Archive for the ‘News’ Category

Wednesday, March 15th, 2017

2017 Accounting Today Top 100 Firms

Dan Hood, Accounting Today

Dan Hood, Accounting Today

“There are lies, damned lies and statistics.” – Mark Twain

Those of us working in, or affiliated with, the world of public accounting are always interested in the performance of CPA firms across the country. What are they doing that we could do? How do their numbers look compared to ours? What new trends should we be aware of?

That’s why I wanted to share a link to a podcast from Dan Hood, Editor In Chief of Accounting Today. Their annual ranking of leading firms in the profession offers up a host of insights and secrets; in this podcast, Hood shares some of the most interesting, such as, over-all growth in revenue was 8.8%

If you don’t have time, right now, to listen to the entire 13 minute podcast, bookmark this page and take time over the weekend (or after mid-April) to listen and learn.

Here a link to the podcast, A Deep Dive Into The Top 100 Firms.

  • It is the mark of a truly intelligent person to be moved by statistics.
  • George Bernard Shaw

Tuesday, March 14th, 2017

Practice Management Software

“The perfect is the enemy of the good.” – Voltaire

I often receive questions about the pros and cons of practice management software. Which one should we be using? Is one better than the rest? What’s the best one for a small firm? What’s the best one for a large firm?

Recently, Accounting Today published A Comparison Guide To Vendors’ Offerings.

Per the article accompanying the Guide…. Looking at the accompanying comparison chart, you will notice that different vendors have taken very different approaches with their application. That’s a good thing, as it offers a wider variety of capabilities that will hopefully sync up with your firm’s needs without providing lots of unneeded functionality.

You will find the article here and from it you can access the Comparison Guide.

  • No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.
  • Warren Buffett

Wednesday, March 1st, 2017

If You Still Don’t Think Things Are Rapidly Changing – Take a Look at TALK

“It’s the little details that are vital. Little things make big things happen.” – John Wooden

Think about it. Things that used to take you hours and hours to complete can now be mastered in a matter of minutes. The CPA’s most important tool is technology.

I shudder because I still interact with some practitioners who are not even PAPERLESS! They still cannot review a tax return ON SCREEN!

Talk_logo_bright_green-07663d94ffbd16b53ca1e60cd21c721aLast week I received information about a new app called TALK. TALK can now do the books for a business owner – you should pay attention to this – for no other reason than to realize that change is coming very fast. To put it briefly, your client could talk to the app and it would do the bookkeeping.

Here’s the press release and below is a link to the website where you can watch a short video.

22 Million Small Business Owners and Sales People Struggle With
Bookkeeping and Mileage Tracking.  It Stops Today.

If you can take a picture of a receipt or sales order and talk into your phone, TALK does your books.

TALK Accounting of Tucson announced a new phone app today that lets anyone, regardless of their accounting skills, to stop worrying about bookkeeping or tax deductions.  

Founder KC Truby says “Because of new voice recognition and artificial intelligence, the process is 10- second simple. The app codes, verifies and post your transactions right into a spreadsheet, QuickBooks or other software.”

To assure accuracy TALK automatically double checks the transaction against your current list of customers, vendors and deductions, right before your eyes.  No more receipts.  No more lost deductions.  No more worries about IRS questions.

What if you forget to TALK in a credit card charge?  No problem.  TALK has partnered with Finicity to review all your credit and debit transactions daily. KC says “if we see you forgot to TALK about something, we’ll send you a notification at the end of the day asking for the missing details, long before you forget.”

Tax returns made easy.  When you get a 1099 or other critical documents in the mail just take a picture and talk about it.  The documents are stored online – ready for your accountant.  No more ‘all-nighters’ on April 15th looking for lost documents. 

IRS ready mileage logs, automatically. TALK has also partnered with Automatic.com to intercept a GPS recording of where your car has been. This is data directly from the vehicle without draining your phone’s battery. After a trip, TALK will quietly ask if you’d like to include a business purpose for the miles driven. Just answer the question in one sentence and you have an IRS ‘bomb proof’ log ready for expense reports or tax returns. 

No learning curve. TALK has teamed up with Fujitsu’s ScanSnap scanner for 1 button push to upload documents whenever needed from a scanner. On the app side, the artificial intelligence codes your transactions for you – that means you don’t need accounting skills, just follow the app’s instructions and you’re left with rock-solid books.

Here’s a link to more information on the TALK site. Be sure to watch the short video at the top of the page.

 

  • Never neglect details. When everyone's mind is dulled or distracted the leader must be doubly vigilant.
  • Colin Powell

Monday, February 27th, 2017

If You Like My Blog – I Hope You Will Vote

“A vote is like a rifle; its usefulness depends upon the character of the user.” – Theodore Roosevelt

I try to write helpful blog posts for the CPA profession. As most of you know, I have been writing daily for eleven years.

This year my blog has been selected as one of the 50 finalists by WalletHub. They are now seeking votes from readers to determine the BEST blogs being written for tax professionals.

Here’s where you vote – I’m #30:

https://wallethub.com/blog/best-tax-blogs/32604/

I hope you will vote and share the link with others who would be willing to vote for my blog.

It’s Monday, so think positive, get a lot done this week, keep your sense of humor and have fun.

  • Good, better, best. Never let it rest until your good is better and your better is best.
  • St. Jerome

Tuesday, February 7th, 2017

CPA Consultants’ Alliance

“Let no one think that flexibility and a predisposition to compromise is a sign of weakness or a sell out.” – Paul Kagame

Today will be fun for me. I will be joining Jeff Phillips of Accoutingfly and Tamera Loerzel of Convergence Consulting to film a video podcast.

