today's features
audit & assurance

the six roadblocks to innovation

businesswoman opens door to brick wall

and how to rethink client service.

by alan anderson, cpa
transforming audit for the future

“we cannot solve our problems with the same thinking we used when we created them.” – albert einstein

when most auditors hear the word “innovation,” they think it has to do with getting more technology. but that’s only a small part of what innovation means. innovation isn’t just throwing more technology at your audit processes. that approach is often just replicating with technology what you have done in paper for decades.

more: how to advance from audit to advisory | create a culture of audit quality assurance | what quality in audit leadership means | business-minded approach helps build a better firm | are you looking at the big picture? | meet your client all year, not just during audit | give your audit teams tasks that increase business acumen | are you using the right business model? | give advice while remaining independent | stop mixing up your v’s and losing your best people | empower your team by dumping c and d clients | the new formula for an accounting business
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according to an article in forbes, “innovation is the rethinking or reimagining of a business process that already exists.” applied to audit, innovation is reimagining what audit is and what audit can be. it’s the transformation of audit from a commoditized compliance-only function to a sought-after and highly valued service that produces benefits to the clients who use that service and to the firms who provide that service.

innovation is the spark that gets you to a new state. it’s the a-ha moment that drives the action to change. innovation can lead to transformation, but only if done with the intention of transformation. it means being willing to try doing things differently and being willing to try doing different things.
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advisory & consulting

what multiples mean to accounting firms

plus the appeal of rias.

by rory henry
the holistic guide to wealth management

why are accounting firms measured in revenue multiples while most other businesses are measured in ebitda multiples?

according to allan koltin, accounting industry transaction guru, there is no better reason than because that’s how we’ve always done it in the accounting profession.

more: tsunami of m&a, pe is disrupting the accounting profession | why cpas are best positioned to become financial advisors | how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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“accounting firms have zero ebitda; they clear out the register every year,” noted koltin. “when i talk to firms about private equity, i have to walk them back and explain how you’re going to create your own ebitda. and the biggest piece of it is what we call the ‘scrape of partner compensation.’ you’re making $1.2 million. can you live on $800,000 if we move that extra $400,000 into an ebitda category and put a multiple of 7x to 11x on that and get capital gain?” asked koltin.

“partners 55 and older love it. partners who are 35 are not so sure.”
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accounting influencers

jason staats: thriving in turbulence | accounting influencers

balancing tech, trust, and innovation.

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accounting influencers
with rob brown

in a recent episode of the “accounting influencers” podcast, jason staats, a content creator and influencer in the accounting industry, shared insights on balancing innovation, mental health, and technology in today’s profession. staats, known for his ability to mix accounting expertise with entrepreneurial thinking, has become a prominent voice in the field.

staats’ mission is to help accountants and firm owners create enjoyable and sustainable ways to manage their practices. through platforms like twitter, linkedin, and youtube, staats encourages his audience to rethink traditional success in accounting.

“sometimes, we mistake working hard for working smart,” staats said. “running into the same wall for the tenth time isn’t progress—it’s a sign to rethink your approach.”

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advisory & consulting

save 75% with one banking change

scissors cutting $100 bill in half

put technology to work for you.

by hitendra patil
client accounting services: the definitive success guide

in the desktop days, write-up, bookkeeping and accounting processes were perceived more as “data-entry” work. the price clients were willing to pay for data entry put so much pressure on fees that many firms found it is not worth the hassle.

more: you, a virtual cfo? why not? | who is ready for client accounting services? | wants? needs? cas helps fill both | automation can be exciting in client accounting services | eight steps for better client accounting services | do you have the client accounting services mindset? | four ingredients to your cas ‘why’ | cas clients are ‘stickier’
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other services such as tax preparation, financial statements preparation, etc. brought in higher per-hour dollars than write-up, bookkeeping and accounting work could. such work got more and more “outsourced” by accounting firms to bookkeeping firms, freelancer bookkeepers and “processing” firms operated by non-cpas/non-accountants.
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