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Wealth Management: Can You Afford Not to Provide It?

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Fineberg
 Seth Fineberg is an accounting industry consultant, content strategist, analyst and speaker. His current business is Accountants Forward. He has been a business editor and journalist for over 30 years, the vast majority of which has been spent overseeing the accounting profession’s evolution.

Advisory begins with conversations.

By Seth Fineberg
The Holistic Guide to Wealth Management.

Today we are cresting the biggest waves of change that I’ve seen in my 20-plus years of covering the accounting profession. I’m talking about the need for CPAs to go beyond simply being the trusted tax guy (or girl) for their clients and to help them manage all aspects of their wealth. This movement has been building for the better part of a decade, but only recently has it gone from “I’ll think about it” to “Can I afford not to get on board?”

Not to sound the alarm bells here, but CPAs must soon choose between riding the financial planning wave or being swept under it.
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INNOVATION & CHANGE MANAGEMENT

Can AICPA CEO Koziel Deliver what CPAs Want?

Koziel says to look beyond the CPA for new answers.

Koziel: ‘With the variety of skill sets needed in a growing practice, looking outside of those letters seems necessary.’

By Seth Fineberg
At Large

One thing that’s clear from the annual AICPA & CIMA Engage conference (arguably the largest in the profession) is that the association’s new leader, Mark Koziel, has much on his plate.

MORE Mark Koziel: Mark Koziel: The Future of the Profession | Opportunity Awaits Incoming AICPA CEO | Koziel to Succeed Melancon as AICPA CEO

For years, the CPA brand, its value, and the profession it stands for have been challenged, to say the least. In his first year as the Institute’s leader, its membership made its needs abundantly clear to him. More importantly, it appears there is much support behind him to see that they are addressed.

To be fair, it is not on one person or one institutional body to fix all of the profession’s issues. But advocating and addressing the most glaring challenges, especially given membership fees and the seemingly long-standing fact that approximately half of those who hold the CPA credential are either not AICPA members or don’t necessarily support what they do, is no small task. This is where Koziel, a long-standing member, small-firm advocate, and head of the Allinial Global firm association, can shine.

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OUTLOOK & ANALYSIS

Is Practice Management Having Its Moment?

List via Jason Staats

VC-funded Aiwyn and Canopy seek to stand out among over three dozen contenders.

By Seth Fineberg
At Large

Often fraught with issues and features that accountants don’t necessarily use or that don’t sync with what they need, practice management software in tax and accounting has not been the easiest nut to crack.

MORE TECH: Aiwyn Enters Race for the All-in-One Practice Management Platform

MORE FINEBERG: Opportunity Awaits Incoming AICPA CEO | Where Intuit Is at with Accountants | History Could Help Accountant-Vendor Relations | Accounting Needs a ‘Rethink’ Not a ‘Rebrand’ | Big Change Comes with Deep Reflection | Three Ways to Raise the Bar for Your Business

Some, however, have grown in this space and even regained some trust in PM. New investments in Canopy and Aiwyn are great examples.

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OUTLOOK & ANALYSIS

Opportunity Awaits Incoming AICPA CEO

Some CPAs don’t necessarily support the AICPA or believe it supports them.

By Seth Fineberg
At Large

The accounting profession has long been divided about the usefulness and importance of the AICPA. However, with the first regime change in 30 years, incoming AICPA CEO Mark Koziel will take the helm and have an opportunity to embrace change and bridge some gaps.

MORE FINEBERG: Where Intuit Is at with Accountants | History Could Help Accountant-Vendor Relations | Accounting Needs a ‘Rethink’ Not a ‘Rebrand’ | Big Change Comes with Deep Reflection | Three Ways to Raise the Bar for Your Business
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Moreover, it concerns the leadership and direction this industry body can potentially bring. The word “potential” is used because there is potential in this profession, both for the AICPA and accounting in general.

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PRO Member Exclusive

Where Intuit Is at with Accountants

Why vendors need to start with “why.”

Ted Callahan, Intuit director of accountant partnership and strategy: “An industry transforming itself.”

 

By Seth Fineberg

Unless you’ve been under a rock in the accounting profession, you know that Intuit—makers of some of the most widely used tax and accounting products on the U.S. market—has caused quite a stir within the profession in recent weeks, making some wonder where they stand with the software giant.

