Today's Features
ADVISORY & CONSULTING

Make Your Clients Look Forward to Meeting with You

illustration of the progression of economic value

Every interaction is an opportunity.

By Rory Henry
The Holistic Guide to Wealth Management

In tracing the trajectory of economic evolution, each phase represents a profound transformation, often driven by technological advancements. For instance, the Industrial Revolution transformed the U.S. from an agrarian economy to a manufacturing economy that created tangible assets (i.e., finished goods) out of raw materials. In recent decades, the U.S. went through a digital revolution, moving us from a manufacturing economy to a service-based economy that produces intangible assets.

MORE Rory Henry and The Holistic Guide to Wealth Management
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

This shift was emblematic of a broader transition from making tangible goods to delivering intangible services. The service economy burgeoned, with a focus on delivering services, e.g., tax services, financial services and estate planning legal services.

Now, we are in the midst of another paradigm shift. Artificial intelligence (AI) is transforming us from a service economy to one based on providing the consumer with experiences and guiding them through life transformations. The AI era is not just about automating routine tasks, but fostering an environment in which we transcend traditional service delivery.
READ MORE →

MANAGEMENT

DiSC Profiles Boost Staff Effectiveness

Overhead view of five people in a meeting

Better communication comes from better understanding.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Working in a remote environment can be great, and it can also have its challenges. Communication is one of the biggest hurdles distributed companies have to overcome. To tackle this issue head on, Summit CPA has implemented many initiatives.

MORE by Jody Grunden
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

One of our favorites is the DiSC profiles. Let me start off by telling you a little bit of the background on the DiSC profiles.
READ MORE →

ADVISORY & CONSULTING

CPAs Regain Upper Hand in Pricing Battles

Advisory and specialty services lead the way.

Tax pricing pulls away from audit, year-over-year percent change. (CPA Trendlines)

By CPA Trendlines

After two years of mostly weak pricing power, accounting firms appear to be regaining the initiative on billing rates, led by tax services with eye-popping 8% increases.

MORE in Pricing: Tax Prep Billing Rates Lift Busy Season | The Hidden Data Behind CPA Firm Burnout and Profit Pressure | Six Steps to High-Value Tax Advisory |

CPAs are raising rates by 4.2 percent year over year, reversing a 2.1 percent decline recorded a year ago, according to new CPA Trendlines findings.

READ MORE →

MARKETING & SALES

Bissett Bullet: Three Little Words

Today’s Bissett Bullet: “Which three words would you use to describe your firm and the work you do for clients? If you struggle to give an immediate and instinctive answer, then this would suggest an onward problem in articulating it to clients.”

By Martin Bissett

Why not ask for this input from existing clients? Asking clients what it is you do for them in terms of outcomes will enable you to understand their perception of the firm and what they might say to a potential referral.

This also provides insight into what they value about the service you provide, which is a critical retention tool, especially if they are themselves what you would consider to be your ideal client. Their story and how you’ve helped them can then be leveraged within your marketing messaging to help you attract more Grade A clients.

Today’s To-Do:

Pick up the phone to a Grade A client. Ask them how they would describe you in three words to a fellow business owner and find out which they feel is the most valuable outcome you have achieved for them.

See more Bissett Bullets here

READ MORE →

PRO Member Exclusive

Independent Firms Have a Regulatory Advantage

three men seated at table in office and talking

Use it to set yourself apart.

By Hitendra Patil

This article covers something I do not hear discussed nearly enough in conversations about how independent firms differentiate themselves. Most of the differentiation conversation focuses on relationship depth, niche expertise and responsiveness. All of that is real, but there is a structural advantage available to independent CPA firms right now that almost none of them are naming to clients, and it is growing in legal and regulatory significance.

Structural independence in the attest function.

MORE by Hitendra Patil
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

How Private Equity Structures Actually Work

When PE enters an accounting firm, the transaction does not simply add capital to the existing firm. Generally, the acquired firm splits into two separate legal entities:
READ MORE →