No Backups? No Excuses!

Composite image of hand writing with markerToo many firms are still ignoring the basics.

By Roman H. Kepczyk
Quantum of Paperless: Technology Guide & Checklist

Your firm’s safety net in the event of any disaster is your data backup.

MORE: How the Cloud Impacts Server Replacement | Laptops vs. Desktops | The Best Scanners to Buy Today | Capturing Documents at the Source | The More Monitors, the Better
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It had better be consistently performed and securely stored offsite.

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Why Small Firms Can Win the Talent Wars

Seven keys to beating the staffing shortage.https://cpatrendlines.com/2020/09/18/better-talent-drives-better-results/

By Frank Stitely
The Relentless CPA

The following story brought tears to my eyes while I sat in a Barbados resort drinking some alcohol concoction. Was it the alcohol talking or the happy ending where I got a profit distribution check? Maybe a little of both.

MORE: The Fool in the Room | Calculating and Cutting Turnaround Time | Debunking the Demise of the CPA Firm | How Many Tax Preparers Do You Need? | How to Teach Reviewing and Time Management | 3 Tips for Handling Rookie Tax Preparers | Some Uncommon Advice on Hiring Full-Time Staff | What Goes Into a Client Project?
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The afternoon before I left for beautiful Barbados, the partner group of our outsourced accounting practice met for a state of the practice meeting conducted by our director of outsourced accounting.
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What the Wealthy Need

And 4 qualities they often have.

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

By design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.

Join Glomski and Prince for “How to Build a Pipeline of New High-Value Clients” Oct. 6, 1 pm ET. Get the details here

More on Building a High-Net-Worth Practice: Setting Financial and Practice Goals During COVID-19 | 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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We know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

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Make News, Not Noise

How to convince journalists to share your message.

“Either write something worth reading or do something worth writing about.” – Benjamin Franklin

By Steven E. Sacks
The NEW Fundamentals

We are constantly frustrated by how much email enters our inbox daily.

MORE: Have a Real-Life Conversation | Exchanging Knowledge Has No Downside | Political Correctness or Just Common Courtesy? | Syncing Up for the COVID Era | Profit Is Not a Mission | Confronting Leadership: Not Such a Bad Thing | New Opportunities for a ‘New Normal’ | Is Trust Elusive?
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But think about reporters and editors; they will receive hundreds of news releases every day.

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Have Your Beliefs Stopped Serving You?

Trapeze artist about to grab partner's handsYou may have to let go to get unstuck.

By Bill Reeb

If you have identified a desire, created a plan and are working your plan to your satisfaction, you are in what I refer to as the “Try (Work)-Evaluate” loop that continues until you accomplish whatever you want to achieve. As long as you recognize the early warning signals and respond to them in a timely way, you will remain unstuck, continuing to work better and achieve more.

MORE: Your Obligation to Yourself | How to Stay in the Present | Stop Ignoring Opportunities Right in Front of You | Why Your To-Do List Isn’t Getting Done | Appreciate the Joy That Comes From Work | COVID-19 Crisis Requires New Mindsets
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However, most of us are not that fortunate. We start getting stuck and rather than respond to the early warning signals, we either ignore them, hoping they will go away, or try to power through them.
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The Secrets of Multi-Hit Marketing

There’s room for both one-step and two-step marketing, but be smart about how you use them.

By Jassen Bowman

The number of steps that a lead must take in order to receive your full marketing message is an important consideration when planning marketing campaigns and media purchases.

MORE: Grow Faster, Be More Efficient | Your Sales Funnel Needs Systems | How Tax Resolution Works | 4 Tax Resolution Industry Flaws | Need a New Service Line? Consider Tax Resolution
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Generally, the more steps that a lead must take in order to enter your marketing funnel is going to increase the quality of your leads, but decrease the quantity.

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How and Why to Hire a Marketing Director

11 reasons why and 4 ways to make sure they fail.

By Marc Rosenberg
The Rosenberg Practice Management Library

CPAs are generally not comfortable with business development and are rarely skilled in implementing marketing plans.

MORE: Marketing Plans and Why You Need One | How to Manage the Practice Development Function | 14 Marketing Activities Needed Now More than Ever | Now Is the Time to Activate Your Referral Network | The 4 Marketing Disciplines
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As a result, many firms go through a phase where the partners say to each other: “We all agree that the firm needs more revenue. We all agree that our partner group sucks at marketing. Doing nothing is unacceptable, so let’s get someone to bring in business for us.”

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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
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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.
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The Clients that Keep You Awake at Night

Masked man carrying large money bagWhen even the best internal controls fail, guess who the client will blame?

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

I have addressed the importance of controls when trying to get a client. But it is also important to retain the client.

MORE: Clients Don’t Lose Sleep for Overpaying Taxes | 6 Ways to Increase Your Fees … If You Dare | The Clients that Got Away | Upselling Made Painless | Boosting a Fixed Fee Substantially | Creative Ways to Retain Staff | What CPAs Can Learn from Lawyers and Doctors | My Top 10(ish) Regrets
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A good system that is not monitored is a sure way to lose your client – and your sleep.

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