advisory & consulting

introducing you to a fulfilling return on relationships

by

henry
 rory henry, a behavioral financial advisor, is the director at arrowroot family office and co-founder of afo wealth management forward. he has created a program to help accounting professionals incorporate holistic wealth management and proactive planning services into their practice.

clients don’t just want answers, they want empathy.

by rory henry
the holistic guide to wealth management

in his iconic work, “meditationes sacrae” (1597), sir francis bacon wrote that “knowledge itself is power.” many scholars believe bacon wanted to further the idea that having and sharing knowledge is the cornerstone of reputation and influence – and therefore power. all achievements emanate from this philosophy.

more: rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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but in many areas such as business, finance, sports and the military, knowledge can be a competitive advantage. therefore, many are reluctant to share their knowledge with others.
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rory henry upends the traditional accounting firm

by

henry
 rory henry, a behavioral financial advisor, is the director at arrowroot family office and co-founder of afo wealth management forward. he has created a program to help accounting professionals incorporate holistic wealth management and proactive planning services into their practice.

why “advisory” encompasses more than you might think.

by rory henry
the holistic guide to wealth management

i work at a virtual family office called arrowroot family office. over the course of my career i have learned that family (and family dynamics) significantly shapes who we are and how we form relationships in life.

more: why now is the time for cpas to embrace wealth management

research shows that one of the biggest drivers of family dynamics is the order in which each child is born. birth order theory, developed by alfred adler in the 20th century, suggests that the order in which children are born can have a significant impact on their development and personality.
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cas clients are ‘stickier’

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businessman looking at question mark sketch on the wall

they’re more loyal and buy more services. what’s not to like?

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 client accounting services articles
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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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becca johns: how rea cpas is pushing into advisory | capstone conversations

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it’s time to challenge the cpa mindset.

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capstone conversations
with jean  caragher

rea & associates is transitioning from a traditional cpa-centric model to a broader advisory role, aiming to offer services such as it consulting and wealth management. this will require major shifts in the firm’s internal mindset and culture, including redefining roles, retraining staff, and effectively communicating the new value proposition to clients.

full show notes here | more capstone conversations here | follow jean caragher on 卡塔尔世界杯常规比赛时间 here. | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | catch jean caragher every friday with gear up for growth here |

a tall order, to be sure. but becca johns, director of practice growth, tells jean caragher in this episode of capstone conversations, “this is a good time to challenge the mindset of being a cpa firm.” read more →

four ingredients to your cas ‘why’

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learn what will resonate with your prospects.

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 client accounting services articles
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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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do you have the client accounting services mindset?

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you’re the professional. ponder that a moment.

by hitendra patil
client accounting services: the definitive success guide

it was the 10th of may, 2012.

over dinner on that quiet mid-spring evening, at a classic traditional italian restaurant, i met the owner of one of my largest clients, only after about five years of providing services to his firm. his firm had chosen a particular niche industry to serve and only that. he was doing well – over $3.5 million in annual revenue, growing consistently, and employing 39 staff members. in any given week, two new clients were being onboarded via a very detailed process, moving clients’ accounting databases and processes into his firm.

more client accounting services articles
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he would not take on any new client unless the client handed over all of the accounting work responsibilities to the firm.

all or none.
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risky business: the art and science of startup company valuation

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balancing metal balls

proven methods for staying out of trouble and getting the numbers right for founders, investors and regulators.

by anthony venette

valuing startup companies accurately has long been a challenge for legal, financial and regulatory professionals because data is scarce and projections are inherently speculative. take the recent case of hyde park venture partners fund iii l.p. v. fairxchange llc. this case has garnered significant attention as the delaware court of chancery was tasked with determining the fair value of fairxchange, a nascent company with a business model focused on revolutionizing the securities exchange landscape.

more: non-accountants in accounting: a game-changer for the profession | allison schlegelmilch: leadership lessons from firm mergers | cas can play a critical role in clients’ vendor selection | artificial intelligence: it’s a matter of time | ai will steal your job. and that’s a good thing | allan koltin: how small firms can thrive against pe-powered competitors | the power of community in accounting | desperate cfos are outsourcing accounting functions | does firm culture still matter? | tax and accounting jobs and salaries show strength | tax law is driving practice development | olympics of outsourcing and offshoring for accountants
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valuing a startup is a nuanced exercise, often requiring a blend of creative thinking and rigorous financial analysis. unlike established businesses that have predictable cash flows and extensive financial histories, startups have uneven cash flow and minimal operating histories. so, their valuation is typically based on future potential rather than past performance. the lack of historical data forces both investors and courts to rely heavily on projections and assumptions, which can vary significantly based on the valuation method used. if you’re working with (or for) a fast-rising startup, you don’t want to be cavalier about the company’s valuation.
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sean duncan: discover your own genius | the disruptors

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there aren’t enough of us to help everyone who needs our help.

this is a preview. the complete 1-hour video episode, with commentary and transcript, is first available exclusively to pro members. 

