tax

eight ways to build busy-season stamina

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attitude is key, but can only do so much.

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

busy season is just around the corner. can you feel the excitement? or the dread?

here are eight ways to boost your stamina and minimize burnout for those of you who are working long hours in the weeks ahead.

more: five things that clients don’t know about accountants | are your revenue projections realistic? | six strategies to make more without working more | the art of prompt engineering for accountants | calculate your business relationship ratios | five ways to acquire more clients | five stages of any business | put your linkedin profile to work | what’s in a (domain) name? plenty
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

1. understand the physical limitations of “willpower.”

according to scientists, our willpower is replenished every morning after a good night’s sleep. it’s strongest in the morning (even if you’re an evening person like me), and it wanes throughout the day. the more stress you’re under, the faster it depletes during the day, and sometimes your willpower runs out before the day does.
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three ways to improve next tax season

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you’ve survived 2023. here are some key lessons.

by seth fineberg
at large

in accounting, you know that tax season doesn’t end in april, as it often extends well into october. so, now that another season has come and gone and you’ve endured all the things you swore you’d never do again this year, what will be different in 2024 and beyond?

more fineberg: jeremy sulzmann: can intuit mend fences with accountants at qb connect? | meet basis, the new ai bookkeeper on the block | is this when accountants start taking freshbooks seriously? | you’re doing email wrong  |  careful… you may be advising! | when live events fail | getting real: accounting tech decisions you need to make today | accounting tech doesn’t have to be daunting | who’s in control? you? or your clients? |  time management rule #1 for accountants |  plan to go ‘live’ post tax season |  why vc is a bigger threat than ai  |   what does taking control of your firm mean? | accountants need each other more than ever | marchternity: just say ‘no’ | some thoughts on in-person events | so you think you know accountants? | what bogs down accountants

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every year, i speak to tax pros and accountants with tax work at their practice’s core. i listen, i read what they share on social media, and it always seems to be the same. they swear they’ll get rid of clients who regularly extend into october. still, they must hound those to the irs deadline. they rail against the irs and lack of guidance, or the hours spent on the phone trying to get answers or to resolve an issue for their clients. they exclaim, “this is the last year i’m going to…” and yet, little to nothing of significance changes. with more accountants getting increasingly frustrated with their careers and fewer coming into the profession, it is up to you to say what will change.

so, again, i ask you all, what do you need to change to make it more enjoyable, bearable and even productive for yourself?

here are a few suggestions based on my observations. take them for what you will.

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vcs plunk $60 million into ai-powered ‘autonomous’ tax prep

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black ore emerges from stealth with $60 million in funding to launch tax autopilot, an “autonomous” tax prep app for cpas and accounting firms.

by 卡塔尔世界杯常规比赛时间 research
via black ore

black ore.ai, an austin, texas-based ai platform for financial services, bolts out of the gate with $60 million in financing led by a16z and oak hc/ft. the company plans to use the funds to onboard new customers, grow its team and accelerate the development of additional ai products across financial services.

kapovski
shinar

black ore was founded by veteran entrepreneurs, ceo eyal shinar and cto pavel kapovski, who have proven track records building and operating global fintech brands with ai and machine learning technologies. shinar previously founded fundbox, a $1 billion fintech unicorn powering payments and lending solutions for smbs. kapovski previously led r&d at cme group and spearheaded the development of machine-learning technology used by globally regulated banks and financial institutions. they are joined by a powerful team from leading companies such as adobe, baker tilly, cisco, ey, google, goldman sachs, grant thornton, nasa, pwc and ramp.

black ore offers an ai and automation platform that accelerates core workflows for financial services businesses and simplifies the experience for their clients. as part of its launch, black ore also announced its flagship product, tax autopilot, which combines its proprietary ai technology with federal and state tax codes and regulations to simplify the tax preparation and review process for cpas and accounting firms. future product offerings will target wealth management, financial advisory and planning, insurance services and more.

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train now before it costs you down the road

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your time investment now could reap dividends during tax season. 

by frank stitely
the relentless cpa

we’ve all heard it.

ask if an assigned project has been completed and get the, “it’s done, but …” followed by a few reasons why said project is still – let’s be honest – incomplete.

more: keep clients from “balance due” shock | stop clients from performing “favors” | control your time: avoid ambush meetings and calls | make fewer mistakes, increase revenue and capacity | six ways to create a millennial-friendly firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

let’s examine how we got a “done but” society. a lot of this will sound like, “back in my day, sonny …” old man nonsense, and a lot of it is.

however, i promise you a solution after my sociological exploration of 21st-century culture. you won’t need a degree in sociology to understand this.

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“done” only has one meaning

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“done but” increases wip and turnaround time. profits go … well, you know.

by frank stitely
the relentless cpa

in my last book, i recommended hiring younger staff. in that book, i cautioned that you might have to teach very simple tasks like breathing and using the bathroom to your newbies.

more: keep clients from “balance due” shock | stop clients from performing “favors” | who needs fall tax planning? clients … and you | it’s okay to say no to clients (even the large ones) | control your time: avoid ambush meetings and calls | make fewer mistakes, increase revenue and capacity
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

one reader posted that she didn’t believe it was the responsibility of an admin department to teach bathroom use. she was new to this hot new writing technique called sarcasm, but she did a great job making my point that you have to teach your staff a lot of basic things.

one of those teaching tasks is the meaning of “done.”

