advisory & consulting

get the most out of your client meeting

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woman listening to man across deskbonus: a case study of what not to do.

by penny breslin
it’s not just the numbers

“we can evade reality, but we cannot evade the consequences of evading reality.” – ayn rand

the reality is that the robots and ai are here, and they will eventually take over much – if not all – of the day-to-day work that is typically done by a human interacting with a computer. you may not like it, but you cannot avoid it. so utilize robots to make your life easier.

more: why bos calls for flat rates | four steps for controlling source documents | how to use onenote to create a firm playbook | how to develop procedures for bos | top tech tools for building your new bos business | choose your little black dress of technology
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

prepare for your meeting

do your homework before going out to the client’s office. if this is an existing client where you have been doing standard compliance work, review the data in their accounting program and make sure you are working with up-to-date information. if this is a new back office support prospect, ask to review their accounting data before going out to their offices. if they are not open to this, it may require an extra visit. the steps below assume you have either worked on the client’s accounting in some capacity, or you have had the opportunity to review the accounting files.
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the top 11 financial statement ratios

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businesswoman using calculator while reviewing something on laptop screenand why the quick ratio isn’t valid.

by ed mendlowitz
77 ways to wow!

ratios are tools used to evaluate a company’s financial statements.

more: insurance you might not know you need | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement | due diligence is in the details | manage better with the right financial tools | do you need a forensic professional?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here are some of the more commonly used ratios.

1. working capital ratio

current assets ÷ current liabilities
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get sticky with cas

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businessman looking at question mark sketch on the wallthe clients are more loyal and buy more services.

by hitendra patil
client accounting services: the definitive success guide

client accounting services (cas) is the new revenue segment you cannot afford to miss.

if you are an accounting firm owner/partner, you do not want to miss the emerging, growing, and profitable opportunities in client accounting services.

more: the why behind your cas why | who is the professional?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

before we get to why, to ensure that we are on the same page, let us agree on a description of what cas is.
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insurance you might not know you need

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young man under rain-covered umbrellathese are often overlooked.

by ed mendlowitz
77 ways to wow!

the following are brief descriptions of insurance coverage not usually obtained or obtained in inadequate amounts. insufficient insurance can expose you to serious losses and could also jeopardize your future financial comfort and security.

more: price not always the top consideration in a sale | eight ways to value a family-owned business | are you ready for a co-owner to drop dead? | simple controls can prevent fraud | charity directors must take theft seriously | forensic techniques can be fraud deterrence | the hazards of poor internal controls | rule #1: start with cash
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

note that i am not covering all types of insurance and this guide’s purpose is to alert you to the importance of the right insurance protection. some of this coverage can be as riders to existing policies.
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the why behind your cas why

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four empty metal bucketsfour ingredients to consider.

by hitendra patil
client accounting services: the definitive success guide

“why did i start my accounting firm/practice?”

if you are the owner of your firm, print this in a bold, big font and post it somewhere in such a way that you can see it, even if it is just in your peripheral vision, every moment when you are working at your desk.

more: who is the professional?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are a partner of the firm or an employee, print the following question to post it where you can see it all the time:

“why did i get into the accounting profession?”
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why bos calls for flat rates

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timesheets are used, but for tracking productivity.

by penny breslin
it’s not just the numbers

let’s get to the big questions that confound professional service providers of all types in today’s tech environment:

  • how do i charge my client for these services?
  • how do i continue to get paid?
  • how do i charge hourly for processes that will be taking less and less time because of the application of technology?

more: four steps for controlling source documents | why you need standard naming conventions | how to develop internal procedures | workflow tools can deepen client relationships | going viral: today’s top marketing strategies | which kind of team do you have? | meet the new bos | why ai is not the enemy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

fixed pricing

flat-rate billing is the logical choice for back office support (bos) services. this fixed pricing is typically used for monthly recurring work. we can do this by knowing how long it takes to create any given transaction. there will be swings in time, but the idea is that the fixed monthly rate considers the busiest season or months for the business. that way, on less heavy months, you receive the same rate and it makes up for the times when the workload increases.
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dustin verity: keep an open mind and constantly learn

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tech allows small to mid-size firms to provide better cas.

