advisory & consulting

wanna know what clients say about you?

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if they can’t communicate your value, referrals will be tough.

by russ alan prince

accounting services are commodities, but that does not mean that accountants are inherently fungible. without question, some accountants are better than others.

that said, a large majority of accountants are unable to differentiate themselves from their competitors. many times even when they are more capable, they blend in with the morass of mediocre accountants.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | cashing out: your business clients’ five big issues
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the reason is simple. very few accountants are proficient at communicating their value to their clients. think of your situation. what value are you providing your various clients? now, if those clients were asked what value they were receiving from you, how much alignment would there be?
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the philosophy behind a team

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high angle view of business people stacking hands in a teamwork gesturewhere does ai fit? as a team member.

by penny breslin
it’s not just the numbers

team building can be a difficult concept in a compartmentalized world. accounting firms are often set up so that specific people within the firm do specific work and are not always involved in the setup, mid-work or outcome. that is a function of 19th- and 20th-century education and business work practices as well as the native privacy inherent in minding clients’ financial data.

more: which kind of team do you have? | you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy
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but as andres oppenheimer points out in his book “the robots are coming!,” it is the specialized functions of professionals that are most susceptible to automation. the more specialized the work and the information used, the more a robot can automate.
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the goldmine at your fingertips

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competition is intensifying, but proper service to one client base could be all you need.

by russ alan prince

in many ways, the accounting industry is under pressure. for example, fee compression is an issue for many accounting firms. more savvy and cost-sensitive clients are looking for a “bargain.” at the same time, competition for many of the services some accounting firms provide is intensifying. tax consulting, for instance, is being done by wealth managers, lawyers and even some life coaches.

more: what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | cashing out: your business clients’ five big issues
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while many accounting firms are under pressure because of increased competition and more demanding clients, there are certain types of clients that prove exceedingly profitable. read more →

which kind of team do you have?

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group of businesspeople hiding their faces behind question mark signs at officefive non-accounting aspects critical to success.

by penny breslin
it’s not just the numbers

before you can build a back office support (bos) practice, you need to assess what kind of team you already have. let’s look at two similar and at the same time uniquely different accounting and tax businesses who contacted me for help in outsourcing some of their bookkeeping.

more: you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy
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both businesses have multiple offices; both have multipartner owners; both do taxes, accounting and bookkeeping; and both list client advisory services. both have ownership and employees of a similar age. both exist along the same coast. both of these accounting businesses appear successful. one business is full of happy employees, owners and cooperative clients. the other business has the word no figuratively imprinted on their front door.
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the seven-minute financial statement

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young businessman staring at laptop computer in officedon’t skip the notes.

by ed mendlowitz
77 ways to wow!

how do you start reviewing a financial statement? like any good book, you must start at the beginning.

more on advisory: when an audit is a great thing | how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs
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but where is the beginning? and how can you do it in only seven minutes? here is how …
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when an audit is a great thing

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two businessmen talking at officebonus breakdown: audits vs. reviews vs. compilations.

by ed mendlowitz
77 ways to wow!

one of my clients generously gave me his take on the benefits he received from the audited financial statements we issued for him. i was appreciative of this and want to share his views with you.

more on advisory: how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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he began with an introduction explaining how he started his business and shepherded its growth by concentrating on developing his services and delivering them quickly and on time to his clients. the business grew rapidly, and little time was spent on the recordkeeping except for getting invoices to the clients or making payroll, while keeping the back office as lean as he could. at the same time there were legal, regulatory, hr, occupancy and tax issues from operating in multiple states and countries and he was spending quite a lot of time and fees on these activities, because he had to, while pushing aside and neglecting the accounting work.
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you don’t have to do everything

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delegate, partner, outsource … according to plan.

diagram

by penny breslin
it’s not just the numbers

back office support for the accounting firm defines you and your firm. are you servicing clients who are part of the past, or are you servicing clients living into the future? remember the new generation of business owners has never owned a filing cabinet, fax machine, landline, printer and turntables (only if they are into retro music!).

more: what do you want advisory services to be? | meet the new bos | why ai is not the enemy
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the diagram above is how i think about “advisory services.” the traditional role of an accountant has been as steward and operator. if you’re happy there, then that’s ok, this post will help you streamline your processes and technology to deliver these services more efficiently and profitably. and if you want to move into higher valued (and higher paying!) work and play a role in transforming your clients’ businesses, and play the role of strategist and catalyst, then we’ll show you how.
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how to read a financial statement

