Today's Features

Shift Your Practice: Stop Depending on Compliance Work

number 5 drawn in sandAre you ready to step off the hamster wheel?

Join Matt for the Center for Enlightened Business 16th Annual Symposium Oct. 26-27, a virtual conference for small and medium-sized firms, live and online from anywhere in the world, at the special CPA Trendlines rate: Register Here | Learn More.

By Matt Solomon
The Center for Enlightened Business

This article is the first in our Five Shifts series, which lays out five key shifts you need to take your business away from a high-volume model with long hours and unfulfilling work and toward monthly engagement of $3,000-$15,000 per client with $500+ hourly realization rates and a better quality of life.

SHIFT 1: Stop Depending on Compliance Work

MORE: Let Go of Beliefs That Hold You Back | Reframe Sales as Communicating Value | 3 Keys to Evolving Your Accounting Practice
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The idea of reducing your dependence on compliance work may be radical for some accountants and familiar to others.

Compliance work is the main source of income for many accountants, but unfortunately, it’s a high volume, low-profit ballgame. In order to be successful, you need to have flawless execution and massive leverage if anything is out of place or goes awry, you won’t get the results you’re hoping for.
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Build the Practice You Want in 4 Steps

Businessman's shoes toeing words "What's your next step?"It’s never too late to start.

By Ty Hendrickson

Building an accounting practice is not for the faint of heart. You go into this profession because of a love of analyzing numbers and helping others, but to have work to do accountants have to pivot and become salespeople too.

MORE: Get Goal-Ready for 2021 | Why Choose You? | The One Big Reason Your Hiring Sucks | 5 Crucial Areas of Firm Culture Not to Ignore | The CPA Firm Partner’s Role Is Changing | Are You Botching Your First Impression? | Maybe the Pandemic Isn’t All Bad
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There are many ways to grow a practice, some being more passive, including utilizing referrals as they come, and some being more outward, including networking and prospecting. The bottom line is that accountants must find a way to bring new clients in the door to keep the doors open.
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Work the Client Needs … But Won’t Pay For

Young businesswoman putting hand out in "stop" gesture while sipping coffeeMaybe it’s time to part ways.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: I know that one of my clients needs some extra work done, but they don’t want to pay for it. It is important that this work gets done.

MORE: Advising Estate Executors: The Newbie Guide to Getting Started | 14 Better Uses for Timesheet Data | 9 Must-Haves for Firm Growth | 5 Ways to Build Teamwork
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Do you think I should do it anyway? What is my responsibility?
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Who’s Offering Your Clients PPP Services?

https://www.e-junkie.com/ecom/gb.php?ii=1671049&cl=23704&c=cart&ejc=2&aff=29672084% of your colleagues are.

By Sandi Leyva

Clients have inundated accountants all year with questions and issues about the Paycheck Protection Program (PPP), and no end is in sight.

MORE: PPP Client Fraud: How Much Risk Is Too Much? | Survey: Who’s Not Billing for PPP Services?
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Earlier this year, it was all about loan acquisition. Now, borrowers are gearing up for loan forgiveness and asking their CPAs for assistance.
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Maximize Referrals from Wealthy Clients

Female executive greeting coupleHow to foster opportunities.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Join Prince and Glomkski for a four-hour “Masterclass: Build Your $5-Million High-Net-Worth Practice,” with one-on-one coaching. Attendance limited. View Details Here.

As part of the Discovery process, you are ascertaining who your wealthy clients can refer to you. In empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. They also say that this happens because they do an excellent job for their clients.

MORE: What the Wealthy Want | The Four-Step Process for Client-Focused Business Development | Building a High-Net-Worth Practice During COVID-19 | The Essential Process for Building a High-Net-Worth Practice | What the Wealthy Need | Setting Financial and Practice Goals During COVID-19 | 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-RichGoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
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6 Types of Non-Listeners

Woman on phone ignoring man across tableYou know the phrase: We hear but do we REALLY listen?

By Steven E. Sacks
The NEW Fundamentals

Do you ever find yourself speaking to someone and notice that they are battling you and their iPhone? A quick glance here, a one- or two-word text response there. Unfortunately, it is the new normal – whether in business or in our personal lives.

MORE: Etiquette Never Goes Out of Style | Make Your Presentations Memorable | Have a Real-Life Conversation | Is Your Message Open to Interpretation? | Trust Is a Key Organizational IngredientReal Influence Vs. Immediate Gratification
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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.
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