2019: NextGen Realities

Flex work, project-based learning, and app-connected clients.

By Tamera Loerzel
The Rosenberg MAP Survey

This next generation of leaders is eager to embrace changes in technology, pricing, and service — all to add new value to clients and the market.

MORE FROM THE MAP SURVEY: 2019: When CPAs Go Extinct | 2019: Appetite for Growth Unabated | Why You Need a Tech Strategy Consultant | 2019: Why Small Firms Shun Mergers | 2019: Expect More Alliances | 2019: Firms Grapple with Change
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But even some the most successful firms are struggling with the challenge, hindered by retiring partners who struggle to let go and turn over the reins to future leaders.
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Value Pricers Ignore Half the Pricing Puzzle

Profits.

By Frank Stitely
The Relentless CPA

The best thing about value pricing is that you can succeed with just one piece of information – the value of your services to clients. You can toss your time sheets or any other cost tracking.

More Stitely: Beware the Leeches and Consultants | 2 Lessons Clients Taught Me | No Consultant Can Solve Your Biggest Problem | The Great Marketing Hoax | What the Value-Pricers Get Wrong | 3 Rules for Asking Great Tax-Return Questions

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The income statement for a value-pricing CPA firm consists just of revenue – no expenses. Expenses are irrelevant when we have forward-looking metrics such as client and employee satisfaction.

Let’s have a little fun with the core tenet of value pricing. You only need know the value of your services to a client. You can ignore the cost of providing the services.

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No Consultant Can Solve Your Biggest Problem

Woman driving a sports carThe tough love only you can apply to your practice.

By Frank Stitely
The Relentless CPA

I know … you became a CPA because that sounded like an adult job that would give you the financial resources to buy that Lamborghini and winter in the south of France. Have that Lamborghini yet? Me neither. Clearly, people lied to us – #fakecareers. I’m not really into $2,000 oil changes anyway.

MORE: The Agile Accountant | The 21st-Century CPA Firm | The Great Marketing Hoax | The Cure for Commoditization | Ruthlessly Efficient Workflow Management | What the Value-Pricers Get Wrong | Four Amusing Millennial Myths | The Annual Tax Meeting is Dead. Clients Killed It. | 3 Rules for Asking Great Tax-Return Questions

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So, let’s shift the focus from you to your firm. What will your firm be when it grows up? What do you want it to be? How do you transform your firm to make it the best it can be?

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The Cure for Commoditization

Managing for profits beats price-cutting.

By Frank Stitely
The Relentless CPA

In the beginning, the IRS created the 1040 and saw that it was good. Shortly thereafter, the first CPA crawled out of the primordial muck and asked, “How can I make money preparing tax returns?”

More Stitely: What the Value-Pricers Get Wrong | Four Amusing Millennial Myths | The Annual Tax Meeting is Dead. Clients Killed It. | 3 Rules for Asking Great Tax-Return Questions | Where WorkFlow Management Runs Off the Rails | Three Ways Your Office Tech Is Ruining Your Firm | When Value Pricing Works | The 4 Dark Clouds Hovering Over Cloud Accounting Software | Value Billing on the 19th Hole | The IRS and Big Data Gone Bad | Will Zero Data Entry End Your Tax Practice? | Three Trends That Will Transform Your Tax Practice or Eliminate It | Value, Billem & Dunn: A Value Billing Case Study | How to Make an Extra $72,000 by Working Smarter

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The green eyeshade-wearing Neanderthal CPAs eventually evolved into CPAs experienced in electronic data management, but today, we are still trying to answer that first question.

Effective project management isn’t the entire answer, but it’s an essential building block.

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Ruthlessly Efficient Workflow Management

Work smarter, not harder.

By Frank Stitely
The Relentless CPA

For years, I’ve written angry-man blogs flogging CPAs and tax preparers for not treating their practices like businesses.

More Stitely: What the Value-Pricers Get Wrong  |  Four Amusing Millennial Myths  |  The Annual Tax Meeting is Dead. Clients Killed It.   |  3 Rules for Asking Great Tax-Return Questions  |  Where Workflow Management Runs Off the Rails  |  Three Ways Your Office Tech Is Ruining Your Firm  |  When Value Pricing Works  |  The 4 Dark Clouds Hovering Over Cloud Accounting Software  |  Value Billing on the 19th Hole  |  The IRS and Big Data Gone Bad  |  Will Zero Data Entry End Your Tax Practice?  |  Three Trends That Will Transform Your Tax Practice or Eliminate It  |  Value, Billem & Dunn: A Value Billing Case Study  |  How to Make an Extra $72,000 by Working Smarter  |

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I coined the term “ruthlessly efficient workflow management” to promote the marriage of project management and delegation.

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Thoughts on Artificial Intelligence from Sage Software’s Kriti Sharma

Robot typing on desktop keyboardWhat role will AI play for your clients?

By Kayleigh Padar
From Success to Significance: The Radical CPA Guide

Kriti Sharma, vice president of AI and bots at Sage, said this in response to the bot called Digit:

MORE ON RADICALISM: Blockchain: The Basics | What Are AI and Bots? | True Diversity Means Creating Equity | Creating More Diversity in Accounting Firm Leadership | Accodex Sets Up a Platform for Practice Management | Father, Son Team Up to Capitalize on Capacity | Dean Quiambao: ‘If You’re Not Disrupting, You’re Not Doing It Right’
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“As an industry, we need to be more careful about that. It’s not just moving money from one account to another. The second point I would say is design. It’s a very important element of this. We see people sometimes like to have more control.
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The Rise of the Robot Accountant: Opportunity or Threat?

Robots are replacing some accounting tasks, but only some.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

By one oft-cited study, robots will replace 94% what accountants and auditors are doing today.

More Accountaneur: Six Never-Before Opportunities for the Accounting ProfessionUrgently Required: A New Definition of Accounting   |  You Cannot Prove Your Value  |  Certified Blockchain Accountant: From CPA to CB  |  You Don’t Need More Clients. You Need Better Clients.  |  Who Wants to Be a Comptometrist?  Blockchain: Questions Are the Answer  |  The 7 Experiences Millennials Want from Your Firm  |  Is Blockchain an Extinction Event for Accountants?

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But look a little deeper and you’ll find that instead of replacing accountants, the profession stands to gain from mastering new robot technologies and putting them to work to enhance client service, streamline processes, and provide more high-value high-ticket work.

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Accountants Can Change the World

Networks of firms will be the future.

By Rob Nixon

I am very excited about the accounting profession. It’s a noble industry that has a general perception of being a bit boring, staid and dull.

MORE ON STRATEGY: Design Your Business Model – It’s Yours! | 9 Steps to Implementing Anything | 5 Steps to Building a High-Performing Team | How to Turn Prospects Into Clients | Get Rid of All Your Rates | Your Clients on Your Terms | Why ‘Steady as She Goes’ Isn’t Enough | The Final Critical Traits: How Do Your Tires Look?
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I disagree. I think if the business is run correctly it can be a fabulous business that provides an awesome lifestyle for everyone in it.
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