CLIENT ACCOUNTING SERVICES

Are You Ready to Become a Data Analyst?

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The right dashboards can optimize your data … and your value.

By Bonnie Buol Ruszczyk

Business leaders are constantly called upon to make snap – yet important – decisions. Yet, poring through spreadsheets, reports and financial statements can be a laborious and time-consuming process, especially for those who need to act on urgent matters.

MORE: SURVEY: Zoom, Teams Top Meeting Choices | Are You Using Too Many Monitors? Or Not Enough? | One in Four Firms Replaces Servers by Schedule | You’re Probably Not Reading This on an iPad | 52% of Firms Look Outside for IT Support | Pandemic? What Pandemic? | Today’s Top 3 Problems: Staffing, Workflow and Tech
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This is where data visualization tools can be a tremendous boon to organizations. Automatically pulling from various data sources, these cloud-based, interactive dashboards present business data visually using charts, graphs and other widgets. Once designed, these repositories save precious time for analysts, managers and key decision-makers, allowing them to focus on the information and analysis rather than on the grueling process of gathering it and creating reports.

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Stop Sending the Wrong Message to Audit Teams

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Audit is becoming further commodified. 

By Alan Anderson
Transforming Audit for the Future

Instant download:
“The New Manifesto for Accountants.“

The value of what we provide to clients has declined until it has become a commodity. That, in turn, drives our fees down.

The lack of innovation means that our clients can’t tell the difference between the audit we do and one done by the firm down the street. None of them provide relevant information or any value to our clients.

MORE: Three Fundamental Questions to Ask in Audit | How Auditors Can Beat AI | The Big Issues in Audit: Frustration, Inconsistency and Technology | Five Ways to Increase Audit Efficiency | Early Adopters Gain an Edge in Audit | Talent Retention: Five Tips for an Audit Adjustment | Six Benefits of an Internal Audit | The Ten Financial Controls That’ll Make You a Hero | Five Cash Reports You Can’t Live Without | When an Audit Is a Great Thing
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If our clients don’t see the value, then the audit is only being done to meet a regulatory or banking requirement, and in that case, the cheapest option that meets that basic requirement is the one they choose.

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Adrian Hong: Necessity Can Make You an Expert

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Innovation Insights: Trial by fire may not be fun, but it can make you a pro.

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Innovation Insights
With Donny Shimamoto
Center for Accounting Transformation

Adrian Hong’s journey into the realm of environmental, social, and governmental (ESG) reporting has been nothing short of inspiring. As the founder of Hong Consulting, LLC, his dedication to assisting companies with ESG reporting stems from a rich tapestry of experiences, all pointing to one common thread – the desire to help.

Center for Accounting Transformation
Center for Accounting Transformation

MORE: Blake Oliver: Why Tax Work Yearns To Be Free |Private Equity Explodes in U.K. | Brannon Poe: The Status Quo Must Go  |  Accounting Nerds, Unlock Your Super Powers  | Private Equity vs. the CPA Firm PartnershipThe FinTech Flood: Accounting Will Never Be the Same  |  Think Small to Think Big with Matt Wilkinson | Your Sales Tax Headaches Are Only Just Beginning | When Financial Statements Go Extinct with Corey Schmidt  |  Can Geraldine Carter Save Accountants from Themselves? |  Re-Inventing Accounting with Tyler Anderson |  Turning Client Service into New Revenue

SEE ALSO: Deloitte Develops Audit Technology for Smaller Firms

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After building a formidable reputation in auditing within public accounting and lending his skills to the Financial Accounting Standards Board for refining external taxonomy, life had other plans. Hong returned to his roots in Hawaii to steer the helm of his family’s venture, Island Plastic Bags.

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Five Ways Your CAS Practice Traps You

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Know the pitfalls … and how to avoid them.

By W. Michael Hsu, CPA

Are you working tirelessly but not seeing the benefits and results you deserve? Essentially, do you feel trapped in the cycle of your business? If so, you’re not alone.

MORE: Review Your CAS: When, What, How | Be Serious About AI, Not Amused | How to Offer Proof to CAS Prospects | How to Market CAS to Existing Clients | 12 CAS Profitability Killers | How Weekly CAS Reports Help Businesses | CAS: Much More than Bookkeeping
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Many firm owners, as well as the entrepreneurs they serve, feel exhausted by their business, but it doesn’t have to be that way.

In this article, we’ll identify common signs that your business is trapping you, and show you how to optimize for freedom. By addressing these issues and implementing some simple strategies, you can reduce stress, achieve more and live a life you love.

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Help Your Clients Run Their Businesses Better

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Six ways that CAS processes are different.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Let us focus on CAS-specific processes that can give you competitive advantages. This is not about the technicalities of accounting processes. As a professional accountant, you already know the accounting fundamentals required to create your processes for each of the segments of the services you provide.

MORE: Set Your Processes Apart in Nine Steps | Is It Time for Your Firm to Outsource? | Raise CAS Awareness Among Your Clients | Which Clients Are Best for CAS | How Much Can Automating Bank Feeds Save You? | Wants vs. Needs: Why Not Fill Both? | Get Sticky with CAS | The Why Behind Your CAS Why | Who Is the Professional?
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Are CAS processes different than what you have been doing till now? Yes, and no.
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Set Your Processes Apart in Nine Steps

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Woman in white office meeting with man

Your clients should notice the difference.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

If you were to define how your firm is different in three sentences, what would those three sentences be?

Write them down. Read those the next day and judge for yourself if your competitors can say the same three sentences to differentiate their firms. If yes, you will see why this is a significant challenge for your firm’s growth aspirations.

MORE: Is It Time for Your Firm to Outsource? | CAS Tech Stack Depends on Cloud Use | Five Ways to Profit from CAS | CAS Is a Value Pitch | Accountants Are Perfect for Virtual CFO Roles | Raise Client Expectations with CAS
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The classic equation of “people, process and technology” defining differentiation from the competition is somewhat flawed in accounting. By its very nature, accounting is about doing exceptionally well-defined work that follows clear laws and regulations. Most firms have employees certified in similar lines of education and specialization. Technology solutions for accountants are highly mature now.
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Safe Harbor Compliance Reduces Risk of Fines and Penalties

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Protect your clients–and your firm–by being proactive.

By Donny Shimamoto, CPA, CITP, CGMA

In the last few years, we’re starting to see state legislatures and attorney generals recognizing that tax practitioners are trying to protect their clients. They are formalizing this recognition with changes to regulations or laws to include “safe harbor” provisions that limit or eliminate the fines and penalties for tax practitioners who take proactive action to manage their cybersecurity risks.

MORE:  How Hacker-Proof Is Your Firm? | Unleashing the Power of Technology: Transforming Accountants into Trusted Advisors | Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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As of December 2022, the following states have some type of safe harbor provision in place:

In contrast, states like California and Colorado are taking the opposite approach and penalizing organizations that have data breaches.[iv]

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