outlook & analysis

jennifer wilson: empower young workers to build the firm everyone loves

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jennifer wilson: wanna grow? employ the 10% x three rule

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

jennifer wilson has been advising and coaching firms on better ways to run their firms for years, so she has had an inside view of how firms perform well or perform badly. wilson said that building a sustainable firm that attracts and retains the best people and that the younger generation wants to own will require changes from how many traditional firms have operated.

more:  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

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though firms quickly switched to remote work at the pandemic’s peak to create a culture of “anytime, anywhere work,” many are now moving backward. some firms are giving wishy-washy messages about returning to the office, which makes remote team members feel they have little chance of promotion. “smart firms are not rolling backward right now,” wilson said. they are finding ways to do “mass customization and personalization of schedules and workplaces” to make everything work for team members, work for clients and work for the firm.

this may mean making tough decisions to let clients or underperforming staff go.

pro members always get all the top takeaways, details on the guest, and the full transcript.

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outlook 2023: consolidation brings challenges, opportunities

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is your brand living its promise?

by sarah dobek

the profession will continue to see consolidation at all levels as mega firms continue to be created, presenting challenges and opportunities for middle-market firms. to compete, firms of all sizes will see a heavier focus on growth beyond their geographical boundaries. this will also require many more technical challenges and resources.

more: outlook 2023: top five trends | outlook 2023: compensation gets creative | outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
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labor force challenges will endure, and firms will continue working to augment their staff more deeply. firms will continue to explore roles for those in their firm. while it will take many years for the collegiate institutions to catch up, defining clear paths and roles for client servers, relationship professionals and technical experts must happen as part of this professionwide change. firms will continue to leverage operational support and continue asking questions about what they really must do and how to create new roles to support their firms.
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outlook: the biggest change in accounting? personnel

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four ways to address the talent shortage.

by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics

the accounting industry has just begun to make its most radical change.

  • it isn’t the tech.
  • it isn’t the shift to advisory services.
  • it isn’t the remote offices.
  • it isn’t the mergers and acquisitions.

it’s all those things, plus what they all add up to: personnel.

more: four accountability steps for firm success | how to build a standout team | five keys to becoming a high-performing firm | assessing your firm | the 4 traits of great cpa leaders | why leaders must ensure clarity | incremental vs. exceptional success
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the industry has been suffering a shortage of professionals for many years now. decades. everybody talks about it, but nobody is doing much about it … until now. and, according to charles hylan’s foreword to the 2022 rosenberg survey, the solution is a combination of several significant changes.

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top trends ’23: look who’s making money now

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partners’ percentages surge substantially.

by 卡塔尔世界杯常规比赛时间 research
the rosenberg map study

financially, it’s been a good year for accountants – especially at the partner level.

more: outlook 2023: compensation gets creative | what new leaders want in ownership | getting partners to accept a new pricing philosophy | survey results: partners rejoice on surging fee growth | headcounts grow 5%; pay rates surge at 7% pace | fourteen rules for lateral partner hires

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revenues are up. the income per partner (ipp) is up. profitability is up. firms that qualify as “elite” are more elite than ever. and, yes, size matters.

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mike whitmire: re-think your hiring and training practices

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the disruptors: training can triumph over textbooks in the talent wars. 

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

mike whitmire wants to transform the role of accountants in industry from mere counting beans (though that’s not a bad skill to have) to an operational role that leverages accountant’s knowledge of company finances and operations to drive efficiency throughout an entire organization.

more:  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

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whitmire, ceo, and co-founder of accounting software company floqast, inc., knows a thing or two about talent acquisition and development. before founding floqast, he managed the accounting team at cornerstone ondemand, a saas company in los angeles.

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outlook 2023: capacity strategies drive change

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clients benefit, but so do small firms and next gen staff.

by jennifer wilson
the rosenberg map survey: national study of cpa firm statistics

unless there’s another round of vaccines, we’ll see more covid-19 disruption as colder weather forces more firm activities indoors. more consolidation will happen as more firm leaders feel pressure to move their problems to a larger firm and the mega firms feel more pressure to keep up with the joneses and absorb more.

more: outlook 2023: top five trends | outlook 2023: compensation gets creative | outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
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at some point, perhaps longer than 12 months from now, one or more of the super consolidators is going to falter, more than likely is some significant service failures as their lack of integration and acculturation drives turnover and a talent shortage beyond what they’re able to rescue. i hope this doesn’t happen, but it feels like some of these firms are facing a perfect storm of financial performance and growth expectations, high client demand, capacity issues and a less unified, disorganized leadership apparatus unable to respond to these challenges.
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the 12 big questions for 2023

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the questions aren’t new, but the answers should direct your strategy.

by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics

as gale crosley, of crosley+consulting, notes in the 2022 rosenberg survey, we are in the midst of “an unusual year of high uncertainty, unpredictability and sapped energy among our profession’s leaders.”

more outlook 2023: the 12 winning traits of a great cpa firm | what accounting firm start-ups are doing right | workflow is a problem. so why aren’t firms buying solutions? | top five trends | compensation gets creative | cpa partners rejoice on surging fee growth | the office is over | the great resignation or a reshuffling? | accounting firms face down private equity |

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gale crosley
crosley

the profession, once characterized as staid and stable, has been hit by a confluence of what crosley calls “major thunderbolts,” to wit:

