COVID Slams U.K. Accountants, Too

Martin Bissett reports on life, business, winners, and losers from England.

By CPA Trendlines

You can divide accounting firms in the U.K. much like you can in the U.S. – into those that act proactively, and those that don’t, Martin Bissett tells CPA Trendlines in a video interview. And that’ll be the difference, he says, between those that survive the pandemic and emerge as market leaders and those that don’t.

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“What accounting firms should be doing is: They should be understanding that their goodwill for years, if not decades, to come is built now,” says Bissett, an expert contributor to CPA Trendlines and the author of a number of manuals and handbooks. “People are going to remember how they acted now in the time of crisis. They should be proactive, number one. Proactive means phone calls, Zoom calls, instigated by the practice, not by the client.” READ MORE →

How to Forecast Your Practice Growth

financial graph on blackboard5 questions to ask yourself.

By Martin Bissett

If I could give you one tip that would assure that you could predict your consistent practice growth, it would be to look at your calendar.

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You need to look at what is on your calendar and to look at today’s date and ask, “Where is the money coming from this month?” Look at what recurring fees you have, look at the value of those fees and what they bring in. Then consider what would happen if any of those fees did not recur. Look at what would happen if those fees dropped out of the equation and think about how you would replace that income.