Monthly Archives: February 2013

Tax Season: ‘Tis Better to Give than to Receive for This Firm

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Vicenti, Lloyd & Stutzman donates clean water with every tax return.

Paul Dunn, known in the U.S. (and in much of the English-speaking world) for his Results Accountants practice management sessions years ago, is doing some awesome things these days for world poverty.

In his latest coup, he signed up Glendora, Calif., CPA firm Vicenti, Lloyd & Stutzman as one of the first firms in the United States to join the global giving initiative Buy1GIVE1, a non-profit organization that supports other charity organizations around the world to create sustainable contribution models. READ MORE →

There IS a Better Way! In Fact, Many Better Ways

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In response to our question: “Is there a better way? The answer, according to our Commenters, is a resounding yes!

“In the latest CPA Trendlines Research Update, firms seem to be focused on profitability like never before. And they seem to be relying on only three strategies:  1) Timesheets. 2) Timesheets. And, 3) Timesheets.

To be sure, some firms have avoided the time-keeping rut. But many others have nothing left in their toolkit. They’ve already made all the cuts they can in partners and staff, overhead and leases, expense accounts and club memberships. Some have even gone too far and are now dialing back.  And many firms are looking to improve profitability with new clients and new, higher-margin services. But here, too, this takes time and some good luck.

So most firms seem to be looking more closely than ever at realization, utilization, staff-to-partner ratios — the nuts-and-bolts of CPA firm economics.  If there’s a better way, please let me know by email or in Comments below.

– Rick Telberg
CPA Trendlines
President, CEO

Maybe there is, indeed, a better way…

Here are some comments, including some from the cross-post at Linkedin:

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11 Ways to Make Sure Clients Know You Care During Tax Season

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Including six situations that demand you call the client immediately.

by Ed Mendlowitz
Tax Season Opportunity Guide

Ed Mendlowitz
Ed Mendlowitz

Occasionally accountants lose touch with their clients, especially during tax season. Part of this is because of the crush of work, which is compressed into a pretty short period.

We sometimes lose sight that we are working on something the clients consider one of the most important things in their lives at that moment.  Clients are not numbers on a list that needs to be reduced – they are all individuals and consider themselves very important people and want professionals that treat them accordingly.

It is attitudinal, and accountants must adopt that mindset and transmit that through to their culture.

Following are a few things you can do, and should do.  Not only does doing these things communicate your culture, but they are all good business: READ MORE →

The Secret Formula for Getting New Clients

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The 16-step plan to focus on landing one new client at a time.

by Bruce W. Marcus
Professional Services Marketing 3.0

Here’s a little secret about accounting marketing.

It always comes down to selling the individual clients — one by one.

Bruce W. Marcus
Bruce W. Marcus

More Professional services Marketing 3.0: What We’ve Learned Since Accounting Marketing Was Legalized  • Do Accounting Firms Really Want an ‘Image’? • What Accounting Firms Need to Learn from Personal Financial Planning Specialists • The Delicate Art of Positioning Your Firm in the Mind of the Prospect  • Even a Random Disaster Can Be Controlled with Risk Management • 

You can talk about strategies, and image, and niche marketing and branding. You can talk about blogs, and social media, and press releases and webinars. But it always comes down to selling the individual clients — one by one.

Well… if you’re going to have to do that anyway, why not start with target marketing to begin with? READ MORE →

Seven World-Tested Strategies for Coping with Fee Pressures

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Global accountants’ association warns profit squeeze may “the new normal.”

In the face of profit problems for accounting practices worldwide, the International Federation of Accountants, which represents the world’s national accountancy institutes, is warning the global profession that fee pressures may be “the new normal.”

With many clients around the world “faced with subdued demand” for their products and services, “it’s not surprising to find small- and medium-sized practices facing demands to negotiate fees or cut prices.”

RELATED: Fee Pressures Emerge as Worldwide Problem

With that in mind, IFAC suggests seven strategies: READ MORE →

After an Economic Pause, the Accounting Industry Restarts Expansion Engines

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THE CPA TRENDLINES BUSY SEASON BAROMETER
Click to join the survey; see the results

But many CPA firms appear to be missing out on the recovery.

by Rick Telberg
CPA Trendlines  Research

The nation’s tax and accounting industry appears to have re-started expansion with new hiring in January, after a two-month pause at the end of 2012 in November and December, according to CPA Trendlines research. But the gains appear to be concentrated in non-CPA-owned offices.

Analysts are attributing the 2012 year-end economic stall to two major storms which slowed economic activity: One, Hurricane Sandy, and, the other, Congress, which has been gridlocked under a bubble of hot air.

CPA Trendlines PRO members:
Get the instant download
full report (PDF, 20 pages), here.

READ MORE →