True Story: When the Feds Came Knocking
Three tech solutions for protecting client data.
By Jody Grunden
Building the Virtual CFO Firm in the Cloud
Coronavirus
What’s the ROI on That Shiny New Thing?
Innovate for the right reasons.
By Jody Grunden
Building the Virtual CFO Firm in the Cloud
Five Questions to Ask about New Tech Tools
Be sure to loop in the people who will use them.
By Jody Grunden
Building the Virtual CFO Firm in the Cloud
Whether you purchase a one-time software license or pay for a tool on a subscription basis, the cost of software can add up quickly. It’s necessary to conduct a thorough analysis of any new software program before you decide to buy it, and you need to constantly evaluate the effectiveness of the tools you’re using.
MORE by Jody Grunden
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We have learned that we want to be sure we’re getting the most out of our software, that our tools remain the right fit for our needs and that they are cost-effective.
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Virtual Accounting Firms Have Hidden Costs
Save by combining a retreat with CPE.
By Jody Grunden
Building the Virtual CFO Firm in the Cloud
With a brick-and-mortar company, there are a number of standard costs that you would expect to have, such as rent or mortgage, utilities, building repairs, furniture, technology, etc. The total amount of these kinds of costs typically falls in the range of 3-4 percent of the company’s annualized revenue. That amount can be pretty significant for a lot of companies.
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Some business owners may think they can save the company all of that money by going remote, but I personally believe that’s a terrible idea. While it’s true that a distributed company doesn’t have the costs that come with having a physical space, the very nature of a remote work environment results in a completely different and unique set of needs that should be considered in the company’s annual budget.
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Will Your Success be Incremental or Exceptional?
Eight forces that have altered the future of accounting firms.
By Anthony Zecca
Leading from the Edge
“All organizations are perfectly designed to get the results they are now getting. If we want different results, we must change the way we do things.” – Tom Northup, author of “Five Hidden Mistakes CEOs Make”
What a great statement not just about accounting firms, but all organizations – “perfectly designed to get the result they are now getting.” There is another old saying that goes something like this: “If you want different results you have to do things differently.” Center leaders hold onto the status quo whereas Edge leaders constantly push the envelope of what is possible – pushing to the future edge.
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Leadership is a topic that has been researched, talked about, written about, training sessions built around, and endless models developed – yet it is also one of the most challenging issues in most firms today. Over my career, I have worked and consulted with leaders of all shapes and styles and firms that experienced varying degrees of success. Based on working with hundreds of companies, my conclusions – and two of the primary reasons that drove me to write my book – are that in many cases, firms are performing below their capabilities and every firm has the potential to reach higher levels of performance if and when leadership moves from the center to the EDGE. Edge leaders want to be at the top of the pack when it comes to all metrics that matter whereas center leaders are content to remain average.
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Firm Culture Exists Even with Remote Work
How core values contribute.
By Jody Grunden
Building the Virtual CFO Firm in the Cloud
A company’s core values are the cornerstone of its culture, and people are the biggest asset a company can have.
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Defining your core values and hiring the right people is essential for the success of your business.
The Six Leadership Challenges That Firms Face
Your response must align with your vision.
By Anthony Zecca
Leading from the Edge
Within every firm, every leader (Edge or center) faces challenges every day. There is always a gap between the leader’s vision and what is actually taking place on the ground, day to day. There are always situations that develop that challenge a leader’s ability to remain steadfast in their leadership style and vision.
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When this happens, there is an opportunity for firm leaders to step up to the edge and to face the challenge with courage, conviction, transparency and confidence – never wavering on culture or their future vision for the firm. Edge leaders get out in front of the challenge, communicating and demonstrating that they are in control, whereas center leaders let the challenge take control. Edge leaders respond with clarity and focus surrounding the issues facing their workforce, their clients, their financial health and their future.
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Make Cybersecurity a Client Service Option
Check your own system first, then help others.
By Penny Breslin
It’s Not Just the Numbers
In 2020, like many businesses, we went remote. My remote team of excellent ladies in Chennai, India, had to go even more remote than they already were. When India shut down, I figured I was out of business. We promise our cybersecurity is job number one to our accounting and financial firms. We have a highly controlled work environment, except for the day care and under 3’s occasionally looking for Mum. I did not think sending our employees home would work.
