advisory & consulting

workflow tools can deepen client relationships

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pixelated blue text "workflow" on binary code backgroundbonus case study: how we work with our direct small business clients

by penny breslin
it’s not just the numbers

managing tasks and workflow through email, handwritten notes, telephone messages or walking down the hall is a recipe for disaster. a web-based tasking app, preferably linked to your document management system, allows the back office support to inspect what they expect:

  • recurring tasks done on time and accurate load leveling of resources
  • audit trail of work
  • set up, review, make notes, share information and complete tasks while maintaining the relationship with the client

more: find the best tech for your team and clients | choose your little black dress of technology | pick your favorite clients | keep the accountants focused on accounting | what do you want advisory services to be?
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tasking applications come on the market regularly and there are a few that are specific to the accounting industry. they can run the gamut in price ranges and capabilities. from advance flow to 17 hats, a firm large to small can find one that will work and fulfill 80 percent of their needs. below are some we work with and that get high reviews with our staff:
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the best tech for your team and clients

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blue glowing new technology background with particlesbonus: what all these acronyms mean.

by penny breslin
it’s not just the numbers

with accounting software and add-ons, from the standpoint of the person maintaining the “books,” the accounting program is the focal point. however, consider the focus of your business-owning client.

more: choose your little black dress of technology | going viral: today’s top marketing strategies | top ten types of clients (and 24 more reader suggestions) | meet the new bos | why ai is not the enemy

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their focus is operational. so, consider that for the business owner, the add-on is the accounting program. having the correct package of cloud-based programs turns the accounting program into a basic general journal that you, in your accounting hat, use to find any inconsistencies.

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do i need to learn new skills to succeed in cas?

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client needs and desires define which skills are necessary. hitendra patil cas q-and-a logo

by hitendra patil
the definitive success guide to client accounting services

have a cas question? get it answered here.

question: the largest revenue for my firm has been from tax services. we also offer accounting services, but it is not something we are the best experts in. what skills must practitioners have to grow a cas practice?

more cas: why cas? why now? | matching your tech to your cas clients | the tech stack you need for cas | yes, you have the staffing for cas | six steps to spreading cas awareness  | finding profits in cas |

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answer: first, the good news. you already have the foundation for offering cas successfully. it is only a matter of amplifying the parts of your current services that your clients need and want the most, from tax preparation to tax planning services to after-the-fact write-up accounting to more real-time accounting and advisory. but upgrading your service capabilities is just the start. skills development follows the service capabilities.

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client hires new manager: you need a plan

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what they don’t know can hurt you.

by ed mendlowitz
77 ways to wow!

clients hire managers all the time. but getting started as a manager requires many skills, one of which is to review financial data and use it to control your department, division, or company.

more: do you need a forensic professional? | forensic techniques can be fraud deterrence | the hazards of poor internal controls | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
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here is a way to get started.

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hitendra patil: no new tech. no new growth.

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technology is disrupting the profession, but for the better.

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

the silver lining of the pandemic is that it forced accountants to move to the cloud and to develop distributed labor models, changes that are here to stay, hitendra patil, author of client accounting services: the definitive success guide, tells cpa trendines in the latest episode of the disruptors.

more:  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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we can’t fight the rapid technological changes – we can only leverage them to provide better service and insights to our clients, patil says.

pro members always get all nine top takeaways, patil’s bona fides, and the full transcript.
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cas marketing is different. here’s how

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you are always marketing the impact of your services.

hitendra patil cas q-and-a logo

by hitendra patil
the definitive success guide to client accounting services

have a cas question? get it answered here.

q: i always got new clients by word-of-mouth/referrals. i also do a bit of marketing. but with cas, i need to do more marketing because i do not have enough cas clients who can give me cas referrals. is cas marketing different than that for other types of services? 

more cas: matching your tech to your cas clients | the tech stack you need for cas | yes, you have the staffing for cas | six steps to spreading cas awareness  | finding profits in cas |

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a: peter drucker, the legend known as the father of management, celebrated by businessweek magazine as “the man who invented management,” said, “because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. marketing and innovation produce results; all the rest are costs. marketing is the distinguishing, unique function of the business.”

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why cas? why now?

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hitendra patil cas q-and-a logoreal-time business insights are the game changer.

by hitendra patil

the definitive success guide to client accounting services

have a cas question? get it answered here.

q: i saw that cas is now the no. 1 revenue growth driver for top 100 firms. why is cas so big now – what changed?

more cas: matching your tech to your cas clients | the tech stack you need for cas | yes, you have the staffing for cas | six steps to spreading cas awareness  | finding profits in cas |

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a: client accounting services is now gaining more intense attention from firms of almost all sizes. cas is the no. 1 revenue growth driver of the top 100 firms in the country. why has cas has become so popular? to know this, one needs to recognize a bit of the history of the profession and the technology together.

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cas: much more than bookkeeping

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hitendra patil cas q-and-a logo

why not get paid for what you’re probably already providing?

by hitendra patil

the definitive success guide to client accounting services

have a cas question? get it answered here.

q: i am new to exploring cas. i see many cas firms offer bookkeeping. however, they are still using cas engagements primarily for bookkeeping. can i move forward and leverage cas for higher-value-added business advisory services? any advice you can share? 

more cas: matching your tech to your cas clients | the tech stack you need for cas | yes, you have the staffing for cas | six steps to spreading cas awareness  | finding profits in cas |

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a: books are the foundation from which you can derive insights and advice. bookkeeping is a process that prepares you for higher-level, higher-value advisory work. bookkeeping and outsourced accounting services are components of a full-scale cas practice.

there are only three main categories of cas offerings:

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is elite wealth management right for you?

