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ADVISORY & CONSULTING

The Unsexy Grind Behind the Advisory Transition

three people in office looking at laptop screen

The myth vs. the reality.

By Frank Stitely
The Relentless CPA

Let’s get one thing out of the way: Becoming an advisory firm is not a mindset shift. It’s not about “finding your why.” And no, it’s definitely not as simple as bundling your services and slapping a higher fee on them.

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We’ve spent the last three years transitioning to an advisory model, and the most accurate description I can offer is this: It’s a three-year construction project that you start without blueprints, building permits or working plumbing – and halfway through, someone hands you a violin and says, “Now you’re a musician.”

Still want to go advisory? Good. You should. But pack lunch, wear boots and bring a violin.
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BUSY SEASON MANAGEMENT

Start Pondering Next Tax Season Now

businesswoman wearing glasses seated at computer; growth chart on wall

Take what you’ve learned and make your practice better.

By Frank Stitely
The Relentless CPA

Please have a seat. No, not that one. Take the one next to me. All of us are here because we love you to death. We only want the best for you. But we can no longer stand by and watch you suffer. When you suffer, we all suffer as a family. We have written some letters to let you know how we feel. I’ll let your firm go first.

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“Your behavior has affected me negatively in the following manner. I’m not as profitable as I should be. You are stifling the development of your staff. Your clients are upset that returns aren’t getting done on time. Your kids resemble the mailman more than you.

“Please accept the help we are offering you today. We have your bags packed, and we’ll put you on a plane to rehab at the beach. Don’t worry about scoring your next fix. We’ll help you detox safely. But you must decide right now. You must give up your addiction to doing everything yourself.”
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BUSY SEASON MANAGEMENT

Shorter Turnaround = Happier Tax Clients

woman with tablet wearing swimsuit sitting in beach lounge chair staring out at ocean

 

Do you know your turnaround time?

By Frank Stitely
The Relentless CPA

Todd Rundgren sang, “I don’t want to work. I just wanna bang on the drum all day.”

I agree with half of that. I don’t want to work. However, I want someone else to bang on the drum all day for me. I’m not that ambitious.

The key to achieving Hall of Fame-level laziness is delegation.

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If I have no ambition to do anything, but want things to get done, someone else must do them. Similarly, effective practice management is putting the right people in the right places accomplishing the right tasks at the right times. That’s a pretty damn good definition of effective laziness as well. There’s a subtle genius in that.
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BUSY SEASON MANAGEMENT

Two Types of Tax Review and How to Use Them

woman reading document at desk

Let color-coded tick marks be your friends.

By Frank Stitely
The Relentless CPA

One of your roles as CEO is reviewer. There are two types of review: primary and secondary.

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Depending on the size of your firm, you may only have primary reviews. If your firm consists of you and a preparer, you won’t have a second level of review. I don’t consider the self-review as a review step. I consider it part of preparation.
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BUSY SEASON MANAGEMENT

Make Tax Workflow Work for You

smiling woman wearing glasses, looking at computer screen

Tell quickly when a delay is the client’s fault. Plus: 12-step tax return and 8-step writeup workflows.

By Frank Stitely
The Relentless CPA

Let’s play buzzword bingo. I’ll go first: workflow.

Workflow is the CPA firm buzzword of the decade. Every vendor leech trying to suck the life out of your bank account drops this term, and in so doing, workflow now means everything and nothing at all. Marketers have so devalued the term that we shouldn’t be surprised that no one has an effective workflow, because no one knows what it is. Let’s flush the confusion.

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Workflow is not scanning and import software. Workflow is not workpaper binder software. Workflow is not a portal or tax return preparation software. Workflow is not project management software, much as it pains me to so state. These are no more workflow than a hammer is real estate development. They are tools to accomplish workflow.
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