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surge pricing: what works for uber could work for cpa firms

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limited supply puts you in the driver’s seat.

by bill penczak

the serenity prayer states, “grant me the serenity to accept the things i cannot change, the courage to change the things i can, and the wisdom to know the difference.” keep that in mind for a moment.

more: four considerations for effective client culling | partner accountability: the only two things that really matter | chase birky: overcoming paralysis by analysis | o.d. lanier: stepping into advisory | are you too generous with your write-offs?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when preparing tax returns and financial statement audits, one of the biggest challenges cpa firms face is either late or incomplete client information.

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uncooperative partner might not be the problem

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why are they unwilling to help?

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: my tax partner gives me a hard time when i ask her for assistance. is there anything i can do to get her to be more responsive?

more:  merge in lower-priced work without losing out | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

response: this can apply to every research question asked by anyone in the firm. besides tax, it can be for audit, internal controls, succession planning or any other client service area.

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keep clients from “balance due” shock

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with just a little advanced marketing, you can get paid year-round and have more satisfied clients.

by frank stitely
the relentless cpa

when i talk with prospective clients in any medium, i lead with tax planning. i don’t care if i’m meeting them, calling them or emailing them. i lead with tax planning. the number one complaint clients have about cpas and tax preparers is a lack of planning. they get tax returns and nothing else.

more: stop clients from performing “favors” | who needs fall tax planning? clients … and you | get clients to bring tax docs early…yes, early | why time tracking still matters | make fewer mistakes, increase revenue and capacity | six ways to create a millennial-friendly firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the fun part is seeing the reaction when i mention planning. i tell them that they can know the results while there’s still time to change the results. tax season is no longer stressful because they know the answers in advance about refunds and balances due.
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merge in lower-priced work without losing out

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businessman sitting in office chair, covering his face with his hand

you bought a tax practice! but they charge less than you do. now what?

by ed mendlowitz
 the 卡塔尔世界杯常规比赛时间 practice doctor

question: i bought a tax return practice in december from a person who was charging $180 per hour. my rate is $300 per hour so i did not make money and i would like to know what i could do to raise fees so i don’t continue to lose on it.

more: want more tax clients? here’s how | bundle tax services with financial planning | how to begin a business valuation | how to offer conflict resolution | get your clients talking about retirement | when clients remarry | four reasons to perform tax projections
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

answer: after a long discussion, it appears that he bought a good practice with good fees charged for the returns. his problem is that he has no employees and did all the work himself – about 750 tax returns, and was totally overwhelmed with non-stop work.
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stop clients from performing “favors”

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“oh, you shouldn’t have.” (you really, really shouldn’t have.)

by frank stitely
the relentless cpa

we all have clients who bring in tax documents in laminated three-ring binders. they smile big toothy grins and tell us how they’re our most organized client. there’s no reason for us to organize the documents, as they’ve already done us this huge favor. of course, there will be no reason for us to remove anything from the binder and everything should be left in the binder just as it is.

more: who needs fall tax planning? clients … and you | it’s ok to say no to clients (even the large ones) | you train your clients, whether you mean to or not | business owners face one of three exits | how small firms can win the talent wars | do you know your turnaround time?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we call these people binder boys. they have no clue that organized for them is not organized for tax return preparation. preparing a return from documents in a binder takes twice as long, at least, as preparing returns from a well-organized pdf file.

we also have the people who use five pounds of staples to organize 20 pages. they don’t want any loose documents falling out of the file.
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bundle tax services with financial planning

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businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women present

two sample engagement proposals.

by ed mendlowitz
how to build a stronger tax practice

following are two sample engagement proposals for tax return preparation bundled with additional financial planning and business planning services.

more on marketing: when clients haven’t filed taxes for years | seven keys to a complete succession plan | the tax effects of buying or selling a business | elder care: not sexy, but vital | how to guide clients through divorce | help clients manage their investments
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

letter 1:

dear _________________:

it was good meeting with you last week. ed and i are excited to be working with you and look forward to a long and satisfying professional relationship.
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who needs fall tax planning? clients … and you

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avoid balance-due whining sessions and earn additional revenue.

by frank stitely
the relentless cpa

you’ve surely had this conversation a million times during multiple tax seasons, most often in april. you give a client a tax return with a $20,000 balance due.

client: i didn’t expect to owe that much.
you: how much did you expect to owe?
client: about $5,000.

more: it’s ok to say no to clients (even the large ones) | control your time: avoid ambush meetings and calls | train your clients before they train you | don’t let clients dictate tax workflow | how small firms can win the talent wars | do you know your turnaround time?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here’s where my conversations may differ from yours a bit.

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