client service opportunities

be the flywheel to increase revenue

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“this will be the largest transfer of wealth the nation has ever seen in such a short period of time.”

by rory henry, cfp®, bfa

henry

rory henry is a director at arrowroot family office and host of the wealth management forward podcast. he can be reached to discuss ways to integrate financial planning into your practice through the cpa partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.

the financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. the arrival of private equity firms, combined with the rise of m&a and rapid advancements in technology, has shifted the landscape considerably. while these changes are unsettling to some practitioners, i view them as opportunities.

more: four core principles for elite wealth management | why you need a team of experts | why a virtual family office? why now? | is your client’s umbrella big enough? | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting
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in many ways, a cpa is a flywheel at the center of the financial advisory engine. all the other providers and advisors rotate around the cpa, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.

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why and how to track payroll costs

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businesswoman using calculator while reviewing something on laptop screenbonus: nine specific illustrations.

by ed mendlowitz
77 ways to wow!

most business owners look at the total payroll in dollars and go no further. but – payroll numbers are useful only if you drill down several levels to determine …

more: how to account for materials purchased | 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 | solos need plans for death, disability | you don’t need this, but your survivors do | five ways to ward off fraud in not-for-profits
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

head count

i tell clients to keep track every month of the total head count of the business – whether it’s three, 10 or 100 employees. on a year-to-year basis, the head count can be very revealing. first, it tells you whether employment is growing faster than you realized. second, by comparing head count with unit sales, you can measure worker productivity. if there is growth in units sold, your payroll is in good shape. if growth of units per employee declines, you have a problem that needs immediate attention.
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four simple game-changers to modernize your practice

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focus on the client experience.

by blake oliver
with david leary

my mom is in her 70s and still gets the taxes organized for her household. she’s been using the same 10-partner firm for the past 30 years. like many small firms, hers had no succession plan, so it recently merged with a big firm – top 25. as you may imagine, her recent tax season experience was disappointing. she submitted all her documents on time and then didn’t hear anything from her new accountant for weeks. finally, she received a return to review and was shocked to see herself marked down as blind. my mom is not blind. there were other errors in her return, including a missing real estate transaction. clearly, it had not gone through a proper review process.

more: nine ways to measure client experience | how the pandemic changed firm mindsets | twelve clues it’s time to outsource or offshore | yes, you have the staffing for cas | why firms shy away from cas | hook your firm on cas | can you identify real cas prospects? | 8 ways to create your cas practice | do you value your cas value?
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my mind exploded, wondering how such a large, well-known firm didn’t have a better quality control process in place. i’m guessing they didn’t even have a workflow management solution. after sharing this story with several cpas at other large firms, i learned that my mom’s situation was not all that unusual.

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how to account for materials purchased

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businessman manager using tablet check and control for workers with modern trade warehouse global business commerce concept or import-export commercial logistic.take care when choosing the method you will be using. four illustrations.

by ed mendlowitz
77 ways to wow!

materials purchased are comprised of many elements in addition to the actual product purchased. following is an illustrative cost sheet that accumulates and calculates unit cost. usually, a large unit such as a case, skid or truckload would be measured and the per unit cost determined by dividing the total by the number of units. all costs are included.

more: how to advise clients on allocating business resources | use constraints to make improvements | the role of strategy in pricing | wow clients with trend analysis | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

cost sheets are maintained for every separate product or sku (stock keeping unit) and is a string of characters that uniquely identify a product or part with a separate sku for every item with a distinguishing difference such as size, color, material and packaging.
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unleashing the power of technology: transforming accountants into trusted advisors

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the smartest route to advisory:
join the survey. get the roadmap

imagine the possibilities.

by donny shimamoto, cpa, citp, cgma
the center for accounting transformation

in today’s rapidly evolving world, technology is revolutionizing the way we work and live. accountants and cpas are no exception.

more donny shimamoto:  how trusted advisors transform businesses | the future of accounting: a vision of trust, clarity, and hope | donny shimamoto: future firm growth requires a mindshift | 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?
goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

we need to embrace the power of technology to enhance our services and better serve our clients as advisors. by leveraging technology and focusing on the complicated work that bots can’t do, accountants become trusted advisors, building deeper relationships and unlocking their full potential.

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