Judy Trepeck on How to Think Beyond Accounting, with Steven Sacks

Clients need so much more than basic accounting & write-up.

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With Steven Sacks
The NEW Fundamentals

Armed with the latest technologies, accountants can do more than ever – faster, better, and cheaper. But too many accountants are missing the biggest opportunity that technology creates, according to Judy Trepeck, long a leading figure in the profession.

MORE from STEVEN SACKS: Bill Reeb: New Rules for the COVID Era | Is Your Message Open to Interpretation? |  Effective Communications in the Age of COVID | Why Proper Communication Is Critical | How to Create Effective Internal Communications | How to Select Your Firm’s Board | Trust Is a Key Organizational Ingredient | Real Influence Vs. Immediate Gratification | Fake It ‘Til You Make It: An Ultimate Goal? | 4 Ways to Boost Job Satisfaction | Have You Gauged Your Staff’s Enthusiasm? | Why Knowledge Maintenance Is Key
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In her conversation with Steven Sacks, Trepeck, currently senior vice president for customized training at the Michigan state CPA society,  outlines how CPAs can go beyond basic accounting to provide more value-added services. It requires experience, talent, ambition, and, maybe most of all, intuition.


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Trepeck provides a framework for any accountant to add advisory services to their menu of offerings.

Some of the key takeaways and the full transcript:

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Bill Reeb: New Rules for the COVID Era

Steven Sacks explores how the Coronavirus crisis is exposing all the bad habits of bad management.

With Steven Sacks
The NEW Fundamentals

CPA firms are ill-prepared for the new era of virtual, work-from-home partners and staff, according to Bill Reeb, a leading CPA firm practice consultant, in this conversation with CPA Trendlines contributor Steven Sacks.

More COVID Conversations:  When COVID ‘Got Real,’ with Gabby Luoma’ The COVID Outlook with Darren Root and Joel Hughes: A Long, Slow Climb back to Recovery | Steven Sacks: COVID Crisis Management | Jean Caragher: How to Fight ‘Fear’ and ‘Insecurity’ | Sarah Dobek: Learning How to Operate in the New Normal | August Aquila: What Comes Next? | Jody Grunden: COVID and Client Communications | Andrew Argue: On a Mission | Martin Bissett: COVID Slams U.K. Accountants, Too | Bill Reeb: Separating the Winners and Losers |

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Management at all levels will need to adapt, Reeb says, requiring new processes and procedures.  But more than anything, it requires new metrics of productivity. And, most of all, new habits.

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After a painful, wrenching re-positioning, Reeb says, firms will emerge stronger, more agile, and more profitable than they were before.

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When COVID ‘Got Real’

Tax season turns into ‘advisory season,’ and a whole new niche is born.

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By CPA Trendlines Research

Gabrielle Luoma, long one of the profession’s leading innovators, says the future under COVID-19 belongs to the quick and the smart, in this exclusive video interview with CPA Trendlines. Firms will need to deploy new services to attract new clients who may have not realized that they needed a firm like yours but now do.

MORE COVID CONVERSATIONS: The COVID Outlook with Darren Root and Joel Hughes: A Long, Slow Climb back to Recovery | Steven Sacks: COVID Crisis Management | Jean Caragher: How to Fight ‘Fear’ and ‘Insecurity’ | Sarah Dobek: Learning How to Operate in the New Normal | August Aquila: What Comes Next? | Jody Grunden: COVID and Client Communications | Andrew Argue: On a Mission | Martin Bissett: COVID Slams U.K. Accountants, Too | Bill Reeb: Separating the Winners and Losers |

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In this conversation, Luoma talks about what’s going on in the business, what’s going on with tax season, and what the future holds for CPA firms and the clients of CPA firms.

Speaking from her base in Tucson, Ariz., the CEO of MOD Ventures is bringing some of her DNA to regional powerhouse Beach Fleischman through a joint venture.

We started by asking about “when it got real?”

She responds, “We truly are affected by the whole world. We have clients in New York. Things changed for them rather quickly. And when they started changing, we started realizing, ‘Oh, my goodness, we’re going to have to really buckle down.’ In Arizona, we started seeing shutdowns mid-March. That’s when things really got real for us because then we started seeing that the businesses that we work with on a regular basis – we’re outsourced accounting, so we work with clients weekly, – we knew that we could be in trouble. We started working really hard on transitioning, and seeing what we needed to do to help our clients quickly.”

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The COVID Outlook: A Long, Slow Climb back to Recovery

Why Right Networks’ acquisition of RootWorks may be just what the doctor ordered

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With Rick Telberg
CPA Trendlines

The accounting world shifted a little with the acquisition by Right Networks, a cloud-hosting vendor, of RootWorks, a technology platform provider to CPA firms.

Though conceived before the pandemic, the deal was closed as the first wave of Coronavirus was crashing against the shores of the U.S. And it may be a sign of the times under pandemic conditions, as accountants — and, indeed, business in general — race for new technology solutions and business models.

See: Right Networks Acquires Rootworks

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In this exclusive interview with CPA Trendlines, Right Networks CEO Joel Hughes and Rootworks founder Darren Root, explain the reasons for the deal, and their forecast for the future under COVID. Warning: Their forecast for the future under COVID is not pretty.

But the combination of the two companies may augur hold clues to the future of the profession.

Transcript

Here’s the full transcript, only lightly edited:

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Geared Up for Exponential Growth at Mowery & Schoenfeld CPAs

A conversation with Gale Crosley, growth consultant.

The Principles behind the Leaps and Bounds of Mowery & Schoenfeld

By CPA Trendlines

More Gale Crosley here

When Jeffrey L. Mowery and Keith A. Schoenfeld decided to bail out of the big firms and start their own, they were just a couple of CPAs with a couple of folding tables and a dream.

That was then. This is now. After a series of astonishing leaps and bounds, they have raised their revenues from $3.5 million in 2008 to over $17 million today. And they plan to double that in five years.

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