bissett bullet: increase the value to increase the price
today’s bissett bullet: “build up the strength of your offer first before you talk about what it will cost.”
by martin bissett
special
art werner: navigating business structure decisions amid tax law changes | quick tax tip
upcoming tax law adjustments could significantly impact clients’ business structure decisions.
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quick tax tip
with art werner
cpe today
we are anticipating changes to tax laws that could significantly impact clients, either positively or negatively, depending on the structure of their businesses.
one major consideration is the type of business entity the client operates. the options include sole proprietorships, partnerships, and corporations. within corporations, there are further distinctions: c corporations or those that have made an s election.
seven steps to determining your price
plus four things to learn about each prospective client.
by jody padar
radical pricing – by the radical cpa
how much would you pay for a bottle of water in the checkout line of a grocery store? maybe $2 or $3, right? you know it costs more per unit than buying a case of water, but at that moment it’s worth it even though it’s the same bottle of water. now, let’s assume you just made the long trek back to your hotel room in las vegas. they have the same bottle of water sitting there for $10. you’re thirsty and don’t want to walk to find a store, so you pay $10 for that bottle conveniently located in your room. the water isn’t different, but the value at that moment in time is subjective.
more: using change orders with scope | who needs to understand scope? | determining a price … and when to change it | perfecting the client needs assessment | create more meaningful kpis | five reasons to ditch timesheets for good | six steps to creating a standardized practice | value pricing requires defining your clients | stop selling time | three critical factors drive the value pricing trend | stop looking for talent that does not exist
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when we think about price, we really need to think about worth. what actually are you bringing to the table? lots of training. many years of experience. vision into similar businesses. it took you years to get here; don’t sell an answer to a question the client asks for the three minutes it took to answer.
read more →
does accounting belong in stem? | accounting arc
accounting experts debate stem designation and its implications for the accounting field.
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accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation
as accounting evolves into a technology-driven profession, a question looms: does accounting qualify as a stem (science, technology, engineering, and math) field? on the latest episode of accounting arc, thought leaders hosts liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma, tackle this provocative question.
more accounting arc: 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 |
“stem is about applying rules-based knowledge in real-world scenarios,” explains mason, ceo of high rock accounting. “accounting fits because we apply principles and make ethical decisions just like other stem professions.”
but not everyone agrees with mason.
people development still a concern
who wants to be partner? anyone? hello?
by kristen rampe
the rosenberg national survey of cpa firm statistics
i anticipate more interest in exploring artificial intelligence and offshoring for small to midsized firms. as new use cases and case studies of success come online, late adopters will start to dabble in these important developments.
editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:
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- 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: focus on intentional growth | 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
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strong local and regional firms will continue to thrive, though they will face the continued pressure of offers from cpa firm buyers and private equity. many fiercely independent firms will continue on their own path. of those, plenty will remain successful, but not all, and depending on where the hearts, minds and financial goals of the owners are, they might find interest in entertaining these offers.
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introducing you to a fulfilling return on relationships
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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. |
clients don’t just want answers, they want empathy.
by rory henry
the holistic guide to wealth management
in his iconic work, “meditationes sacrae” (1597), sir francis bacon wrote that “knowledge itself is power.” many scholars believe bacon wanted to further the idea that having and sharing knowledge is the cornerstone of reputation and influence – and therefore power. all achievements emanate from this philosophy.
more: rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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but in many areas such as business, finance, sports and the military, knowledge can be a competitive advantage. therefore, many are reluctant to share their knowledge with others.
read more →
opportunity awaits incoming aicpa ceo
some cpas don’t necessarily support the aicpa or believe it supports them.
by seth fineberg
at large
the accounting profession has long been divided about the usefulness and importance of the aicpa. however, with the first regime change in 30 years, incoming aicpa ceo mark koziel will take the helm and have an opportunity to embrace change and bridge some gaps.
more fineberg: where intuit is at with accountants | history could help accountant-vendor relations | accounting needs a ‘rethink’ not a ‘rebrand’ | big change comes with deep reflection | three ways to raise the bar for your business
moreover, it concerns the leadership and direction this industry body can potentially bring. the word “potential” is used because there is potential in this profession, both for the aicpa and accounting in general.
meet your client all year, not just during audit
will there be more work? most likely.
