artificial intelligence

why advisory opportunities emerge from core cas offerings

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three keywords to guide you.

by hitendra patil
client accounting services: the definitive success guide

“we want to offer outsourced cfo and advisory services.”

it has become an increasingly more common intent of accounting firms of all sizes. technology automation, artificial intelligence and more innovative solutions seem to make it even more logical for accountants to feel that the future is more about advisory services than ever before.

more: is it time to outsource? | your firm’s cas team: who and how many | two tech approaches to cas | when to start building your cas tech stack | stop derailing cas | show your priciest cas package first | your firm needs a cas champion
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if you have similar intentions and goals, please answer this question:

“what type of advice do you give to your clients, periodically and regularly?”

or turn it around and answer this question:

“what type of advice do your clients seek from you and when?”

if you could think of 5-10 different actionable insights you regularly deliver to your clients, congratulations! but if not, do not worry. it is not difficult to lay a strong foundation for your advisory services. read more →

a high-net-worth practice in four steps

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businesswoman holding giant dollar symbolyou have the knowledge. it’s time to apply it.

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

the world has changed in ways we can see and some that we do not yet understand. some of these changes have been in process before the covid-19 crisis, such as greater competition, the use of artificial intelligence, and the immense increase in private wealth.

repeats: don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
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other changes, such as the way people are and will likely continue to interact, are a function of the crisis. for example, video calls and conferences are going to become a bigger part of the way professionals interact with clients and each other.
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how today’s staffing crisis can forecast your future

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copyright 2021 rick telberg. all rights reserved

you can read the tea leaves in who’s getting hired today because they’re the generation that will re-define the tax and accounting firms.

by steven e. sacks
the new fundamentals

the accounting profession is at a crossroads: increasing pressure on keeping up with technology to serve more varied and complex clients, while a quick peek at the landscape indicates the ongoing struggle to attract and retain talent.

more: 7 signs your accounting firm agreement falls short | effective networking is an art | courtesy still matters | bigger firm, bigger thinking | 5 steps to better time management | swot’s the purpose? | is your firm’s culture a magnet or a repellent? | click here for more by steven sacks
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but what is meant by this, actually?

what will be the type of necessary talent? will it be a mixture of technical gaap and gaas know-how and technology-driven knowledge like artificial intelligence? or will the necessary technical expertise be superseded by a deep understanding of blockchain technology and data analytics? if that, then how will firms draw the right people to deliver the value-added services that leverage technology?

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gary cokins: the truth about activity-based costing

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how to implement progressive management accounting techniques.

> download and subscribe to the podcast on itunes here

with steven sacks
the new fundamentals: thriving in disruption

management finance expert gary cokins says there’s nothing wrong with activity-based costing. except that you’re probably doing it all wrong.

more gary cokins: the myths of performance management

more steven sacks: effective networking is an art | business development activities shouldn’t be a chore | cpa’s best role: leveraging knowledge, not just process | avoid last-minute deal making | five common negotiating mistakes | the myths of performance management | business is about relationships | reaching for authenticity in client service |

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the problem is, cokins says, it’s convenient for the accountants to allocate the overhead based on allocation factors, like labor hours, number of units produced in a manufacturer, headcount, number of employees, and square feet, even though none of them reflect the unique consumption relationship between how the outputs products and services consumed.

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the managing partner’s role in mergers

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17 key factors and 18 common turnoffs. bonus: an 8-point history of cpa firm mergers.

by marc rosenberg
the role of the managing partner

we have discussed how the managing partner impacts organic growth activities. but a major growth strategy was not addressed: mergers and acquisitions, or more precisely, how managing partners impact m&a at their firms.

more: 10 ways to hold partners accountable | five ways to evaluate partners | manage partners with goal setting | overarching authority that managing partners must have
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when managing partners are asked what their revenue growth is, they invariably respond something like this: “we grew 12 percent last year, 8 percent organically and 4 percent through mergers.” it’s almost like the 4 percent from mergers didn’t count. but this is changing.
read more →

the cpa’s best role: leveraging knowledge, not just process

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david bergstein says you’re wasting your time and your client’s money if you’re not focussing on the future.

with steven sacks
the new fundamentals: thriving in disruption

to be more competitive, cpas need to shift their focus from compliance service to process-oriented, value-added work, veteran cpa david bergstein tells 卡塔尔世界杯常规比赛时间. this means working with clients to understand their business operations, competition, and financial challenges, such as liquidity, solvency, and profitability.

more on value-add: how cas communications are different | how value billing eliminates guesswork | avoid last-minute deal making | how a great managing partner impacts firm growth | tax season client meetings: kill them now | do you give yourself too much credit? | the 17 rules for making partner at a cpa firm | family feud isn’t just a game show

