advisory & consulting

how to handle referrals with attorneys

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let’s redefine currency: seven forms, and none are cash.

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

q: i referred a large amount of business to an attorney friend, and she hasn’t reciprocated. i asked her for a referral fee and she declined. i’d like to keep referring her because she does a great job for my clients and that makes me look good, too. what should i do?

more: audit reports without doing the work? | why partner retreats are worth the cost | why checklists? | ask these 10 questions before adding financial services | selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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a: it is always the right thing to look out for your clients’ best interests. referring the best attorney you know for a job is the right thing to do. but…

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77 thoughts about client needs

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take action today.

by ed mendlowitz
77 ways to wow!

this list is a guide to jog additional thought about a client’s business. i have done all of these, and, at some point, i started making a list to help me remember. i also used it to help staff choose a few items each time they performed services for a client as a value-added benefit to the client.

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
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the listing can also be used a guide for a separate engagement. either way, the emphasis should be to provide information to the client about their business that the client does not already consider, focus in on or know about.
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meet the new bos

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woman using tablet in front of laptop and desktopbonus: a case study of how not to do things.

by penny breslin
it’s not just the numbers

accounting businesses have historically provided a range of “after-the-fact” compliance services including year-end accounting and tax return preparation. many firms also provide “write-up” services, which involve the recording of business transactions based on documents generated by the client, such as invoices, checks, deposit slips and documents provided by third parties, such as bank statements and payroll reports. write-up work is typically done once a month, after the fact.

more: why ai is not the enemy
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today, major innovations in technology are giving accountants the opportunity to expand their services and to provide much more comprehensive, timely and useful information to their clients.

one area of expansion is offering clients a complete back office support (bos) manager, which can include: read more →

why ai is not the enemy

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clients still need context.

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.’”

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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.

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cashing out: your business clients’ five big issues

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five challenges to anticipate.

by anthony glomski

my years of experience helping successful entrepreneurs, combined with my research and interviews with experts in the area of successful business exits, have helped me to identify five key financial challenges that must be addressed by entrepreneurs who are planning to cash out of their businesses.

the objective is to help business owners make a smooth and successful transition from where they are today to where they want to be post-exit.

let’s look at five of the top challenges in more detail. read more →

seven steps to indispensability

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two women sitting across a desk from one anotherand the six benefits that will accrue.

by gary bolinger
profit in disruption

being seen by a client as indispensable has at its core two factors:

  • the client’s perception that you understand their most important things and
  • that you are key to helping them achieve them and stay on track.

more: how do you rate on the 34 kpis for client relationships? | the key that unlocks client advisory services | if you can’t explain it, no one will buy it | the three types of advisory services clients need today
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success is a perception that varies with individuals. for control freak entrepreneurs, feeling successful is a big deal and if we can help them feel more in control and thus more successful, then we are well on the way to them seeing us as indispensable.
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thinking commercial real estate? think fast.

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warn clients: do the deal, get the cost seg study, and claim the bonus depreciation before it sunsets.

gonzalez: clients should act now, while the percentage of the allowed bonus depreciation is tipping in their favor.

by julio gonzalez
engineered tax services

julio gonzalez, founder and ceo of engineered tax services, has been named among the accounting today top 100 most influential people. gonzalez has been a pioneer in bringing specialized engineering tax studies to local cpa firms and mainstream america, which historically had only been available to fortune 500 through national accounting firms.  engineered tax services also owns the growth partnership, able: crm for accountants, and inside public accounting.

alas, the 100 percent bonus depreciation rule—the federal tax law under the tax cuts and jobs act (tcja) of 2017 that made it possible for taxpayers to write off a property’s reallocation in the year of acquisition—will begin to sunset at the end of this year.

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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in its place in 2023, an 80 percent bonus depreciation will be allowed for properties acquired in 2023, scaling down to 60 percent in 2024 (for properties acquired in 2024), 40 percent in 2025 (for properties acquired in 2025), 20 percent in 2026 (for properties acquired in 2026), and then zero percent in 2027 and later years for properties acquired in 2027 and afterward.

it’s important to note for your clients in real estate that bonus depreciation is applied to a property based on the year it was purchased (although there are some exceptions to this rule). and taxpayers can only claim bonus depreciation retroactively within two tax years of the original placed-in-service date. read more →

how do you rate on the 34 kpis for client relationships?

