today's features
audit & assurance

what quality in audit leadership means

accountant searching for laws

you can’t build it in at the end.

by alan anderson, cpa
transforming audit for the future

“it takes less time to do things right than to explain why you did them wrong.” – henry wadsworth longfellow

many audit firms think about quality as a task carried out at the end of the audit by the quality control reviewer. the problem with that thinking is that sometimes the qc reviewer misses major problems. for example, i was working with the new qc reviewer at one firm who spent most of the review time looking at the superficial details of formatting and punctuation, but almost disastrously missing a $3 million error that i spotted right away because the relationships between the numbers didn’t make sense.

more: 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
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quality in audit shouldn’t be just an extra step at the end of the audit, but it should be an approach woven into the fabric of the firm. quality is an attitude of “first time right” that permeates every task and every step in the audit. if you leave quality for the end, you’ll be challenged at delivering quality in your audits.
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listicle

ten ways to use the holiday season to prepare for the tax season | listicle

//www.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

you want to hit the busy season running, not getting organized. the holiday season provides an excellent slow-time opportunity for tax offices to get ahead on tax season preparations.

more listicles here

here are 10 ways you can leverage this time:

  1. organize client information: contact clients to ensure you have updated contact information, financial records and relevant documentation. resolve any missing information from previous tax years. confirm that you’ll be doing their taxes again.
  2. schedule year-end tax planning meetings: meet with clients to review their financial situation and discuss year-end strategies, such as charitable donations, retirement contributions or capital gains harvesting, which could reduce their tax liability. also help them prepare to deliver timely tax information.
  3. update tax software and tools: make sure your tax software is up to date. prepare any templates, checklists or tools you use for tax preparation. confirm that everything works.
  4. train or update staff: conduct training sessions to familiarize your team with any changes in tax law, software updates or new procedures. discuss client handling and workflow management.
  5. review changes in tax legislation: update yourself and staff on recent tax law changes at the federal, state and local levels. consider how these changes will affect your clients and adjust your strategies accordingly. inform clients as necessary.
  6. send out year-end reminders: send emails or newsletters reminding clients of important deadlines, year-end financial considerations and any last-minute tax-saving opportunities. later, remind them again.
  7. organize internal workflows: refine your tax season workflow, including document intake, file management and communication protocols. identify and rectify bottlenecks.
  8. prepare engagement letters: draft and send out engagement letters to clients for the upcoming tax season, outlining services to be provided, fees and other important terms. include checklists. suggest deadlines.
  9. update client portals: if you use a client portal, make sure it is ready for tax season, with clear instructions on how clients can upload documents, complete checklists or communicate securely. consider asking clients to use it in a trial run.
  10. market tax services: use the holiday season to promote your tax services through social media, newsletters and local networking events. offer early-bird discounts or consultations to attract new clients.

the holiday season is a special time with a psychology all its own. it’s slower and happier. try to combine the holiday spirit with staff preparation. avoid coming back from the holidays and needing to start organizing for the busyness that’s right around the corner.

featured video

katie lyles: triumphs amid chaos | capstone conversations

risk-taking and transparency emerge as key drivers for success in accounting marketing.

 

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

when katie lyles joined dallas-based accounting firm lane gorman trubitt at the end of 2019, she anticipated a role focused on coordinating live events. little did she know, her career trajectory would be shaped by a global pandemic, propelling her into a spotlight she hadn’t foreseen. in 2021, lyles was named the association for accounting marketing (aam) rookie of the year, a testament to her ingenuity, adaptability, and dedication to her craft.

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

on a recent episode of capstone conversations, lyles reflects on her journey, marked by resilience and resourcefulness. when covid-19 halted in-person events in early 2020, lyles quickly pivoted to virtual platforms, saving her firm over $90,000 and generating record-breaking revenue. beyond the financial impact, her efforts were instrumental in lane gorman trubitt’s ppp task force, where her marketing expertise contributed over 55% of the task force’s revenue.

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outlook & analysis

artificial intelligence plays role in analytics, optimization

accounting profession also impacted by private equity and environmental, social and governance factors.

by angie grissom
the rosenberg national survey of cpa firm statistics

the accounting industry continues to be poised for significant changes over the next year, influenced by trends including more private equity activity and evolving business needs and strategies.

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: challenges for the accounting profession: private equity, offshoring, training new hires | focus on intentional growth | what’s going to happen? lots, say consultants | how accounting firms are handling the staff shortage | when staffing falls short, clients get culled | staffing turnover’s down, but why? | is this the last year of accounting’s golden age?
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the consolidation of accounting firms is expected to speed up in 2024. this trend is driven by the need for firms to enhance their resources, expand service capabilities and gain industry expertise. there will be a notable increase in mergers among top firms, including regional and national mergers, as well as east coast/west coast collaborations to broaden geographical reach. private equity (pe) involvement will also grow, with more pe transactions involving the top 150 firms and smaller tuck-ins. private equity firms are predicted to continue their significant involvement in the accounting sector. key areas of investment will include technology and health care.
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audit & assurance

does your firm suffer cultural deficiencies?

bar chart

six key insights that could apply to any accounting firm.

by 卡塔尔世界杯常规比赛时间 research

an organization’s culture should be one of its most valuable assets. it could also be a make-or-break liability.

and that goes double for audit firms, where integrity and professionalism are all-important.

so it’s troubling when the public company accounting oversight board reports steadily worsening part i.a. deficiency rates among global network firms.

more: audit fees continue to climb | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | opportunity awaits incoming aicpa ceo | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

how much worse? the deficiency rate for global network firms in the u.s. has basically doubled since 2020. and non-affiliate firms are twice as bad.

part i.a. deficiencies are cited when a firm does not obtain enough audit evidence to support its opinion on a public company’s financial statements or internal controls.
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accounting influencers

steve rosvold: what makes the best cfos? | accounting influencers

move from being just an accountant to a successful finance leader using these four pillars of success.