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see more 卡塔尔世界杯常规比赛时间 videos here | see more david bergstein here

^ download and subscribe to the podcast on itunes here

the key takeaways:

  • accountants need to switch their focus to look to the future and real-time accounting, which means that the right way of doing things these days is to take advantage of all technology and automation.
  • it’s a small and mid-size business that doesn’t have a bookkeeper, that doesn’t have an accountant, that doesn’t have a controller, that doesn’t have a cfo that looks to cpas to help them. cpas’ advantage is to use that technology to automate all those processes and then spend time selling value-added services.
  • today, to be successful as an accountant, you must identify what platform or platforms you’re going to use to capture your clients’ data at the source to move it through the system.
  • payroll tax processing services can be expanded by setting up the human resource tools that go with it. beyond processing payroll, cpas can find ways to get lower workman’s compensation; automate the onboarding of employees, and provide various benefit options.
  • as part of the de-emphasis on process, younger staff members don’t want to do vouchering anymore, which will be supplanted anyway by automation. so, it’s great for firms to offer more training opportunities to their younger staff regarding analytical thinking, selling, and how to consult with clients to find out what their needs are.

 

transcript

david bergstein, interviewed by steven sacks
read more →

trullion: new a.i. startup targets rev rec, lease accounting

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founder and ceo isaac heller seeks to be “single source of truth” for lenders.

with rick telberg
for 卡塔尔世界杯常规比赛时间

on the even of trullion breaking out of stealth mode, ceo and co-founder isaac heller tells 卡塔尔世界杯常规比赛时间 in this video interview how the new fintech company can automate the process of lease accounting to establish a cost-effective, functional view of contract data for auditors accounting firms and cfos alike.

more in tech: make tech your ally in protecting clients | satellite internet takes a promising step forward | survey: your top tech problem? | fireeye network audit tool targets solarwinds hackers | deliver internal reports digitally | space factories! darpa launches new program |

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formerly known as smrt, the trullion platform automates unstructured data such as pdfs and translates them into real-time financial reports, including lease accounting and revenue recognition.

read more →

the irs studebaker bomb

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1962 studebaker lark four-door sedan in daytona beach, fl, nov. 28, 2020
1962 studebaker lark four-door sedan in daytona beach, fl, nov. 28, 2020

that ticking you hear is time running out on the irs.

by 卡塔尔世界杯常规比赛时间 research

america is a great nation but not without its occasional embarrassment. one of the lesser-known national ignominies is the patched-up, jury-rigged studebaker at the core of the irs information technology system.

more: irs ‘level of service’ too low | irs has recruiting problems, too
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studebaker didn’t manufacture the individual master file system, but the company was producing the lark at about the same time the imf was installed at the irs in the early 1960s. studebaker has long since gone out of business, and larks are as dead as dinosaurs, but the imf is still chugging away.
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the myths of performance management

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be careful what you measure, says management guru gary cokins

^ click to play

with steven sacks

cpas and finance leaders must start asking some really painful questions, according to gary cokins, an internationally recognized expert in performance management, in this interview with steven sacks for 卡塔尔世界杯常规比赛时间.

questions like:

• do we know where we make or lose money?
• do our managers understand the strategy? the executives?
• are we measuring the right things?

^ download and subscribe to the podcast on itunes here

read more →

how to create your firm’s cas team

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plus how to boost their skillsets.

by hitendra patil
accountaneur: the entrepreneurial accountant

“we do not have the staffing for client accounting services.”

non-cas firms cite this as the topmost reason for not being able to offer cas. nothing could be further from the truth.

more: technology and your cas clients | will 2021 be your cash-flow year? | identifying the right clients for cas | cas is, first, a communication challenge | which of your existing clients are cas-fit? | client accounting services: the definitive guide
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

experience of firms that offer cas, including that of small firms with fewer than five staff members, proves beyond doubt that you do not need more staff to start offering cas. even solo practitioners provide cas. the only thing you need to begin your cas journey is to be ruthless, relentless and fearless to leverage newer and cloud technologies. automation, integration and even artificial intelligence make it easier, faster and cheaper to perform some repetitive, time-consuming work of accounting firms.
read more →

22 predictions for 2021

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business hand holding hot chart in crystal ballit’s not the time for minding and grinding.

by joseph tarasco

during these unprecedented times, it is difficult to predict the future. thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. this type of planning explores plausible potential business models and implementation processes for impending unknowns.

 

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

 

however, consider the following predictions and trends in your strategic planning for 2021 and beyond:

  1. covid-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.

read more →