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Bissett Bullet: What Is the Return on Their Investment?

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Today’s Bissett Bullet: “Very few business owners highly value compliance work. It is often viewed as a necessary evil and as such, the decision to change accountants for this sort of work will, more often than not, be driven by price.”

By Martin Bissett

Quantify, in monetary terms, what they earned during the time you freed up for them by completing that compliance work, however, and compliance suddenly becomes valuable.

What sales have your clients made in the time that you have saved them over the last 12 months? Justify your fee in terms of their return on investment and help them to understand why they need to change to your firm as a matter of urgency.

Today’s To-Do:

Who are you meeting to discuss compliance work? Find a client of a similar size and have the figure that you saved them at the ready.

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How AI Upends CPA Firm Pay Structures: Bloomberg Talks with Piscopo

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Big 4 Transparency founder Dominic Piscopo makes featured appearance on Bloomberg.

By CPA Trendlines

Accounting firms are being forced to rebalance compensation structures—shifting pay and incentives away from entry-level staff and toward managers and reviewers—as artificial intelligence reshapes how work gets done, according to Dominic Piscopo, host of Big 4 Transparency on the CPA Trendlines Streaming Network.

MORE Dominic Piscopo and Big 4 Transparency | MORE CPA Trendlines Streaming Network

Piscopo’s full discussion on AI, compensation trends, and the future of accounting talent is available on Bloomberg Tax’s Talking Tax podcast. His ongoing analysis of salary data and workforce trends is featured on the Big 4 Transparency show, streaming on CPA Trendlines.

“Having transparency in those models and being willing to talk about it with people —not just have this very kind of cold process where a number is thrown out—can make all the difference, even if the number is exactly the same,” Piscopo tells Bloomberg Tax reporter Jorja Siemons.

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Bissett Bullet: Why Do You Do What You Do?

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Today’s Bissett Bullet: “In accounting, our impact on businesses, lives and futures is substantial. We need to pull people into that knowledge to attract them.”

By Martin Bissett

If I were to visit your website today, how many stories would I find about how you helped businesses? Really? That many? That’s what I thought. We need to communicate the “why” of what we do far more than the “what” of what we do.

Today’s To-Do:

Take a look at your website today. How many client stories can be found on it? For many firms this is zero. Look to improve that by one, today.

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Bissett Bullet: Could You Do More?

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Today’s Bissett Bullet: “When marketing delivers us new prospect meetings, each interaction that prospect has with us influences them for or against using us.”

By Martin Bissett

New business meetings can be like gold dust given the amount of competition we are up against and they are too lightly treated by too many firms. Understand that the response that they get from us by email, the response that a prospect gets from us when they call us, the response they get from us when they see us, all influence their decision-making process. We need to ensure that every “touch” we have with a potential prospect is a positive one that puts another weight on our side of the scales.

Today’s To-Do:

Today review the number of interactions that we have with a new potential client from the first time they inquire to when we sign them up. Is there anything more that we can do to make them feel welcomed into the practice?

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Bissett Bullet: Give Your Clients a Commercial Hug

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Today’s Bissett Bullet: “How are your clients, really?”

By Martin Bissett

When the COVID-19 pandemic hit, accounting firms all over the world went into reactive mode. They adapted, they got their own houses in order – which is an entirely appropriate response to an unprecedented crisis – and then those who really cared reached out to their clients. They called them on a regular basis just to see how they were faring.

This should be something you do routinely in the interests of relationship building. Call your clients, no charge, no sell, no angle, just a commercial hug. Ask how they are, if they need anything and offer your help. That may be in the form of expertise, of monetized help or of goodwill, that is at your discretion; but cement that relationship by showing you care after their signature has dried on the original contract.

Today’s To-Do:

Start with your biggest or most vulnerable clients. Diarize one call a day starting today; pick up the phone and add value.

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