today's features

five ways smart marketing boosts your firm’s enterprise value

illustration of marketing strategy

it starts with culture.

by august j. aquila

a marketing culture can have a significant impact on an enterprise’s value.

more: marketing’s role in staffing and recruitment | measuring marketing success: the 10 kpis | is pricing a marketing function? | analyze your firm to keep it current | three more strategies for growing your practice | understand the 10 steps of the buying process

here are five ways in which a strong marketing culture can raise to the valuation of your firm.

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eleven things that good mentors do

man and woman talking in office; he is seated in chair, she is sitting on edge of table

plus 14 keys to successful programs.

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

“the delicate balance of mentoring someone is not creating them in your own image but giving them the opportunity to create themselves.” – steven spielberg

the existence of a mentoring program is a statement by the firm that it doesn’t want to leave the retention, development and success of its staff to chance. instead, the firm wants to be proactive about helping staff succeed and grow.

more: give the recognition your staff needs | the importance of great bosses | how remote work is impacting accounting firms | make work flexibility work for everyone | why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

a mentor is a neutral sounding board for the staff person. ideally, a mentor should not be a staff person’s supervisor on work projects. at smaller firms, this may not be feasible.

a mentor helps staff navigate office politics and shows them the ropes, helping guide them to their next roles.
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bissett bullet: the water law

today’s bissett bullet: “imagine holding a glass of water at arm’s length, shoulder height. that glass doesn’t weigh too much but over time, it will feel heavy and harder to hold up. without help and support, your arm will become tired and start to drop.”

by martin bissett

if the water represents the issues that a business owner is dealing with day in, day out, then we are there to support the arm holding up the glass. you may be the only one to do so; don’t ever underestimate the importance of that.

check in on your clients on a regular basis. by putting that support in place before they drop the glass, we improve their lives.

today’s to-do:

you know the routine, pick up the phone. check in on a client.

see more bissett bullets here

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what’s your firm worth? private equity wants to know

businessman holding box with money flying out of it

the m&a picture has changed.

by 卡塔尔世界杯常规比赛时间 research
rosenberg survey

you probably thought you’d never hear these three words together, but here they are: accounting is hot.

this isn’t to say that cpa practices have six-pack abs and saucy haircuts. they don’t. but as far as markets go, accounting firms are hot items for investors looking to snatch up profitable organizations.

more: the new pipeline: outsourcing and offshoring | is this the last year of accounting’s golden age?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the attraction is the consequence of two years of double-digit growth – the golden age of the accounting industry. revenues jumped in 2022, and then they jumped again in 2023. and 2024 ain’t looking too bad, either.

according to the 2024 rosenberg national survey of cpa firm statistics – the 26th edition of the gold standard analysis of the industry – fee growth in 2023, excluding mergers, ranged from 3.2 percent for firms billing under $2 million, to 11.4 percent for firms with over $20 million in billings.
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when to walk away from a prospective customer

enabling your team to fire clients supports the ethos that your team is your most valuable asset.

by jody padar
radical pricing – by the radical cpa

there are few ways to sink an accounting firm faster than winning bad clients. they will rob your profitability, steal your sanity and cause havoc among your staff and other client relationships.

more jody padar

the radical cpa

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

 

ask yourself these questions and be prepared to walk away if you don’t get the right answers:

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election tax plans: what cpas need to know | accounting arc

how will proposed tax reforms impact businesses and tax professionals in the 2024 election cycle?

