today's features

misperceptions, corrections, accountancy and lemonade

woman mentoring teen girl

five notions you can help correct.

by 卡塔尔世界杯常规比赛时间 research

the national pipeline advisory group is worried about the pre-professional pipeline that takes in students at one end and, years later, pumps cpas to a business world that desperately needs them.

more: whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | three ways to raise the bar for your business
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and there’s plenty of reason to worry. the number of students majoring in accountancy is in steady decline, dropping from 75,153 diplomas in 2018 to 62,318 in 2022.

the number of candidates for the cpa exam is also dropping. it dipped 6 percent in 2023 after a 7 percent dip the year before.
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accounting arc: top 10 strategies for managing growth

the takeaways crucial to ensuring business sustainability and continuous improvement.

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

when a cpa realizes his business-owner client has never paid sales tax, it can be a jaw-dropping moment.

when they realize the client has owned and operated a successful business for years and is nearing 100 years old, it could cause an aneurysm.

more: accounting arc: exploring ai’s role in modern accounting | accounting arc: unraveling the collapse of silicon valley bank | accounting arc: introducing accounting, reaction, comedy | harper & co. cpas: the perspective of a non-accountant is imperativemenlo innovations: improve office culture by overhauling internal reviews | dustin wheeler: for serious cas success, hire tech teams | chase birky: overcoming paralysis by analysis |

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byron patrick, cpa/citp, cgma, vice president of client success at the b3 method institute, kicks off the fourth episode of accounting arc by explaining how his experience in this real-world example illuminates the often-overlooked complexities of sales tax compliance. patrick recounts how the scenario underscores the necessity of keeping accurate records and the potential disasters of neglect, emphasizing the long-term impact on business operations.

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service quality: the key to client retention

smiling man talking on phone in office

bonus: a list of 10 best practices.

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

in an earlier post, i discussed the cost that firms incur because of poor service. you may recall that the firm in question (a $7 million firm) lost $435,000 because of its poor service quality. once it realized this, it took immediate steps to improve its service quality. here are four things that became more evident to the firm:

more: calculate the cost of losing clients | 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 | why you need progress billing | five tips for cross-selling and upselling | five keys to successful marketing
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  1. the firm realized that when it comes to service quality, there is always room for improvement. the more you give your clients, the more they will expect . don’t get me wrong, there is nothing wrong with this; it’s just a fact of life. the firm started to benchmark the best practices in service quality. a list of the best practices they identified is included at the end of this post.

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bissett bullet: what is your forecast?

today’s bissett bullet: “what if i told you that if you boil it all down, marketing is nothing more than forecasting?”

by martin bissett

imagine you have a vertical and horizontal axis labeled probability and consistency.

if you decide to engage in a marketing activity that has a high probability of success, but your efforts are inconsistent, you’ll see a rollercoaster effect.

if you engage in more general activity with a lower probability of success with inconsistent effort, you’ve guessed it, you’ll see little to no results.

that same general form of marketing activity, executed consistently and frequently, by the sheer law of averages will generate a trickle of inquiries.

high consistency and high-probability marketing will bring an influx of new inquiries that can become fee-paying clients for your firm.

today’s to-do:

plot your current marketing activity. what is the highest probability method for your firm that you can commit to carrying out the most consistently?

see more bissett bullets here

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whole person retention: when it’s not just the money

bar chart

thirty-eight ways to retain personnel.

by 卡塔尔世界杯常规比赛时间 research

a survey conducted by the pennsylvania institute of cpas has come up with some disturbing data.

the survey report almost seems to spin bad news into good. when cpas in pennsylvania who have three to 10 years of experience were asked how strong is their desire to stay in public accounting, 56.7 percent rated their desire at five (out of seven) or higher.

more: global trends show many dissatisfied cpas | more big firms shut their doors to new college grads | seven enticements to keep talent on board | employee retention is easier than attraction | let interns fix the staffing shortage? | disruptors: talent crisis? what talent crisis? | 3 ways to raise the bar for your business | accountants’ advice: be careful, quick, creative … and lean | seven steps to a stronger future
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is that good news or bad? if about half of cpas are reasonably happy with their jobs … what about the other half?
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how value pricing impacts your employees

would your employees prefer to be valued for their knowledge and experience or for the time spent on a project?

by jody padar
radical pricing – by the radical cpa

do you think any of your staff studied accounting in college so that they could punch a time clock for the rest of their life? they value being professionals as much as you do. more than likely, they enjoy being valued for their knowledge and experience.

more: what are you selling?three critical factors drive the value pricing trendaccounting disruptors are heading your way … with deep pockets | the convergence of trends makes pricing changes imperative | stop looking for talent that does not exist | advisory work must be priced by value, not hours
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given the choice between being valued for their time or valued for their professional accomplishments, which do you think they’d prefer? valued employees are happy employees!

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eleven ways new staffers can help bring in business

confident businesswoman handing man a business card in networking session

look for additional service areas as well.

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

question: as a young staff accountant, how can i bring in new business and clients?

more: should you merge? here’s how to chart your path | hold staff accountable if you want them to listen to you | how to raise your rates | higher fees to start: ten ways to make your tax season better | three ways to start an accounting practice | free consultation? not always | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
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response: you shouldn’t be as concerned about bringing in business as you should be about planting seeds to be able to bring in business in the future.

eleven points worth considering:
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steve yoss, quick tech talk: data integrity in a digital world

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quick tech talk
with steve yoss
cpe today

today, most companies leverage six to 12 main systems inside their companies, including operations such as accounting, inventory, hr, payroll, and more. that’s why it’s critical to have a digital source of truth or a central system that can be trusted to deliver accurate information

click here for more steve yoss

setting up your system correctly from the start is critical. most enterprise deployments fail 40% of the time, which is an incredible amount. ultimately, it comes from a lack of understanding of what an organization is trying to do, that problem that they’re trying to solve, and not properly setting up their systems and building them out effectively. don’t fall into that trap. by building good systems, you’re building good information, and you’re building integrity in your company.

