today's features
audit & assurance

can big data spot financial fraud?

woman leaning toward desktop computer screen

google searches give auditors a glimpse of true sales.

by 卡塔尔世界杯常规比赛时间 research

google trends is a free service at the world’s most widely used search engine. in an instant, users can see how often a keyword has been the target of a search.

more: will unclogging the accounting pro pipeline kill mobility? | accountants cozy up to clients with cas | cpas culling clients for better work-life balance | women-owned businesses upbeat but need help | accountants to the rescue as startups struggle | looking for recent grads? good luck
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when that keyword is a product, the searches tend to reveal something about sales.

and that should be of interest to auditors.
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pro member exclusive

humans beat ai in some aspects

… but not all. what that means for the profession.

by hitendra patil
rise of the aiccountants

a research study by the american accounting association evaluated the performance of chatgpt on accounting-specific content.

more: why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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the study was conducted by a team of 327 coauthors from 186 educational institutions worldwide, who entered 25,817 assessment questions and evaluated the accuracy of chatgpt’s responses.
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marketing & sales

three types of marketing message, and which is best

woman stands facing three open doors

what are you trying to accomplish?

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

there is no silver bullet when it comes to marketing. that does not mean that having a focused marketing plan is not of critical importance to the success of your consulting practice. at last count, there were more than 15 different marketing tools that you can use to support your sales efforts, to generate leads and to get prospects to select your firm.

more: six ways to market your technology consulting practice | five reasons to implement change orders | make your practice better | eleven marketing strategies for smaller firms | five questions for developing your marketing plan | you only have four strategies | the damage that traditional fee methods do
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the first question that comes to mind is, “which of the marketing tools should my firm use?” only you can answer that question, but here are some other things to consider in reaching your decision:
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pricing, fees & billing rates

two factors determine firm profitability

magnifying glass showing bar charts

you’d think accountants could agree on a common definition. nope.

by marc rosenberg
the rosenberg practice management library

if you asked the president of a fortune 500 company or the owner of a restaurant to define profitability, they would be able to give a quick, definitive answer. not so with cpas.

surely, you’ve heard the story, perhaps apocryphal, of the company that was interviewing for a new cpa firm. only one question was asked of each candidate: “how much is two plus two?” the firm that won the bid gave the answer, “how much would you like it to be?”

more: don’t make firm profitability a goal | core values: why your firm needs them | voting on ownership basis? three better methods | fifteen big questions for your next strategy session
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the same can be true of cpa firm profitability. how do we measure it? you would think that the uncontested champions of measuring financial data, cpas, would have this down to a science. but such is not the case.
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client accounting services

ten+ ways firms prefer (and prefer not) to market cas

bar chart

one point of concern: who’s doing the marketing?

by 卡塔尔世界杯常规比赛时间 research

the 卡塔尔世界杯常规比赛时间 outlook 2024: opportunities, emerging issues and trends survey is bringing to light an array of marketing strategies that cpa firms are using to promote their client accounting services.

more cas survey: 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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nine strategies are mentioned by at least a few of the early survey respondents.
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marketing & sales

seven steps to keeping your clients forever

two businessmen shaking hands at a restaurant table

bonus: you’ll probably see more revenue from them, too.

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

it’s far less expensive to keep your existing clients happy than it is to find new clients, especially since the trust factor between people is at an all-time low.

more: ten ways to make your business irresistible | eleven ways to serve clients even better | eight ways to build busy-season stamina | make your prospect kit stand out | six ways to beat the competition | grow your revenue with three marketing strategies | what can chatgpt do for accounting professionals?
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so you might want to think about redirecting a portion of your marketing attention on your existing client base instead of networking for new clients.

i’ve met a lot of business owners who have trouble getting their employees to sell while they’re on-site, and i’ve also heard from some customers who’ve remarked that their vendors don’t stay in touch with them. so here are some tips to mine the pot of gold that lies right before you: your current clients who already trust you and are eager to hear about new solutions that will ease their pain and problems.
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2022年世界杯抽签

bissett bullet: ask for the business

today’s bissett bullet: “some accounting firms like to do as much as they can to win a prospect’s business except actually asking for it. what else are you meeting with them for?”

by martin bissett

it never ceases to amaze me how much work an accounting firm will put into winning a client and yet not have the guts or fortitude to actually ask for the business when the time comes. what other reason was there for the two of you meeting all this time? there was only one commercial imperative. shall we work together or not? the superior accounting firm does not struggle in asking for business.

