SPECIAL

Bissett Bullet: Saving for a Rainy Day

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Today’s Bissett Bullet: “Debt leverage is a very risky business, especially for smaller firms. I appreciate that it’s not always avoidable, but proactively planning and saving for a rainy day is a far better strategy.”

By Martin Bissett

In an ideal world, if the unexpected occurs and you need to draw on an emergency fund, you turn to your cash reserves, the money you have saved to allow you to continue drawing from your business in the event of a temporary shortfall in income. When the COVID-19 pandemic hit in 2020, those businesses with a three- to six-month reserve saved for a rainy day found that it didn’t rain quite so hard as it might have done.

The lesson? Be financially wise. Treat the funds in your business as sacred and plan for the unknown. You will sail through whatever emergencies come your way without accumulating debt to repay.

Today’s To-Do:

How much can you reasonably afford to save each month to build your rainy day fund? Plan to start doing so immediately.

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Four Benefits of Progress Billing

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smiling man working at laptop in office with glass walls

How to set up your system, starting with progress reports.

By August Aquila
MAX: Maximize Productivity, Profitability and Client Retention

There are many things that are critical for a successful client service engagement. In my mind, there are two that should be at the top of your list. Number one is providing the client with a progress report or reports. Number two is making sure that you progress bill and provide a change order if the scope of the engagement changes. Doing both ensures that you will have a happy client and get paid promptly for your services.

MORE by August J. Aquila
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Progress reports are an essential tool for professional services firms, and they keep the client informed about the status of the engagement. They also serve to help you communicate with the client, especially when there are changes in the scope of the engagement. They also help clients keep track of their projects and ensure that they are on track to meet their goals.
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Five Steps to Building a Team That Lightens Your Load

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woman mentoring man in office

Plus 10 elements for your staff guidelines.

By Jackie Meyer
The Balanced Millionaire: Advisor Edition

Hiring someone is just the beginning. What you do after they join is what truly determines whether you get the benefits of having a team.

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Many entrepreneurs struggle with letting go of control. It’s natural – this practice is your baby! But micromanaging or failing to properly delegate will squander your investment in a new hire and frustrate both of you. Here’s how to build a team that actually lightens your load:

  • Delegate Effectively: Delegation is not throwing a task over the fence and hoping for the best. It involves clear instructions, the right resources and appropriate authority given. When you delegate, be explicit about the outcome you expect, any important parameters, and deadlines. For example: “Please reconcile Client X’s bank accounts for September and October and note any discrepancies or unusual items for my review by Friday.” Provide context too: “They had an issue last month with a missing deposit, so keep an eye out for that.” As your team member proves themselves, you can delegate in broader strokes. Early on, check in periodically (but try not to hover). Think of delegation as a skill you practice – you’ll get better at it over time.

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With Congress Stalled, Tax Professionals Take Control of Preparer Standards

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Why Tax Pros Are Imposing Standards on Themselves.

By CPA Trendlines Research

Scott Artman, NATP: New credentialing program

As the 2026 filing season begins, the National Association of Tax Professionals is launching a formal credentialing program for taxpayer representation.

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The NATP is stepping into a regulatory void left by years of congressional inaction, leaving more than 500,000 paid preparers operating without national standards, even as IRS and GAO data show higher error rates on paid-prepared returns than on do-it-yourself filings, and Congress is delaying action.

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How the $25K Rule Works in Pricing

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Toss the timesheets and give your clients more value.

By Jody Padar
The Radical CPA

Consider the $25K Rule.

Because this method requires heavy lifting on the front end, a good rule of thumb is to only value-price engagements of $25,000 or more. If the client falls below $25,000, they are eligible for a fixed price or fixed price plus a value add. This rule is important because if your client is a small business, it doesn’t matter how much value they perceive in your services; they will not be able to afford value pricing above a certain level.

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Most services are fixed-priced, but based on conversations with the client, those prices may drop or be raised accordingly. Some of the data points used to set pricing are the PITA factor (pain in the a#%) and the client’s gross revenue.
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