 

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disruptors: dawn brolin says grow your firm by shrinking it

make life at work better for yourself, your team, and your clients.

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the disruptors
with liz farr

dawn brolin, cpa, cfe, intentionally shrank her firm, powerful accounting, from 11 to three team members, the opposite of the way most firms grow. she also drastically cut her client list, while nearly tripling her fees from a select group of just 19 clients.

i decided i wanted to change my life,” brolin says. “i want to change my staff’s life. and i want to change the way my clients work with me where they weren’t worried about getting a bill because they called me and asked me a question.”  

more podcasts and videos: jason blumer & julie shipp: move leaders out of client service | james graham: drop the billable hour and you’ll bill morekaren reyburn: fix your marketing and fix your business | giles pearson: fix the staffing crisis by swapping experience for education | jina etienne: practice fearless inclusionbill penczak: stop forcing smart people to do stupid worksandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow |

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part of that change in dawn’s life was her passion for coaching college softball, where she serves as the team’s designated motivator. because softball season overlaps with tax season, she leaves the office at 2 pm, five days a week. no one in her firm works more than 35 hours a week.  

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six essential elements in audit planning

proper planning means your audit can provide much more than a client’s insurance.

by alan anderson, cpa
transforming audit for the future

for more than a decade, i’ve been teaching firms around the country how to plan their audits so that relevance, businessmindedness and quality are built in from the beginning, not bolted on at the end. as i mentioned before, many firms rely on standard planning checklists, which result in, at best, a superficial understanding of the client.

more: planning lays the foundation of audit relevance | 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
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here are the essential elements for adding relevance in the planning stage:

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ai-engineered enzyme could be solution to plastic pollution

when present in sufficient amounts, the enzyme can cleanse waste facilities, landfills and other locations adversely affected by plastic pollution.

by rick richardson
technology this week

the globe is grappling with a massive plastic pollution catastrophe. the university of texas at austin has discovered an enzyme that consumes plastic, which could be a crucial breakthrough in combating the issue.

according to research, the amount of plastic produced worldwide has doubled in the past 20 years. much of it is burned, dumped in landfills or released into the environment, particularly the oceans.

more: german researchers develop ev motor with no rare-earth magnetseducators can benefit from new generative ai courseai named the highest-paying in-demand tech skill for 2024 | ai generates revolutionary new battery design | breakthrough implant uses excess blood sugar to generate electricity | nuclear battery could keep your future phone running for 50 years | mit tests new ingestible vital signs sensor | study: solar will lead global energy by 2050 | new tech could let evs go 3,000 miles on a single charge | ai + mri = diseases that doctors might miss | your boarding pass could onboard hackers | the first police officer on the scene might be a drone
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only 9 percent of plastic is successfully recycled, while 22 percent of plastic is mishandled, according to the organization for economic co-operation and development’s (oecd) global plastics outlook report. teams of scientists and researchers are constantly dedicating time and resources to devising novel solutions to the expanding issue of plastic pollution worldwide. plastic is not naturally biodegradable.

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global trends show many dissatisfied cpas

unhappy man moping in front of screen

do talent stats bode well for your firm?

by 卡塔尔世界杯常规比赛时间 research

accountants are unsettled. some are even afraid. so says the report global talent trends 2024, issued by the acca (association of chartered certified accountants, a globally recognized professional accounting body), based on data from 9,889 finance professionals in 157 countries.

more: more big firms shut their doors to new college grads | seven enticements to keep talent on board | disruptors: talent crisis? what talent crisis? | seven steps to a stronger future | compensation’s up, but up enough to retain staff? | cpas needed to help small biz adopt ai | survey shows that tech remains the great divide | will unclogging the accounting pro pipeline kill mobility? | accountants bullish on income

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the statistics depict an industry sector on the move and ready to move. only 57 percent of respondents across the industry, which includes a broad spectrum from academia to large corporation to accounting firms large and small, are working full-time in an office. but only 8 percent are full-time remote.

and wherever they are, a lot of them aren’t very happy.
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accounting arc: exploring ai’s role in modern accounting

stringent ethical oversight and proactive regulation are needed as ai becomes more integrated into daily life.

accounting arc 
with donny shimamoto and liz mason
center for accounting transformation

in the latest episode of the accounting arc podcast, hosts liz mason, cpa, and donny shimamoto, cpa/citp, cgma, explore the evolving role of artificial intelligence (ai) in the accounting profession, focusing on both its transformative potential and the ethical challenges it presents.

more: accounting arc: unraveling the collapse of silicon valley bank | accounting arc: introducing accounting, reaction, comedy | harper & co. cpas: the perspective of a non-accountant is imperativemenlo innovations: improve office culture by overhauling internal reviews | dustin wheeler: for serious cas success, hire tech teams | chase birky: overcoming paralysis by analysis |

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their conversation sheds light on the history of ai in accounting, the distinction between different types of ai, and the implications for professional ethics and regulatory standards.

“generative ai is different than machine learning, but machine learning has been in the accounting space for a long time,” says mason, the ceo and founder of high rock accounting. “our code of ethics should be considered at every point in time, and we need to understand the tech, review it, and manage it appropriately, making sure that we’re ahead of the regulatory environment and we’re advising on what it looks like for the future of our profession.”

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