today's features
mergers & acquisitions

allan koltin: how small firms can thrive against pe-powered competitors | gear up for growth

how to remain independent when private equity comes knocking.

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

“more than half of the cpa firms in the country won’t qualify to be part of private equity,” says allan koltin, ceo of koltin consulting, appearing on gear up for growth, a new show hosted by jean caragher, president of capstone marketing, and powered by 卡塔尔世界杯常规比赛时间.

gear up for growth is tailored specifically for public accounting firms with up to 100 team members looking to expand their practices intelligently and efficiently. each episode focuses on a topic crucial for accounting firms aiming for smart growth in today’s competitive landscape.

find more episodes here, including:

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 | and watch for jean caragher’s other show, capstone conversations, with leading growth strategists from the nation’s most dynamic firms, also available on 卡塔尔世界杯常规比赛时间

part of the discussion explores the criteria private equity companies look for and the challenges firms may face in qualifying for pe funding. koltin believes that more than half of the cpa firms in the country don’t make enough excess profitability to create earnings before interest, taxes, depreciation, and amortization (ebitda) to calculate an acceptable enterprise value.

“leaders of these firms tell me they’ll go back and get more profitable,” says koltin. “how’s about, let’s stay as an independent firm. let’s put a level of governance in. let’s make the tough decisions we’ve been talking about forever, and let’s really run it like a business. let’s not be a 501(c)(3) anymore. let’s just pretend we’re in business to make money.”

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2022年世界杯抽签

bissett bullet: ‘x’ marks the spot

today’s bissett bullet: “when it comes to identifying ways in which you could grow your fees by providing more support to your current clients, who do you prioritize?”

by martin bissett

imagine, if you will, a venn diagram with three overlapping circles in which to plot your current clients.

who trusts you the most and would believe in your ability to support them in more ways than you currently do?

who would you categorize as a “grade a” or ideal client?

based on what you know about their business, who would benefit the most from additional support that you are able to offer?

the center of that diagram where they all overlap? that’s where the treasure is buried.

today’s to-do:

draw your venn diagram treasure map. those clients in the sweet spot are your priority.

see more bissett bullets here

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featured video

steve yoss: charting, graphing, and mapping data made easy | quick tech talk

depending on the information you’re sharing, you’ll want to select the right imagery. 

quick tech talk
with steve yoss
cpe today

tools like microsoft excel, power bi, tableau, and others are loaded with different visualizations that you can use: charts, bar graphs, maps, just to name a few. in fact, excel probably has at least two dozen different types of charting and graphing formats.

more steve yoss
more tech
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

did you know different charts tell different stories? for example, a pie chart compares parts against the whole. it’s important that we choose the right chart for the analysis we’re doing. if we wanted, for example, to analyze revenue by different business units, that pie chart would be really effective, but something like a scatterplot might not be.

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accounting arc

ai will steal your job. and that’s a good thing | accounting arc

ai’s integration into accounting is an opportunity to elevate the profession and enhance job satisfaction.

stream, listen, download, subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google/youtube, spotify, iheart, deezer, amazon music and audible, player fm, audacy.

accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation

few industries are poised for as dramatic a transformation as accounting in the rapidly advancing world of artificial intelligence. the latest episode of accounting arc, “ai will take your job—and that’s a good thing,” explores this impending shift, offering a fresh and optimistic perspective on ai’s role in the profession.

more accounting arc

the episode’s hosts, liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma; delve into the implications of ai with a bold assertion: ai will indeed take over many accounting jobs, but this is a development that should be welcomed, not feared.

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outlook & analysis

the power of community in accounting

nine businesspeople talking at conference social hour

when you can’t figure it out on your own.

by seth fineberg
at large

accounting may have long been considered a community of professionals, yet not many have felt the true sense of what that means or have bothered to take advantage of it. moreover, there’s been no greater need to recognize and utilize community in accounting than now.

more: does firm culture still matter? | accounting needs a ‘rethink’ not a ‘rebrand’ | big change comes with deep reflection | 3 ways to raise the bar for your business | make it ‘productive season’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as the profession moves its way through yet another point of inflection, one not likely seen for decades, the list of factors impacting how accountants work and why they do what they do is growing:

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pricing, fees & billing rates

four steps to scoping for alignment … and the #1 rule to remember

only price for that which you can see. 

by jody padar
radical pricing – by the radical cpa

how often have you heard the old saying about having two ears and one mouth because listening is twice as important as talking? hopefully, often, because it is as true as anything i’ve ever heard. scoping is all about listening, so when you make a presentation, you’ll know what you’re talking about, and the client will know you know.

more: getting aligned on scope helps your team and your clients | create more meaningful kpis | here’s how profit sharing improves your firm | five areas to ground new metrics other than time | five reasons to ditch timesheets for good | productize services for consistent client value | digitize clients for standardization | 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

here are four basic steps you can follow to make sure you and the client are in alignment when the time comes to start a new project or present to a potential new client:

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marketing & sales

think of it as service, not selling

what are you trying to build?

by martin bissett
business development on a budget

being a successful person according to your own measurement of that, and your own goals and your own standards is different for everyone.

more: eight questions for personal preparation | perception, even your own, is reality | stop waiting for business to come to you | four key questions about leadership | showing leadership through customer service | the real math behind the sales pipeline | keep business development going during busy season | walk the commitment walk | two steps toward mastering selling | thirteen ways to show commitment | clients can’t grow without you | seven mistakes in winning new fees | how to develop your communication abilities
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

if you’re comfortable with yourself, it’s very likely that others will be too. if you understand the value that you offer (how you can improve a client’s situation to move them closer toward their personal and professional aspirations), you’re likely to be able to convey that value in front of a prospect.

