coronavirus

a rapidly changing business environment requires flexibility

by

notepad with word "hire" crossed out and "outsource" written in underneaththis includes outsourcing.

by steven e. sacks
the new fundamentals

one of the revelations arising from the great recession was that cpa firms found they could do more with less human resources, or at least maintain the same level of productivity. we are now operating in what is referred to as the gig economy, in which important functions can be outsourced and firms and companies can still focus on core competencies that impact growth and profitability.

more: organizational change starts and ends with people | swot’s the purpose? | is your firm’s culture a magnet or a repellent? | building teamwork under covid pressure | make your writing count
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

because it is increasingly challenging to maintain high standards in all functions while still focusing on core competencies that drive growth, seeking outside help is becoming an attractive option. so, when should you outsource services?
read more →

remote work is more productive

by

young businessman punching and breaking clock with fistan unexpected pandemic benefit.

by chris frederiksen

after distancing (a.d.), senior people want to work at home all the time. younger staff members want to work in the office all the time. so, what is the new normal?

more: 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the most likely is a hybrid model, where people work at home most of the time but come to the office one to two days a week for meetings and team projects – with appropriate masking and social distancing. in 2020, many firms are more profitable than in 2019 because they cut costs and raised productivity.
read more →

advisory services: real commitment or just talk?

by

overhead view of two businessmen meeting in lobbyhow your answer affects growth.

by sarah dobek

the unfolding events of 2020 will continue to be the tailwind of change for the profession.

the most significant and obvious change is the forced adoption of remote/flexible work. so many firms were convinced that remote work just wasn’t feasible. the pandemic has proven otherwise.

more: 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

yes, for some firms, it’s not working well. but on closer inspection, these challenges are actually bringing to light systemic management and operational issues. from today’s vantage point, long- term operational change is inevitable as firms evaluate more permanent work-from-home scenarios in both the long and short term.
read more →

covid-19 shakes up m&a activity

by

arrow rising above ever larger blocks in businessman's hand, indicating growthwant to grow? make sure your tech stack can keep up.

by terry putney

we are in a fluid environment as firms adapt and learn more about what to expect. i think earlier this year there was hope that we would emerge from this economic environment by the end of 2020. it looks now like this could definitely have an impact through 2021.

more: 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it is a mixed bag so far for m&a. some firms have pulled back and i suspect that is because, although this may not make sense logically, it may be hard to internally sell buying a firm and hiring more staff when the firm is laying off people and cutting back on partner draws. however, we are also seeing very motivated buyers and sellers because of the opportunities that appear to be available. one thing that can’t be avoided is the difficulty of negotiating and evaluating targets when you can’t meet face to face regularly.
read more →

working with the super-rich and single-family offices

by

//www.g005e.com/?p=77973covid-19 means referrals are your best way in.

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

client-focused business development is fundamental. the everyone wins process is effective at every level of wealth. as we said, the everyone wins process is not only business-enhancing, it’s life-enhancing. so, if you are interested in working with the super-rich and with single-family offices, mastering the everyone wins process will serve you well.

more: the power of stress testing | product-neutral or product-inclusive? | help your referral sources become thought leaders | what the wealthy want | the essential process for building a high-net-worth practice | 4 components of a high-net-worth practice | the coming boom in tax services for the super-rich
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

on the other hand, you will need to make modifications to how you operate, including what you can deliver to these cohorts when it comes to your high-net-worth practice. an obvious example is that a single-family office will turn to you for all that most high-net-worth practices can deliver. this is extremely rare.
read more →

i started a consulting practice the first week of march

by

five reasons it succeeded (so far) despite the pandemic

by bill penczak

everyone is no doubt glad the dumpster fire of 2020 has finally ended and that we have a new year to celebrate.   the accounting industry has endured layoffs, pay cuts, further consolidation, and firms continue to seek ways to remain relevant as compliance services become more commoditized and margins continue to diminish.  after contemplating the move for the greater part of 2019, in january 2020 i formed my articles of incorporation;  in february set up my website;  and in the first week of march, left my job running practice development for a firm that had been named the 5th fastest growing firm in the country the previous year to start my own consulting firm.

