OUTLOOK & ANALYSIS

Why the U.S. Must Act Now to Protect Our Online Privacy

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Lawmakers need to step up. Don’t expect Big Tech to help.

By Jonathan Baron

I’m thankful for the European Union. They watch out with much more diligence to protect privacy and do so with an eye to cybersecurity as well. But at least our regulators in the U.S. are fairly good, but slow, followers.

MORE CYBERSECURITY: Top Tax Vendors Caught Red-Handed Selling Private Taxpayer Data | How Hacker-Proof is Your Firm? | It Takes a Village to Stop Cybercrime | One-Third of Cyber Attacks Involve Small Businesses | Cyber Insurance Costs Rise in Health Care as Attacks Soar | The Why, What and How of Cybersecurity for Accountants | When Cyber-Crime Hits Close to Home | Cybersecurity for Tax Professionals |

MORE JON BARON: Top Tax Vendors Caught Red-Handed Selling Private Taxpayer Data | Client Accounting Services Poised to Surge in Post-Corona World | Tax Pros Retake Market Share from DIYers | Three New Technologies that Will Change Everything [VIDEO] | Economic Mega-Trends [VIDEO] | Today’s Best Opportunities for Accounting Firms [VIDEO] | Re-Invest in Your Firm or Get Out? [VIDEO] |  When Tax Work Dies [VIDEO] |  The Big Shift and The Shakeout [VIDEO] | Why the U.S. Lags the World in Tax Tech [VIDEO]

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I was reminded of this because the other day, I received my quarterly report from DeleteMe, which I use to periodically clean up my data being bought and sold without my knowledge on the open market. Since our last report, my wife and I have had over 20 new third parties needing cleanup. Unbelievable.

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Jody Padar: Build a Practice that Works for You, Not Vice-Versa. 

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If you can’t change your pricing or your customers, it doesn’t matter how efficient you are

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The Disruptors
With Liz Farr for CPA Trendlines

Jody Padar, the author of The Radical CPA, has been shaking things up in the accounting world for years. But today, firms are at a boiling point, limited by supply and demand. “You only have so many people doing the work. And what are you going to do? You can’t make the work up. It’s got to get done,” Padar said.

MORE: Jody Padar here

PODCASTS and VIDEOS:  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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The old business model was taking whoever walked in and billing by the hour. But today, we don’t have the capacity. “There’s so much work out there,” she explained.  “I have not heard any accountants say that they are looking for work. They’re all saying, ‘Stop, go away. I don’t have the resources to serve you.’”
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Can We Lead Gen Z to Careers in Accountancy?

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screenshotOnline campaigns are just the beginning.

By CPA Trendlines Research

Do you remember what was at the top of your mind back in high school?

A career in accountancy, right?

MORE: New AICPA Program Aims to Open Personnel Pipeline
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Right. Maybe. But probably not. You probably had other priorities. You probably didn’t even know what accountants did all day, other than wear suits and crank adding machines.
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New Businesses Mean New Business

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bar chart
What do you consider the top issue facing your business? Owners see economic uncertainty as the top issue and have started increasing cash reserves. From Gusto.

 

Some are side hustles that flourished. Seven lessons for accountants.

By CPA Trendlines Research

New businesses are burgeoning. Last year, 5 million new businesses entered the market, according to a survey from the Gusto company. Entrepreneurialism is 42 percent higher than it was just before COVID-19 hit.

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Every one of these new businesses – and they include full-time leadership as well as part-time side hustles – is a potential client for  a CPA practice. But the demographics – and thus the marketing strategies – are quite different from the historical white males who used to comprise most of the entrepreneurial cohort.
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