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what to start doing today to be fully prepared for next tax season… and beyond.
hosted by seth fineberg, accountantsforward
with guests chad davis, kellie parks, and kenji kuramoto
get seth fineberg’s analysis and commentary here
we need the machines to do as much of this as we can.
the disruptors
with liz farr
when scott scarano lost a few good people at his firm, he had an epiphany that he needed to change things. instead of continuing to grow for the sake of growth, he overhauled his management approach.
more podcasts and videos: 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
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“and things are better now at the firm, because we’re not focused on growth,” but instead on “growing everybody,” including himself, scarano said. by building better habits and finding better ways to do things, his team is growing its bottom line, and a few of the people who left earlier have now returned. “that’s the growth i like to see.” read more →
ignore the coming tsunami of change at your own peril.
by alan anderson, cpa
transforming audit for the future
instant download:
“the new manifesto for accountants.“
the other day, i picked up a college textbook on auditing from 2001.
more: the disruptors: re-inventing accounting with tyler anderson | the big issues in audit: frustration, inconsistency and technology | five ways to increase audit efficiency | early adopters gain an edge in audit | talent retention: five tips for an audit adjustment | six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
even back then, that book listed these as “critical forces on the profession:”
in the 20-plus years since that book was published, not much has changed. today many of the college students who learned auditing from that textbook are in leadership positions at audit firms. they were warned about what we were up against.
that we are still facing those same “critical forces,” which have only exacerbated since then, is an indicator of the ossified state of leadership in the audit profession.
clients still need context, and that comes from you.
by penny breslin
it’s not just the numbers
in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”
more: put back office support into action | make cybersecurity a client service option | start every engagement with an sla | get the most out of your client meeting | why you need standard naming conventions | how to develop internal procedures | proper workflow demands consistency
the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.
read more →
its average score was 85.1.
by rick richardson
technology this week
an improved and better-trained version of chatgpt took a simulated cpa test after an earlier failure and passed, similar to the roughly half of human applicants who fail on their first attempt. but does this trial suggest that chatgpt will soon compete for accounting positions?
more: smartwatch saves two lives | first e-road charges electric vehicles as they drive | stanford scientists 3d-print heart tissue | chatgpt unlikely to replace accountants | cancer vaccine available by 2030? | four of today’s new technologies that will be tomorrow’s ‘norm’ | chatgpt spurs competition in different ways | chatgpt: what it is. why you need to know.
“this calls into question the ‘competitive advantage’ of the human accountant relative to the machine. to our knowledge, for the first time, ai has performed as well as most human accountants on a real-world accounting task. this raises important questions of how machines and accountants will work together in the future,” the study’s authors said.
read more →
bonus: seven systems to allocate income … and who uses them.
by marc rosenberg
how to bring in new partners
it would take a book much longer than this post to properly explain the finer points of partner compensation, especially how each of the major compensation systems works. oh, did i forget? we wrote such a book, “cpa firm partner compensation: the art and science.”
more: fifteen steps to new partner buy-in | what buying in actually means | how partner and staff actions impact profits | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner | sixteen duties of a partner | five people to keep out of partnership
best practices and key concepts
as is the case with all of my lists, no one firm incorporates all of these practices in its partner compensation policy. but i have observed all of the practices below in one or more of the best firms i’ve worked with over 20 years.
payroll services up over 7 percent.
by beth bellor
卡塔尔世界杯常规比赛时间 research
employment in the accounting profession continues to climb, according to the most recent federal jobs data. new highs were set in
total nonfarm payroll employment rose by 339,000 in may, with the unemployment rate ticking up by 0.3 percentage point to 3.7 percent. the professional and business services sector added 64,000 jobs, similar to april.
read more →
opportunity or threat? it depends.
bonus episode
with rick telberg
for 卡塔尔世界杯常规比赛时间
help clients stay on track with these odometer assistants.
by beth ziesenis
app of the week
national odometer day (may 12) encourages people to check their odometers and keep up with vehicle maintenance as their vehicles age. but it can also be a great reminder that we itemizers are losing money if we’re not tracking the mileage we drive for work.
more apps of the week: make your computer a clean slate | recycle and repurpose old devices | enlist ai for more productive meetings | keep teams on task with project management apps | apps to put your affairs in order | app of the week: celebrate black business month | app of the week: cheap flights | help your clients save money | time to upgrade your spreadsheets | app of the week: secretly stash cash | easy apps for increasing client engagement with video | app of the week: grow your business knowledge and career skill sets | app of the week: upgrade your resume | app of the week: end procrastination |
see all: apps of the week here |
there are several options available, but here are my three favorites and why:
plus six questions to ask about your plan.
by august j. aquila
what makes a great partnership
ever wonder what the most appropriate partner compensation system is for your firm and how to assess partner performance?
more: 12 points of a good compensation plan | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals | eight criteria for partnership | how you can get partners to change
a firm’s compensation system is a reflection of its culture and external competitive factors. when was the last time you gave your partner compensation system a checkup?
read more →
get past the ai tools hype to see the real potential.
by hitendra patil
rise of the aiccountants
accounting, as it existed until now, is ripe for a makeover.
more: who is better at accounting, ai or humans? | talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact | be serious about ai, not amused
this is not a doomsday prediction for the accounting profession. on the contrary, it is just a confirmation of the golden era of accounting that is about to come.
and artificial intelligence will be the driver leading the metamorphosis.
read more →
and some things to do instead.
by ed mendlowitz
77 ways to wow!
hello, i am mr. no and have been asked to explain what i do and why i could be your biggest obstacle.
more: how to prepare business plan financial projections | what’s more profitable, raising or lowering prices? | insurance you might not know you need | solos need plans for death, disability | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud | how to explain internal controls to clients
i can’t help you, but i can definitely hurt you. and i love to hurt those who understate my importance. in reality, there is nothing in it for me to okay a deal, and my reputation and credibility might be hurt, and i could even lose my job if the deal flops. on the other hand, saying no keeps me safe and free from harm.
read more →
flip the org chart and put staff at the top.
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the disruptors
with liz farr
for 卡塔尔世界杯常规比赛时间
megan genest tarnow is well-known in accounting circles as the go-to expert in using quickbooks for the fund accounting required by nonprofit entities.
more: 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
many of the best accountants she knows have come from non-traditional backgrounds like dance or philosophy. megan herself worked in theater for several years before she was thrust into a finance role. like her, these non-traditional accountants apply their native curiosity to understand how the pieces fit together. by leaning into the work and asking questions, they uncover an unknown aptitude for accounting, suggesting that perhaps we should hire for curiosity rather than compliance knowledge.