today’s to-do:

today, practice a phrase that you feel comfortable with using at the conclusion of a conversation with a prospective client. this could be, “so on that basis, can we now proceed?” or it could be, “so can we schedule a date for the first meeting?” or any other of your choosing, whatever is comfortable for you, but make sure you use it.

see more bissett bullets here

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client service opportunities

help your tax clients, help yourself

beware the opportunity graveyard.

by ed mendlowitz
tax season opportunity guide

many opportunities only come along once. the way to be successful is to not let them pass by without acting on them or taking advantage of them.

more on tax season: what’s your value to your tax clients? | are you excited about tax season?
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spotting opportunities is quite easy if you are looking for them – and extremely difficult if you don’t have a clue of client needs or wants.
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advisory & consulting

how to leverage chatgpt in advisory work

learn the language of commands and prompts. and check the math.

by sandi leyva

the generative ai model chatgpt, developed by openai, has been out for over a year. yet, roughly half of the accounting professionals taking my chatgpt webinars haven’t found the time to try it out yet. in this article, i want to give you a sneak peek into just one of the many tasks chatgpt can perform for you to shorten your day potentially.

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

let’s say you have a client with some advisory questions. they want to know the answers to the following four questions based on sales data for a particular period:

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growth strategies

don’t let recurring fees kill your practice

businessman sleeping with a giant dollar bill for a blanketthere’s comfort and then there’s complacency.

by martin bissett
business development on a budget

as you know, the traditional accounting firm model is firmly based on the reality of recurring fees that come in from clients every year. we can rely on these and forecast accurately how much revenue they bring in – which hopefully covers overheads and direct expenses of the business.

more: who are you more committed to, your firm or your clients? | 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 | five questions for measuring partner potential | five ways to rally your firm to its culture | when would-be partners aren’t candidates | make your expertise a new-client magnet | don’t think of it as selling
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this is a good thing, right? well, maybe not as much as you think.
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pro member exclusive

telehealth advances with ai-powered clinics

patients can perform their own tests, draw their own blood, and more.

by rick richardson
technology this week

soon, you will find at a nearby mall, fitness center or office building an artificial intelligence-powered standalone doctor’s office where you, the patient, take your vital signs and draw your blood.

more: windows is now an app for iphones, ipads, macs, and pcs | study: solar will lead global energy by 2050 | fcc approves superfast wi-fi tethering | bill gates behind next-generation nuclear plant | your boarding pass could onboard hackers | generative ai coming to microsoft 365 | electronic skin that can sense touch will transform robotics | chatgpt passes cpa exam on second try | stanford scientists 3d-print heart tissue | four of today’s new technologies that will be tomorrow’s ‘norm’ | cyber insurance costs rise in health care as attacks soar | phishing attack hackers have a new trick
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several tech-driven initiatives, such as telehealth and concierge medicine, are upending the typical yearly physical. around the nation, a business called forward is setting up carepods, hoping people will routinely visit them for specific issues and preventative care.

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advisory & consulting

free consultation? not always

three people talking around a table

don’t give it away too easily.

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

question: i was wondering what your thought is regarding initial consultation fees. currently, i do not charge a fee for an initial consultation, and it seems that most cpas do not charge either (at least not the sole practitioners that i know).

more: measure knowledge gaps (then close them) | 47 types of business valuation to provide | thirteen things to consider before you sell your practice | uncooperative partner might not be the problem | merge in lower-priced work without losing out
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would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? if a fee is charged, then how much, and how long should the consultation last? should the fee be applied to any work that i am eventually engaged for?
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pro member exclusive

there’s more to giving than tax implications

what is most important to your client?

by anthony glomski

a growing number of successful people like your clients want to have a major positive impact in their communities and on the world at large. facilitating and increasing the effectiveness of charitable intent is very important to a burgeoning segment of high-net-worth investors.

more: see your client to a graceful exit | is your client’s wealth truly protected? | control the level of risk | how to flip the switch to wealth preservation | three ways to work together on wealth | five challenges of liquidating a business
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this area of advanced planning is all about helping your client fulfill their philanthropic goals – and maximizing the effectiveness of any charitable intent they may have. it’s very important to learn and use strategies that enable your client to give larger amounts than they would have been able to give otherwise.
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