today's features

seven changes ai brings to accounting

look at the future that lies beyond the hype.

by hitendra patil
rise of the aiccountants

accounting, as it existed until now, is ripe for a makeover.

more: humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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this is not a doomsday prediction for the accounting profession. on the contrary, it is just a confirmation of the golden era of accounting that is about to come.

and artificial intelligence will be the driver leading the metamorphosis.
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eighteen things advertising can do for your firm

and five things it can’t, no matter how good it is.

by bruce marcus
professional services marketing 3.0

editor’s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert’s evergreen work, which retains wisdom for the present.

advertising, in professional services, has a strange history. more words, and more dollars, have been wasted on it, and less seems to have been learned from its mistakes than from any other marketing tool we currently use.

more: how hard do you work to keep your clients? | four things to know about social media | internal communications are underrated | four things better than a company song | let’s lose the word ‘image’ | the risk in not understanding risk | what your marketing program can and can’t do | nine reasons that prospects say yes | how marketing evolved to 3.0
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in the early days – the few years post-bates (1977) – advertising was still anathema to law and accounting firms. arthur young was probably the first to do it after bates, which was an exercise in courage (i was there – i remember) and then came deloitte’s “beyond the bottom line” campaign. the more likely scenario at the time was typified by the then-managing partner of price waterhouse, who said about advertising, “over my dead body.” now law and accounting firms, including its successor firm, pwc, spend millions. marketing for professionals, as we know it today, didn’t come easy. i’m not so sure it’s much easier today. certainly, getting it right in advertising is no slam dunk.
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ten irs problems that need solutions

unhappy man waiting on phone in office

how good is better than terrible?

by 卡塔尔世界杯常规比赛时间 research

every year, america’s national taxpayer advocate – in recent years it’s been erin m. collins – presents an annual report to congress. the report identifies successes and failures of and recommendations for the internal revenue service.

more: treasury ig sees progress at irs | vcs plunk $60 million into ai-powered ‘autonomous’ tax prep | tax pros are expanding and earning more | with fresh funding, irs shows service improvements | how tax practitioners became cybersecurity risks | top tax vendors caught red-handed selling private taxpayer data
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this year’s report praises the irs for its progress since the worst of the covid-19 pandemic, but it finds plenty of room for improvement.

“the year 2023 was one of extraordinary transition for the irs and therefore for taxpayers,” collins writes. “despair has turned to cautious optimism.”
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five ways to separate accounting winners from losers

two women looking at laptop screen

how many of these are you expert in?

by marc rosenberg
the rosenberg practice management library

if cpa firms did everything “right,” they could easily double or triple their income. doing things right includes effectively bringing in clients, charging high billing rates, maintaining strong realization, high leverage of staff to partners and keeping expenses down. it’s the rare firm that does well in all of these categories.

more: two factors determine firm profitability | don’t make firm profitability a goal | top 20 tough choices for the partner comp committee |tell potentials what partnership takes | disturb the present to improve the future
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the path to profitability is different for every firm. but the truly profitable firms are successful at achieving one or more of the following:
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three money leaks and how to plug them

money coming out of sink faucet and going down drain

also: the biggest myth on the planet.

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

everyone is looking on the income statement to find places to cut their business expenses. but the best place to look is not on a report.

more: seven steps to keeping your clients forever | ten ways to make your business irresistible | five ways to target the low-hanging fruit | 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 | another year, another chance
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it’s in the habits, processes and procedures that you and your team do through your workday. it’s also in the mindsets, the inner game you bring to your work.

here are my top three money leak sources for you to look at and see what you can find:
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bissett bullet: the next level of advisory

today’s bissett bullet: “if advisory stage one is client care then advisory stage two is simply about providing the basics. by doing so, you help your clients to take control of their current situation and their future – today!”

by martin bissett

advisory is about helping your client to provide for both worst-case and best-case scenarios with the knowledge, skills and experience that you have. support them with budgeting, tax planning, financial forecasting, management reporting and so on.

remember to charge them appropriately for your advice, knowledge and skills.

today’s to-do:

are you supporting all of your clients in this way? who among them presents an opportunity for fee growth? arrange a meeting with them.

see more bissett bullets here

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firms offer advice about cas

man with six arms handling various aspects of business

can’t find staff? focus on technology … and other suggestions.

by 卡塔尔世界杯常规比赛时间 research

client accounting services is a bold, new world in the accounting industry, so no surprise we’re getting a lot of good advice from the 卡塔尔世界杯常规比赛时间 outlook 2024: emerging issues, opportunities, and trends survey.

more cas survey: ten+ ways firms prefer (and prefer not) to market cas | survey: the cas pricing problem | cas challenge: no staff, no services | cas ‘one-stop shop’ means steady clientele | accountants cozy up to clients with cas
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if 59 percent of firms are offering some form of cas, that means 41 percent aren’t even though most (but not all) the 59 percent are saying go for it … but be careful.