MORE: How to Safeguard Client Information | How to Create Effective Communication Systems | Set Expectations with an Anticipatory Set | Four Steps for Controlling Source Documents | How to Use OneNote to Create a Firm Playbook | How to Develop Procedures for BOS | Top Tech Tools for Building Your New BOS Business
But thank the universe, many of our clients had no problem as long as we could figure out the security. They had been working with the same team of ladies. They saw them on Zoom and communicated daily on Slack. So, in 48 hours we went through an internal change to allow that to happen.
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Cancer Vaccine Available by 2030?
Imagine a world without cancer. Is it possible?
By Rick Richardson
Technology This Week
A ground-breaking group of new vaccines for a variety of illnesses, including cancer, might save millions of lives, according to researchers. A major pharmaceutical company expressed confidence that vaccines for ailments including cancer, cardiovascular and autoimmune diseases, as well as others, will be available by the end of this decade.
MORE TECH THIS WEEK: ChatGPT: What It Is. Why You Need to Know. | Russia-linked Ransomware Back with a Vengeance | Amazon AWS: The Mainframe Killer? | Amazon Launching Its First Internet Satellites | Russian SolarWinds Hackers at It Again | NASA Finds a $10 Quintillion Asteroid | Firms Must Balance Benefits, Risks of Emerging Technology | Microsoft and Google Go to War
Studies into these vaccinations are also “very promising,” according to some researchers, who claim that the COVID-19 jab’s success has “unspooled” 15 years’ worth of development in just 12 to 18 months.
Some Thoughts on In-Person Events
By Seth Fineberg
“We didn’t realize how hard accountants party and we had a difficult time keeping up. We’re also still recovering from the ‘socializing’ and contemplating having a recovery section at our next booth.”
MORE FROM FINEBERG: So You Think You Know Accountants? | What Bogs Down Accountants | Your Classic Business Model Won’t Allow Growth
This was just one of the many quotes from vendors who attended the QuickBooks Connect event in Las Vegas for the first time. It was not surprising to me; I’ve been attending QBC and other accounting events for over 20 years. But with live accounting events only really just “returning” this year, the idea of socializing with accountants took more of a spotlight.
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How the Pandemic Changed Firm Mindsets
Take mindful advantage.
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide
Coronavirus caught the entire world totally unprepared for its aftermath. The impact on economies is unfathomable. Accounting firms are not immune to this unprecedented situation. The deadly pandemic led to “working for home” a requirement for accounting firms. The alternative was a risk to life itself.
MORE: Twelve Clues It’s Time to Outsource or Offshore | Matching Your Tech to Your CAS Clients | Six Steps to Spreading CAS Awareness | Hook Your Firm on CAS | Can You Identify Real CAS Prospects? | 8 Ways to Create Your CAS Practice | Do You Value Your CAS Value?
Firms scrambled to make technological arrangements to make remote working possible. It was a systemic shock to the decades of operating models of accounting firms. But over about four to six months into the pandemic, several firms recognized that it is possible to achieve good results by remote working.
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The Office Is Over
Plus a worrying note on salaries.
By Marc Rosenberg
The Rosenberg MAP Survey: National Study of CPA Firm Statistics
Every year, we ask the industry’s top consultants to share their observations from CPA firms across the country. How do you think the next 12 months will unfold? And how would you assess the last 12 months?
MORE: OUTLOOK: Private Equity Comes for Accounting Firms
Here are my thoughts regarding 2023:
- Firms will continue to struggle with all facets of remote work. Firms will never get back to working in the office as a norm, not because of COVID-19, but because their people – especially partners – don’t want to work in the office full-time.
The Great Resignation or a Reshuffling?
How many in-person days make sense for your firm… and who decides?
By Steven E. Sacks
The concept of “quiet quitting” is now mainstream thought. Summer 2022 is over, and with it, for many companies and their workers, their remote work arrangements.
MORE: Four Accountability Steps for Firm Success | How to Build a Standout Team | Five Keys to Becoming a High-Performing Firm | Assessing Your Firm | The 4 Traits of Great CPA Leaders | Why Leaders Must Ensure Clarity | Incremental Vs. Exceptional Success
Many recognizable companies have sought to get back to some normality. Some want workers to return to the office full-time, some have asked for a two- to three-day in-office arrangement, and some have viewed remote work as successful and see no reason to change anything for the foreseeable future.
Workers will not easily accept these changes.