You know the drill: Work ON the business.

By Sandi Leyva
The Complete Guide to Marketing for Tax & Accounting Firms

There’s something special about the word ritual. It sounds sacred, like you wouldn’t dare break it. It sounds a little mysterious, as if there’s a component you can’t quite control. And it sounds colorful, like something full of character that you would never get bored of.

MORE ON SMALL-FIRM GROWTH STRATEGIES: 3 Ways to Opt Out of Any Downturn | 5 ‘Low-Hanging Fruit’ Ways to Raise Your Revenues Right Now | How to Think Straight through the Coronavirus Crisis | Tech Tools for Working through the Coronavirus | 7 Tips to Boost Your Firm’s Performance in 2020 | Major Search Algorithm Change Could Affect Your Rankings | Making Content Marketing Part of Your Growth Strategy | Change Overload: 5 Simple Coping Strategies | Share Data 5 Easy Ways
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These days, rituals can bring much-needed certainty to our lives. We don’t think about rituals much when it comes to business, but I think we should. What rituals could you create in your business that will rev up your revenues and reduce the uncertainty that is swirling around us? Here are two ideas to get your engines started.
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Add These Money-Making Rituals to Your Work Day

You know the drill: Work ON the business.

By Sandi Leyva
The Complete Guide to Marketing for Tax & Accounting Firms

There’s something special about the word ritual. It sounds sacred, like you wouldn’t dare break it. It sounds a little mysterious, as if there’s a component you can’t quite control. And it sounds colorful, like something full of character that you would never get bored of.

MORE ON SMALL-FIRM GROWTH STRATEGIES: 3 Ways to Opt Out of Any Downturn | 5 ‘Low-Hanging Fruit’ Ways to Raise Your Revenues Right Now | How to Think Straight through the Coronavirus Crisis | Tech Tools for Working through the Coronavirus | 7 Tips to Boost Your Firm’s Performance in 2020 | Major Search Algorithm Change Could Affect Your Rankings | Making Content Marketing Part of Your Growth Strategy | Change Overload: 5 Simple Coping Strategies | Share Data 5 Easy Ways
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

These days, rituals can bring much-needed certainty to our lives. We don’t think about rituals much when it comes to business, but I think we should. What rituals could you create in your business that will rev up your revenues and reduce the uncertainty that is swirling around us? Here are two ideas to get your engines started.
READ MORE →

Global Tokenization Standards in the Works

illustrationMicrosoft, Nasdaq and others on board.

By Rick Richardson

Microsoft, IBM, Hyperledger and other technology and financial organizations have formed an alliance to develop global standards for tokenized ecosystems.

MORE TECH THIS WEEK: Three COVID-19 Opportunities for Robots | Can Google Kill the Business Card? | Creative New Business Models and Strategies for the Virus Era | Free Service Makes Better Passwords | COVID-19 Contact Tracing App by Google, Apple Piloted in Switzerland | Emerging Tech Gets Bipartisan Boost | What Wi-Fi 6E Means for You
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Microsoft’s principal architect, Marley Gray, and Enterprise Ethereum Alliance’s former executive director, Ron Resnick, recently launched the InterWork Alliance (IWA), a nonprofit organization aimed at bringing global standards to the token-based ecosystem.
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How’s Your Overhead?

https://cpatrendlines.com/2020/09/14/how-to-determine-overhead/Plus a tip for increasing revenue if needed.

By Ed Mendlowitz

QUESTION: Are there any rules of thumb for a CPA firm’s overhead and salary costs?

MORE: 9 Must-Haves for Firm Growth | Collect More by Clearing Up Billing | Envision Your Future, Then Plan for It | 5 Ways to Build Teamwork
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ANSWER: The Rosenberg Survey has excellent metrics and is highly recommended. On a less scientific basis you can use as a general rule of thumb 1/3 for salaries, 1/3 overhead, 1/3 partners salary.
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How the Cloud Impacts Server Replacement

You can save, but don’t hand the task to just anyone.

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

The traditional core computers used for operating all applications are file servers managed internally within the firm. Downtime for a day or two is a disaster. If an “out of service” stoppage stretches to a week or more, partner income will suffer measurably.

MORE: Laptops vs. Desktops | The Best Scanners to Buy Today | Capturing Documents at the Source | The More Monitors, the Better
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Simply put, mission-critical file servers utilized for tax, audit, time and billing, and email have – at most – an effective five-year life. After this time, equipment becomes significantly more difficult to maintain whether you have a warranty or not.
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When CPA Partner Votes Go Wrong

Percentage signs on round hanging tagsThere’s a better way.