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technology is an enhancement, not an alternative.

by gary bolinger
profit in disruption

in order to effectively engage with clients, the following are key ingredients of the relationship:

  1. trust
  2. quality communication
  3. ongoing valuable benefits to both persons and aiming for the classic win: win
  4. regular framing of the relationship.

more: the key that unlocks client advisory services | if you can’t explain it, no one will buy it | the three types of advisory services clients need today
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mutually agreed transparency, high-quality and considered communication, striving for two-way benefits and correctly framing the relationship will create the desired beneficial outcomes in that relationship. such terminology can appear lacking in empathy, but these factors translate into an improved business and personal relationship.
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the key that unlocks client advisory services

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man looking at 5 keyswhich of the five types will you deploy?

coming soon:
profit in disruption
a special report by gary bolinger.
click here to be notified when it’s ready.

by gary bolinger
profit in disruption

an annual strategic review is key to a structured advisory services practice. the review provides an annual event where everyone’s attention is focused.

more: if you can’t explain it, no one will buy it | the three types of advisory services clients need today | you can’t separate the business from the client | tell managers what ownership means | clients: what accountants don’t understand | why accountants fail at consulting
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the review can follow the annual financial report or precede when budgets are being put together. the annual strategic review articulates and confirms your strategic role. and make no mistake, the annual strategic review delivers a process to secure recurring fees and upon which to hang your advisory hat. the client receives a copy of the plan and then the fun starts when you support them in the implementation of their plans, one project at a time and one action at a time. billable time.
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if you can’t explain it, no one will buy it

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woman working at desktop computerwhat’s your advisory process?

by gary bolinger
profit in disruption

every firm that is serious about advisory services needs one client-facing advisory process that you can articulate to the market, but that is also consistent with how you deliver advisory services and of course operate internally. there is no need to “customize” the advisory process based on the client.

more bolinger on advisory: you can’t separate the business from the client |tell managers what ownership means | clients: what accountants don’t understand | why accountants fail at consulting | advisory vs. low-value clients | what + who leads firms to better service | how accountants are profiting in disruption | ask the right question(s) | seven elements of engagement for cpas | true advisory work isn’t just consulting

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the value in advisory services is not just in fees from strategic reviews but from all of these services, and often the fees from consulting can be very significant. for this reason, your advisory services need to be structured and not ad hoc. it is important that you have an articulated, repeatable advisory process, which must be client-facing, not just a list of technical services.
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must-knows about stock-based comp

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portrait of kei morita
morita

new rules make it easier, but traps remain for awards that are not carefully structured.

by kei morita
holthouse carlin & van trigt llp

kei morita is a principal in the los angeles office of holthouse carlin & van trigt llp.

with the war for talent at a fever pitch these days, stock-based compensation (sbc) is one of the most effective ways for private companies to attract and retain valued workers. it’s also a very effective way for early-stage companies and other private entities to preserve cash flow while allowing key employees to share in the company’s growth. but the sbc accounting rules and calculations can be very complex.

more tax practice: new small firm cost seg opportunities  |  what gig workers want  |  avalara crush set for may 17-18  |  accountants agree: the top five ways to fix the irs  |  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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while fasb and the private company council (pcc) issued guidance late last year to make it somewhat easier for private companies to account for share-based awards, many challenges still remain. if you’re a cfo, controller, treasurer, hr director or another stakeholder in a privately held company – or have clients that are privately held companies – it’s critical to follow the sbc accounting rules correctly.
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the three types of advisory services clients need today

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how to use the whole-of-client approach.

by gary bolinger
profit in disruption

planning for positive change and why people do what they do (or don’t) is fundamental to advisory services.

more bolinger on advisory: you can’t separate the business from the client | tell managers what ownership means | clients: what accountants don’t understand | why accountants fail at consulting | advisory vs. low-value clients | what + who leads firms to better service | how accountants are profiting in disruption | ask the right question(s) | seven elements of engagement for cpas | true advisory work isn’t just consulting

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your clients have both personal and business goals. over time you should assist the client in achieving both business and personal goals.
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new small firm cost seg opportunities

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portrait of brian coddington
coddington

accountants’ top five questions answered.

by brian coddington
source advisors

brian coddington is the director of tax accounting methods and credits in the fort worth, texas, office of source advisors.

cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate owners and tenants to accelerate depreciation deductions, defer tax and improve cash flow.

more: can the r&d tax credit be used to offset the amt? | how the r&d tax credit has expanded over the years | the nine-point plan for handling §179d
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1 — who uses cost segregation?

once used only by the largest accounting firms and real estate owners, this practice has now become routine for commercial property owners of almost every size.

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