advisory & consulting

50 ways to create value for business owners and board members

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woman interviewing another woman

why a valuation should be performed on a regular basis.

by ed mendlowitz
77 ways to wow!

here we’ll identify 50 ways that a valuation professional can provide something far more valuable than a number. while the valuation profession is under pressure to reduce costs or prepare a report, the business owner is better served in the long run retaining a valuation professional who provides greater insight to operations.

more: what earnings mean for a business valuation | use organization charts to rewrite the future | how to account for materials purchased | ten strategies for smart a/r collections | how to react to trends | trends are all around us | how to prepare business plan financial projections | the top 11 financial statement ratios
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the true market value of a business is only determinable when it is sold to an independent buyer – and even then, it is only for that time with that buyer. however, there are many reasons for valuing a closely held business that can provide valuable insights to the owner; these same reasons also underscore how credentialed professionals add value to business owners and board of directors. these are also not commodity services that warrant a low fee.
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how to begin a business valuation

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woman wearing glasses, using calculator in front of two computer screens and a window

includes a sample preliminary document request.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

business valuation is performing appraisals of businesses for many uses and reasons.

forensic investigations relate to disputes that are in or will lead to litigation.

more on marketing: how to help a client start a new business | the tax effects of buying or selling a business | elder care: not sexy, but vital | how to guide clients through divorce | help heirs with tax issues | every client can use financial planning | four reasons to perform tax projections
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who needs this service

this service is for anyone engaged in litigation or where the value of a business is an issue, such as partnership and marital dissolutions. also, valuations are necessary in many instances where there are tax-motivated transactions, particularly in the gift and estate tax arena and employee compensation situations.
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what earnings mean for a business valuation

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why ebitda falls short.

by ed mendlowitz
77 ways to wow!

earnings are not always objective, and valuations apply a multiple to earnings to determine a company’s value. the elements making up a company’s valuation involve determining normalized earnings, a decision whether income taxes would be applied, and the capitalization rate to be used to get the value. there are also other factors, but this post looks at the quality of earnings.

more: use organization charts to rewrite the future | what clients don’t know about cost variances | how to advise clients on allocating business resources | be wary of discounting prices | where is your firm in its lifecycle? | six kinds of loan covenants | what’s more profitable, raising or lowering prices? | insurance you might not know you need
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it is always about the earnings – except when it isn’t. there are some situations where a company could be acquired based upon strategic, synergistic or ego considerations, but otherwise, valuation all boils down to a dependence on earnings and the quality of such earnings.
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why the ultrawealthy favor family offices

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businesswoman smiling at two clients, man and woman

six benefits they offer.

by russ alan prince and anthony glomski
your $5-million high-net-worth practice

in many ways, the accounting industry is under pressure from fee compression and seriously increasing competition. the current crisis is exacerbating the problems some accounting firms are having.

more: three steps to thought leadership | referrals best for gaining wealthy clients | family offices come in three types | how everyone can win | nurture referrals from wealthy clients | four steps to a high-net-worth practice | why tax planning matters so much to the wealthy
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at the same time, certain types of clients and sets of services prove to be extremely profitable for accounting firms. one such type of client is the ultrawealthy. furthermore, a potentially highly profitable segment of the ultrawealthy is those with single-family offices.
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heather satterley: you’ve got to meet people where they are

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stop saying yes to everything and start saying yes to yourself.

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).

see the disruptors

the disruptors
with liz farr

heather satterley is well-known for being an accounting tech expert. but tech isn’t the only skill accountants need today and for the future. “you can have great technology skills, but if you don’t have people skills and those softer skills, that’s going to be a problem,” she said.   

more podcasts and videos: bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa | ira rosenbloom: with m&a, nobody wants a fixer-upper | peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | 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

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

one of those softer skills that will be a key skill for the future is problem-solving, which requires keeping an open mind to “look at not just facts and figures, but look at tools, resources, people and pull them all together,” she explained. no one can be an expert at everything, so having “a wide network of really awesome professionals” is vital for filling in any gaps “to get the job done.”  

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cas reports are better. here’s how.

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traditional reports stop short of what businesses need.

by hitendra patil
client accounting services: the definitive success guide

if you are wondering whether client accounting services (cas) needs a different set of reports, you are in the right place. at the same time, it may be confusing how you can produce reports that are different than those your software provides out of the box.

more: help your clients run their businesses better | set your processes apart in nine steps | five ways to overcome cas staffing challenges | think cas isn’t for your firm? | convince your firm of cas value | ten ways to tell a client is ready for cas | launch cas in just eight steps
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cas is about the outcomes of your work, from the clients’ perspective. cas outcomes are useful, insightful, and advise clients in ways that routine, traditional reports cannot deliver. the outcomes you provide from your cas offering need to relentlessly focus on the relevance, usability and importance from your clients’ point of view. one of my ex-clients, an experienced and expert cpa from san diego – who had mostly high-net-worth individuals with multiple businesses as his clients – told me, “after 19 years in practice, i realized that small to medium business entrepreneurs are not really concerned with managing their balance sheets. it is the job of the accountant.”
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are you ready to become a data analyst?

