Today's Features

How Audit Field Equipment Has Changed

Two businessmen shaking handsTWAIN compliance remains a concern with scanner options.

By Roman H. Kepczyk
Quantum of Paperless

The advent of today’s audit “document container” applications has transitioned every aspect of audit production into a digital format.

MORE ON TECH SPENDING: How and Why to Establish Firm Procedures Manuals | Devil's in the Details of Digital File Delivery | Preventing Document Retention Headaches | Which Wireless? | Remote Access Takes Planning | Transitioning to Windows 10 | Desktops vs. Laptops
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The key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally. This includes multiple monitors, image capture equipment and remote communications capabilities.
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Is Blockchain an Extinction Event for Accountants?

Blockchain illustration using train carsThe make or break question.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Till today, “work” in the accounting profession involved creating and re-creating the accounting information and then making sense out of it.

MORE ON ENTREPRENEURIAL STRATEGY: Is Blockchain a Cloud Killer? | 22 Ways Blockchain Will Impact the Accounting Profession | Podcast: How to Become a True ‘Accountaneur’ | How Job Titles Can Rebrand Your Firm | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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E.g., you take an invoice in a paper form – printed from the data already existing in someone else’s accounting software (private ledger) – and then you re-create the same data by converting (manual data-entry, OCR, etc.) that paper info into data again.
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Change Is on the Horizon

Post with two signs, "same" and "change"BONUS: An equation for reaching your desired profit level.

By Rob Nixon

If you are dissatisfied with the performance (personal satisfaction and/or monetary rewards) of your current firm then you will need to change what you are doing. Not tweak it a few percentage points in productivity, average hourly rate, write-offs or lockup. No!

MORE ON STRATEGY: Do Your Clients Want More? | Why ‘Steady as She Goes’ Isn’t Enough | The Final Critical Traits: How Do Your Tires Look? | How to Calculate a Value Price | Boost Efficiency and Your Bottom Line | 4 Sales Systems and Some Secret Sauce | Marketing Must Generate Leads | Be an 'Object of Interest' | Turn Your Knowledge Into Products | Why Clients Really Stay | Don’t Let Technology Make You Dumber
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You will need to change what you are doing dramatically if you want a different result. The good news is that the change needed is not that hard to do once you get your motivation and mindset right.

The New Equation

If the old equation is internally focused then the new model is externally focused. It is based on marketing, sales, building relationships, value pricing and customer service. This equation below is a mathematical equation which, when you know and adjust the numbers, becomes a very powerful formula.
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Tax Resolution: A Lucrative Opportunity

Money tree growing in the middle of green meadowBONUS: An overview of the process.

By Jassen Bowman
Tax Resolution Systems

With over 14 million active IRS collections cases, there is a tremendous need for competent taxpayer representation. There has never been a better time to add this highly lucrative, recession-proof service to your tax practice.

MORE: 4 Problems with the Tax Resolution Industry | The Tax Resolution Client Intake Checklist | How to End the Tax Revenue Roller Coaster with a Four-Season Practice Model | How to Turn Routine CPE into a New Marketing Opportunity
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In fiscal year 2015, the IRS opened 8.1 million new collections enforcement cases, while only closing 7.1 million cases. Altogether, these taxpayers owe the IRS over $137 billion. That’s more than twice the entire annual budget for the U.S. Department of Education.
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The Culture of Continuous Improvement

Industrial metal number 5Implement Lean in 5 steps.

By Dustin Hostetler

Change is never easy, and the accounting profession has often shown a particular resistance to relinquishing traditional patterns. But for those firms that embrace change at all levels through process improvement initiatives such as Lean Six Sigma, the results have been both visible and rewarding.

MORE: A Winning Culture Is an Intentional Culture | A Call for Change: An Open Letter to Each Generation
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When this kind of initiative succeeds, generational conflicts melt away as the shared vision and firmwide efforts unite older and younger team members in their quest for the common goal.
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Measure Client Retention … Against Yourself

Young businesswoman working on laptop computer with growth chart in backgroundLearn where you stand in 8 simple steps.

By Sandi Leyva

In order to find out whether client retention is improving, you need to compute a baseline rate.

MORE SMALL FIRM GROWTH STRATEGIES: Turn to the ABCs for Client Feedback | Use Feedback for Service Innovation | Create Your Marketing Plan | 3 Steps to Using Social Media to Increase Your Search Rankings | Six Concrete Ways to Help Business Clients Reach their Full Potential | Why Businesses Offer Subscriptions | Your Time Has No Inherent Value
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You can easily do this by starting out with the Sales by Customer Summary in QuickBooks or a similar report in your accounting system.
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Use Compensation to Shape Partner Behavior

Do you have the right mix of partners?

By Domenick J. Esposito
8 Steps to Great

Visualize your partner group fitting into a bell curve.

MORE ON STRATEGIC PLANNING: AI Likely to Accelerate Merger Mania | What a Value Proposition Truly Is (and Isn’t) | Does Your Firm Need an Independent Executive Committee Member? | 10 Ways to Link Compensation and Strategy | Develop Home-Grown Future Leaders | How to Capitalize on the Trusted Business Advisor Opportunity | Leadership Must Be Persistent and Consistent
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In Quartile #1, you have the stallions – the very high performers who produce outstanding contributions to the firm year in and year out. These equity partners want to win and know how to do it.
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