  • disruptive technologies
  • shifting economic conditions
  • non-traditional competition
  • fast-moving regulation
  • extensive talent constraints
  • work-from-anywhere options
  • unexpected market demand
  • private equities investing in firms
  • baby boomer retirements

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private equity heats up m&a

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firms competing in the buyers’ market need to put on some polish. 

by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics

the accounting industry is seeing an upswing in mergers and acquisitions after a slowdown during the pandemic confusion.

more: why solo cpas need pcas | where mergers go wrong | what your merger letter of intent needs | 61 things buyers should explore with sellers | 世界杯比赛名单 | one times fees isn’t the only way | four reasons to fear a merger
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the reasons, according to consultants quoted in the 2022 rosenberg survey, are several:

  • sellers are looking for viability as partners retire.
  • sellers are looking for funding to upgrade tech and shift to cas.
  • buyers are looking for scarce personnel.
  • buyers are looking for specialized niches.
  • buyers are looking for something to tempt private equity investment.

what kinds of tips are available for buyers and sellers?

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ed kless: clients don’t want outputs. they want outcomes

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the disruptors: too busy? raise your prices.

 

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

what do clients – or, as ed kless prefers, customers – want from their accountants? it’s not the tax return or the financial statement but the outcome for the customer, which is most often peace of mind.

to remain relevant in disruptions like online tax preparation and automated bookkeeping tech firms like pilot, accountants need to consider other ancillary services they can provide above and beyond those basic services.

more:  seth fineberg: your classic business model won’t allow growth | 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.

“when you bill by the hour, when you have to measure your time, and when you tell the customer, ‘pay attention to my efficiency because that’s what i’m going to charge you,’ then they start looking at your efficiency instead of your effectiveness, which is the wrong thing to be looking at,” kless explained.

additionally, kless said cpas who are “too busy” need to raise their fees.

he said, “one of the mantras in pricing is innovating for growth, pricing for profit. when an organization wants to grow, the focus has to be on innovating, creating new things to offer, not necessarily what we used to be called rainmaking, which is getting more customers.”

kless maintains that accountants or cpas should strive to be the first person called, no matter what the customer wants, whether it’s super bowl tickets or a recommendation for the best medical team in an emergency. but experimenting with adding additional services or converting to a subscription-based business model will not be possible for firms that remain wedded to the timesheet, which, kess said, quoting ron baker, is cancer of the accounting profession.

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six benefits of an internal audit

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number 6plus the principal tasks.

by ed mendlowitz

every business has a system of internal controls. very small businesses likely rely on luck and the honesty of their one or two office staff. small businesses rely on their independent auditors to check their system once a year and large companies employ one or more internal auditors on their staff.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | organization minutes too often overlooked | five cash reports you can’t live without | the priorities were backward | the seven-minute financial statement
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this post explains the internal audit process that applies to every size business. businesses have voluminous transactions; multiple people involved, companywide; and assets that need protection.
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outlook 2023: top five trends

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strategic thinking is at a premium.

by gale crosley
the rosenberg map survey: national study of cpa firm statistics

i suspect the next 12 months will bring four sizable developments.

more outlook: compensation gets creative |  the office is over | private equity comes for accounting firms
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this has been an unusual year of high uncertainty, unpredictability and sapped energy among our profession’s leaders. many are facing the most significant business issues and opportunities of their careers. the profession has experienced nearly a century of relative business model certainty and predictability in market conditions, punctuated by occasional disruptive blips.

however, it’s not just one dynamic, such as the dot-com bust, the events leading up to sarbanes-oxley or the great recession. rather we are seeing a confluence of four major thunderbolts – disruptive technologies, shifting economic conditions, non-traditional competition and fast-moving regulations. add to this extensive talent constraint, work-from-anywhere options, unexpected market demand and the relatively new enthusiasm of private equities to invest in our firms. and don’t forget continuing baby-boomer retirements. wow! i’m exhausted just writing about it.

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what accounting firm start-ups are doing right

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bar chartand why other firms should worry

by 卡塔尔世界杯常规比赛时间 research

if your firm is 10 tears old, its probably getting stale facing intense competition for talent and grade-a clients from newer firms, less than 10 years, according to new research

more: keep these tax clients while you have the chance | some clients just aren’t worth the ‘mishegoss’ | when should you drop a client? | what’s the most ridiculous thing you’ve heard in tax season? | back to basics with client service | 4 steps to firing a client | top 10 ways to fire the client from hell | survey: zoom, teams top meeting choices | the hazards of poor internal controls | plan for your client to exit their business | what new leaders want in ownership | find your cas team at your firm | six ways to fix your firm agreement

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it was the youngest firms – those in business for just one to two years – that scored highest. in hindsight, the reason is obvious: they began their firms during the pandemic. they didn’t have to change or adapt to the rigors of remote offices and limited client contact. they built their firms to fit the pandemic context.

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outlook 2023: compensation gets creative

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accounting will be an attractive career choice again.

by carl george
the rosenberg map survey: national study of cpa firm statistics

there has and will continue to be a significant number of private equity transactions. as with any major shift of ownership in the past, there will be some fallout – partners, staff, niches, clients, etc.

more: outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
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that is natural as what we will witness is the creation of new firms and opportunities for those who choose to depart. just look at the new firms that have started in the last five years – that is one way the profession stays young, fresh and entrepreneurial – new players practicing in different ways.
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