COVID-19

There Are 4 Types of Professionals

By

woman and man wearing masks, looking at laptopWhich one should you be?

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Over the last decade with rising markets and the ranks of the wealthy swelling, it has certainly been possible to build a $5 million high-net-worth practice.

MORE: 16 Questions to Set Your Practice Goals | 6 Steps to Maximize Referrals | A High-Net-Worth Practice in Four Steps
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Even with soaring competition, using the very same approach as we are discussing, you could have consistently generated those kinds of revenues or better.

So, what is the difference today? The difference is COVID-19.
READ MORE →

Your Marketing Sucks: Six Reasons Why

By

Want new business? Avoid these errors.

By Bill Penczak

It’s an understatement to characterize CPAs as process-oriented, with prescribed steps for financial statement audits and tax return preparation that follow a specific regimen. Among the many jokes about accountants, the one that resonates here is:

Why did the auditor cross the road?

Because he looked in the file and that’s what they did last year.

MORE: Re-Thinking Today’s Firm with Five Global Leaders | 5 Things Your Firm Should Do Differently This Summer | Do You Have the Guts to Beat the Covid Crisis? | How to Inoculate Your Firm against Covid Competition | ‘Found Money’ Delights Clients | The Three R’s for Beating the Corona Crisis

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

But the “funny” thing is that while CPAs are typically pedantic about the processes for client work, it’s often a case of the cobbler’s shoes when it comes to running their firms in general, and practice development in particular. READ MORE →

Tech: Accountants Are Losing the Race

By

infographic
All images: Zapier Data

What do other businesses know that we’re ignoring?

By CPA Trendlines

Among the many wonderful things COVID-19 bestowed on American business, new business models probably rank first. Those who figured out how to adapt found themselves competitive. Those who didn’t now drive for Uber.

MORE: Automation without Accountants
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The accounting industry was among the quick adapters.

Though quick to adapt to a modified office structure, CPA shops have been slow to adopt automation. Other small and medium-sized businesses (SMBs) have proven far quicker.

READ MORE →

How COVID Changes Succession Planning

By

Overhead view of people solving a large jigsaw puzzleLarger firms want to drive scale; smaller firms want more distribution and leverage.

By Ira Rosenbloom

Even as the pandemic rips through the world with horrific tragedy, it is also spawning some new ideas, some critical imperatives, and some unforeseen opportunities, especially in the area of CPA firm succession.

MORE: Top 10 Steps to Maximizing Profitability
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

We are witnessing a heightened interest in firms committing sincerely to mergers and other practice combinations, and there is now a shifting business culture that aligns better with internal practice succession than we have seen in a long while.

These shifts in succession potential are largely a function of technology, quality of life, client needs (and demands), and resources.

Let’s break it down:

READ MORE →

Five Global CPA Leaders: Four Survival Strategies

By

Sometimes it takes a catastrophe to spur fundamental change, and that’s what we’re seeing today.

https://cpatrendlines.com/2020/08/05/5-firm-leaders-on-how-covid-19-is-changing-their-thinking/
New imperatives, from the U.S. to Spain, Australia, and back: McConnell, Fay, Tomasi, and Majchrzak.

By Bill Penczak

The combination of the summer doldrums and the COVID shutdown has provided some firm leaders pause to get in touch with their right-brainedness.

MORE MARKETING in the COVID ERA: 5 Things Your Firm Should Do Differently This Summer | Do You Have the Guts to Beat the Covid Crisis? | How to Inoculate Your Firm against Covid Competition | ‘Found Money’ Delights Clients | Don’t Buy a Rolodex, Buy a Process | The Three R’s for Beating the Corona Crisis | 6 Reasons Why Your Marketing Sucks |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

These are difficult times for the economy and the industry, and while some firms hope to return to the good old days, COVID and other societal changes may cause a long-overdue sea change in the accounting industry, which has been doing the same thing the same way for more than 100 years.

Sometimes it takes a catastrophe to spur fundamental change, and that’s what we’re seeing today.

READ MORE →