past

by

six people around work table

eliminate bottlenecks by asking better questions.

by frank stitely
the relentless cpa

a project hung up in process is one where there is a disagreement between people involved in a project as to the status. for example, a client thinks he has answered your tax return questions, while you believe he has not. another example is when a tax return preparer believes a return is ready for review while the reviewer does not believe it’s ready.

more: use humor to get tax documents in early
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the result of a hung-up project is a dead project – one that’s not moving to completion.

if a tax return gets hung up, eventually your client calls you, and you get to waste time determining why the project stopped moving. this increases work in progress (wip), which increases turnaround time.
read more →

mike sylvester: learn to say no | the disruptors

by

be blunt. give your clients the advice they should hear, not what they want to hear. 

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

the talent crunch in accounting isn’t an issue for mike sylvester. last year, 40 accountants applied to work at his firm, sbs cpa group. he’s had serious inquiries from people at top 50 firms eager to work with him. further, he just hired someone from a top 10 firm who says the benefits are better and who will make $10,000 more while working 300 fewer hours.  

more podcasts and videos: salim omar: identify your client’s $100,000 problem | jackie meyer: earn more with fewer clients | jack fleherty: don’t be a ‘yes’ person | greg adams: from finance to storytelling | the disruptors | jody padar: make radical changes now if you want to be relevant in 2030 | 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.

his not-so-secret secret? he talks “over and over and over” on twitter about the unique way his firm operates. during busy season, all team members –even the partners – are paid overtime on 60-hour weeks. then, after april 15, everyone works 32 hours a week and gets 37 three-day weekends in a row. “it’s a very popular schedule,” sylvester said.  

his team agrees: he’s had zero turnover in the last four and a half years.

read more →

the six roadblocks to innovation

by

businesswoman opens door to brick wall

and how to rethink client service.

by alan anderson, cpa
transforming audit for the future

“we cannot solve our problems with the same thinking we used when we created them.” – albert einstein

when most auditors hear the word “innovation,” they think it has to do with getting more technology. but that’s only a small part of what innovation means. innovation isn’t just throwing more technology at your audit processes. that approach is often just replicating with technology what you have done in paper for decades.

more: how to advance from audit to advisory | create a culture of audit quality assurance | what quality in audit leadership means | business-minded approach helps build a better firm | are you looking at the big picture? | meet your client all year, not just during audit | give your audit teams tasks that increase business acumen | are you using the right business model? | give advice while remaining independent | stop mixing up your v’s and losing your best people | empower your team by dumping c and d clients | the new formula for an accounting business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

according to an article in forbes, “innovation is the rethinking or reimagining of a business process that already exists.” applied to audit, innovation is reimagining what audit is and what audit can be. it’s the transformation of audit from a commoditized compliance-only function to a sought-after and highly valued service that produces benefits to the clients who use that service and to the firms who provide that service.

innovation is the spark that gets you to a new state. it’s the a-ha moment that drives the action to change. innovation can lead to transformation, but only if done with the intention of transformation. it means being willing to try doing things differently and being willing to try doing different things.
read more →

ten topics for a busy season newsletter | listicle

by

//www.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

tax preparers aren’t the only ones who suffer stress during the tax season. taxpayers suffer, too. most just want to pay what’s due and be done with it.

more listicles here

so preparers would do themselves and their clients a favor with a special newsletter or blog post that helps everyone get organized and prepared. here are 10 topics to offer them. read more →

what multiples mean to accounting firms

by

plus the appeal of rias.

by rory henry
the holistic guide to wealth management

why are accounting firms measured in revenue multiples while most other businesses are measured in ebitda multiples?

according to allan koltin, accounting industry transaction guru, there is no better reason than because that’s how we’ve always done it in the accounting profession.

more: tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

“accounting firms have zero ebitda; they clear out the register every year,” noted koltin. “when i talk to firms about private equity, i have to walk them back and explain how you’re going to create your own ebitda. and the biggest piece of it is what we call the ‘scrape of partner compensation.’ you’re making $1.2 million. can you live on $800,000 if we move that extra $400,000 into an ebitda category and put a multiple of 7x to 11x on that and get capital gain?” asked koltin.