^ click to play video | > play the podcast and follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.

transformation talks
with bill penczak
center for accounting transformation

center for accounting transformation
center for accounting transformation

dustin verity admits to being cautious. he also admits to being a technophile.

in the latest episode of transformation talks, the cpa explained being conflicted between his obsession with playing with the latest technology and finding the right fit for his firm.

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

“i’ve always been interested in technology and, and you know, efficiencies,” verity said, always wanting to know how his firm could produce more and work more efficiently. “that means less hours that we have to spend in the office ourselves.”  read more →

in “aiccountants,” hitendra patil demystifies artificial intelligence for accountants

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learn more | buy now

how to make artificial intelligence work in the real world.

by 卡塔尔世界杯常规比赛时间 research

卡塔尔世界杯常规比赛时间 senior advisor and best-selling author hitendra patil is launching his latest book, “rise of the aiccountants™ – accountants augmented by artificial intelligence (ai) | the what, why, and how of artificial intelligence for accountants,” now available in paperback or kindle editions here.

more: how much advice should your firm provide? | battling cas cost pushback | will my clients find cas expensive? | cas: much more than bookkeeping | you don’t need a cas sales pitch | get clients to toot your cas horn | seven ways to market your cas offering | how to choose your cas processes | nine ways to measure client experience | twelve clues it’s time to
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

one of the accounting profession’s top 100 most influential, patil is a weekly columnist at 卡塔尔世界杯常规比赛时间, and author of “client accounting services: the definitive success guide,” available here, and “accountaneur,” here.

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when an owner dies without a buy-sell agreement

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three ways to value the business. four lousy alternatives.

by ed mendlowitz
77 ways to wow!

the right thing to do is have a buy-sell agreement, but many owners stupidly neglect to get this done. here is a suggested buyout plan where one owner drops dead, unexpectedly, and there is no agreement.

more: are you ready for a co-owner to drop dead? | you don’t need this, but your survivors do | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a caveat is that the right way is to engage an appraiser to determine the value and go through an entire process that was explained in my previous post. however, with smaller businesses where the families want to keep costs low, not cause excessive time and stress, and remain friends … what follows is a suggested plan. this might not work in every situation and is certainly not ideal. however, it does offer a manageable method of price and terms.
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how to be a small business advisor

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two businesspeople meeting over coffeeyou’re more than what you think you are.

by jody padar
the radical cpa

to me, to be the most trusted business advisor is to be a small business advisor. that’s what my customers see.

my firm serves small businesses from the ground up to $10 million. yes, we look at their numbers, but practically speaking one gains a lot when you’re in their financial underwear drawer. most of our conversations are around their questions. it’s a natural extension of the work we already do – financials, taxes, payroll, cash flow and forecasting.

more: center your firm around your client | commit to change | your client base is global | ready for change, so now what?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

these people are not asking complex tax questions. they’re asking about it, human resources, general licensing, and for help with some decision-making. we’re small business consultants.
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how much advice should your firm provide?

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hitendra patil cas q-and-a logoyou have to stop somewhere.

by hitendra patil
client accounting services: the definitive success guide

q: what should be the scope of consulting/advisory services? how broad? how narrow? 

more cas q&a: battling cas cost pushback | clients don’t understand cas, but they know value | how to differentiate cas | will my clients find cas expensive? | do i need to learn new skills to succeed in cas? | cas marketing is different. here’s how | cas: much more than bookkeeping
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: there are two distinct aspects to the scope of your firm’s consulting/advisory services.
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procedures require regular revisiting

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woman drawing flowchart on a blackboardremember it’s not just your team on board, it’s also your clients.

by penny breslin
it’s not just the numbers

once you have your procedures, you can assign tasks to your team members. because we perform back office work for many accounting firms, we often adapt to other firms’ workflows. we are often on their workflows for our tasking but internally we also needed a simple means of tasking. another easily integrated app with slack provided this, teamline. with teamline we just type /teamline into any channel and:

  • create a new task on the fly or use a premade template
  • assign it to a team member
  • set a due date
  • attach a file
  • add a checklist of items

more: how to use onenote to create a firm playbook | how to develop internal procedures | proper workflow demands consistency | workflow tools can deepen client relationships | going viral: today’s top marketing strategies | top ten types of clients (and 24 more reader suggestions)
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

teamline notifies both the assignee and the creator as to the progress of the task automatically. integration to our google calendar puts the teamline task into the calendar. we never leave slack while doing this as the integration between slack, teamline and google calendar is seamless.
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