All the members of the Alliance will be involved in filming these brief video podcasts on different topics to help practitioners with specific areas of concern.

Our group today will be addressing the value of a flexible workplace and how to address many of the issues in implementing it into your culture.

Stay tuned for more information about this CPACA project in the Spring.

  • You must always be able to predict what's next and then have the flexibility to evolve.
  • Marc Benioff

Wednesday, January 18th, 2017

Client Accounting Services

Consultants, firm associations, state societies, the media and the AICPA have all been telling you about the opportunities available if you offer Client Accounting Services.

Yes, many firms used to think that “write-up” work was very low margin work. The cloud and technology have made it very lucrative.

galeRead this excellent article from Gale Crosley‘s recent newsletter:  “From ‘Dull’ and “Commoditized’ to an ‘International Star'”.

Sign up for my newsletter here.

  • Whenever you find yourself on the side of the majority, it is time to pause and reflect.
  • Mark Twain

Wednesday, December 14th, 2016

What a Great Concept – Adulting School.

“Maturity is a bitter disappointment for which no remedy exists unless laughter could be said to remedy anything.” – Kurt Vonnegut

I must admit, I was rather shocked when I read that there is a course to help Millennials become adults. What a concept! It’s happening in Portland, Maine.

A therapist, Rachel Weinstein, and a former public school teacher, Katie Brunelle, saw the need and put together a one-day session offering presentations on subjects like time management and budgeting.

schoolThey launched The Adulting School to teach millennials how to be functioning grown-ups by showing up on time and paying their credit-card bills, etc. They followed up by hosting happy hour sessions to tackle skills like cooking and networking.

Many of you might think this is actually funny. My first reaction was OMG!

However, I can see the real need for something like this for new college graduates as they enter the world of work, especially public accounting. The organizers put it like this, “You’re smart and capable – Your education just didn’t provide you with all the skills you need.”

I have written and spoken about the fact that adulthood has been “pushed back” by the millennials. Think about it. The Baby Boomers graduated from college, got married, bought a house, started a family in their twenties. The Millennials are doing all of these things in their thirties – a ten-year delay.

It is a big transition from college to work life and building a career. Be sure to offer your new college graduates assistance on making that transition. Be open and honest about your expectations and be sure they have someone to talk to about their new life (a coach or mentor). Time management could be just the beginning course.

Maybe your CPA firm needs an Adulting School. Maybe some significantly older people need an “adulting” course!

Read the entire article, Should You Enroll in Adulting School?

  • I don't think I'd have been in such a hurry to reach adulthood if I'd known the whole thing was going to be ad-libbed.
  • Bill Watterson

Friday, November 18th, 2016

Solutions For CPA Firm Leaders Newsletter

My November newsletter went out yesterday afternoon. Here are the articles:

     Let Clients Know Your Expectations

     The Importance of Grammar, Spelling, and Punctuation

     Keller Services – Monthly Advisory Sessions

If you did not receive a copy and would like to be added to the listing, you can sign-up here.

 

Friday, September 23rd, 2016

Rosenberg Annual Survey

img_7794It’s September and I just received my copy of the 2016 issue of The Rosenberg Survey. It is the 18th Annual Edition. The Rosenberg Survey is one of the most popular and widely respected national MAP surveys for the CPA profession.

Comments and insights from many well-known CPA management consultants are included. Look for my comments on Page 21.

The survey includes numbers from:

  • Firms with over $20M in fees
  • Firms with fees of $10-$20M
  • Firms with fees of $2-$10M
  • Firms with fees under $2M
  • Sole practitioner firms

Order yours here.

  • Everybody gets so much information all day long that they lose their common sense.
  • Gertrude Stein

Tuesday, September 20th, 2016

Innovation

“When all think alike, then no one is thinking.” – Walter Lippman

It makes me SO happy when I hear about innovative things coming from people working at CPA firms.

While I often lament that we don’t see very much innovation and creativity within firms and that many firms are very happy with the status quo, there are some great firms out there leading the way for others.

The following is an announcement from CPA.com about the 2016 Innovative Practitioners’ awards.

CPA.com announced this week that Caitlin Lacher and Rachael Higginbotham, both representing Louisiana accounting and business advisory firm Postlethwaite & Netterville, have been named winners of the Innovative Practitioners 2016 Award. The annual award looks to recognize innovations in process, services or technology implementation in public accounting firms.

Lacher and Higginbotham both developed Pounce, a new business development tool, this previous summer. Pounce allows CPA firms to more easily manage and match staff resumes, industry experience, and other firm materials, allowing marketing and sales teams to quickly respond to new business opportunities.

Runner up:  (One of my clients – Congratulations, Charles!)

Charles Postal of Santos, Postal & Co., Rockville, Md. Adopted Yammer.com,Slack.com and OfficeVibe.com, among other services, to his firm to improve communication amongst staff.

Honorable Mention – a tie

    • Kathy Ryan of RoseRyan, Newark, Calif. Kathy helped develop her firm’s own in-house application, the RoseRyan Dream Team System, to automate time tracking, recruiting, revenue forecasting and more.
    • Dixie McCurley of Trusted CFO Solutions, Atlanta. Dixie helps lead CPA.com workshops on client accounting services in the cloud, but also walks the walk with her firm, developing customized accounting models for clients that deliver powerful data analytics for business decision-making.

    For more on the 2016 Innovative Practitioners Award, head to CPA.com’s site here.

  • Interviewer: