Tax and accounting firms are confronting several challenges, some of which have been long-standing issues. The shortage of talent, rising salaries, burnout, retention, knowledge loss, technology adoption, the tricky pivot to advisory – the list goes on. It’s time for tax and accounting firms to innovate. Actually, it’s past due. Read more…
You’ve probably seen your team working super hard during the busy season. While “fully utilized” might sound like music to your ears, you know you need to strike a balance. Your team can work hard when needed, but you don’t want to overdo it and burn them out. During busy Read more…
A tax and accounting firm can handle more work during busy seasons because their capacity is elastic. It can stretch to fit the demand, but like a rubber band, there’s a limit to how much it can take before it snaps. Does your firm know its limit? Can you tell Read more…
For CPA firms, advisory services are something they simply have to get better at. As AI and automation take over more and more “basic” tax filing and accounting work you’re going to need to uncover additional revenue lines. Advisory services offer a way for you to provide additional value to Read more…
I talk often about the changing role of people in the workplace. There is a major talent crunch that’s not going away. I see it every day and I hear my clients mention this all the time. The accounting field has to get better at attracting great new talent and Read more…
Everyone has been making claims about Artificial Intelligence lately, so it was nice to see the FTC put out a warning to firms who oversell their Artificial Intelligence capability. I wanted to add my thoughts. So many people are wondering about AI in accounting and are rightly asking, “Is my Read more…
I posted this article recently. I was not really surprised to find out that one of the biggest things CPA firm leaders are worried about is loss of knowledge when people leave. I hear that a lot from managing partners I speak to. It makes sense. You lose institutional memory Read more…
After reading this article, I started to think about what makes new generations of accountants different from older generations. In the early days, when I entered the field, the Big 4 firms dominated everywhere and were known for their hierarchical structure and conservative approach to business. I remember having to Read more…
After reading this article I decided to add my thoughts. The article says that for growing CPA firms, providing advisory services and giving good advice needs your client to have rock-solid confidence in your firm’s bookkeeping and basic accounting. I’d like to add some points to this conversation. A good friend of Read more…
Inspired by this article, let me tell you which data points CPA leaders should be monitoring to check how well their firms are doing. It’s an important exercise. It’s not just a tick box, but it can boost your value proposition as you try to secure new funding, attract the Read more…