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why developing women partners matters

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womand and man seated side by side at table in front of laptop, hanging plants in background

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:

  1. 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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  1. since the turn of this century, a dreadful shortage of accounting professors has challenged universities’ ability to meet student demand for accounting courses.
  2. 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.

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rose wang: where numbers meet strategy and creativity | accounting arc

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the cpa, entrepreneur, and now author demonstrates how accounting can drive creativity and innovation.

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more arc: analysis, reaction, comedy

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. 

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focus on intentional growth

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growing stacks of blocks with an arrow tracing upward

one conversation to be had: the distinction between advisors and consultants.

by carrie steffen
the rosenberg national survey of cpa firm statistics

two words come to mind: intentional growth. with leaders making some strategic moves around capacity i feel a general sense of interest in revisiting their strategy around growing the top line. i’m being asked to speak on growth, business development skills and go-to-market strategies more in the next 12 months than i have been in the last several years.

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 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 | 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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have we finally turned a corner on talent challenges? maybe not entirely, but it is encouraging that owners are beginning to think again about investing in growing their businesses. for that majority that means deeper niching and greater focus on pursuing the right opportunities. i’m having a lot of conversations about how to turn down work.
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artificial intelligence may already be plateauing

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man reading about chatgpt on computer screen

progress may be more incremental … while resource use continues to boom.

by rick richardson

according to a recent story from the information, openai’s next-generation orion model of chatgpt, which is both rumored and denied to be arriving before the end of the year, might not be everything that has been hailed when it does.

more on ai: thomson reuters brings al to audit solutions | ai displacing more jobs in banking than other sectors | what is an ai pc, and should i get one? | ai-engineered enzyme could be solution to plastic pollution | educators can benefit from new generative ai course | ai named the highest-paying in-demand tech skill for 2024 | ai generates revolutionary new battery design | chatgpt is getting humanlike memory
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according to the report, which quotes unnamed openai staff, the orion model has shown a “far smaller” improvement over its predecessor, gpt-4, than gpt-4 did over gpt-3. according to the same individuals, orion “isn’t reliably better than its predecessor (gpt-4) in handling certain tasks,” particularly coding applications, even though the new model is noticeably better at general language functions like creating emails or summarizing documents.
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greg adams: from finance to storytelling | the disruptors

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accountants need to write their own stories.

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

 

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the disruptors
with liz farr

greg adams believes that accountants’ work opportunities have long been underappreciated and misunderstood. when accountants at parties are asked what they do, adams explained that they always have to give the “but answer,” as in, “i’m an accountant, but i have a really cool job.” 

adams himself has spent time in australia and barbados and “had lots of adventures” during his time at kpmg.   

more podcasts and videos: 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 |

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his new book, green shade$, is an attempt to dispel the notion of accounting as limited to just tax or audit and “to change the branding and image of accountants.” a fan of jack reacher-type thrillers, adams wrote an accounting book that comes with a warning: “it has a little bit of violence in there and some sexual tension and but even has accounting equations.” the protagonist, dex mccord, jumps off a cliff while dodging bullets, but in his quest to solve the murder of an old accounting friend, he is “aided by at least 10 different types of accountants,” experts in transfer pricing to sec filings.   

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four steps to rebooting your practice

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man in suit pushing a restart button

if it’s not everything you wanted, here’s how to turn things around.

by sandi leyva
the complete guide to marketing for tax & accounting firms

how does your current business look compared to the one you dreamed about before you started your entrepreneurial journey?

more: get more referrals in five steps | is your practice leaking money? | boost your value, boost your fees | three ways to make it easier for prospects to say yes | make your next busy season easier now | how to put your strengths to work for you | three ways to follow up with prospects | are you throwing away profits? | want to close a deal? set a deadline | how mindset affects your marketing | three steps to becoming a millionaire | five business development mistakes to avoid | twelve ways your business card can hurt you | how to use chatgpt to create images | how to leverage chatgpt during this crazy tax season | got fomo when it comes to ai and chatgpt? you should: here’s what you’re missing
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do you now have

  • clients you love,
  • a dream team,
  • the financial rewards you are comfortable with and
  • plenty of free time?

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glen carmichael: leadership sets the tone for marketing success | capstone conversations

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discover the strategies behind one pro’s 30% year-over-year lead generation growth.

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

glen carmichael, digital marketing coordinator at yhb cpas and consultant, is pushing the firm’s newsletter to more than 55,000 recipients, growing educational webinars to 23, and garnering 64,000 blog readers annually.

and she’s just getting started.

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

but with achievements like those, it’s no wonder she has received the association of accounting marketing rookie of the year award.

in this episode of capstone conversations, carmichael shares her thoughts about her accomplishments, challenges, and insights into marketing for cpa firms.

