Today's Features
What Happens When You DON’T Push Work Down
"Stop defaulting to asking every talented person you have to work more hours doing stuff other people can and should be doing."
By Bill Reeb and Dominic Cingoranelli
As we said in our previous column, Why You Must Constantly Push Work Down, we are talking about how firms will need to alter their thinking regarding outsourcing, administrative support and the administrative time of partners and managers. We discuss how the lack of delegation impedes competency development, why partners working more hours end up creating a weaker bench, and more.
Outsourcing
In this case, we are talking about outsourcing offshore. For many years, firms turned away from this idea because of the fact that they need to inform their clients that the services they provide were not 100 percent made in America. And most of our firms would say something like, “Our clients won’t tolerate us shipping their data overseas” or “Our clients will leave us if we outsource some of our work to India or China.” Both of those statements continue to be proven wrong every day.
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SURVEY: Nearly Half of Firms Use Videoconferencing
Does your firm utilize video calling/conferencing?
If YES, which tools:
- Microsoft Skype (28%)
- GoToMeeting (6%)
- LifeSize (3%)
10 Elements to Balancing Shareholders’ Needs
SUMMER READING: Corporate Concinnity in the Boardroom
By Steven Sacks
Every so often I come across a business book that addresses an ongoing organization challenge in a thoughtful, practical and effective manner. This is what I discovered when reading "Corporate Concinnity in the Boardroom" by Nancy Falls.
MORE SUMMER READING: Stop Wasting Time in Useless Meetings | A Leader’s Guide to Ending Entitlement
The title does not limit the book’s scope; the treatment of the topic applies to boards in the public, private, not-for-profit and academic sectors.
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SURVEY: 3 Monitors the New Standard
Trend Watch: Attempts to use fewer monitors appear to not be panning out. Three monitors is the new standard.
Accounting Firm Operations and Technology Survey
3 Tips for Handling Rookie Tax Preparers
... and 4 challenges.
By Frank Stitely
The Relentless CPA
How do you train up newly-hired tax preparers?
MORE: How to Hire and Manage Great Admin Staff | The Right Way to Assign Staff Projects | Workflow for Dummies | How Effective Project Management Makes Your Life Easier | 2 Lessons Clients Taught Me | No Consultant Can Solve Your Biggest Problem | The Great Marketing Hoax
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Hint: Don't start with taxes. READ MORE →
The Only Three Metrics You Need to Measure Staffers
A totally virtual firm takes a new tack.
By Jody Grunden
Summit CPA Group
If you want to grow your accounting firm, it’s important to evaluate the effectiveness of your process on a regular basis. You want to be aware of what’s working well and what’s not. You also want to continually be improving upon your services over time.
MORE GRUNDEN: Misconceptions and Truths about Remote Work | How Summit CPA Group Is Pioneering Virtual CFO Services
There are three things you can specifically monitor when it comes to the effectiveness of your team. Here's how we do it at Summit CPA Group. Maybe these ideas will work for you too.
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The New Risks in Cloud Efficiencies
You need a whole new set of backup and recovery strategies.
By Roman H. Kepczyk
Quantum of Paperless
The internet has undoubtedly had a profound impact on firm communications.
MORE: Remote Access Requires Planning | SURVEY: Only 32% of Firms Providing Non-Phone Devices | Jumping to Windows 10 | SURVEY: How Many Firms Run on Dashboards? | Today’s Best Laptops for Accountants | Scanners: How The Smart Firms Do It
It has become the primary driver toward the next generation of accounting applications that run entirely on the web through "cloud" computing.
We have two main recommendations to avoid disruptions, or worse, a major disaster.
There’s a New Sheriff in Town… at the IRS
Can He Turn the Gaming Tables Upside Down?
By Bradley Burnett
For the longest time, saving employment taxes by means of skimming cash from either a partnership or an S Corp seemed a bit like the lawless wild west with no sheriff, no posse and no hanging tree. Oh, don’t get me wrong. There were laws on the books. It’s just that the odds of getting caught were slim to none, save for the stray example IRS or an occasional court made of some renegade that got caught.
Sharpen your gun-fighting skills: Take CPA Trendlines’ all new, built from scratch course “Reasonable Compensation for S Corps and Partnerships – Shifting Undercurrents and Brand New Consequences” presented by gunslinger Bradley Burnett, J.D., LL.M. (Taxation) on June 14 in the morning. Before high noon, you’ll know better what to do. Learn more here.
But, there’s a new sheriff in town. Charles Rettig, the newly minted IRS commissioner, is at the helm. Under his watch, IRS this spring launched a new partnership reasonable-compensation audit guide. IRS also convinced the Tax Court it does not any longer have jurisdiction to hear S Corp reasonable comp employment tax cases (8th Circuit agrees). Evidence is on the horizon IRS plans to exact a mighty pound of flesh in response.
What Accountants Get Wrong about Technology
Don't view technology as another expense, Jim Bourke says; view it as another staff accountant.
‘The Secure Act’ Sets Off Alarms at #AICPAEngage
IRA guru Ed Slott says Congressional wrangling spells chaos in planning, but maybe an opportunity for accountants.
Tax Mama’s Top Tax Issues
Grappling with TCJA triggers.
"Tax Mama" Eva Rosenberg, EA, previews the California Society of Tax Consultants' 33rd annual Summer Symposium at the Westgate Las Vegas Resort & Casino in Las Vegas, June 9-12. More at https://www.cstcsociety.org/2019-summer-symposium.
The Background to Saving a Business
Pay attention to the parameters and you can do great things.
By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting
It’s important to get an up-close look at a client’s business in order to save it.
MORE: How I Saved a Business | Start with the Cash | Why a Break-Even Analysis Matters | How I Owned a Printing Company and Restaurant | Am I Happy? | My Boss Hated the Client | Fired from My First Job
I’ve discussed how I rescued a business that was in danger of closing because of unpaid taxes. I thought about some additional details that should be shared with readers, so here goes.
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