GROWTH STRATEGIES Archives - Page 61 of 286

How to Help a Client Start a New Business

August 30, 2023

Of course there’s a checklist … with 64 items to consider.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

Many clients start small businesses and some grow into big businesses. Anyone starting a business needs assistance at the beginning from an accountant on choosing an entity, determining the initial capitalization, getting an identification number and setting up the books.

MORE ON MARKETING: The Tax Effects of Buying or Selling a Business | How to Offer Conflict Resolution | Get Your Clients Talking About Retirement | How to Assist Investment Clubs | When Clients Remarry | Seven Questions to Suggest Estate Planning | Four Reasons to Perform Tax Projections | Four Additional Services to Suggest
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Services also related in this area are buying a franchise, entering into a partnership and structuring investments. All proposed transactions by clients should be reviewed by an accountant for the tax consequences of such activities.
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Adrian Hong: Necessity Can Make You an Expert

August 29, 2023

By Donny Shimamoto

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

Subscribe to CPA Trendlines podcasts anywhere: Apple, Google, Spotify, iHeart, Deezer, Amazon Music and Audible, Player FM, Audacy, Gaana (India), and Boomplay (Africa).

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.

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 Partnership The 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.

It’s OK to Have Favorite Clients

August 29, 2023

By Penny Breslin

Here’s how to get more work from them.

By Penny Breslin
It’s Not Just the Numbers

You cannot do everything all at once for everyone. This group exercise calls on your team to be an integral part of selecting the best clients to approach for back-office support services.

MORE: Narrow Your Prospects by Choosing a Vertical | Eight Tasks to Delegate Today | Ten Questions for Teamwork | Build Your Team, Then Choose Your Clients | Advisory Services Done Your Way | Yes, You Can Be an Outsourcer | How Back Office Support Adds Value | AI Is Not Your Enemy
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Sit down with your team members and identify those clients you like working with now. Get their experience of working with these clients. Because your team’s collaboration is critical to success, getting their input is vital. The changes that occur will affect them as much as it will your clients.
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Bill Penczak: Stop Forcing Smart People to Do Stupid Work

August 27, 2023

By Liz Farr

Challenge your people and keep the work interesting or risk losing them.

Subscribe to CPA Trendlines podcasts anywhere: Apple, Google, Spotify, iHeart, Deezer, Amazon Music and Audible, Player FM, Audacy, Gaana (India), and Boomplay (Africa).

The Disruptors
With Liz Farr

Too many accounting firms have “smart people doing stupid work,” according to Bill Penczak, a veteran sales and marketing professional. The founder and chief insights officer for Mica Ventures said to think about the effort it takes to get an accounting degree and get your CPA, and contrast that with the years of mindless work that many new hires are required to do, especially if they go into audit, he said. “One of the reasons why there’s such a talent shortage is because the market has figured this out,” and no one wants to do that stupid work, Penczak said.

MORE PODCASTS and VIDEOS: Sandra Wiley: Staffing Problem? Check Your Culture | Scott Scarano: First, Grow People. Then Firm Growth Can Follow | Jody Padar: Build a Practice that Works for You, Not Vice-Versa | Ira Rosenbloom: With M&A, Nobody Wants a Fixer-Upper | Peter Margaritis: The Power Skills Every Accountant Needs | Joe Montgomery: Find the Sweet Spot of the Right Clients, Right Services and Right Prices | Marie Green: Your Bad Apples Are Ruining You | Megan Genest Tarnow: Hire for Curiosity Rather Than Compliance | Clayton Oates: One Way to Keep Clients for Life | Randy Crabtree: Follow These Three Rules to Keep Employees Happy | Erik Solbakken: Yes, You Can Work Less and Make More | Donny Shimamoto: Future Firm Growth Requires a Mindshift | Jennifer Wilson: Empower Young Workers to Build the Firm Everyone Loves | Mike Whitmire: Re-Think Your Hiring and Training Practices | Hector Garcia: Success Strategies of a Quickbooks YouTube Superstar | 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 | Disruptor: Jason Statts Shakes Up the Status Quo | Think Small to Think Big with Matt Wilkinson | When Financial Statements Go Extinct with Corey Schmidt | Can Geraldine Carter Save Accountants from Themselves? | Re-Inventing Accounting with Tyler Anderson

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Besides making smart people do stupid work, Penczak said many of the firms he works with are realizing that they need to do a better job with mentoring and career development, as well as simply having more conversations with their people.

The Tax Effects of Buying or Selling a Business

August 23, 2023

By Edward Mendlowitz

Fifteen points to consider.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

Clients who are deciding whether to buy or sell a business are just at the beginning of the process. There’s also determining the proper price, helping in the due diligence process, and structuring the price financially in terms of cash flow and tax considerations.

MORE ON MARKETING: How to Offer Conflict Resolution | Second Opinions: An Old Service Under a New Label | Help Clients with Employment Compensation | Help Clients with Basic Budgeting | Questions for After Tax Season | 28 Data Points for a Financial Planning Discussion | Four Additional Services to Suggest
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This area involves a lot of tax and financial issues.
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