As we have all learned over the past two plus years….there are many things in life that are completely out of our control. With tax season rounding the final, furious corner, controlling what is controllable is critical to the success of your firm. There are many moving parts to a successful engagement – most that… Read More
Two CPA firms decide to merge or a larger one acquires a small one. From this transaction a single firm is born, poised for growth and success. It’s as simple as 1 + 1 = 1. That’s the way the math should work in a CPA firm merger. The reality is the path to a… Read More
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