MORE: History Could Help Accountant-Vendor Relations | Accounting Needs a ‘Rethink’ Not a ‘Rebrand’ | Big Change Comes with Deep Reflection | Three Ways to Raise the Bar for Your Business
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For quick review, a growing number of accountants that use of the company’s QuickBooks Online product have had to consider how to pass on rising costs of using the product, on top of where they stand with the company and its seemingly competing QuickBooks Live service. Then, more recently, Intuit began running national TV ads promoting its TurboTax Live service with the message of “break up with your accountant.”

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PRO Member Exclusive

History Could Help Accountant-Vendor Relations

older woman showing young woman something on office computer screen

Think about where you want your business to be.

By Seth Fineberg

The phrase “history is the greatest teacher” can be applied in many ways, but to me it does not ring truer than when thinking of the current state of accountant-vendor relations. In short, it’s not all that good.

MORE: Accounting Needs a ‘Rethink’ Not a ‘Rebrand’ | Big Change Comes with Deep Reflection | Three Ways to Raise the Bar for Your Business
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The accounting profession has evolved to the point to where there is a tool for every task, and the choices have never been more plentiful or the process of selecting one more challenging. At the same time, having overseen this profession as long as I have, the thing that’s been clear is the risks of tying so much of what you do to one vendor.
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OUTLOOK & ANALYSIS

Partners: Your Middle Managers Are Getting Squeezed

Staff just don’t feel comfortable asking for things that help their mental and physical well-being.

Client pressure: 84 percent can work from home at least sometimes. However, only 44 percent say the firm has their back with difficult clients.

By Seth Fineberg
Accountants Forward

Crabtree

This may seem mysterious, but when it comes to ensuring job satisfaction and retaining staff, firm leaders should pay closer attention to middle management/mid-career staff and their connection to employees and the work itself, according to a survey conducted by Tri-Merit Group co-founder Randy Crabtree, HB Publishing & Marketing Company founder Hank Berkowitz, and myself at Accountants Forward.

MORE Staffing here | MORE Surveys and Research here | MORE Seth Fineberg here

“Everything about putting your people first leads to increasing the satisfaction of those who work in the profession,” says Crabtree. “Things like firms having your back, supporting their growth or getting to know who the people you work with are matters greatly.” He added, “When you have a good variety of work to do and find you enjoy that work, you won’t mind working the extra hours at times either.”

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OUTLOOK & ANALYSIS

The Power of Community in Accounting

nine businesspeople talking at conference social hour

When you can’t figure it out on your own.

By Seth Fineberg
At Large

Accounting may have long been considered a community of professionals, yet not many have felt the true sense of what that means or have bothered to take advantage of it. Moreover, there’s been no greater need to recognize and utilize community in accounting than now.

MORE: Does Firm Culture Still Matter? | Accounting Needs a ‘Rethink’ Not a ‘Rebrand’ | Big Change Comes with Deep Reflection | 3 Ways to Raise the Bar for Your Business | Make It ‘Productive Season’
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As the profession moves its way through yet another point of inflection, one not likely seen for decades, the list of factors impacting how accountants work and why they do what they do is growing:

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INNOVATION & CHANGE MANAGEMENT

Does Firm Culture Still Matter?

A well-defined firm culture is key to building an irresistible employer brand.

By Seth Fineberg
At Large

Who you are and what you stand for as a firm can mean many things, but if you aren’t explicit about what you are about, you may as well say nothing.

MORE: Seth Fineberg

I know this is a bold statement, but over the years, I’ve heard the term “firm culture” tossed around so freely that I daresay, when pressed, that firm leaders will be challenged to have a legitimate answer when asked what it actually is.
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INNOVATION & CHANGE MANAGEMENT

Accounting Needs a ‘Rethink’ Not a ‘Rebrand’

two women talking while seated at a table

Your value is in the knowledge you have and the relationships and trust you’ve built.

By Seth Fineberg
At Large

The field of accounting, and being an accountant, is challenged on many sides – none more so than the very act of being an accountant. In short, given the demand for new services and the growth in automation for nearly all “tasks,” what does accounting or being an accountant mean anymore?

