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what to start doing today to be fully prepared for next tax season… and beyond.
hosted by seth fineberg, accountantsforward
with guests chad davis, kellie parks, and kenji kuramoto
get seth fineberg’s analysis and commentary here
we need the machines to do as much of this as we can.
the disruptors
with liz farr
when scott scarano lost a few good people at his firm, he had an epiphany that he needed to change things. instead of continuing to grow for the sake of growth, he overhauled his management approach.
more podcasts and videos: peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go | accounting nerds, unlock your super powers | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson
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“and things are better now at the firm, because we’re not focused on growth,” but instead on “growing everybody,” including himself, scarano said. by building better habits and finding better ways to do things, his team is growing its bottom line, and a few of the people who left earlier have now returned. “that’s the growth i like to see.” read more →
ignore the coming tsunami of change at your own peril.
by alan anderson, cpa
transforming audit for the future
instant download:
“the new manifesto for accountants.“
the other day, i picked up a college textbook on auditing from 2001.
more: the disruptors: re-inventing accounting with tyler anderson | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
even back then, that book listed these as “critical forces on the profession:”
in the 20-plus years since that book was published, not much has changed. today many of the college students who learned auditing from that textbook are in leadership positions at audit firms. they were warned about what we were up against.
that we are still facing those same “critical forces,” which have only exacerbated since then, is an indicator of the ossified state of leadership in the audit profession.
clients still need context, and that comes from you.
by penny breslin
it’s not just the numbers
in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”
more: put back office support into action | make cybersecurity a client service option | start every engagement with an sla | get the most out of your client meeting | why you need standard naming conventions | how to develop internal procedures | proper workflow demands consistency
the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.
read more →
its average score was 85.1.
by rick richardson
technology this week
an improved and better-trained version of chatgpt took a simulated cpa test after an earlier failure and passed, similar to the roughly half of human applicants who fail on their first attempt. but does this trial suggest that chatgpt will soon compete for accounting positions?
more: smartwatch saves two lives | first e-road charges electric vehicles as they drive | stanford scientists 3d-print heart tissue | chatgpt unlikely to replace accountants | cancer vaccine available by 2030? | four of today’s new technologies that will be tomorrow’s ‘norm’ | chatgpt spurs competition in different ways | chatgpt: what it is. why you need to know.
“this calls into question the ‘competitive advantage’ of the human accountant relative to the machine. to our knowledge, for the first time, ai has performed as well as most human accountants on a real-world accounting task. this raises important questions of how machines and accountants will work together in the future,” the study’s authors said.
read more →
bonus: seven systems to allocate income … and who uses them.
by marc rosenberg
how to bring in new partners
it would take a book much longer than this post to properly explain the finer points of partner compensation, especially how each of the major compensation systems works. oh, did i forget? we wrote such a book, “cpa firm partner compensation: the art and science.”
more: fifteen steps to new partner buy-in | what buying in actually means | how partner and staff actions impact profits | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner | sixteen duties of a partner | five people to keep out of partnership
best practices and key concepts
as is the case with all of my lists, no one firm incorporates all of these practices in its partner compensation policy. but i have observed all of the practices below in one or more of the best firms i’ve worked with over 20 years.
payroll services up over 7 percent.
by beth bellor
卡塔尔世界杯常规比赛时间 research
employment in the accounting profession continues to climb, according to the most recent federal jobs data. new highs were set in
total nonfarm payroll employment rose by 339,000 in may, with the unemployment rate ticking up by 0.3 percentage point to 3.7 percent. the professional and business services sector added 64,000 jobs, similar to april.
read more →
opportunity or threat? it depends.
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private equity takeovers of accounting firms are changing the rules for the cpa business, impacting succession plans, shifting talent strategies, and reshaping the competition, according to robert fligel, ceo and founder of rf resources, one of the nation’s leading advisors.
more: dustin verity: keep an open mind and constantly learn | secret to success? a growth and abundance mindset | o.d. lanier: stepping into advisory | from tax to transformation | early adopters gain an edge in audit | why the future is in risk advisory | four strategies for a future ready firm clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more
see all: podcasts and videos here
in this exclusive interview with 卡塔尔世界杯常规比赛时间, fligel, a veteran dealmaker in the vast and active new york market, explains what pe firms may not want you to know, why cpa firms are suddenly so much in demand, and the often-uncertain outlook for owners, staffers, and the profession.
for some, pe is an opportunity. for others, a threat. fligel helps sort it all out.