“partners 55 and older love it. partners who are 35 are not so sure.”
read more →

save 75% with one banking change

by

scissors cutting $100 bill in half

put technology to work for you.

by hitendra patil
client accounting services: the definitive success guide

in the desktop days, write-up, bookkeeping and accounting processes were perceived more as “data-entry” work. the price clients were willing to pay for data entry put so much pressure on fees that many firms found it is not worth the hassle.

more: you, a virtual cfo? why not? | who is ready for client accounting services? | wants? needs? cas helps fill both | automation can be exciting in client accounting services | eight steps for better client accounting services | do you have the client accounting services mindset? | four ingredients to your cas ‘why’ | cas clients are ‘stickier’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

other services such as tax preparation, financial statements preparation, etc. brought in higher per-hour dollars than write-up, bookkeeping and accounting work could. such work got more and more “outsourced” by accounting firms to bookkeeping firms, freelancer bookkeepers and “processing” firms operated by non-cpas/non-accountants.
read more →

bissett bullet: building loyalty

by

today’s bissett bullet: “build career paths for your brightest and best team members from day one of their employment with you. it is a common concern that rising stars will use your firm as a stepping stone, but commitment is a two-way street. build loyalty by investing in their future success.”

by martin bissett

give them goals with deadlines and regularly review their progress. if they do “x” by “y” date then they will achieve “z.” simple.

setting out a clear path for them to understand and achieve creates loyalty and long-term commitment as they work toward their future in your firm.

today’s to-do:

do you hold regular appraisals with your team? if not, afford them that opportunity. if so, then plan time now for follow-up meetings with your future leaders to discuss their pathway to partnership.

see more bissett bullets here

read more →

what it takes to get a promotion in accounting

by

smiling man in shirt and tie seated at desk

job descriptions for staff accountant, senior accountant, manager and partner.

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

“the last person i ever want working for me is someone who says, ‘that’s not in my job description.’” – neil degrasse tyson, cosmologist and astrophysicist

“well-written and effectively developed job descriptions are communication tools that allow both employees and supervisors to clearly understand the expectations of the role, its essential duties, the competences and responsibilities, along with the required educational credentials and experience.” – mary anne kennedy, hr daily advisor

more: generational differences can’t be ignored | surveying your staff: why and how | why developing women partners matters | six tips for setting compensation | eleven things that good mentors do | how remote work is impacting accounting firms | how to solve the big disconnect in talent management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

this post addresses the four most common positions at a cpa firm: staff accountant, senior accountant, manager and partner.

there is no such thing as a standard job description for these four positions. each firm must define them in ways that make sense for their practice. if ever there were job descriptions that should have flexibility built into them, most certainly they would be cpa firm positions, because the expectations vary as much by the type of assignments as by their title.
read more →

break the burnout cycle in accounting | arc

by

“a firm’s culture during busy season reveals its true colors.”  

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

as the busiest time of year looms for accountants, industry leaders byron patrick, cpa.citp, cgma; donny shimamoto, cpa.citp, cgma; and liz mason, cpa, share practical advice in the first episode of the second season of accounting arc on maintaining resilience during tax season. their conversation explores actionable strategies to counteract stress and promote mental health. 

more accounting arc: accounting in transition: 2024 reflections & the road ahead | ron baker: visions for the accounting profession | angie grissom: next gen inspo for accountants | does accounting belong in stem? | rose wang: where numbers meet strategy and creativity | tiktok fraud exposes gaps in financial literacy | 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 |

the hosts share relatable anecdotes, from patrick’s newfound habit of scheduling haircuts to mason’s candid discussion about balancing adhd with professional responsibilities. shimamoto, founder and managing director of intraprisetechknowlogies llc and founder and inspiration architect for the center for accounting transformation, adds, “if it’s not on my calendar, it’s not happening,” highlighting the need for intentional scheduling. 

read more →