coronavirus

12 signs it’s time to outsource

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four businessmen standing on world mapalso: seven covid-driven client needs.

by hitendra patil
accountaneur: the entrepreneurial accountant

when you are the key person to make things happen at your firm, you want to invest as much time in “business development” (not just marketing and sales) as humanly possible. your firm’s growth will make you feel that producing and delivering your services is an essential core business function for you, but some of it is not.

more: how to create your firm’s cas team | technology and your cas clients | top five cas killers and how to overcome them | 21 ways to adjust your practice in 2021
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freeing up yourself to spend more time focusing on the things that add value to your practice and help set it apart from the competition is the most essential differentiating growth strategy you will ever deploy. the same principle applies to your experienced, talented staff.
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tax & accounting regains 3,800 jobs

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tax prep down, payroll sees big swings.

by beth bellor

some of those heady new highs the accounting profession was seeing a year ago are seeing reversals now. we’re looking squarely at you, covid-19. feel free to move along anytime.

more on jobs: accounting jobs recovery slows | tax & accounting firms rehire two-thirds of pre-covid workforce | tax & accounting firms rehire two-thirds of pre-covid workforce | new job cuts at cpa firms | more jobs trends and staffing
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in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax, and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

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incremental vs. exceptional success

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stylized industrial 3d number 8eight seismic changes have altered the future of accounting firms.

by anthony zecca
leading from the edge

“all organizations are perfectly designed to get the results they are now getting. if we want different results, we must change the way we do things.” – tom northup, author of “five hidden mistakes ceos make”

what a great statement not just about accounting firms, but all organizations – “perfectly designed to get the result they are now getting.” there is another old saying that goes something like this: “if you want different results you have to do things differently.” center leaders hold onto the status quo whereas edge leaders constantly push the envelope of what is possible – pushing to the future edge.

more on edge leadership: assessing your firm | the 4 traits of great cpa leaders | why leaders must ensure clarity | incremental vs. exceptional success | do you lead or just manage? | managing vs. leading | is your leadership team at the edge? | 6 leadership challenges through covid and beyond | edge leaders share 7 strengths | leadership must drive culture | leading from the edge
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leadership is a topic that has been researched, talked about, written about, training sessions built around, and endless models developed – yet it is also one of the most challenging issues in most firms today. over my career, i have worked and consulted with leaders of all shapes and styles and firms that experienced varying degrees of success. based on working with hundreds of companies, my conclusions – and two of the primary reasons that drove me to write my book – are that in many cases, firms are performing below their capabilities and every firm has the potential to reach higher levels of performance if and when leadership moves from the center to the edge. edge leaders want to be at the top of the pack when it comes to all metrics that matter whereas center leaders are content to remain average.
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22 predictions for 2021

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business hand holding hot chart in crystal ballit’s not the time for minding and grinding.

by joseph tarasco

during these unprecedented times, it is difficult to predict the future. thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. this type of planning explores plausible potential business models and implementation processes for impending unknowns.

 

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however, consider the following predictions and trends in your strategic planning for 2021 and beyond:

  1. covid-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.

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will 2021 be your cash-flow year?

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your cas offering must include a cash-flow management component.

by hitendra patil
accountaneur: the entrepreneurial accountant

if 2020 put businesses in financial icu, 2021 will be a year of rehabilitation. before one gets there, the road to recovery is often long and arduous.

more: the technology stack you need for cas | top five cas killers and how to overcome them | 21 ways to adjust your practice in 2021 | how to become an outsourced/virtual cfo | the services that cas clients want | six reasons cas is king
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business owners who are masters of their craft are not necessarily the experts of accounting and financial management. that is your expertise, professional accountants.
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how to prosper in a pandemic

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crisis brings needed change and new opportunity.

by allan koltin

the most significant changes our profession have seen so far are remote workplaces and, not surprisingly, remote client service. i think the dust has settled at this point and firms understand that these are not flavors of the month, but rather permanent changes to the landscape of our profession.

more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | survey: we adapted to remote work … now what?
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it’s fascinating that the covid pandemic was responsible for speeding up what otherwise would have taken 5-10 years into 5-10 weeks.
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how covid rewrites the rules for recruiting

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frank stitely explains how stitely & karstetter cpas competes for top talent.