By Marc Rosenberg
The Rosenberg Practice Management Library

It may seem intuitive to use ownership percentage to decide important financial and governance issues.

MORE: Why Billing Less May Mean Earning More | What Smaller Firms Must Do to Become Firms of the Future | The 13 Signs You Have a Partner Problem | COVID-19, Adversity and Innovation | How Covid Impacts Partner Retirements |  Three Tough Questions in Partner Buyouts | Reward Partners for Performing Like Partners | 7 Points of a Well-Crafted Partner Buyout Agreement | Smart Tech Tips from Top CPA Firms
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Here are three common reasons why… And one important reason why not.

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Have a Real-Life Conversation

two masked people in a line outside a shopThink about where authenticity begins.

By Steven E. Sacks
The NEW Fundamentals

Making memorable presentations requires being authentic. The noun version, authenticity, is something we pine for these days. Whether from our political leaders, bosses, colleagues or friends, authenticity, like reputation, is an important attribute to have.

MORE: Exchanging Knowledge Has No Downside | Take That Extra Breath with Email | Effective Communications in the Age of COVID | The New COVID-19 Workplace: Are You Prepared? | There Is No Leadership Without Integrity | Influence, Don’t Manipulate | Getting and Keeping the Best: The Struggle Continues | Knowledge Maintenance: Gaining Employee Buy-In
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How we communicate in the workplace or in social settings is influenced by constant rings of email notifications or texts. There is a compulsion on both sides for rapid responses, which does not allow for the careful exchange of ideas or answers.
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Protecting Client Files from Cyberthreats

Technology Security with Internet Digital Signature as ArtThree ways to make technology your ally.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Have you ever been contacted by the IRS with the FBI involved? I can tell you from firsthand experience that it’s a bit alarming when that happens.

MORE: Boost Efficiency with Tech Stacks | Use Bots to Your Advantage | How to Attract Clients Like a Magnet | 6 Steps for Sales and Conversion | The Right Way to Onboard New Clients | 4 Ways to Bill Clients | How to Evaluate Workflow Management Software | 5 Questions to Evaluate New Tech Tools | Traditional Benefits for Remote Employees
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We were once contacted by the IRS because they thought our server had been compromised. When the field officer who came to our office asked to see our server, we explained that we didn’t have a server. She was a little surprised by that information and then asked where we kept our files. We explained that we use cloud storage and programs designed specifically for encryption and security.
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Your Obligation to Yourself

Businessman looking at calendar on tabletStart getting better, working better, right now.

By Bill Reeb

Whatever you decide you want to improve or accomplish takes effort. Relationships take effort. Your job takes effort. Having fun takes effort.

MORE: How to Stay in the Present | Don’t Use Only Your Strengths | Are You Your Biggest Obstacle? | Why Your To-Do List Isn’t Getting Done | Appreciate the Joy That Comes From Work | Covid Crisis Requires New Mindsets | 3 Early Warning Signals for Overachievers | How Overachievers Can Get ‘Unstuck’
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Know that whatever is important to you could easily start to wither away if you don’t give it the right amount of attention.
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Marketing Plans and Why You Need One

Maze with word "plan" at the centerHow it differs from a strategic plan.

By Marc Rosenberg
The Rosenberg Practice Management Library

Sorry for those of you who have absolutely no interest in football, but a marketing plan is as important as a football team’s game plan for the week. It’s a blueprint for how to win the game: how much passing versus rushing, working on the opponent’s weaker players by name, running left versus right, short passes versus long passes, who plays on which plays, and so on.

MORE: How to Manage the Practice Development Function | How to Brand and Differentiate Your Firm | Why Consultative Selling Works | How NOT to Develop Your Practice | Does Your Firm Recognize All Its Skills? | 15 Powerful Niche Marketing Practices
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A marketing plan is a comprehensive written document outlining

  1. The firm’s practice development activities within a set time frame
  2. Goals and action steps necessary to achieve the firm’s targeted revenue growth
  3. The best use of the firm’s resources
  4. The partners’ preferences in terms of what they are willing and not willing to do. Examples: how active the partners agree to be in selling and advertising, use of internal personnel rather than relying on outsiders like marketing consultants, and whether they prefer to be generalists or specialists
  5. A budget for the firm’s investment in practice development activities

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