MORE: Big Change Comes with Deep Reflection | Three Ways to Raise the Bar for Your Business | Randy Crabtree: Stress Management for Overworked Accountants | Tax Chat: Eric Green Reveals The Tax Rep Guide to Tax Season  | It’s Time to Do the Uncomfortable  | Three Ways to Improve Next Tax Season  | Meet Basis, the New AI Bookkeeper on the Block | Is This When Accountants Start Taking Freshbooks Seriously?
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Let’s be clear: Accounting’s literal and metaphorical face is, and needs to be, changing if it is to grow and thrive. This, however, isn’t necessarily a bad thing. But, as we well know, change is not easy or quick. What should encourage accounting professionals is that at this very moment in time, they have the ability to have a say in what accounting, and being an accountant, actually is and could be.
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FEATURED VIDEO

Geni Whitehouse: Conquer Client Communication Chaos

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With Seth Fineberg
CPA Trendlines Research

Geni Whitehouse, CPA.CITP, the “Countess of Communication” for Brotemarkle, Davis & Co., LLP (BDCo), says you must meet your clients where they are and understand their personalities to better communicate with them.

Doing so, she says, will provide the ultimate value for your clients.

MORE WHITEHOUSE: Geni Whitehouse: Unlock Your Accountant Super Powers

In this episode of Tax Chat, Whitehouse discusses strategies for improving client communication and efficiency in tax preparation, emphasizing the importance of productivity tools, workflows, and shared files. Whitehouse highlights the need to tailor communication methods to meet client preferences and leverage new tools and technologies to provide interactive and insightful financial information. She also explores the crucial role of communication in tax consulting and accounting, emphasizing the need for empathy, understanding, and adaptability in addressing clients’ needs.

6 More Takeaways:

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LEADERSHIP

Big Change Comes with Deep Reflection

Chalkboard saying indicating that time to change is now

Are you ready to redefine the accounting profession?

By Seth Fineberg
At Large

What can be accomplished in a year for any individual or organization is amazing. In this case, I’d like to draw attention to the efforts and, for some, the existence of the Accounting Alchemy Network.

MORE SETH FINEBERG AT LARGE: 3 Ways to Raise the Bar for Your Business | Randy Crabtree: Stress Management for Overworked Accountants | Make It ‘Productive Season’ | It’s Time to Do the Uncomfortable | Three Ways to Improve Next Tax Season | Jeremy Sulzmann: Can Intuit Mend Fences with Accountants at QB Connect? | Meet Basis, the New AI Bookkeeper on the Block | Is This When Accountants Start Taking Freshbooks Seriously? | You’re Doing Email Wrong | Careful… You May Be Advising!
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In March of 2022, Ingrid Edstrom, Alina Nikishina and Mathew Heggem helped put AAN into the world to build a network of like-minded individuals dedicated to seeing accounting’s higher purpose come to fruition. I wanted to take some time in this post to familiarize you with what AAN accomplished over the past year and peek into where it’s headed.

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MANAGEMENT

3 Ways to Raise the Bar for Your Business

Stop allowing your business bar to maintain the status quo – or worse, lower.

By Seth Fineberg
At Large

As most accountants prepare to shake off the effects of yet another tax season, the question remains: What will take you and your firm to the next level?

MORE FINEBERG: Make it ‘Productive Season’ | It’s Time to Do the Uncomfortable | Jeremy Sulzmann: Can Intuit Mend Fences with Accountants at QB Connect? | Meet Basis, the New AI Bookkeeper on the Block | Is This When Accountants Start Taking Freshbooks Seriously? |You’re Doing Email Wrong | Careful … You May Be Advising! | When Live Events Fail | Getting Real: Accounting Tech Decisions You Need to Make Today | Accounting Tech Doesn’t Have to Be Daunting |Who’s in Control? You? Or Your Clients?

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Perhaps you’re not thinking about what’s next for your business, but you kind of should. If you’re frustrated with aspects of your business, you need to take a good, hard look at what is making it that way and ask yourself, “What is going to raise the bar?” Staying the same is easy, but it gets harder as you look around you and see other practices making core changes to improve life-work balance and revenue and remove blockers through technology, service, or client mix.

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