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

the 2024 election is poised to bring significant changes to tax policy, and the accounting profession is bracing for the potential impact.

more accounting arc:  leadership for the future: stakeholders, sustainability, and strategic visionin-person conferences still essential | non-accountants in accounting: a game-changer for the professionrubik yeriazarian: smaller firms offer big opportunities for rapid skill development in forensic accounting | accounting arc | ai will steal your job. and that’s a good thing | accounting arc | the right kind of lazy: innovative approaches to streamlining workflows | accounting arc

as political candidates propose tax reforms, professionals in the field must be prepared to understand and communicate the implications of these changes to their clients.

the latest episode of accounting arc brings to light the challenges and responsibilities that cpas face in navigating the intersection of politics and tax policy.  read more →

are you earning what you deserve?

young woman seated at laptop counting money

plus some predictions about where the job market is headed.

by 卡塔尔世界杯常规比赛时间 research

here’s a statistic you can probably sympathize with. according to new salary data, 99 percent of finance professionals report experiencing some level of burnout in the past year.

research: partners: your middle managers are getting burnout

more: the slow, painful death of the 150-hour rule | partner comp earnings gap: what’s the right spread? | main street accountants see turbulence ahead for small business | partners: your middle managers are getting squeezed | gear up for growth |
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

unless you’re in that other 1 percent, you know how it feels. and who could blame you for feeling that feeling and then looking at your paycheck?

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ten-point checklist for your next business development appointment

young black businessman looking at his reflection

bonus: ten questions to check your comfort level.

by martin bissett
business development on a budget

i’ve been asking you to believe in yourself, to get your potential clients to open up to you, and to demonstrate to them the outcomes that working with you and your firm would create in their personal and professional lives.

more: what rich accountants do | attract clients, don’t sell to them | how to attract clients | four reasons accountants struggle with selling | think of it as service, not selling | eight questions for personal preparation | perception, even your own, is reality | eight questions that target personal accountability | how to prepare for partnership | stop waiting for business to come to you | are you projecting confidence? | five questions to help forecast your firm growth | four key questions about leadership | does client perception match your firm’s reality?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

now here’s a checklist for you to run through before you begin your next business development initiative, and before each new business appointment that you have.
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thomson reuters brings al to audit solutions


auditors can experience increased efficiency, enhanced accuracy and improved transparency.

by rick richardson
technology this week

thomson reuters, a global content and technology company focused on the public accounting profession, launched thomson reuters audit intelligence recently. this suite of ai-powered, data-driven audit solutions is designed to transform audit practices by reducing errors and enhancing confidence while enabling auditors to realize efficiency gains.

more: technology this week with rick richardson

the first tool in the suite, audit intelligence analyze, employs ai and machine learning to enhance audit quality and efficiency simultaneously. the solution focuses on high-risk areas by efficiently segmenting audit testing populations based on risk level and reducing the number of items to be tested. with advanced anomaly detection, analyze integrates directly within existing workflows, identifying unusual items often overlooked by humans and automatically generating all necessary audit documentation.
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i’m just starting out; why join an association?

four businesspeople greeting each other

why would you not?

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

question: i do not belong to the njscpa and see no value in it. what are the benefits if i am a sole practitioner and just starting out?

more: don’t blame the client for your location | realign partners with monthly meetings | hourly billing doesn’t cover the value; now what? | 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 | measure knowledge gaps (then close them)
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: i belong to the aicpa, njscpa and nysscpa, feel strongly about supporting these societies and believe it is a responsibility of professionals to do so.
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are you using the right business model?

own your expertise and price it accordingly – yes, even in audits. 

by alan anderson, cpa
transforming audit for the future

those firms that value the chargeable hour above all risk losing their best team members. the ones who want to think, innovate and come up with creative ideas that add value to the client and the firm will leave.

more: give advice while remaining independent |  stop mixing up your v’s and losing your best people | how to upgrade c and d clients | can a service center model solve audit staffing shortages? | move to advisory and assurance with relevance | use eight audit exit items to deepen client relationships | know your three audit w’s | planning lays the foundation of audit relevance | are you correctly identifying the relevance intersection?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

when audits are billed out on a flat-fee basis, is an hourly rate still relevant? tracking time isn’t a revenue system if it does not impact what the client pays you. the billable hour is nothing more than a cost accounting system. production is what the client pays for, so measuring that, plus instituting measures for accountability, more closely mirrors what brings money in the door.

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