The Morning After the Merger

https://cpatrendlines.com/2020/09/17/the-morning-after-the-merger/The definitive 24-point checklist.

By August J. Aquila

You just signed the merger agreement and everyone goes out to celebrate. The work is over and now you think you can relax.

MORE: 6 Action Steps for a Smooth Retirement Transition | 7 Succession Planning Best Practices | Grissom and Aquila on Partner Performance Evaluations | Gross Profit in a Professional Services Firm: Opening a Dialogue
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

What else is there to worry about?

Plenty!

You now have to move your eye from the financial to the human side of the merger.

Your work in this area has just begun and may last for 12 months or more.
READ MORE →

What Clients Want from Tech Advisors

The top ten ‘soft’ factors small business owners are looking for before they buy.

By Laurie McCabe
SMB Group

The best small- and medium-size business know that strong financial planning is essential for survival and growth – especially these days when they’re looking for ways to automate financials, streamline planning and budgeting operations, and provide the visibility they need to steer their businesses through changing market conditions.

MORE on TECH: COVID-19 Sparks Creative New Business Models and Strategies | How to Add Visuals to a Message in MS Teams  | How Your New Car Could Double as a Doctor  | Composing Text Messages in MS Teams | House OKs $100 Billion for Rural Broadband | When COVID ‘Got Real’The COVID Outlook: A Long, Slow Climb back to Recovery | Composing Chats and Posts in MS Teams | Free Service Makes Better Passwords |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The good news for accounting firms is that SMBs are increasingly turning to cloud-based financial solutions that can give them robust capabilities without the hassles of deploying and managing hardware, software, and infrastructure in house. Cloud solutions provide continual access to real-time, consistent information, frequent updates, and continuous innovation. While ERP cloud adoption has trailed in other areas, it’s poised to catch up quickly as businesses get more comfortable with the cloud model.

READ MORE →

The Seven Simple Steps to Thrive in the COVID Crisis

https://cpatrendlines.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/Leveraging the relationships you already have. Step 1: Make a list.

By Anthony Glomski and Russ Alan Prince
Your $5 Million High-Net-Worth Practice

The COVID-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. At the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

See also: The Three New Business Models Delivering Significant Profits for Accounting Firms | The 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.

READ MORE →

The Three New Business Models Delivering Significant Profits for Accounting Firms

Businessman sitting on stacks of paper currencyHow to upgrade your practice with successful, wealthy clients.

By Anthony Glomski and Russ Alan Prince
Your $5 Million High-Net-Worth Practice

Competition for high-quality accounting clients is intense, and the current environment is making it harder for many accounting firms to excel.

See also: The 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

If you’re ready to serve successful business owners and wealthy individuals, then there are three practice models you should consider. Each of the three models shares specific characteristics that make them especially attractive, including:

  • High demand from accomplished prospects
  • High fee structures which these clients pay
  • High margins
  • High realization rates
  • High probability of needing the expertise of various accountants at the firm

Because all three practice models are relationship-based, many accountants are already well-positioned to provide new, high-caliber advisory services these highly coveted clients.

READ MORE →

COVID Tests Accountants’ Entrepreneurial Talents

Young black woman sitting in front of laptop looking thoughtfulThree questions to re-set your mindset.

By Ed Mendlowitz
Tax Season Opportunity Guide

Accountants and tax practitioners are entrepreneurs. Maybe now, more than ever.

MORE: Have You Gotten Where You Wanted Yet? | 3 Questions for Determining Your Value | 41 Items to Check on Business Tax Returns | Keep These Tax Clients While You Have the Chance | What Makes a Good Tax Season Client?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

This means their practice needs to be run as a business with sound business decisions being made.

READ MORE →