SURVEY: Three Reasons To Be Bullish on CPA Firms

Photo Copyright 2016 R. Telberg

New practice management study reveals four strategies to maximize your profits.

By Charles Hylan, CPA
Rosenberg Survey

Hylan

Charles Hylan is one of the authors of the Rosenberg Survey report and a shareholder in The Growth Partnership, a business development training and consulting firm for CPA practices, which fields the survey.

What an exciting time to be working in the accounting profession!

Why do I say this? Three reasons:

  1. The shift from compliance to advisory work.
  2. Unlimited career paths.
  3. Record levels of profitability

Our profession would be better off if younger staff and managers knew what a lucrative career they could have in the industry. I’m not suggesting that partners share tax returns or W2s and K1s. However, education around practice management topics would enable the profession’s future leaders to understand the “business” side of the profession, the entrepreneurial opportunities, and the economic upside.

Let's run the numbers...

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CLIENT INSIGHT: Small Businesses Sell for Highest Prices on Record

Tariffs and Elections Take Center Stage as Market Aims to Continue Record Pace.

A new report obtained by CPA Trendlines reveals record highs in small business financials, allowing sellers to ask and receive more money than ever recorded.

Sale prices of businesses sold in the third quarter of 2018 reached new highs, according to the BizBuySell Third Quarter 2018 Insight Report. The record sale prices are directly related to stronger business financials which also hit new levels in Q3.

With buyers able to offset increasing prices by acquiring healthier businesses, the result is a well-balanced market.

Full results are included below, with statistics from business-for-sale transactions reported by participating business brokers nationwide.

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The Do’s and Don’ts for a Happy Accounting Office

The knack of feedback doesn't always come naturally.

By Rick Telberg

If the finance and accounting people in your office work together like a well-oiled machine, then consider yourself lucky.

Let me suggest you take them all out to lunch and raise a toast to their attitudes ... Because without their skills and goodwill, you are no longer working in a firm or company. You are a solo practitioner.

Even if you're not working in a traditional command-and-control hierarchical organization, you are, in the end, a professional. And you work with fellow professionals. Understanding how to trade feedback honestly, openly and without rancor is an essential ingredient to your successful work life.

Personnel who fall short on skills can usually be brought up to speed. All it takes is a little coaching and training.

But personnel who fall short on attitude are a big problem. You need to talk with them, and you need to do it the right way. While a few words might suffice for the wise, you need carefully chosen words for the attitudinally challenged.

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Four Ways to Leverage Client Retention for Growth [Webinar]

How to take advantage of this time-tested solid growth strategy

Join us for our 30-minute webinar for firms of all sizes:

Tuesday, October 9, 2018
2:00-2:30 p.m. Eastern

Register here

Attend and you will learn:

  • What the decreased focus on client retention means to your firm.
  • Why offering niche or specialty services is a Top 5 marketing tool of nearly all firms.
  • About an often-overlooked marketing tool and its role in client retention.

Based upon our Marketing and Business Development Strategies for Accounting Firms study, this fast and focused webinar will provide you with ideas and strategies about one of your most important targets – your current clients.

Don’t Blame Technology

Source: Sage

Accountant and client expectations are driving today's changes. Technology is only the enabler.

Warawa

By Jennifer Warawa
Executive Vice President - Partners, Accountants & Alliances at Sage

The world is changing -- that’s no surprise, especially to accountants. Conventional wisdom will tell you it’s new tech adoption that’s changing our field, increasing competition and altering the way we do our jobs. But is that what’s really happening? Not necessarily.

Accountants today are feeling more pressure than ever to stay competitive. At the same time -- accountants are expanding far past their traditional roles -- becoming more holistic business advisors to their clients and strategic partners with an ever-increasing list of demands on their time.

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SnapStat: CPA Exam Rankings from Utah to Baruch

Silhouette of graduates throwing caps into airNew stats on the CPA exam.

There must be something special in the water accounting students drink in Utah and in New York. Or so, some new statistics might suggest.

Performance metrics indicate 95,654 candidates took the exam in 2017, of which 71,199 were new candidates, with 25,834 candidates passing their fourth section of the test.

In a new report,  the National Association of State Boards of Accountancy reveals the jurisdictions with the highest pass rates and the universities with the most candidates sitting for a First-Time section.

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Running on Passion, or Running on Empty?

Feinberg

'Passion is nice. But passion with positive cash flow is so much nicer.'

By Andrea Feinberg

Hey, new business owner: Congratulations on making a huge leap. Your choice to risk it all (and I’d say a predictable income, resources and benefits are pretty huge to leave behind) takes enormous courage, persistence, and a plan. And, many would say it takes a strong devotion – some call it ‘passion’ – to the service or product you plan to deliver.

Well, I have a suggestion and I hope you’ll take this personally (not a typo: I want you to take it personally because your business will be among the most personal relationships and responsibilities you’ll ever have.)

I’m going to suggest you shift your thinking: don’t start a business; solve a problem. Unless your product or service can solve a specific problem (or, secondarily, expand on an opportunity) for a recognizable category of customer, you’ll never make a penny. READ MORE →

The Secret to Making Millennials More Efficient

Carrick
Carrick

Five good reasons to let them make their own hours.

By Drew Carrick

What I am about to say might cause you to break into absolute hysteria.  Depending on whom you are,  you will either: share and embrace, or smear and critique. My intention is not to demand a change in the working world, but rather to stimulate a cultural conversation that can change the way we work.

Employees should be able to make their own hours.

Are you crazy, Drew? Nobody would ever work then!

Well, while that may be your first thought, let me explain my thought process. READ MORE →

Ready to Move to the Cloud? It Takes Planning

Byron Patrick will be appearing at the Accounting & Finance Show. Click here to learn more.
Portrait of Patrick Byron
Patrick

Careful setup makes it easy to disable accounts when people leave.

By Byron K. Patrick

Technology in the cloud has already shown its promise. Many small businesses have already moved from having physical servers onsite to a “cloud-only” technology strategy. They’re experiencing significant gains in productivity and mobility. You may be wondering if that’s the right decision for your company.

See more Accounting & Finance Show previews here

Cloud technology works. In fact, the cloud is secure, flexible, mobile, affordable and dependable. But it’s not magic. It takes more planning and work than simply saying, “Alexa, turn on the cloud-only tech strategy.”

Here are some key points to consider... READ MORE →