read more →

pro member exclusive

new pacemaker powered by light, no batteries

can science save lives with solar power?

by rick richardson
technology this week

pengju li and his colleagues at the university of chicago have created a wireless, ultrathin pacemaker that utilizes light similarly to a solar panel. because it conforms to the shape of the heart, its design reduces interference with the heart’s normal function while simultaneously eliminating the need for batteries. their findings, just released in nature, provide a novel strategy for heart pacing and other therapies requiring electrical stimulation.

more technology this week: microsoft patents an encryption system to block visual hacking | recently discovered antibiotic spares ’good’ bacteria | is nasa about to make air travel cheaper? | startup creates legolike brick that can store air pollution | ai displacing more jobs in banking than other sectors | your brain can store 10 times more than anyone thought | how many ev charging stations will we need? | google launches new private space feature | microsoft discovers a security flaw impacting android apps | what is an ai pc, and should i get one?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

medical devices called pacemakers are inserted into the body to control cardiac rhythms. they are comprised of battery-operated electrical circuits with leads that are fixed to the heart muscle to stimulate it. leads, however, can break and cause tissue damage. once implanted, the leads’ position cannot be altered, which restricts access to various cardiac areas. because they use stiff iron electrodes, pacemakers could also cause tissue injury when they are used to regulate arrhythmia or to restart the heart after surgery.
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audit & assurance

don’t risk losing good employees for bad clients

keep the right kpis and the right clients, and you’ll keep the right staff.

by alan anderson, cpa
transforming audit for the future

audit in the future will be much different than in the past. it’s going to require different skill sets. in the future, we need to teach more thinking and interpretive skills. the ticking and tying can be automated, but we’ll need people to interpret the anomalies that the bots and automation tools kick out. they’ll need to develop a deeper understanding of the industry, the client, and general business sense to discern whether an anomaly is just a mistake or a sign of something more profound.

more: can a service center model solve audit staffing shortages? | 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 | how do we drive relevance in audit? | lack of relevance drives audit commoditization | four basic understandings every auditor must master | wanted: great audit mentors | closing the audit expectations gap
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

as the owner of a business myself, i understand the need to ensure there is enough cash coming in to keep the lights on and everyone paid. but sometimes, firms take on work just to keep people busy all year round. a prime example of this is ebp audits, which seem quick and easy but have their own risk factors. doing only one or two a year can be especially risky for your firm.

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pricing, fees & billing rates

ask for what you’re worth

hand moving triangle along beam to indicate balance between price and value

how to prepare for a value pricing opportunity.

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

question: i just heard from a client we hadn’t heard from in seven or eight years and he says he has an “emergency.”

more: the top tip for reviewing tax returns | you have to start somewhere | nine reasons not to specialize | hiring experience vs. training inexperience | a friendly chat or a billable discussion? | when selling a firm to staffers is tricky | courting a client? don’t give too much away for free | nine tips for a healthier tax season | fifteen strategies for first-time supervisors
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

here’s the story: he had started a business eight years ago and he used us for a couple of years until some big money was raised and they switched to a big four firm. he also stopped using us for his personal return, switching to the big four firm. then, just last week, he called us to ask for assistance in evaluating a multimillion-dollar termination package. he needed to meet with me right away because he did not want the offer to slip away. he then asked what the rates would be and could he have a discount because he was once a good client (he was – seven and eight years ago!). the asking for a discount left a bad taste in my mouth.
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outlook & analysis

desperate cfos are outsourcing accounting functions

bar chart
25 percent of cfos will be looking for staff accountants. personiv

can cpa firms take advantage?

by 卡塔尔世界杯常规比赛时间 research

cpa firms have long been aware of the worsening talent shortage. fewer students are majoring in accountancy. fewer are pursuing cpa certification. and baby boomer leaders of accounting firms are retiring more often than ever.

more: does firm culture still matter? | tax and accounting jobs and salaries show strength | tax law is driving practice development | olympics of outsourcing and offshoring for accountants | new study: strong and steady growth for accountant jobs and salaries | turnover timebomb: 4 of 5 senior managers at risk | are client services a fourth-rate priority? | revenues rising as pricing models evolve | 150 credit hours: helping or hindering? | can’t recruit? retain! | the accountant as a strategic business partner | report: efficiency still the top priority for accounting firms
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

now financial leaders in the corporate sector are feeling the pinch. a survey issued by personnel agency personiv finds that 83 percent of senior corporate leaders recognize the accounting talent crunch, way up from 70 percent in 2022 and 63 percent in 2020. and 10 percent say the shortage is getting worse.

no surprise, then, that 90 percent of cfos who responded to the survey say they have outsourced at least some accounting functions.
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marketing & sales

five ways to make partners fall in love with marketing

three businesspeople meeting outdoors and shaking hands

it’s an age-old problem, but that doesn’t mean you have to accept it.

by august j. aquila
price it right: how to value accounting services

if only there were a silver bullet to solve this problem! but unfortunately, there isn’t one.

more: analyze your firm to keep it current | what makes a great website? | four strategies for building your practice | market technology services through workshops and training | the secrets of great business developers | dodge the four curses of a production orientation | client acquisition never stops | ‘sales’ is not a four-letter word | maybe what you need is a marketing audit | three types of marketing message, and which is best
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

getting partners to market and to love doing it has been the achilles’ heel of the accounting and consulting professional for as long as i can remember. what does it take to make progress in this area? here are some ideas to help you move forward:
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