CPA Trendlines

Today's Features

It’s Time to Do the Uncomfortable

Change can be difficult, but it can also be the key to success.

By Seth Fineberg
At Large

Yes, it’s that time of year again when proclamations of change are made, and everyone professes to be resolute in their goals.

The fact is that most of these statements don’t happen, despite all the best intentions, but let me give you one prescription for the New Year. Hopefully, beyond if accountants and the profession have any hope or goal of change, you need to do the uncomfortable.

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What does it mean to “do the uncomfortable”? It can include nearly anything outside of one’s comfort zone, ranging from not responding to every client call or email to working comparatively fewer hours using new technology to increase efficiency. It could even mean posting entry-level positions at a higher pay (you are raising fees anyway, yes?). And maybe, just maybe, embrace more diverse staffing practices.

Change, in and of itself, IS uncomfortable and not for everyone. It also doesn’t have to be anything major. These are incremental steps to improve your life and the life of your firm.

MARKETING & SALES

Bissett Bullet: This Too Shall Pass

Today’s Bissett Bullet: “You will undoubtedly encounter challenges in business, just as there will be good times. The important thing to remember is that neither lasts forever.”

By Martin Bissett

When you are experiencing bad times, keep perspective and plan for when circumstances are different and you’re able to grow. When times are good, build your cash reserves to weather any storms that may be ahead.

Today’s To-Do:

If today is a bad time, what would you do differently once the storm has passed? If today is a good time, are you building your cash reserves to cushion you from harder times ahead?

See more Bissett Bullets here

MANAGEMENT

Don’t Make Firm Profitability a Goal

An example from outside the accounting profession.

By Marc Rosenberg
The Rosenberg Practice Management Library

It has been said that organizations should never have profitability as a goal. Why? Because profitability should be the result of an organization’s efforts, not its goal.

MORE: Core Values: Why Your Firm Needs Them | Five Keys in Compensating New Managing Partners | What Partners Do and Don’t Deserve | Five Steps to Transition to Partnership | Disturb the Present to Improve the Future
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Profitability is a measure of success in accomplishing core business goals. The Disney Corporation probably says it best in their mission statement, which is short and sweet, but very powerful: “Our mission is to make millions happy.”
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PRO Member Exclusive

Get Clients to Understand Firm Processes … or Say Goodbye

With just a little advanced marketing, you can get paid year-round AND have more satisfied clients.

By Frank Stitely
The Relentless CPA

When I’m frustrated, here’s how I explain the importance to clients of letting us work our process:

“When you get your car repaired, you don’t look over the mechanic’s shoulder and tell him which wrench to use. The same principle applies to us. If you knew the best ways to prepare tax returns, you should become our competitor.”

MORE: Train Now Before It Costs You Down the Road | Keep Clients from “Balance Due” Shock | It’s OK to Say No to Clients (Even the Large Ones) | You Train Your Clients, Whether You Mean To or Not | Business Owners Face One of Three Exits | How Small Firms Can Win the Talent Wars | Do You Know Your Turnaround Time?
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Let’s be perfectly honest with each other.

There’s a reason you aren’t actively training clients to allow you to work efficiently. You’re afraid that you’ll lose clients.

I guarantee that you will.
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CLIENT ACCOUNTING SERVICES

CAS Challenge: No Staff, No Services

Demand isn’t a problem, but supply might be.

By CPA Trendlines Research

The CPA Trendlines Outlook 2024: Emerging Issues, Opportunities and Trends survey asks 23 questions about Client Accounting Services. Early results clearly reveal certain emerging issues:

MORE CAS SURVEY: CAS ‘One-Stop Shop’ Means Steady Clientele | Accountants Cozy Up to Clients with CAS
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A majority of CPA firms (59 percent) now offer CAS, and a lot more (21 percent) may soon join them.
A sizable portion of clients want these services.
Staff shortages and training are the biggest challenge (for 30 percent) and biggest obstacle (for 44 percent) to offering CAS.