asap… but

while one respondent says, “dive in, there is plenty of need out there,” and another just says, “do it asap,” most others recommend some forethought and planning.
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how to maximize on-site client meetings

plus two traps to avoid.

by penny breslin
it’s not just the numbers

“we can evade reality, but we cannot evade the consequences of evading reality.” – ayn rand

the reality is that the robots and ai are here, and they will eventually take over much – if not all – of the day-to-day work that is typically done by a human interacting with a computer. you may not like it, but you cannot avoid it. so utilize robots to make your life easier.

more: use timesheets for productivity, not billing | best practices for source doc permissions and handling | every back office support client needs a playbookstrengthen client ties with workflow tools | understand your online marketing options | narrow your prospects by choosing a vertical | advisory services done your way | ai is not your enemy
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prepare for your meeting

do your homework before going out to the client’s office. if this is an existing client where you have been doing standard compliance work, review the data in their accounting program and make sure you are working with up-to-date information. if this is a new back office support prospect, ask to review their accounting data before going out to their offices. if they are not open to this, it may require an extra visit. the steps below assume you have either worked on the client’s accounting in some capacity, or you have had the opportunity to review the accounting files.
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mit tests new ingestible vital signs sensor

devices could deliver life-saving information and medicine in the near future.

by rick richardson
technology this week

an ingestible capsule that can track vital signs, including heart rate and breathing patterns, from inside a patient’s digestive system was created by massachusetts institute of technology researchers. the innovative gadget, according to the experts, may also identify respiratory depression symptoms that accompany an opioid overdose. the gadget will be particularly helpful for sleep studies, according to giovanni traverso, an associate professor of mechanical engineering at mit who has been working on creating a variety of ingestible sensors.

more: telehealth advances with ai-powered clinics | windows is now an app for pcs, apple products | bill gates says america has a math problem | what is an heic file? | bill gates behind next-generation nuclear plant | congress: tax prep companies shared private data with google, meta for years | what an a.i.-powered workforce means for accountants
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patients in sleep studies typically need to be connected to multiple sensors and devices. sensors can be wired to a patient’s scalp, temples, chest and lungs in lab settings or at-home research investigations. a patient may also be asked to wear a chest belt, nasal cannula and pulse oximeter that connects to a portable monitor. it’s difficult to try to sleep with all this equipment.

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passed on chatgpt the first time? it’s time to think again.

chatgpt is evolving so fast you’ll need weekly updates.

by sandi leyva

tax and accounting professionals are used to keeping up with new tax laws that arrive rapidly. one thing that’s changed faster than tax law this year is ai, specifically the features of chatgpt.

check out our webinars on chatgpt,
offered as a deep discount bundle or separately.
webinar schedule:
more chaptgpt here

if you decided to use chatgpt a few months ago, this software tool has changed drastically. and the new features are breathtaking.

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is the cpa business model the clog in the pipeline?

older woman showing young woman something on office computer screen

maybe a flip in perception is in order: 150 hours as an investment, not a burden.

by 卡塔尔世界杯常规比赛时间 research

the accounting profession is in trouble. big trouble.

cpa firms experience the problem as a difficulty in finding certified professionals. but the real problem is in the personnel pipeline that feeds the industry, the long, hard, expensive process of becoming a cpa.

more: can big data spot financial fraud? | will unclogging the accounting pro pipeline kill mobility? | accountants bullish on income | which niche’s the best niche? | ethics on sustainability puzzle some accountants | accountants hopeful, concerned and confused about ai | survey respondents see exciting year coming up | the 7 categories of cybersecurity solutions firms need
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to continue the metaphor, it’s also the drain pipe – the increasing flow of professionals out of cpa firms and into retirement. in 2020, 75 percent of cpas became eligible to hang up their green eyeshades and find something else to do, such as get to know their families and experience the pleasures of daylight.
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how a virtual family office can serve your wealthy clients

it comes down to financial security.

by anthony glomski

uberwealthy families like the vanderbilts, morgans and rockefellers realized several centuries ago that managing all of their vast wealth and resources was extremely difficult. sure, they had scores of advisors working exclusively for their families. still, when each of those advisors was toiling away in their silo, there was no coordination of their efforts and lots of waste and inefficiency.

more: there’s more to giving than tax implications | see your client to a graceful exit | check tax effects before liquifying | why you should function as a fiduciary | your entrepreneurs need advice, but which kind?
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so, they established formal office headquarters where all financial experts working on their behalf could meet in one place to make it easier to oversee and coordinate everything important to the extended family – their taxes, asset protection, wealth transfer, and their legacy planning, etc.
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no one listens to you? change how you talk

man intently listening to woman in office

it might be more of a workaround than a solution. but it gets results!

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

question: i notice that most of the time my staff doesn’t listen when i talk. how can i make them listen?

more: free consultation? not always | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
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response: i find this issue very widespread. i believe there is an epidemic of people not listening, not just staff.
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