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the disruptors
with liz farr

what would work look like if it reflected your passions? “imagine,” says sean duncan, cpa, “if you worked with the people that you loved working with, talking about the things that you love talking about, and you made a living and helped them?” as duncan says, “that’s just freakin’ awesome!”

more podcasts and videos:  caleb jenkins: firm growth requires owners to shift roles | chris hervochon: be the leader you want to work for | ira rosenbloom: don’t merge for the money | adam lean: get out of the accountant’s trap | geraldine carter: charging more is better for your clients |

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duncan was working at a large regional firm back in 2006 when he noticed that many small business clients were asking him for advice, but they couldn’t afford the fees of a large firm. so he started his firm out of “kind of this gut feel” of wanting to help those small business clients. over the years, his firm, smd consulting and accounting, has developed a specialty in working with video game developers, a special passion of duncan’s.

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the accountant as a strategic business partner

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woman pointing to laptop screen while talking to man

shift from transactional to advisory to become vital to your clients’ success.

by katie thomas

traditional accounting roles are evolving, now more than ever, as client needs change. ask 10 of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues.

and, to some degree, these people are correct.

more: is tech causing both cpa shortage and low salaries? | audit firms nervous about new tech | what accountants can learn from t-ball | staffing tops list of woes at cpa firms | to replenish the talent pipeline, go back to the classroom | beware the work-life/workload doom spiral | why the dry pipeline? it’s about time | business model transformation: do it or die | misperceptions, corrections, accountancy and lemonade | whole person retention: when it’s not just the money | global trends show many dissatisfied cpas | more big firms shut their doors to new college grads
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certified public accountants know a lot about numbers. they analyze them, forecast them and “crunch” them, but over 50 percent of firms now offer client advisory services and have become strategic partners with clients. accountants are doing a lot more today than even a few years ago.

why?

client needs are evolving, and you, as their accountant, are in the perfect position to serve them. after all, you’re viewed as a trusted advisor and have access to the data to help your clients reach their goals faster and make better decisions.
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a friendly chat or a billable discussion?

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two older men pausing on golf course to talk, one has hand on other's shoulder

make your intentions clear at the outset.

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

question: i have a close friend who is also a client. he went through a rough time with his wife threatening a divorce and we spent a lot of time talking about it (out of office settings).

more: busy season is over, so it’s time for some resolutions | hold staff accountable if you want them to listen to you | how to raise your rates | three ways to start an accounting practice | how much is your tax practice worth? | merge in lower-priced work without losing out
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i sent him a bill and he returned it with a notation that “we spoke as friends and not as a professional consultation, and the bill should be canceled.” what should i do?

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six steps to battle cybersecurity risks

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what cost or time investment would you pay to protect your firm and your clients?

by donny shimamoto
cybersecurity for accountants

when it comes to cybersecurity, one risk aspect to consider is whether or not the steps you’ve taken to protect clients’ pii will stand up in court in the event of litigation related to a data breach or damages to a client because of a cybersecurity issue caused by your firm. during litigation, opposing counsel will often bring in cybersecurity experts to describe cybersecurity best practices—which are often a higher level of controls than just compliance.

more: understanding the full cost of a data breach | the 7 categories of of cybersecurity solutions firms need | future firm growth requires a mindshift | donny shimamoto explains how ‘agile’ applies to cpa firms | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
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be sure to consult with both your cybersecurity advisor and legal counsel to determine which controls you may still want to implement even if you qualify for some of the exemptions. many controls, like the ones identified in the ftc exception, do not cost much to implement and can demonstrate that you still fulfilled your professional obligation to protect clients’ data—reducing your litigation risk.

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eight steps to putting back office support into place

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three young people talking in an office

includes details for the client operations manual.

by penny breslin
it’s not just the numbers

moving from compliance to reliance services is not an easy task. if you are feeling a bit overwhelmed at this point, that’s okay. however, the joy of offering back office support (bos) services and working closely with clients to help them meet their goals is well worth the effort. having a strong team, clear procedures and technology that works for you are the building blocks that allow you to succeed in this endeavor.

more: after you check your cybersecurity, help others | cover these five areas of information security | three examples: pricing your bos value add | use timesheets for productivity, not billing | revisit your back office support procedures | federated search: what it is, why it matters | accounting tech tools to minimize your pain | do your apps play well with others? | it’s ok to have favorite clients | ten questions for teamwork | yes, you can be an outsourcer
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the next layer is the clients – meeting with them, working with them and setting up the procedures to ensure that you are truly their advisor. when you carefully select your clients, take the time to understand their needs and goals, and hold them to a paperless work environment, both your team and clients will reap the rewards.
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how to start providing family office services

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couple meeting with investment advisor.

including a sample engagement letter.

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

question: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?

more: higher fees to start: ten ways to make your tax season better | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
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response: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.

following is a sample engagement letter that i use with clients needing such services. also, this letter provides a detailed description of what the service involves.
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