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young black woman with magnifying glassfifty pages of notes? review them all.

by ed mendlowitz
77 ways to wow!

publicly traded companies are required to issue audited financial statements annually. there are seven parts of the statements that are briefly described here in the usual order they are presented:

more on advisory: when an audit is a great thing | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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1. report of independent registered public accounting firm. this provides their opinion that the financial statements were in conformity with u.s. generally accepted accounting principles (gaap); that the company maintained effective internal controls; that the audits were conducted in accordance with standards of the u.s. public company accounting oversight board (pcaob) and some other things and that their audits provided a reasonable basis for their opinion; and that the internal control may not prevent or detect fraud. this needs careful reading and understanding, as do all seven elements of the statement, but on some level, this type of report is the gold standard for public companies.
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the kpi an absentee manager needs

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psst … you might be that absentee and not know it.

by ed mendlowitz
77 ways to wow!

the author contends that almost every business owner or manager is an absentee owner or manager, regardless of the amount of time they spend at their business.

more on advisory: when an audit is a great thing | how to read a financial statement | which kpis do you need? | 77 thoughts about client needs | the seven-minute financikal statement
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while many are ever-present either physically or virtually by phone, texts and emails, they are not managing but rather working in their business on what needs to be done at that moment or that day. they are responding to normal business routines; customer, supplier and personnel requests or problems; and myriad other situations that demand their time, such as banking relationships, cash flow planning, hr issues including hiring, discharging and compliance, interactions with outside professionals, including their attorneys and accountants, and regulatory and occupancy issues. some have partner issues and if they are managing a not-for-profit organization, then board and possibly funding and development issues. they are functioning as a necessary and essential employee and are not really running the business or organization – as if they were not there or were in another part of the country.
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what do you want advisory services to be?

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woman on video conference with four other peoplebonus: a case study for bos work.

by penny breslin
it’s not just the numbers

what do you want to do for your clients? define it, implement it in yourself and build a team that wants to be a part of your defined image. watch it grow, and adapt it to the changing times.

more: meet the new bos | why ai is not the enemy
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added knowledge and insights assist the client in taking future action on sustainability and growth of their company. cooperation between the client, the account manager and the cloud ai makes this work in order to provide the space for advisory.
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how to expand into business valuation

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bonus checklist: 47 types of bv services.

by ed mendlowitz
managing an accounting practice: 202 questions and answers

q: i am exploring the business valuation credential as a way to expand our practice. i’m still (relatively) young to the profession and would (i think) love to expand into this niche area.

more: how to handle referrals with attorneys | audit reports without doing the work? | ask these 10 questions before adding financial services | 10 reasons clients don’t pay
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a few things:

  • we don’t do any bv now so my ability to acquire the abv credential would be difficult without the experience aspect.

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fine-tuning the subscription fee model

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how cpa jamie lopiccolo’s subscription pricing models manage client expectations and the firm’s cash flow.
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with steven sacks
the new fundamentals: thriving in disruption

james (jamie) n. lopiccolo, cpa, cgma
lopiccolo

jamie lopiccolo, the managing member of a small midwest firm, has been employing a subscription-based model for more than four years to invoice clients for services rendered. in addition to positioning the cpa as the client’s partner for success, it also encourages those who employ the system to provide maximum value in each client interaction, rather than focusing on getting as much money or billable hours as possible. catch another conversation with lopiccolo here: sell service, not hours.

more: 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

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the approach is to both manage expectations by the client and ensure a normalized cash flow for the firm. additional benefits include a more strategic approach to dealing with new clients because they are getting the full picture of their business’s needs.

more takeaways:

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which kpis do you need?

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mature businessman holding an electronic tablet inside an office buildingconsider how the data will be used.

by ed mendlowitz
77 ways to wow!

key performance indicators (kpis) are shortcuts and tools to give managers a quick grasp of essential activities enabling greater control. whether a manager runs a business, not-for-profit, governmental unit, department or a small group, kpis can help the manager be more effective, achieve goals and better serve customers, stakeholders or others relying on the organization.

more on advisory: when an audit is a great thing | how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | the seven-minute financikal statement
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

managers need to develop the kpis that will help them the most. this development should be based on what they are doing now (with some tweaking) so they get four or five numbers daily that will not take more than three minutes to absorb, assess and activate changes, if necessary. transparency and sharing the kpis will also draw team members into the process.
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