October 2019 - CPA Practice Advisor

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In this issue

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Accounting

The 2019 “40 Under 40 Honorees” and “20 Under 40 Top Influencers” Announced

The accounting profession is as dynamic and vital to the success of America’s small businesses as ever, which is why CPA Practice Advisor’s 40 Under 40 and 20 Under 40 Influencer programs recognize professionals who are helping lead the profession ...

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Firm Management

Apps We Love – October 2019: Pets

We all love our furry friends – so are there apps that can help us take care of our pets and share our lives with our pets? You bet! Here are some apps that are destined to be your next best friend.

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Accounting

The SaaS Business Model: Championing Cloud-Based Accounting for All

The nature of SaaS financial operations make automated, cloud-based financial operations a must-have. Managing the operations and finances of a traditional business versus those of a SaaS business are vastly different. As SaaS businesses grow, their ...

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Firm Management

Pet Care Clients: How to Become a Best-In-Breed Accountant

The opportunities in this space are limited only by your imagination. If your firm is considering supporting pet care and dog walking clients, here are some fun ways to harness them.

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Firm Management

Is Branding Just for Large Accounting Firms?

What is branding, really? It is often misunderstood and associated with huge dollar investments – or it is thought to be simply redesigning a firm’s logo or meant for only large accounting firms. None of this is correct. Brand development is a strategy that can be used by CPA firms of all sizes because it […]

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Firm Management

How Pressure Can Strengthen or Weaken an Accounting Firm

Is pressure pushing people to excel or crumble? Or has pressure’s character led your people toward negative, even unethical behaviors?

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Payroll

Is a Business Suit Still Recommended for Job Interviews?

Almost all respondents agreed how someone dresses for the job interview is significant: 52% reported it's very important, and 42% said it's at least somewhat important. Perhaps unsurprisingly, the research also shows recommended job interview attire ...

payroll

Advisory

Do Your Best Payroll

In the gig economy, how important is payroll? Just as much as ever! While many firms make the majority of their profits from compliance work in tax and audit, the firms providing Client Advisory Services (CAS) have discovered that payroll can be a ...

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Firm Management

Creating a Structure for Innovation

As the profession continues to move forward with business transformation, firms are being tasked with becoming more innovative. Innovation may come naturally to some, but many firms we speak to don’t know where to start.

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Firm Management

Budget Season is Here: Got Talent?

Accountants may have put the days of pen and paper behind them, but the speed with which tech is changing the space feels faster than ever. The good news is these new digital tools are expected to make the jobs of accountants easier, rather than obsolete.

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Accounting

4 Tech Trends Transforming Public Accounting

Public accounting leaders must continue to prepare for the digital disruptions that will inevitably alter almost everything about the way their teams and their clients work. Much of this change will be positive, as breakthroughs help organizations ...

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Small Business

Why Small Businesses May Want to Consider Electing S Corp Status

With all the decisions your clients are expected to make when starting a business, which legal structure to choose might not get as much consideration as it should. Most business owners choose to form a sole proprietorship in the beginning, since ...

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Advisory

Tax Advice for Business Clients Closing Out 2019

As 2019 comes to a close, many tax professionals are already providing their small business clients with tax planning advice for tax year 2019, in addition to tax compliance services. Tax reform presents a good opportunity for all practitioners to ...

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Accounting

AICPA News – October 2019

AICPA News is a roundup of recent announcements and events related to the American Institute of CPAs.

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What is an IRS Summons, And How to Respond

The IRS has the authority through IRC Section 7602(a) to review documentation that may assist them in confirming the accuracy of a filed return. Most taxpayers provide this documentation when being audited. However, when a taxpayer is unwilling or ...

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Firm Management

How to Seek and Find Professional Development

It’s all too easy to feel stagnant in your career, no matter how much success you’ve achieved. You could be a partner at a major firm and still suffer from a sense of wanting more. You know the story. You have a great job, opportunities to move up ...

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Accounting

Connecting the World: The Importance of Intermediary Banks

When a bank needs to send money to a location where their bank does not hold an account, the bank instructs an intermediary bank to act as a “middle man” to pass on the funds on their behalf. Funds can transfer between multiple intermediaries ...

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Accounting

The SaaS Business Model: Championing Cloud-Based Accounting for All

By Tim McCormick, SaaSOptics As a CPA, it’s important that you stay on top of financial operations trends and solutions, both for growing your practice and better servicing your clients. One such trend that is within reach and easy to adopt is cloud-based accounting. Today, traditional forms of managing a company’s finances with manual entry, […]

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Firm Management

CPA Firms and the #MeToo Era

By Joseph Wolfe and Lindsey Pilla. Federal, state and, in many instances, local laws prohibit sexual harassment and employment discrimination. These laws hold employers responsible for maintaining a non-discriminatory workplace free of harassment, intimidation and retaliation. In 2006, the “Me Too” movement was founded by Tamara Burke to aid women who have been victims of […]

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Firm Management

To Text (or Not To Text) Your Clients

In the business communication classes that I teach, I’m often asked how we accountants should respond when clients want to communicate with us via text messaging. Sometimes this question falls directly down generational lines ...

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Payroll

How Payroll Can Be a Gateway to Offering Client Accounting Services (CAS)

This trend toward offering a broader set of services looks to be a win for both accountants and their clients, but it also poses a big challenge for firms offering services that may be outside their comfort zone — both from a knowledge standpoint and ...