Entertainment The Tax Cuts and Job Act (TCJA) eliminates the deduction for entertainment expenses, including activities such as taking a client or a prospect to sporting events, the theater, movies, concerts, and amusement parks. The act also eliminates deductions for expenses incurred for entertainment facilities (for example, a stadium suite or skybox) and for amounts… Read More
As your firm grows, your software must scale and grow with your firm. In a recent article by IT Business Edge, the following six signs were listed as warnings that the time has come to re-evaluate your current software… Difficulty Making Changes: Simple changes to solutions aren’t simple to implement. Data Bottlenecks: Data does not flow freely,… Read More
A critical step in maximizing output is minimizing wasted time. In CPA firms, wasted time is often found in excessive administrative tasks, personal preference items, and poor communication. Many firms have implemented workflow to ameliorate these issues, however, due to the nuances of their processes and software limitations, often times the full scope of the… Read More
What do our client’s value? This question is at the core of every lean initiative. The idea is if you eliminate waste in your processes, your services will be more aligned to what your client’s value. The Accounting profession is currently facing increasing pressure from clients on fees. If you become commoditized in the mind… Read More
In some professions, charging by the hour is the most appropriate way to bill one’s clients, since his/her time is usually blocked off in hourly increments – i.e. tutors, athletic trainers, therapists. The range of the hourly fee, however will vary greatly based upon location, expertise and experience of the provider. I think it is… Read More
In a recent article by Dustin Hostetler, CIO of Boomer Consulting, Inc., he outlines the 5 Process Improvement Strategy Trends of Future-Ready Firms. They are as follows: Process is a core strategic pillar of the firm The Digital Client Experience Openness to Automation and Growth Simplicality Partners get out of the way (if they’re in… Read More
Over the past five to ten years, firms have invested in automated workflow software. Unfortunately, most workflow applications do not allow you to accurately reflect your firm’s unique business processes. Your firm has to learn to fit into the box provided by the vendor, which does not adequately leverage your firm’s unique mixture of talent,… Read More
While at the recent Rainmaker SuperConference, I took part in the “Audit Engagement Efficiencies and Industry Trends” session. It was a short, but to the point session that relied on the interaction of the audience. Not an easy task while in Nashville at 7:30am, the morning after the Predators tied up the fight for the… Read More
“I’ll take responsibility for all the plays that are called. I have the final say on it. If I don’t want to run the play, then I can call it off – that’s my right as a head coach. Any of the bad ones, you can blame me for because ultimately I could change them… Read More
