November 2019 - CPA Practice Advisor

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In this issue

retirement_accounts

Payroll

6 Retirement Tips for Generation X

Just as Gen X was getting started on their careers, enjoying home ownership and beginning to save for retirement, they were hit by the financial crisis of 2008. While their housing values and incomes have recovered, they have the highest average ...

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Payroll

The Pros and Cons of Temp vs. Seasonal Workers

Both seasonal and temporary employees can give your business a boost and support you during busy times. But, what option is best for your company? Read on to find out how temporary vs. seasonal employees compare.

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Accounting

AICPA News: November 2019

AICPA News is a roundup of recent announcements from the American Institute of Certified Public Accountants.

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Firm Management

The Land of the Free

If you are finding yourself struggling with issues about where to draw the line, how to price for the additional services you provide, when to tell clients you’ll have to schedule time in the future to answer their questions, you’re definitely not alone.

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Firm Management

Your Bedside Manner: 3 Steps to Improve Client Trust

I believe that accountants and advisors have a great opportunity to focus on improving their bedside manner for the good of the profession as well as for the good of the companies and individuals they serve. Health is a very personal thing and so is ...

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Accounting

Nominations Being Accepted for Most Powerful Women in Accounting Awards

The joint administration of the award is part of the AICPA’s ongoing efforts to promote inclusiveness and create more opportunities for women to attain leadership positions in both public and management accounting.

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Advisory

3 Small Steps Toward Transformation

The CPA profession is undergoing a significant disruption which will change the way partners and staff work and the services firms provide. It’s an exciting time for all of us, yet even as firm leaders want to take the next steps in their firms’ ...

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Advisory

The Problem with Price

Maybe it is time to rethink how we show our value to others by ripping a page from Dell, Southwest, Allstate, Disney, GM, and just about every other major brand. They use the classic “good-better-best”—G-B-B—marketing strategy to change the customer’s ...

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Do Your Best Tax

If you are in the market to replace or add tools for your tax practice, there are several considerations. Vendors want to sell you new products, and they want you to be happy with the products you select. There are important characteristics that you ...

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Small Business

2019 Review of Sales Tax Systems

If you own a business, whether you sell items or provide services to your customers, the common denominator is sales tax. If you sell solely in your city or state of residence, chances are you only need to track sales tax for that particular jurisdiction. However, if you sell throughout the U.S. or abroad, your […]

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Firm Management

2019 Review of Hosting Providers for Accounting Firms

As the industry moves more towards cloud-based solutions, there remains a core group of users who maintain loyalty to on-premise applications. While this loyalty is admirable, in this day of remote workers and the desire for anytime/anywhere access, adhering to an onsite application can be limiting. Which is why application hosting can be so important. […]

change

Digital Currency

The Change We Can Control

“Everyone thinks of changing the world, but no one thinks of changing himself.” ~ Leo Tolstoy In the accounting world these days, we are inundated with news about change, innovation, disruption, or whatever else you want to call it. Terminology aside, the bottom line is that our jobs our changing at an ever-increasing rate. We […]

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Accounting

Newest Features in QuickBooks Online Advanced Speed Workflow

Many accountants and bookkeepers who want to build and/or maintain a cloud-based practice have turned to QuickBooks Online Advanced – Intuit’s latest cloud-based offering – to meet the needs of their fast-growing, high value clients who may be ...

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Accounting

Crafting a Strategic CAS Plan

Accounting firms are increasingly looking to expand beyond traditional, compliance-focused accounting services to grow their business and boost profitability. By providing client accounting services, firms can not only improve their bottom line, but ...

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Accounting

How to Get Started with Client Accounting Services

Traditional compliance services like taxes and audits have long been the bread and butter of many accounting practices. However, clients are increasingly requesting new services beyond that scope such as bookkeeping, payroll, and advisory-level collaboration. Firms eager to create new revenue streams and stronger ties with clients respond by expanding services and adopting technology that […]

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Firm Management

Marketing to the Home Care Nursing Industry

As you consider the home healthcare industry vertical for your firm, begin with the why. Why now? Why this industry? Why this geographic location? Why should they work with us? Why is it important to the firm’s bottom line? Once you know your why, you’re on your way to creating a marketing plan with purpose. […]

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Firm Management

You May Be Overlooking Potential Top Performers When Hiring

To ensure success in an environment where available accounting talent is limited, managers must move away from the idea of a new hire having a perfect resume. Instead, focus on identifying promising candidates who you can develop and who fit your ...

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Accounting

7 Productivity Hacks for the Strategic CFO

How can CFOs themselves use technology to be more efficient and effective? As a Chief Operating and Financial Officer, father of four daughters, and a newly minted girls lacrosse coach, I’m always looking for ways to save time.

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Firm Management

Firm Partner Indemnification: A Cure for Insomnia

Whenever a professional liability lawsuit is brought against an accounting firm, chances are one or more of the firm’s partners will be named. They are front and center in the client relationship, and the client looks to the partner to make sure ...

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Firm Management

How “Tail Coverage” Can Protect a Retiring Firm Partner

If a partner is both retiring and selling his or her practice, then an extended reporting period insurance coverage, commonly known as “tail coverage,” is highly recommended. With this coverage in place, the risk to the former and continuing partners ...