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the right dashboards can optimize your data … and your value.

by bonnie buol ruszczyk

business leaders are constantly called upon to make snap – yet important – decisions. yet, poring through spreadsheets, reports and financial statements can be a laborious and time-consuming process, especially for those who need to act on urgent matters.

more: survey: zoom, teams top meeting choices | are you using too many monitors? or not enough? | one in four firms replaces servers by schedule | you’re probably not reading this on an ipad | 52% of firms look outside for it support | pandemic? what pandemic? | today’s top 3 problems: staffing, workflow and tech
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this is where data visualization tools can be a tremendous boon to organizations. automatically pulling from various data sources, these cloud-based, interactive dashboards present business data visually using charts, graphs and other widgets. once designed, these repositories save precious time for analysts, managers and key decision-makers, allowing them to focus on the information and analysis rather than on the grueling process of gathering it and creating reports.

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adrian hong: necessity can make you an expert

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innovation insights: trial by fire may not be fun, but it can make you a pro.

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).

innovation insights
with donny shimamoto
center for accounting transformation

adrian hong’s journey into the realm of environmental, social, and governmental (esg) reporting has been nothing short of inspiring. as the founder of hong consulting, llc, his dedication to assisting companies with esg reporting stems from a rich tapestry of experiences, all pointing to one common thread – the desire to help.

center for accounting transformation
center for accounting transformation

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 partnershipthe 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

see also: deloitte develops audit technology for smaller firms

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

after building a formidable reputation in auditing within public accounting and lending his skills to the financial accounting standards board for refining external taxonomy, life had other plans. hong returned to his roots in hawaii to steer the helm of his family’s venture, island plastic bags.

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it’s ok to have favorite clients

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happy business professionals giving high five hand slap

here’s how to get more work from them.

by penny breslin
it’s not just the numbers

you cannot do everything all at once for everyone. this group exercise calls on your team to be an integral part of selecting the best clients to approach for back-office support services.

more: narrow your prospects by choosing a vertical | eight tasks to delegate today | ten questions for teamwork | build your team, then choose your clients | advisory services done your way | yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

sit down with your team members and identify those clients you like working with now. get their experience of working with these clients. because your team’s collaboration is critical to success, getting their input is vital. the changes that occur will affect them as much as it will your clients.
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five ways your cas practice traps you

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know the pitfalls … and how to avoid them.

by w. michael hsu, cpa

are you working tirelessly but not seeing the benefits and results you deserve? essentially, do you feel trapped in the cycle of your business? if so, you’re not alone.

more: review your cas: when, what, how | be serious about ai, not amused | how to offer proof to cas prospects | how to market cas to existing clients | 12 cas profitability killers | how weekly cas reports help businesses | cas: much more than bookkeeping
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many firm owners, as well as the entrepreneurs they serve, feel exhausted by their business, but it doesn’t have to be that way.

in this article, we’ll identify common signs that your business is trapping you, and show you how to optimize for freedom. by addressing these issues and implementing some simple strategies, you can reduce stress, achieve more and live a life you love.

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the tax effects of buying or selling a business

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fifteen points to consider.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

clients who are deciding whether to buy or sell a business are just at the beginning of the process. there’s also determining the proper price, helping in the due diligence process, and structuring the price financially in terms of cash flow and tax considerations.

more on marketing: how to offer conflict resolution | second opinions: an old service under a new label | help clients with employment compensation | help clients with basic budgeting | questions for after tax season | 28 data points for a financial planning discussion | four additional services to suggest
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this area involves a lot of tax and financial issues.
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narrow your prospects by choosing a vertical

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bonus: the 10 types of clients.

by penny breslin
it’s not just the numbers

taking on a client’s internal accounting work requires a level of comfort for both the business owner and the accounting firm. a client that has already provided you with access to sensitive financial data is easier to work with than a new business with no previous relationship. once you have done it well with current clients a few times, then you are ready to do this with prospects.

more: eight tasks to delegate today | ten questions for teamwork | build your team, then choose your clients | advisory services done your way | yes, you can be an outsourcer | how back office support adds value | ai is not your enemy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

understand that to be able to effectively in-source your client’s internal accounting work to your accounting firm, you need on-demand access to your client’s information. it doesn’t work if you have to wait for someone to send you the information you need. understand that the processes you use today for write-up and compliance work will not transfer well to this level of client collaboration.
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six qualities the best wealth coaching candidates share

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they enhance not only their businesses but their lives.

by anthony glomski and russ alan prince

personal wealth creation coaching is a methodology we use with the wealthy, including the super-rich as well as select professionals. we start personal wealth creation coaching with clients by having them identify where they are today and where they want to be.

more: referrals best for gaining wealthy clients | why stress testing matters | help pros become experts through thought leadership | five questions for your high-net-worth practice | what your wealthy clients aren’t telling you | three ways the wealthy use life insurance | why tax planning matters so much to the wealthy
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we find there is always a gap. by leveraging and increasing their networks while enhancing the depth of their business relationships, we show them how to close the gap.
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