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gary shamis: the private equity hazards for young partners | accounting influencers

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private equity in accounting could boost firm value, but at what personal cost?

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accounting influencers
with rob brown

in a deep dive into private equity’s involvement in accounting, gary shamis, ceo of winding river consulting, describes how investment firms see value in the sector’s steady cash flows and resilient recession history. “it’s not that accounting is recession-proof,” shamis states, “but its inherent stability during economic downturns is highly appealing to investors.” he adds that accounting firms with strong advisory practices that offer scalable revenue opportunities are particularly interesting to private equity.

the conversation takes a sobering turn as shamis highlights the ongoing talent shortage within the profession. with fewer accountants entering the field and a growing demand for regulatory and advisory services, shamis emphasizes that private equity deals won’t solve the critical issue of human capital shortage. “there’s just not enough talent in the pipeline,” he cautions.

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alan whitman: unlocking the secrets to smart growth | gear up for growth

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“speed and being nimble are critical to being able to try new things and iterate quickly.”

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

alan whitman, ceo of adw advisory, formerly led baker tilly u.s. through a meteoric rise from $475 million to $1.5 billion in revenue. in this episode of gear up for growth, he shares his wealth of experience and insights.

see alan whitman on the disruptors: stop accepting the status quo

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

one of the central themes of the conversation is the potential for smaller cpa firms to outpace their larger counterparts in innovation and agility. whitman highlights the advantages small firms have, such as their ability to pivot quickly and try new approaches without the bureaucratic hurdles larger organizations face. “speed and being nimble are critical,” whitman asserts. however, he notes that smaller firms must adopt a forward-thinking mindset, emphasizing, “hopefully, smaller firms aren’t biased by always doing it the way you’ve done it in the past.”

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bissett bullet: to serve is glorious

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today’s bissett bullet: “you have significant worth to those who believe in you. show them why they should.”

by martin bissett

st. nicholas was a rich man who gifted money to those in greater need. he morphed into santa claus and became legend as his story was told over time, because of his incomparable achievements and his altruistic nature of service to others.

now, i’m not suggesting for a moment that you start giving money away. simply bear in mind that a disposition to serve trumps a desire to sell in terms of how attractive your proposition is to potential clients.

today’s to-do:

think about how you treat your clients. as cash cows, or as those for whom you make dreams come true and your fees come as a result? if you can honestly say the latter, they will believe in your worth.

see more bissett bullets here

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how 529 college savings plans benefit business owner clients

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ensure both business and personal finances are optimized.

meyer

by jackie meyer, cpa

jackie meyer, cpa is president and founder of meyer tax consulting llc, taxplaniq, and concierge accountant coaching programs in southlake, texas, with over 20 years of experience, she founded and successfully sold her own cpa firm for seven figures, leveraging her trademarked roi method of value pricing tax advisory services. she specializes in tax planning for executives with a high investment return. meyer is a serial entrepreneur, speaker, and consultant dedicated to revolutionizing the fintech, accounting, and entrepreneurial landscapes. as a cpa and certified tax coach, she offers concierge tax and accounting services to assist clients with anything from income-shifting strategies to managing a family business in qbo.

most business owners are adept at navigating the complexities of running a company. however, when it comes to personal financial planning, particularly concerning education expenses specialized attention is often required.

related: sy goldberg’s guide to the new retirement distribution rules | ten ways to manage price increases | survey says 57% of firms are raising prices next year | art werner: preparing for the tax cuts and jobs act to expire | quick tax tip

it’s been widely touted that a 529 college savings plan is a powerful tool that not only aids in funding education but also offers significant tax benefits. understanding how to leverage a 529 account can enhance financial strategy for your business clients, ensuring both business and personal finances are optimized.

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regulation, geopolitical instability spark concern

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bar charts

audit partners seeing modest optimism across companies.

by 卡塔尔世界杯常规比赛时间 research

auditors have a special sense of what’s happening in american business. they see the numbers that others don’t. they prepare their firms and clients for what’s to come.

this year, audit partners are sensing a guarded confidence in the economy, albeit with considerable nervousness about the geopolitical situation, according to the center for audit quality’s 2024 audit partner pulse survey.

more: ten ways to manage price increases | survey says 57% of firms are raising prices next year | twelve years and out: seasoned accountants join the exodus | survey shows big opportunities in small business | the slow, painful death of the 150-hour rule | partners: your middle managers are getting squeezed | in-person conferences still essential | accounting arc
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geopolitical instability

for the first time, geopolitical instability ranks in the top five economic risks facing companies over the next 12 months.

in fact, it ranks third, a fear substantially more serious than that of cybersecurity and rising interest rates.
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