If they had it all to do over again…
Apparently, they’re worth it.
By Marc Rosenberg
Retirements & Buyouts
An ample supply of willing buyers is a critical factor that strengthens and confirms the value of any asset, let alone a CPA firm. Virtually every firm, from sole practitioners to the Top 100, is eager to acquire a smaller firm. Why is this? READ MORE →
By Ed Mendlowitz
The CPA Trendlines Practice Doctor
QUESTION: I have a very good client who pays us to prepare his daughter’s tax return. The daughter was going through a divorce and asked us to assist her and her attorney and she said she would pay us herself, and we shouldn’t ask her father to pay us and she also asked us not to tell her father what was going on. We did a lot of work and because of what we did she got a much better settlement than if we did not help her. Additionally a lot of what we did was rush on-demand work and some of it was quite difficult. Also, she was not the most pleasant to deal with on many occasions. READ MORE →
51% plan new hiring now and into next year.
For 2015, 81 percent percent of small businesses forecast a revenue increase, with 21 percent expecting to grow more than 100 percent, according to a new survey from a leading accounting software producer.
The study also shows that employing an accountant pays off, according to Xero, the cloud accounting company that produced the study. SMBs (small and medium-size businesses) who use an accountant with online accounting software enjoyed a 16 percent increase in revenue over businesses that use online accounting software without an accountant.
Becoming a ‘trusted advisor.’
By Sandi Smith Leyva
The Accountant’s Accelerator
Here’s a question: What portion of your revenues are derived from compliance work – e.g., tax preparation and IRS representation; bookkeeping; QuickBooks setup, cleanup and training; payroll; and audit work – versus value-added work, e.g., revenue improvement, business consulting, profit margin analysis and workflow improvement projects?
If you answered 100 percent compliance work and no value-added services, you’re not alone. There’s a lot of lip service about moving from compliance services to becoming a “trusted advisor.” There’s an equal amount of confusion in how to get started.
Here are a few tips to help those of you who want to move in that direction. READ MORE →
The 2014 national MAP survey shows widening divide between large and small firms.
Exclusive to CPA Trendlines
The National MAP Survey of CPA Firm Statistics
Marking the third consecutive year of quickening expansion since the recession, CPA firms are posting 6.7% revenue growth, according to the latest results from the National MAP Survey of CPA Firm Statistics reported here exclusively by CPA Trendlines.
“The National MAP Survey of CPA Firm Statistics: The Rosenberg Survey” is well known and well respected within the national CPA industry, due to its solid reputation for accuracy, thoroughness and high participation rate. Exactly 75% of the firms in this year’s survey participated in 2013. This allows for more accurate year-to-year data comparisons. All of these characteristics, plus the highly sought-after executive summary, make “The Rosenberg Survey” a must-read for any entrepreneurial-minded CPA firm. The survey captures data from participating firms of all revenue ranges, from solo practitioners to those with over $20 million in net fees. READ MORE →
11 weekly self-assessment questions for successful professionals.
By August Aquila
The Effective Partnership
When’s the last time you talked to your partners about the “mirror questions”? We all know that it’s easy to kid ourselves about how well we’re doing. But when we have to look ourselves in the mirror, well, it’s another story.
Rather than giving the partners the questions they should answer, we suggested that they come up with their own self-assessment. Specifically, we wanted them to devise questions they could ask themselves each week to evaluate how well they had performed. In the end, we came up with 11. READ MORE →
What it means for independent tax and accounting firms.
By Hitendra Patil
The accounting profession in the U.S. has been shaken up by announcements from Liberty Tax Services and H&R Block that they are entering into core bookkeeping and accounting services business.
More on The Entrepreneur Accountant: Six Steps for a Better Tax Season • 8 Seconds into the Future: Meet Generation Z • 5 Reasons Gen Y Will Make or Break Your Firm • 3 Ways Amazon’s New Fire Phone Hints at the Future of Accounting • The 8 Traits Creating the Firm of the Future Today • Get More Done, Make More Money: Stop Doing These 17 Things • What Shopping Habits Reveal about Accounting Clients • Create Your “Not-To-Do’s” List • IRS Bitcoin Rule: 5 Things Accountants Need to Know • Tax Season Tips: Train Your Brain to Focus • What the Bitcoin Phenomenon Means for Accountants • Overcoming Your Clients’ Worst Fears • 5 Tech Tips for Reigniting Growth • A Case Study in Using Linkedin • Accountants and Six Fundamental Human Needs • Client Satisfaction Starts with ‘Likeability’ • Why Accounting? Your Clients Want to Know • What’s Next: Predictive Accounting
The news came as a surprise to many and I had a few discussions with some accounting professionals, especially smaller firms and some solo practitioners, on what they think of this new development. READ MORE →
Changing marketplace demands changing firms.
By Ida O. Abbott
Sponsoring Women: What Men Need to Know
Most male leaders today understand how important it is to keep high-performing women in the pipeline and help them achieve their potential within the organization.
These men are genuinely concerned about their firms’ inability to retain and advance the women they hire because having a substantial number of women leaders is a demonstrably significant benefit to the company, while a lack of gender diversity at the top of organizations can be very costly to the bottom line. READ MORE →