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it can result in a firmwide multiplier effect.

by russ alan prince

accounting firms are professional services firms. many accounting firms have expanded into other areas. one of those areas is wealth management. when wealth management is part of a well thought out accounting firm’s strategy, it can be instrumental in delivering greater value to clients. an elite wealth management practice can also be core to generating substantially greater revenues for the firm.

more: accelerate your success by becoming a thought leader | wanna know what clients say about you? | the goldmine at your fingertips | three components of collaborative wealth management | cashing out: your business clients’ five big issues
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an elite wealth management practice – as opposed to a traditional wealth management practice – results in a firmwide multiplier effect. most importantly, it can be central to optimizing clients’ financial lives. your elite wealth management practice will also contribute significant revenues – directly and indirectly – to the accounting firm.

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the six pillars for fp&a transformation

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chris ortega reveals his blueprint for success.

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career reflections
with amy welch

after years in public accounting, chris ortega decided he wanted something different.

the indianapolis native knew he wanted to be an accountant when sarbanes oxley was making headlines and accountants were in high demand. “also,” ortega said, “i always loved numbers.”

more: the 10 financial controls that’ll make you a hero | why you can be a virtual cfo | clients would switch for portals | csr for cpas: the missing ingredient | o.d. lanier: stepping into advisory | secret to success? a growth and abundance mindset
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he continued, “i started the first six years of my career in both public and corporate accounting then moved into finance and fp&a while getting my mba.”

armed with his mba in corporate finance from the university of indianapolis and a stellar resume, ortega said something was missing.

“after 17 plus years of experience in accounting, fp&a, finance and leadership, i felt there needed to be a fresh perspective on finance,” he said. “so, that is why i started fresh fp&a, which is fresh perspective on financial partnership & advising.”

and, while many business owners start with dreams and plans, ortega said his company operates with six key pillars in mind.

“think of it as the foundation of a house,” ortega explained.

those six “ps,” as ortega coined them, are:

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captive insurance: the top eight myths

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huffman

deconstructing misconceptions about forming your own insurance company to optimize cash, mitigate taxes and build enterprise value

by ken huffman, cpa
president
captive nation

with continued economic uncertainty, companies of all sizes are looking toward captives as a way to manage high-severity risks and gain enhanced flexibility and greater control over their total cost of risk. and you don’t have to be a global behemoth to form a captive.

more in tax practice: the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt? | how the r&d tax credit has expanded over the years |

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captive insurance can be one of the most effective ways for businesses to protect themselves, optimize cash, mitigate taxes and build enterprise value. however, captives often arouse suspicion among those who are not well-informed. that’s because there have been widely publicized cases of companies using captives as illegal tax shelters, among other abuses.

to separate fact from fiction, i will walk you through some of the most frequently heard objections to captives and explain why those objections are often short-sighted. read more →

the new tax opportunities in real estate

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maximize deductions and increase cash flow for real estate and construction clients.

by hank berkowitz

with a new tax landscape on the horizon, there’s never been more pressure (and more opportunities) for cpas to help their real estate and construction clients maximize deductions and increase cash flow.

more in tax practice: new small firm cost seg opportunities | what gig workers want |survey: big worries for u.s. and small business  |  working harder for every dollar  |  for a few: why busy season 2022 beats 2021 |  can the r&d tax credit be used to offset the amt?  |  21 reasons tax clients fire accountants  |  unhappy about tax season?  |  individual tax refunds up 13%  | shut down the tax charlatans   | eight quick, easy ways to fix irs filing   |  a tax season worse than 2021?  |  16 traits of the best tax clients  | irs under covid: heroes or goats?

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“we’re looking at some of the biggest changes to the tax regulation, code, stimulus in a generation,” observed rick telberg, founder and ceo of 卡塔尔世界杯常规比赛时间, at the ct society of cpas virtual real estate conference, produced in association with bedford cost segregation /source advisors.

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o.d. lanier: stepping into advisory

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transformation talks: a leader at one of the fastest growing firms in the country describes transforming his career, pros and cons of building versus buying and the four (or five) steps to becoming a consulting firm.

 


transformation talks
with bill penczak
center for accounting transformation

center for accounting transformation

how does an accounting expert journey from audit and big four to starting his own firm and becoming a consultant? odysseus (o.d.) lanier, a founding partner of one of the fastest growing firms in the country, describes his start, why he left “boring” auditing (but why it is critical experience), as well as what he sees as pros and cons in building a consulting firm versus buying a consulting firm.

more on mcconnell jones: five global cpa leaders: four survival strategies

more videos & podcasts:  2022年世界杯抽签 | 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  | private equity vs. the cpa firm partnership the fintech flood: accounting will never be the same  |  think small to think big with matt wilkinson | your sales tax headaches are only just beginning | when financial statements go extinct with corey schmidt  |  can geraldine carter save accountants from themselves? |  re-inventing accounting with tyler anderson |  turning client service into new revenue

subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).

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why are cpas moving from tax and audit to get into consulting? lanier said the bottom line is that consulting is lower risk with a higher margin.

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