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accounting influencers
with rob brown

rob brown and steve rosvold discuss whether accountants and cpas make the best cfos, cfo.university, and the four competencies of top financial professionals.

more accounting influencers with rob brown here

steve rosvold is the founder of cfo.university, a professional development platform for finance leaders. he spent 20 years leading corporate finance teams honing his ability to drive change, improve profitability and ensure long-term financial health for businesses before creating an advisory practice that grew into cfo.university.
accounting influencers

michael king: fractional cfos provide challenges and opportunities | accounting influencers

in a world of ai, outsourcing, and shifting client expectations, accountants can remain indispensable.

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accounting influencers
with rob brown

michael king’s journey to becoming a fractional cfo and mentor to accounting professionals is as unconventional as it is inspiring.

a former nuclear submarine engineer, king transitioned into the world of business management, eventually running a $90 million facility. his lack of understanding of financial principles at the time ignited his passion for empowering business owners with actionable financial insights.

today, king is a fractional cfo and podcaster. he guides others in starting, scaling, and optimizing advisory services through his firm and educational platform, the connected accountant.

fractional cfos are reshaping the financial services landscape by bridging the gap between compliance work and strategic advisory services. king explains that while traditional accounting focuses on rearview mirror reporting—documenting what happened in the past—fractional cfos help businesses look forward with forecasts, projections, and strategic planning.

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pro member exclusive

surveying your staff: why and how

woman working on laptop in office setting

six ground rules for optimum results.

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

“the partners may think they know how the staff feel about the firm, but it’s only important what the staff think.” – marc rosenberg

if you truly and honestly want to make your firm a great place for your staff to work, the first thing you need to do is ask them what they think. there are two primary types of surveys:

more: better communication = better retention | eight strategies for recruiting | why developing women partners matters | six tips for setting compensation | eleven things that good mentors do | how remote work is impacting accounting firms | how to solve the big disconnect in talent management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

  1. staff satisfaction surveys, where the staff respond to firmwide questions about their jobs, their supervisors, the partners, the management and advancement. these are very much like client engagement surveys.
  2. upward evaluations of partners and managers by the staff. with these surveys, staff evaluate each partner and manager they worked for. some firms opt to limit this type of survey to partner evaluations only.

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client accounting services

wants? needs? cas helps fill both

woman driving green sports car

clients need to see the value … and there’s your opportunity.

by hitendra patil
client accounting services: the definitive success guide

what some clients feel is an absolute need, other clients may feel it is not. people may need to book an uber or lyft ride, but some of them may want a premium ride.

more: 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.

some of your client accounting services will be the premium ride your clients will want. for some clients, your premium services will be the need. (you want such clients.)
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audit & assurance

audit fees continue to climb

bar chart and pie chart

the financial industry tops the list (no surprise).

by 卡塔尔世界杯常规比赛时间 research

audits aren’t getting any easier, that’s for sure.

but that’s a good thing.

more: cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | opportunity awaits incoming aicpa ceo | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business
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thanks to the headaches continually passed down from the boards and commissions that set the rules and standards for audits of public companies, audits have grown more complex and time-consuming.

add to that the increasing complexity of global business.

and the complications of mergers and acquisitions.
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2022年世界杯抽签

bissett bullet: outcomes trump services

today’s bissett bullet: “productivity is key for most business owners.”

by martin bissett

if what we do for a client gives them time to work on their businesses, then what we charge is paid back by the opportunities they can create, the sales they can make and the profit they can generate as a result. the value we possess, therefore, is talking to them about the outcomes they can create in the time we save them, rather than the services we carry out on their behalf. sound familiar? good.

today’s to-do:

read your last proposal. did you talk about services or outcomes? rewrite any areas in which you talk about services and reframe them to reflect the outcomes they might create. keep this as a template for your next proposal.

see more bissett bullets here

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podcast

steve yoss: automating data entry reconciliations with ai | quick tech talks

save time and reduce errors with automated transaction mapping. 

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quick tech talk
with steve yoss
cpe today

artificial intelligence is a game-changing technology. its ability to take on tedious processes allows accountants to focus on higher-value work. a prime example is bank feeds in applications like quickbooks, xero, and other accounting platforms.

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

bank feeds already streamline workflows by pulling transaction data directly into accounting systems, but ai takes it further. it can automatically match transactions to existing entries, intelligently categorize expenses, and continuously improve its accuracy based on user input and patterns from other businesses.

read more →

accounting arc

ron baker: visions for the accounting profession | arc

“i’d rather have questions i can’t answer than answers i can’t question.”

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more arc: analysis, reaction, comedy

accounting arc
with donny shimamoto.
center for accounting transformation

ron baker discusses his revolutionary journey in accounting, his challenge to the status quo, and how accountants can lead transformation. 

in the latest episode of accounting arc, baker, founder of the verasage institute, shares his insights into the accounting profession’s evolution. a pioneer in value pricing, baker’s career is defined by a relentless pursuit of better client relationships and innovative business models. 

more accounting arc: 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 |

“i knew i wanted to be a cpa in high school,” baker says. this passion led him to a big eight firm, but it wasn’t long before he began questioning traditional practices like the billable hour. “the billable hour was a lousy customer experience,” he explains. 

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