^ click to play

with richard rothstein

frank stitely, the managing partner of stitely & karstetter, ceo of clarity practice management and a 卡塔尔世界杯常规比赛时间 expert contributor, explains how stitely & karstetter handles staff recruiting in a competitive environment, in this interview with richard rothstein of rothstein consulting for 卡塔尔世界杯常规比赛时间.

^ download and subscribe to the podcast on itunes here

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staffing shortage? look at your business model

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kill the billable hour, embrace remote work, stay flexible, get social, says pasha malik of thyor.


^ click to play

with richard rothstein

twitter and linkedin are the go-to resources for finding new talent at the mclean, va.-based thyor group of companies, founder and ceo pasha malik tells richard rothstein for 卡塔尔世界杯常规比赛时间.

more on the staffing crisis:  the digital toolset for hiring at a small accounting firm  |  learning how to hire amid covid  | how covid rewrites the rules for recruiting | steven braunstein: new covid strategies for staff recruiting and retention | irs has recruiting problems, too | 12 signs it’s time to outsource | how aging boomers impact the accounting profession | why remote workers need retreats | 44 key attributes for assessing staffers | coaching the right way | 20 best practices for staff training and retention | the art and science of hiring: three essentials for the covid age | uncover potential in 10 interview questions | why your firm needs to attract more millenials | why small firms can win the talent wars | the one big reason your hiring sucks | five ways to improve operating margin during covid | getting and keeping the best people | be a talent magnet | who’ll quit next? | why you must constantly push work down |

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but he has much more to say about fixing the accounting business to make it more competitive for attracting the best people. in fact, his group of companies may be a model of the next-generation cpa firm, offering through various entities outsourced cfo services, tax planning, technology consulting, and venture capital advisory services. read more →

remote work success helps solve staffing shortages

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businesswoman relaxing in the office with bare feet up on her desktax reform boosted those ready for consulting.

by carl george

the two most significant changes that i have seen so far are:

  • “covid has forced us to run our businesses better!” with so much being unknown when covid first started, many firms developed plans and forecasts under numerous disaster scenarios. accountability (and in some cases, behavior changes) of each owner was essential and i have seen many firms “pay more attention” to running the business. i believe these changes will become permanent.
  • “we became more comfortable with our technology capabilities and it saved us!”

more: covid-19 shakes up m&a activity | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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the most significant change we will see long-term will be a significant portion of a firm’s practice will be accomplished by a permanent remote work force – at least 25 percent. we have seen that it works, we will continue to refine the model, and firms will be more efficient and profitable once the final model is in place.
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firms face business realities

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pandemic means there’s no room for those who can’t embrace change.

by angie grissom

the working from home mandate has changed the way people think, work and communicate and has accelerated the move by four to five years (at least) over what i think would have happened without the pandemic. this has impacted the adoption of technology (teams, zoom, adobe connect, etc.) and has shown team members what works and what doesn’t work.

more: remote work is more productive | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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people now know how and where they are the most effective. clients are also seeing accounting providers as more essential and more as advisors, especially those dealing with the ppp loans and other programs that assist them with staying afloat during this time.
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5 ways to incentivize growth

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number 5 drawn in sandmake it profitable for your employees to bring in business.

by ty hendrickson

flash back a year ago, pre-pandemic, to yet another after-work networking event that you feel like you have to attend to build your practice. you have some good conversations with people you always see at these events. you have some food and drinks, but you don’t come home with any new real leads. the only thing you get is an extra pound on the scale in the morning and another night away from friends and family. does this sound familiar?

more: five time management tips to survive busy season | sales shouldn’t be scary | 5 ways to rethink the way you communicate | get goal-ready for 2021 | three w’s for networking the right way
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fast forward. many of these events no longer exist … not that you were finding them all that effective anyway. how do you find leads in our current environment?
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covid-19 brings high-net-worth opportunities

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you (and only you) are in charge of your success.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

we have presented the following equation:

conviction + process + expertise + the covid-19 crisis =

$5 million high-net-worth practice built quickly

more: working with the super-rich and single-family offices | the power of stress testing | guiding clients through covid | maximize referrals from wealthy clients | building a high-net-worth practice during covid-19 | setting financial and practice goals during covid-19
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so, let us review. working backward …
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