Blog Archives
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Stay Tuned for a Stronger Microsoft
By M. Darren Root, CPA.CITP; Executive Editor - Tuesday July 28, 2009You would have to living on the side of a mountain not to hear about Microsoft and the problems its endured over the last several years: declining revenues, slow-to-market product growth and the shortcomings of Windows Vista are just a few of the issues. I believe things are about to change – for the better. This fall will see the debut of Windows 7, and although experts tell us it’s really only a bandage to fix Vista’s problems, it’s still expected to be huge in terms of business and consumer buy-in. What I like even better – and the rationalization for my opinions – is the way Microsoft will capture the Web-enabled market through Office 2010. explains how this off-the-shelf software is getting a cloud computing-like... -
Harry Potter and the Vast Opportunities in a CPA Firm
By M. Darren Root, CPA.CITP; Executive Editor - Tuesday July 14, 2009As we brace ourselves for yet another Harry Potter movie, I think Harry and his friends would want to cast a spell on today’s CPA firm – to enable partners to see the vast opportunities right in front of our eyes. Although my pop-culture allusion may be a bit lame, there’s nothing mystical about determining your strengths and building on your competencies. Now is a great time to do just that – over the summer when we’re between important filing deadlines and taking some much-deserved vacations – to think about what we can achieve and what we want to accomplish. If all of this sounds like another enchantment spell, then you need to think differently about your business. When I reach CPAs and their staffs during the Next... -
If Client Retention is the #1 Issue, Why do we Ignore the Obvious?
By M. Darren Root, CPA.CITP; Executive Editor - Wednesday July 8, 2009Hmmm – is client retention an important issue for CPA firms? What a rhetorical question. I’m not surprised at all by the results of the AICPA’s 2009 CPA Firm Top Issues Survey conducted by the Private Companies Practice Section – and you shouldn’t be either. Putting aside the fact that it costs something like five times more money and resources to recruit and sign a new client than retain a current client, the profession needs to wake up and realize the huge potential in working with, and providing benefits to, a firm’s current client base. Start with cross-selling. I run into firms all the time who don’t seem to understand how easy it is to cross-sell services – and the impact this has on clients. Not only will you add... -
Office Hardware to Cloud Computing: It’s a Paradigm Shift
By M. Darren Root, CPA.CITP; Executive Editor - Wednesday July 8, 2009How much hardware do our offices really need to function and how much paper can we really get rid of? In other words, if you’re thinking about buying another server or replacing the ones you have, think again. Same thing with scanners – can you exist in the virtual environment without scans of files on your servers? A recent story on Forbes.com talks about the transition from in-office hardware to outsourced applications, all made possible by cloud computing. Interestingly enough, and what is at the heart of Ed Spurling’s story, is that the big guns who previously pushed hardware – IBM, Microsoft and HP – are now pushing virtual technologies as a viable solution. There’s no loss of revenue if that’s what you’re... -
Changing Your Web Site? Ask These Four Questions, First
By M. Darren Root, CPA.CITP; Executive Editor - Friday June 26, 2009Whenever I present my seminar on “The Next Generation Accounting Firm,” someone invariably asks me a question related to communications, and specifically, when it’s time to change their Web site. I just ran across this blog on Ragan.com that speaks to this topic, and even though it is internally focused on employees, I’ve added my own twist to the four points below. Most of the time, questions also focus on the ROI connected to changing a Web site, or in some cases, creating one from scratch. That’s why I like these four steps because they focus less on what to communicate versus the return on the communications themselves. 1. What’s the business case? What goals are you trying to meet: cost reduction, innovative products... -
CITP Credential Changes with the Times
By M. Darren Root, CPA.CITP; Executive Editor - Thursday June 18, 2009The times … they are a-changin’ … and so is the CITP Credential. According to an announcement made during AICPA’s TECH+ Conference in Las Vegas earlier this week, “the revised credential will concentrate on information technology expertise relating to audit and attest services and financial data components, analysis and reporting. The holder of the revised credential represents a CPA who provides assurance to financial information or insight to business data, process or reporting.” Many may not realize the CITP originated in 2000 when our tech world was booming, However, during the last several years, I believe interest in the credential suffered due to what I call “information overload,” all due to advances in technology... -
The Power of the Portal
By M. Darren Root, CPA.CITP; Executive Editor - Saturday June 13, 2009Congrats go to Thomson Reuters for the significant milestone it hit in the most recent tax season: UltraTax CS™ customers preparing 2008 returns created more than 100,000 portals to serve their clients. This is important to our profession for several reasons. First, it demonstrates how the accounting profession is using technology not only to speed processing, but to save its clients time and resources they would have spent by physically bringing files to our offices in person. Second, using portals helps position us as thought-leaders by using technology to get the job done. However, portals are just one piece of technology in an entire cadre of tools. When I meet our colleagues at conferences and speak to groups, I’m amazed how... -
Using Social Networking to Build Your own Brand
By M. Darren Root, CPA.CITP; Executive Editor - Friday June 5, 2009There’s a lot of talk these days about personal branding. Although there are many ways to define this, I think a personal brand is the image you portray to others on a professional level. Can you easily identify your own personal brand? A recent article on Knowledge@Wharton encouraged me to blog about building your own brand through social media. According to the article, “social networking is that rare sector of the economy that seems to be booming in the midst of the recession. MediaPost reported that businesses spent $2.2 billion on social-networking in 2008, nearly twice as much as they did in 2007, primarily through advertising on popular sites like MySpace and Facebook. While you don’t need to advertise to get on someone’s... -
Thomson Reuters Shows Loyalty With Free Software Offering
By M. Darren Root, CPA.CITP; Executive Editor - Wednesday June 3, 2009Did you see the announcement that beginning June 1, Financial Analysis CS software – a component of the CS Professional Suite – is available free to accounting firms to help them advise their clients? Hats off to Thomson Reuters Tax and Accounting. Whether it’s a strategic marketing move or a response to the recession, I like the fact that TR once again put itself on the line by helping the accounting profession. This shows loyalty and a continuous commitment to helping us grow our practices. According to the news release, accountants can use Financial Analysis CS to “analyze client financial data, compare performance against similar businesses or industry standards, and provide clients with detailed, easy-to-follow reports... -
GoPayment is a Strong Solution for On-Time Payment
By M. Darren Root, CPA.CITP; Executive Editor - Wednesday May 27, 2009Let’s face it. Accountants are great business advisors, but lousy bill collectors. Whether it’s a lack of follow through to get an unpaid invoice paid, or the paranoia that asking for the money will damage the client relationship, one of the most often-discussed topics in any forum is how to ensure a bill is paid on time. A survey conducted by Intuit found that “the nation’s 22 million smallest businesses are waiting for approximately $1,500 in overdue payments each month, creating a collective $33 billion strain on their cash flow.” What’s more amazing is that nearly 40 percent saw an increase in sales after giving customers the option to pay by credit card. There’s no need to send the big, bad bill collector out to your...
