special

you, a virtual cfo? why not?

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accountants are perfect for the role and cas helps drive up the demand.

by hitendra patil
client accounting services: the definitive success guide

tom, a cpa, has always been a curious person. for over 15 years, his tax “practice” was doing well. during the tax season, he had no time to think. but, oblivious to himself, with each tax return, he was depositing new questions in his subconscious.

he is now a shared cfo of 12 companies. but he took up the cfo work accidentally.

how?

more: 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.

 

tom believed that it was his thinking power – armed with the cpa education, years of experience, and knowing which tools to use effectively to produce the impeccable tax returns – that could help him make a meaningful positive difference to clients’ businesses, and hence lives.
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better starting pay calls for a new revenue model

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young woman holding giant dollar sign in modern office

considering pe? beware focus on the next five years.

by michelle golden river
the rosenberg national survey of cpa firm statistics

pricing and talent are related. we’ll see another wave of fee increases as well as more firms feeling compelled to establish higher “minimum” fee thresholds. but these increases still won’t be enough. until firms earn a lot more revenue per person, they simply cannot pay enough to overcome starting salary gaps.

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: business models continue to evolve | accounting firms must consider capital resources | artificial intelligence plays role in analytics, optimization | people development still a concern | tech anxiety paralyzing some accounting firms | solving staffing requires intention | as private equity closes in, firms seek new answers to staffing problems | next five years are critical for accounting firms | the new pipeline: outsourcing and offshoring
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

our would-be hires choose higher-paying professions like finance and tech, and who can blame them? to offer commensurate starting pay (and raise legacy salaries, accordingly), we must change our revenue model. our current 5-10 percent annual increases cannot get us there. we fell behind more than a decade ago and, at this pace, we’ll never catch up.
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generational differences can’t be ignored

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don’t stereotype, but don’t pretend all ages are the same, either.

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

“each generation imagines itself more intelligent than the one before it and wiser than the one that comes after it.” – george orwell

the following was written by scott steadman, who heads up jacksonville, fl-based steadman valuations and forensic accounting llc. read with caution: statements about the traits of an entire generation are, of course, generalizations that do not necessarily apply to every individual in the grouping.

more: surveying your staff: why and how | better communication = better retention | a better way to provide performance feedback | staff crave advancement and challenge | give the recognition your staff needs | make work flexibility work for everyone | what relevance means for staffing in accounting
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

baby boomers (born 1946-1964)

early on, a strong economy and stable lifestyle made baby boomers generally optimistic about their future and the future of the united states. once known as idealistic dreamers, boomers were forced to focus on their economic future and real-world concerns over money and stability. in the movie “wall street,” when gordon gekko said “greed is good,” he was speaking to (and for) baby boomers.
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art werner: busy season predictions | quick tax tip

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learn why the upcoming busy seasons could be among the most demanding in recent memory.

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quick tax tip
with art werner
cpe today

according to seasoned tax educator art werner, the next busy season may be the last of what he calls a “lull period.” preparers are currently working under existing laws, dealing with the tax returns for the 2024 calendar year. however, significant changes are expected on the horizon.

click here for more art werner

“the fact is, busy season in 2025—and especially 2026—will require a lot of knowledge of new laws,” werner explains. he anticipates that navigating these updates will pose a steeper learning curve for tax preparers, resulting in more complicated filing seasons.

one of the primary drivers of this complexity will be legislative changes. with uncertainty around tax reform and the evolving tax landscape, 2025 could see the introduction of new regulations that tax professionals will need to quickly master.

“when you get to busy season, you’re in this historic mode,” werner said. “you’re preparing tax returns based on the old law. but by 2026, you’ll need to know all the nuances of the new law.”

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bissett bullet: what is holding you back?

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today’s bissett bullet: “what are the biggest fee growth challenges firms are facing?”

by martin bissett

firms may experience fee pressure because of increased competition for new work. they may be perceived as too expensive or even too cheap. those firms that have been reliant on long-term clients at some point will find themselves with an ageing client base.

when you’re apathetic about winning new business proactively, that ageing client base ultimately results in unmitigated fee loss.

in other cases, there is the potential complacency among older or less ambitious partners for new fees and the responsibility for fee growth weighs heavy on the shoulders of a small number of younger partners.

those who are able to identify and overcome their fee growth challenges are the most likely to win new clients.

today’s to-do:

identify 4 challenges that you experience in terms of fee growth. for each, write just 1 or 2 suggestions as a possible solution.

see more bissett bullets here

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create a culture of audit quality assurance

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man in office writing notes at desk

get a better result in less time.

by alan anderson, cpa
transforming audit for the future

for way too long, many firm leaders have equated quality in their audits with making it through the peer review process. peer review is important, but making quality all about that is like the american car executives whose production lines needed a guy with a rubber mallet at the end of the production line to make sure the door fit right. that’s quality control.

more: 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 | how to upgrade c and d clients | eleven types of audit clients and which to fire | don’t risk losing good employees for bad clients | can a service center model solve audit staffing shortages? | don’t take on audits in an industry you don’t understand
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

quality assurance is making the guy with the rubber mallet irrelevant. the first-time right mindset is taking the japanese approach and making sure the door is designed so it fits correctly from the beginning.

quality control is at the end. quality assurance starts at the beginning and continues throughout the entire process. it’s not a one-time event.
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business model evolution accelerates

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two men talking in an office

change is needed in mindset and skillset.

by scott moore
the rosenberg national survey of cpa firm statistics

leading firms will continue to proactively evolve their business models to include more digital process automation, bundling of services with subscription-style pricing, strategic outsourcing, and upscaling of talent along the client value continuum.

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: accounting firms must consider capital resources | firms not keeping all their clients | accounting still short on staff and students | artificial intelligence plays role in analytics, optimization | challenges for the accounting profession: private equity, offshoring, training new hires | recalibration is key for accounting profession | people development still a concern | focus on intentional growth | accounting firms upshift to corporate model | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

this will set the pace for the profession as a whole, as more firms follow suit in these areas in their efforts to keep up with client expectations and market dynamics. an increase in m&a activity and consolidation will increase this effect, as strategic investments target firms with the highest potential to achieve maximum market value.
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accounting firms must consider capital resources

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firms of $20 million to $50 million in revenue will be presented with many opportunities.

by gary thomson
the rosenberg national survey of cpa firm statistics

continued exploration of capital resources will be a hallmark of the next 12 months. determining the cost of strategic priorities will drive a better informed exploration of the basic question: “from where will we get our needed capital?”

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: firms not keeping all their clients | accounting still short on staff and students | recalibration is key for accounting profession | accounting firms upshift to corporate model | growth and complacency must concern accounting firms this year | the future of fees | how accounting firms are dealing with retirement | what’s your firm worth? private equity wants to know
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

those sources include, but are not limited to, owners, banks, private equity, mergers, esops, etc. the potential sources are abundant … determining what’s right for your firm is a unique and focused effort to get it right.
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accounting in transition: 2024 reflections & the road ahead | arc

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accounting arc wraps 2024 with insights and bold 2025 predictions. 

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

since its launch in may, the accounting arc podcast, hosted liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma, has quickly gained traction as a thought leader in accounting. as the year concludes, the trio reflects on their journey and the pressing issues reshaping the industry. 

more accounting arc: 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 |

mason, ceo and founder of high rock accounting, notes that one of the year’s standout discussions centered on ethics. “it’s fascinating to see how ethical theories apply to our decisions as accountants,” she says. “these frameworks aren’t just academic—they directly impact our role as trusted advisors.” 

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firms not keeping all their clients

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elderly businessman with hand on door frame

plus two questions about m&as.

by carl george
the rosenberg national survey of cpa firm statistics

my list of predictions for the next 12 months:

  • firms will continue to upgrade their client profiles and disengage from clients who no longer fit. the result is more time will be spent on higher-value clients and emerging high-value clients. a strategy long overdue for some.

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: accounting still short on staff and students | artificial intelligence plays role in analytics, optimization | challenges for the accounting profession: private equity, offshoring, training new hires | recalibration is key for accounting profession | people development still a concern | focus on intentional growth | accounting firms upshift to corporate model | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

  • firms realize that more training is needed for their staff than ever before. there are two major reasons behind the accelerated and deeper training necessity:

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accounting still short on staff and students

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young woman talking to man in office

firms have had to adjust.

by marc rosenberg
the rosenberg national survey of cpa firm statistics

i believe 2003-2007 was the golden age of the cpa profession because the robust increases in revenues and profits were never better. the early and mid-2020s will be named by someone much more clever than me, but many of us feel these current years of prosperity have eclipsed the golden age.

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: artificial intelligence plays role in analytics, optimization | challenges for the accounting profession: private equity, offshoring, training new hires | recalibration is key for accounting profession | people development still a concern | focus on intentional growth | accounting firms upshift to corporate model | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

paradoxically, firms are still frustrated by too much business and with too few staff.

there are three areas currently causing disruption in our industry:
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who is ready for client accounting services?

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two women shaking hands across a table

ten ways to tell.

by hitendra patil
client accounting services: the definitive success guide

experience of those offering successful client accounting services shows that the fastest way to start your cas practice is to provide it to some of your existing clients. if you already have a cas practice, it is important to periodically analyze which of your clients have become a good fit for cas. it is important to note that not all of your clients will be good fits for cas.

more: 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.

 

there are some easy ways to identify which of your existing clients are cas-fit, i.e., which of your clients will benefit the most from your cas offering. and then there are some not-so-easy ways to know which are your cas-fit clients.
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