by alan anderson, cpa
transforming audit for the future
when you’re a client-serving firm, the service doesn’t end with delivery of the financial statement audit. client service should be perceived as a continuous, ongoing process that is supported by the culture with accountability measures. client service is a relationship that is developed by habit.
more: give your audit teams tasks that increase business acumen | are you using the right business model? | empower your team by dumping c and d clients | eleven types of audit clients and which to fire | don’t take on audits in an industry you don’t understand | how ‘business expert cpas’ get their own business wrong | exceptional audit client service demands effective communication | five ways to prevent audit bottlenecks
exclusively for pro members. log in here or 2022世界杯足球排名 today.
cpa firms tend to get bogged down in the work, so i developed a process for developing those relationships. i would sit down with the team and tell the senior accountant and the manager that they needed to meet at least quarterly with their counterpart at the client. the senior would meet with the controller. the manager would meet with the cfo. my responsibility would be to meet with the ceo or the business owner. these meetings could be phone calls but at least one of those meetings would be for lunch. if they desired, the senior and manager could have a joint lunch meeting with the controller and the cfo.
read more →
ten tips for boosting morale | listicle
by 卡塔尔世界杯常规比赛时间 research
good morale at the office keeps people happy and glad they work there. they work better, and they are more willing to put in extra effort when needed. that morale is born of a positive, supportive work environment that accommodates the special demand of a cpa office.
more listicles here
here are 10 ideas to boost morale:
tom wheelwright: if it’s not fun, rethink client service | accounting influencers
“good accountants focus on tasks, but great ones focus on outcomes.”
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accounting influencers
with rob brown
wealthability founder and veteran cpa tom wheelwright dives into the essential strategies for client-centric service and relationship-building in accounting. hosted by rob brown, this episode explores how accountants can elevate their client relationships, optimize billing practices, and bring joy back into their work.
in an industry where billing by the hour is typical, wheelwright advocates for a shift to flat, value-based pricing. this, he explains, allows accountants to focus on delivering value without clients worrying about the ticking clock.”when clients know upfront what they’ll pay, it removes financial surprises and puts the focus on service, not cost,” wheelwright says. “our clients need to know we’re there to solve their challenges without worrying about extra charges.”
gary shamis: strategy is easy. execution is key | gear up for growth
moving beyond a “partner-driven” model is essential to scale operations and continue growth.
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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间
while many skills contribute to effective leadership, gary shamis, president & ceo of winding river consulting, says executing strategic plans is the most critical.
more gary shamis: private equity hazards for young partners, on accounting influencers with rob brown here |
gear up for growth spotlights the best strategies for smart and efficient 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
“i have come to the conclusion that strategy is not hard,” says shamis. “strategy is easy. and there are no secrets around strategy. the difference is your ability to execute that plan.”
shamis says only the ability to implement plans at a high level enables firms to progress, grow, and achieve their long-term goals.
why developing women partners matters
several experts on offer tips on how.
by marc rosenberg
cpa firm staff: managing your #1 asset
“if i have 500 partners and 400 are men, i figure i have 150 underperforming partners.” – a big 4 managing partner
the cpa profession suffers mightily from a shortage of labor. there are several reasons for this, in no particular order:
- accounting is not a popular major in college.
more: a better way to provide performance feedback | 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
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- since the turn of this century, a dreadful shortage of accounting professors has challenged universities’ ability to meet student demand for accounting courses.
- the cpa firm industry has high turnover, generally in the 15-20 percent range. reasons include the technical demands of the work, busy seasons, long hours, the profession’s requirement that people wait 10 to 20 years before making partner and the failure of partners to mentor staff.
rose wang: where numbers meet strategy and creativity | accounting arc
the cpa, entrepreneur, and now author demonstrates how accounting can drive creativity and innovation.
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accounting arc
with donny shimamoto.
center for accounting transformation
as the accounting profession expands beyond its traditional boundaries, rose wang represents a new wave of cpas who bring strategic thinking and entrepreneurial savvy to the table. with roles as a principal consultant at both intraprisetechknowlogies llc and apaira group llc, wang has carved a career path that spans accounting, business strategy, and now, authorship.
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 education | 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 |
“i’ve always approached accounting as more than just numbers,” says wang. “it’s about translating those numbers into a business strategy that makes sense for the client.” based in hawaii and california, wang launched her career with a cpa firm focused on supporting small businesses. rather than just managing books, she partnered with clients to drive business growth. her approach involves analyzing financial statements and identifying strategic opportunities for improvement.