Ready to Move to the Cloud? It Takes Planning

Byron Patrick will be appearing at the Accounting & Finance Show. Click here to learn more.
Portrait of Patrick Byron

Careful setup makes it easy to disable accounts when people leave.

By Byron K. Patrick

Technology in the cloud has already shown its promise. Many small businesses have already moved from having physical servers onsite to a “cloud-only” technology strategy. They’re experiencing significant gains in productivity and mobility. You may be wondering if that’s the right decision for your company.

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Cloud technology works. In fact, the cloud is secure, flexible, mobile, affordable and dependable. But it’s not magic. It takes more planning and work than simply saying, “Alexa, turn on the cloud-only tech strategy.”

Here are some key points to consider… READ MORE →

Financial Planning and the New Tax Law

John Napolitano will be appearing at the Accounting & Finance Show. Click here to learn more.
Portrait of John Napolitano

C corp instead of S? Paying down mortgages? So many questions.

By John P. Napolitano
U.S. Wealth Management

The new tax act once again puts tax planning at the epicenter of financial planning. While most high-income taxpayers have always considered tax planning to be a core part of their financial plan and economic well-being, the Tax Cuts and Jobs Act makes a planning conversation between CPAs and their clients even more natural than it already was.

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The biggest conversation piece for CPAs with high-end or business-owner clients is the rate reduction for businesses. This discussion starts out with an assessment of whether this provision will apply to your clients. READ MORE →

Misconceptions and Truths about Remote Work

“Our team communicates face to face with one another as well as with our clients all day.”

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

My partner and I run a fully distributed CPA firm. Yes, you read it correctly.

Summit CPA Group is a CPA firm with over 40 full-time professionals, mostly CPAs, with the mission statement, “Changing the way people think about accounting.”

MORE GRUNDEN: How Summit CPA Group Is Pioneering Virtual CFO Services

As I mentioned, the firm is 100 percent distributed, meaning that our team works entirely from home. Moreover, our team works 100 percent virtually with our clients. The two primary services that we offer are 401K audits and virtual CFO services.

I recently asked a few members of our team, “What do people say when you tell them that you work for a remote or distributed accounting firm?” Their responses were very interesting. READ MORE →

Blockchains, Bitcoins, and CPAs

Sean Stein Smith will be appearing at the Accounting & Finance Show. Click here to learn more

Why you can’t afford to ignore the new technologies.

By Sean Stein Smith 

Walk into any accounting meeting or conference, or open any magazine, and there are a few words that inevitably dominate the conversation, and they are all related to a common thread: technology and the technological integration of the profession.

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Blockchain, although in existence since the 2008 white paper published by Satoshi Nakamoto, flew under the radar for several years before bursting onto the scene in 2016 and 2017. Fueled by the surge in popularity and buzz around the cryptocurrency bitcoin, the excitement, anxiety, and opportunities around blockchain are virtually impossible to understate.

In order to not get swept away in the sea of hype and buzz around the technology itself, it is important to understand two things: READ MORE →

The Role of Finance in Adaptive and Interactive Learning

Are you using everyone to their full potential?

By Jennifer Templeman

Portrait of Jennifer Templeman

I believe in the power of creativity, in innovative thinking, and of play as a conduit to bring forth new ideas. And yes, and I’m a CFO who leads a team of finance professionals who focus on compliance, adherence to regulations, and perfecting the process of predicting and ensuring an outcome based on historic performance and data.

Despite how at odds these two confessions may seem, they work together in a way that supports my belief that finance is a department designed to lead the culture in an organization.


Valuing an Accounting Firm for Sale

Plus: A powerful equation.

By Joel Sinkin
Transition Advisors

When I teach a CPE class on how to value an accounting firm, the first question people ask is what is the multiple? As you likely know, an accounting firm is traditionally sold on a multiple of revenues.

The multiple is just one part of the equation and not a place to end – let alone start – the valuation process. The overall terms must include factors such as how much money if any up front, how profitable is the acquisition, how long is the retention period that impacts the seller’s balance due based on client retention and how long is the payout period? READ MORE →

The 4 C’s of M&A Success for Accounting Firms

Start planning years, not months, ahead.

By Joel Sinkin
Transition Advisors

Every week we hear about another merger or acquisition.

There are many reasons firms consider merging.

The most common objectives follow:

  1. Talent is in short supply in today’s marketplace. Many firms are using mergers to add talent for growth and/or a tool to build an internal succession team for the long-term security of the firm.
  2. Cross-selling niche services: We are seeing firms entertain mergers that create strong cross-selling opportunities.
  3. Growth from having a larger platform of services, increased capacity and through the addition of the clients a merger brings.
  4. Marketplace refers to mergers that provide the successor firm a flag in a new harbor.
  5. Succession: A strong percentage of accounting firm owners are seeking to reduce their time commitment to their firm so succession remains the number one driving force of most small firm mergers. READ MORE →

Let’s Talk About the Fiscal Close

Portrait of Chris Doxey

Who has time for metrics and analytics?

By Chris Doxey
Doxey Inc.

If your finance and accounting organization is bogged down by a fiscal closing process that never seems to end, it has little time to focus on enhanced reporting or analytics. Visibility to accurate financial information and underlying operating metrics are critical to your management team in any economic environment.

Many factors place the spotlight on the fiscal closing process, which is usually led by a team of individuals in the corporate finance and accounting department and managed by the corporate controller. The complexity of the process is driven by the nature of the company – private, public, nonprofit (tax-exempt or mission-based) or government – and the type of industry or industries for which the company is responsible.