The 3 Essential Elements for Client Trust

Clients tell investment advisors what it takes to gain their confidence. CPAs sound off on financial planning services. Join the discussion.

by Rick Telberg

If you’re a personal financial planner, you know how it feels. You put on your best navy blue suit. You shine your shoes to the luminosity of black diamonds. You comb your hair like a kid on his way to Sunday school. You walk into your new clients’ living room, and you see it in their eyes: How is this guy going to steal my money?

This phenomenon is revealed in a study from State Street Global Advisors and Knowledge@Wharton, which asks clients to name the most important characteristics of their investment advisors.

The most important characteristic wasn’t low cost, which was an issue to just 12 percent of respondents. Nor was it investment performance, which was important to only 10 percent of respondents. It wasn’t “understanding family needs and goals,” which touched just 20 percent.

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Posted on September 30, 2007
Filed Under BSG [CPA TRENDLINES] | Leave a Comment

CPAs Get Smart in Staff Crisis

“Too much to do, not enough time.”

How does your office rate? Join the survey; see the answers.

by Rick Telberg

Accounting firms and finance departments have but a few stark choices when it comes to managing the epidemic staffing crisis: Do more with less, or just do less.

In fact, too many offices are simply doing less. But there is an alternative to simply throwing in the towel. Almost as many firms are learning how to cope—even thrive—through the crisis.

More than half of the CPAs who are responding to our current survey say their firms are so understaffed that it’s impeding business. While the reasons why firms are facing a shortage may vary, many respondents cite difficulty in finding quality associates.
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Posted on September 24, 2007
Filed Under BSG BUSINESS BUILDER | 6 Comments

Do You Have What It Takes to Succeed?

CPAs say you need more than just good technical skills. What’s your secret? Join the study; get the results.

by Rick Telberg

People skills are important in everything and in every business, but they have a special significance and separate meaning in the accounting profession.

While people skills are a key element of success in any walk of life, it can be argued that CPAs have a professional obligation to take those skills beyond the level of mere communication to the point of empathizing with clients and being able to see things through their eyes.

“Many staff members are self-absorbed and are not able or willing to put themselves in the clients’ shoes. Those who are able to be the ‘client’ and to make those kinds of commitments seem to achieve the most,” says J. Frank Fisher, managing partner of a small public practice in Reno, Nev.
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Posted on September 19, 2007
Filed Under BSG FINANCE PROFESSIONAL | Leave a Comment

What’s SaaS and Why Should You Care?

Will CPAs be ready as vendors drive toward a new delivery system?

by Rick Telberg

Internet-based delivery of business applications software may finally be reaching the tipping point for CPAs. But are CPAs ready to accept and capitalize on the new “next wave” in software?

The foothold now being gained by the Web-based delivery platform referred to as Software-as-a-Service, or SaaS, could set the stage for finance and accounting software vendors to reach out in force to the CPA community as the vendors build or redefine their sales channels.

Because you’re reading this online, you’re probably at least somewhat familiar with SaaS. So you know that with SaaS, end users essentially lease their applications software, which is Web-hosted. The vendor/host handles all maintenance and upgrades, so the end user saves on IT maintenance costs and the hassles of upgrading and is able to connect to the applications anywhere online, just like accessing email.
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Posted on September 16, 2007
Filed Under BSG MARKETPLACE - Products, Services and Vendors | Leave a Comment

Small Biz Flocks to Tax Pracs

But is it for the right reasons?

Busy season 2008 is right around the corner. How are CPAs adding value? Join the survey. Get the answers.

by Rick Telberg

Tax professionals could be making a stronger case about the value they bring to small-business clients.

This comes after looking at a National Federation of Independent Business survey that found that 88 percent of businesses with fewer than 250 employees used tax professionals to prepare their most recent federal tax returns. But very few cited it as a cost-effective move.

Only about 5 percent of all small business, including 3 percent of those with more than 20 employees, said that it’s more cost effective to use a tax professional than to do it in-house. Also, only 11 percent of small businesses, and 9 percent of those with 20-plus employees, said that their tax professional is most likely to determine the lowest legal amount of taxes.

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Posted on September 9, 2007
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CPAs Share Secrets to Career Success

Hint: It’s not all ticking and footing. What’s your success secret? Join the survey; see the results.

by Rick Telberg

“Passion” is not a word that pops up in a lot of business studies. But ask accountants and finance managers for the secret formula to a successful CPA career and “passion” is mentioned many times and in many ways.

“There are so many different career paths one can take and are available; finding the career path that you are passionate about is key and it takes time,” said James Hoffman, an assistant controller in Englewood, Colo.

Joanne Newfield of Cherry Hill, N.J., a comptroller who also runs her own public practice and teaches accounting, advises new accountants: “Don’t give up. Find your passion in accounting and specialize in that area.”
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Posted on September 3, 2007
Filed Under BSG FINANCE PROFESSIONAL | Leave a Comment