Meal and Entertainment Expense Changes Under New Tax Reform

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

Has Your Firm Outgrown Its Accounting Software?

  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

Is Your Workflow Aligned With Your Unique Business Process?

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

Are Your Firm’s Values In Line With Your Clients?

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

Is Your Firm Billing Based On Time Or Value?

  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

Is Your Firm Future Ready?

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

Who Controls Your Firm’s Workflow?

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