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | the three r’s for beating the corona crisis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

two weeks later, everything shut down and i thought i’d made the worst decision in my 40-year career.  it turned out to be the best.

fast forward to year’s end, and i have four retainer clients, did a few projects for other clients, and have a healthy pipeline of other prospects. my business associates and advisors continually remind me that my role of helping firms create a sustainable process for growth and margin management became even more important during difficult times.  in better economies, companies want to grow more.  in tough economies, they must.

as i reflect on the past year, there are five reasons my consulting practice thrived despite a terrible economy, shutdowns, and the other things that made 2020 a year to forget, but at the same time, to cherish.  and perhaps lessons learned from which your firm may be able to benefit. read more →

21 ways to adjust your practice in 2021

by

calendar pages turning2020 is over. now what?

by hitendra patil
the definitive success guide to client accounting services

did you feel the distinct feeling of one year ending and the next year starting? not from the calendar change point of view, but that psychological feeling that you generally get when a year is over? if not, don’t worry; you may not be alone.

more: how to communicate the value of cas | how to become an outsourced/virtual cfo | the services that cas clients want | six reasons cas is king | how to develop the cas mindset
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it is natural to feel that the 2020 experience will continue, at least for some time in 2021. it is not unusual if you feel uncertain for now. it is okay to think that you cannot estimate when things will start turning around for the better.
read more →

2021: you’ll never see ‘normal’ again

by

businessman putting a card with text "don't resist change, embrace it" in suit pocketfirms must continually adapt to new developments even as old issues linger.

by dan hood,
accounting today

the successful shift to remote work is probably the biggest change in 2020, and firms have a right to be pleased with how well they accomplished that, and with how well they’ve handled all the other challenges and changes that came along with the pandemic. the question is whether they’re prepared to continue to adapt.

more: survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

lots of firms (and lots of people in general) are assuming that this will all be over at some point, and we’ll go back to something we call “normal.” but the likelihood is that we won’t return to that “normal” – instead, we’ll move on to some other new state, and then we’ll move on again, and again.
read more →

survey: 60% say work-from-home may be permanent

by

data chartonly 21 percent plan to shrink their space; cybersecurity less of a concern now.

by 卡塔尔世界杯常规比赛时间

although covid-19 has hit most business sectors hard, executives have come to recognize the productivity of employees following a work-from-home (wfh) model … so much so that they’re largely willing to continue allowing remote work even after widespread adoption of a coronavirus vaccine.

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

these are two of the key findings from eisneramper llp’s executive survey, which gauged the outlook of 273 business owners, c-suiters, family office executives and high-net-worth individuals who attended eisneramper’s virtual national business summit on dec. 2.
read more →

the art and science of hiring: three essentials for the covid age

by

after covid, recruiting may never be the same, according to bill carroll, hoops hr ceo.

^ click to play the video

with matt solomon

bill carroll, ceo of hoops hr, reveals the three keys to smart hiring for accounting firms, in this conversation with matt solomon.

“we look at retention in really three key areas,” carroll says. “it’s security for that person. a lot of that has to do with income, but a lot of that has to do with how they’re treated internally as a person. how does the organization engage in conflict? how do they solve a conflict? is there ultimately a resolution? there’s a security aspect to that, and pay is just a portion of that.”

“care is another,” carroll adds. “security plus care. we look at care as benefits packages or access to benefit packages. then there’s retirement and perks, which should really be aligned with your core values.”

the third element is appreciation. “appreciation will ultimately lead to retention. we all know that experiences drive beliefs, beliefs drive behaviors, and behaviors drive results.”

 

^ download and subscribe to the podcast on itunes here

transcript read more →

uncover potential in 10 interview questions

by

make remote hiring easier.

by jody grunden
building the virtual cfo firm in the cloud

before our firm became a distributed company with a remote workforce, our hiring was naturally limited to a small geographical location – fort wayne, indiana.

more: what running a virtual cpa firm really costs | learning to love video calls | be more effective remotely with disc | protect client files from cyberthreats | get ready to launch virtual cfo services | riches in niches | marketing is about thought leadership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when we really started to grow, we knew we needed to bring in more senior-level accountants to be able to handle the clients we were bringing in at such a rapid pace.

read more →

survey: a glint of optimism for 2021

by

accountants expect to out-perform their clients. is that a good thing?

by 卡塔尔世界杯常规比赛时间 research

patrick mcdermott, of mcdermott & apkarian in orcutt, calif.
patrick mcdermott: fine-tuning the work-from-home model.

a certain tiny germ whose name we need not mention is making life tough for a lot of people and businesses. accountants are no exception.

the 卡塔尔世界杯常规比赛时间 business barometer is turning up a few cases of covid-19 that shut down cpa offices at the height of the season. and even where the infection hasn’t managed to muscle its way into the office, firms are taking draconian measures to keep operations up and running.

more in surveys & research: accountants say: brace for a dismal 2021 | ppp client fraud: how much risk is too much? | ppp traps: 1 in 5 accountants report shady dealings | cloudy forecasts call for rainmaking

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

the busy season barometer is finding cpas cautiously optimistic about their own futures. only one percent think the next 12 months will shape up “much worse” for their firms and families. some 15 percent think their firms will do “somewhat worse.” twelve percent are similarly concerned for their families. about half foresee no change. about a third actually think their economic situation might improve.

but accountants turn quite a bit more pessimistic when they look a little farther from home. while only 16 percent think their firms will do worse over the next year, 36 percent think their clients will do worse.

uh-oh! can cpa firms do better if their clients are doing worse?

read more →