Question: Identify the top three challenges of managing your firm today
Source: Preliminary Results from 6th Annual Accounting Firm Operations and Technology Survey.
By Brian F. Tankersley, CPA.CITP, CGMA
Creating value-added service offerings, cybersecurity, and recruiting are the top three challenges of managing a modern accounting firm, according to early results from the 6th Annual Accounting Firm Operations and Technology Survey.
Don't let your clients find themselves frantically searching for information they need to file their tax returns at the last minute. Help them reduce filing difficulties and possibly their tax bills by knowing what documents to have at your fingertips.
Most of the papers they need to document the income, interest and withheld taxes they report arrive in your mailbox in January, with investment-related 1099s often coming in February. They can get ready for that arrival by creating print and online folders. It's a good idea to create a paper and an email tax folder for messages relating directly to tax information. READ MORE →
It may seem too obvious to bother mentioning, but the accounting industry, from audit firms to tax prep to corporate finance, is in the process of transition. But too many managers think that just means technological transition.
Going “paperless” means that all firm files and client data will be digitally stored on the firm’s network, which is almost always accessible to firm personnel via internal workstations and remotely via the internet.
The firm has a fiduciary responsibility to protect this data from anyone not specifically authorized to view it. Proper security is VERY difficult for any internal network administrator to guarantee as few have the experience and have participated in ongoing training to implement security settings optimally the first time. READ MORE →
Video Kills the Telephone Call. The proliferation of smart speakers has continued unabated nearly since their inception, but recently we’ve seen a new feature taking center stage on these do-it-all devices – video. READ MORE →
He went with me and worked on the main company while I worked alongside him on the baby company. The baby company was much smaller and usually was for a second line the client had. I did the writeup and prepared the financial and other statements for the current month and year to date. READ MORE →
For the most part, it was a very successful year. Profitability improved enough that allowed partners and employees to share in the increases, and ample allocations were made for investments, primarily in personnel benefits and technology. Growth in net fees ranged generally from 5-9 percent, so many firms are experiencing top- and bottom-line growth.
Unfortunately, it is the new normal – whether in business or in our personal lives. Those of us who encountered different forms of technology tools and platforms during the second half of our careers still believe that effective interpersonal communication still counts for something. Of course, in this era of uncivil discourse, speaking over one another has, too, become the new normal. READ MORE →