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Starting A New CPA Firm

RitaKeller

I occasionally hear from a young CPA who has decided to strike on their own and build an accounting firm. I call these tasks foundational aspects of a CPA firm. CPA Practice Advisor recently posted an article – 5 Tips When Starting a New Accounting Firm. I hope this will be helpful to those of you dreaming of your very own accounting firm and even those of you who need to improve the one you already have.

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New AuditClub Passes Help CPA Firms and Companies Find Talent

CPA Practice

In addition to its existing AuditClub Chiefs passes, the company now offers its AuditClub Crew passes for CPA firms and companies to access virtual crew members with up to six years of experience who perform and review audit procedures based on a member’s solutions requests.

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Accounting firms and sales and use tax advising: Perfect together?

TaxConnex

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Mark Friedlich, CPA, vice president of U.S. Review the sales tax payable account. sales tax compliance sales tax CPA

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Can accounting firms move into sales tax advising?

TaxConnex

Many certified public accountants (CPAs), enrolled agents and other tax preparers and professionals that run accounting and tax preparation firms are constantly looking for new advisory avenues to service clients. sales tax compliance sales tax CPA

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Los Angeles-Based CPA Firm Receives High Praise from Accounting Today

KROST

KROST CPAs and Consultants, Los Angeles-based firm, receives two new accolades from Accounting Today , Top 100 Firms, and Fastest-Growing Firms in the U.S. Additionally, the firm ranked No. 1 in the fastest-growing firms list. Pasadena, CA.

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Finding/Retaining Staff and Challenges Working With the IRS Are Top PITAs for CPA Firms, Says AICPA Survey

Going Concern

Small firms think ‘challenges when working with the IRS’ is a bigger PITA than trying to find and retain talent according to the results of the 2022 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey released by the AICPA this week.

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Developing Your Accounting Firm’s Plan

CTP

What are your accounting goals? Many firms want to grow and expand. Ideally, you’ll delve deep into the last year to better understand what’s working and what’s not for your firm. One recommendation is to: Create an annual goal for one major area of your firm.

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Why small CPA firms should care about fraud

ThomsonReuters

With the recent rash of public company fraud issues that were missed both internally and by external auditors, there has been a lot of negative news coverage for the accounting industry. But what does this mean for small CPA firms who don’t perform audits?

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Does Your CPA Firm Need to Restart?

RitaKeller

I have observed that many accounting firm really do need to hit the restart button. I recently read a great article via Accounting Today about Sensiba San Filippo , one of the largest CPA and business consulting firms in Northern California. Everyone at all levels of the firm had to address three fundamental questions: 1. If you were a client, what would you want in a CPA? Most firms are afraid to take that risk.

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Friday Footnotes: Higher Salaries Lead to Higher Fees; EY Auditors Quit; Senator Rags on Greedy Accounting Firms | 1.27.23

Going Concern

Under German law, Apas can only probe and sanction potential misconduct by active accountants who are enrolled in the country’s register of public accountants. Collins left the ‘big four’ firm in October 2022. He did not have a CPA license.

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KROST Quarterly Magazine: The Hospitality Issue, Vol 4, Issue 4, is Now Available!

KROST

We are happy to announce the release of our newest quarterly magazine! The Hospitality Issue highlights some of the hot topics in the hospitality industry including tax credit for new employees, double-dipping, lease provisions, and HR solutions.

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The Latest On Accounting Firm M&A

RitaKeller

CPA firm leaders need to keep current on the latest trends in M&A and there is no one more in-tune than Allan Koltin. “Success is not final; failure is not fatal: It is the courage to continue that counts.” ” – Winston Churchill.

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Strategic partnerships and alliances for accounting firms: how to drive growth by pairing up

ThomsonReuters

For many accounting firms, this could lead to new services being delivered or access to alternative market segments — both vital at a time when average revenue growth has slowed to 5.7% — the lowest in eight years according to the latest Rosenberg Survey.

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An Accounting Firm Gets Phished: A Play In Two Acts

Going Concern

Moving on… Moments later — OK it was actually an hour and 25 minutes later — we received this: We’ll give the firm’s security credit here for catching it as quickly as it did. Deloitte and our victim firm above are certainly not alone.

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Do Accounting Firms Care if You’re On Drugs? Part III

Going Concern

12 years ago my former colleague Caleb Newquist published a post titled “Do Accounting Firms Care if You’re On Drugs?” What’s the scoop these days inside your firm? The reason I am updating this ancient post is because it seems “do Big 4 firms drug test?”

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Think big: Strategies for the small accounting firm

ThomsonReuters

Though viewed with certain strengths such as agility, the small accounting firm has its own unique set of challenges due to size. At the forefront of those challenges is staffing, and how properly outsourcing affects your firm’s client relationships.

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Restaurant Site Audit – Post-COVID Operations

KROST

Whether it’s personnel, technology, operational policies, or accounting practices, these reactionary decisions can and will have a ripple effect throughout every aspect of your business. In 2020, the Restaurant Industry was projected to do $899 billion in sales.

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How to start an accounting firm on the right foot

ThomsonReuters

Now that tax season is approaching, you may find yourself contemplating the upcoming season and whether you’d be happier as the owner of your own accounting firm. To begin your journey to firm ownership on the right foot, follow these three steps to success. .

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Restaurants Care Resilience Fund

KROST

COVID-19 Feature Jean Hagan News Restaurant News California Restaurant Association Restaurant Accountant Restaurant Accounting Firm Restaurant Consultant Restaurant CPA Firm Restaurants Care Restaurants Care Resilience Fund

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INSIDE Public Accounting Ranks KROST Among Top 100 Firms in the US in 2021

KROST

Pasadena, CA – INSIDE Public Accounting (IPA) named KROST CPAs & Consultants Top 100 Firm, Top 100 Fastest-Growing Organic Growth Firm, Top 100 Fastest-Growing All Growth, and best of the best in 2021. View INSIDE Public Accounting’s 2021 Top 100 Rankings ».

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5 client communication tips for accountants

ThomsonReuters

The connection between accountants and their clients is an important relationship in the business world. Here are some top tips for improving communication with accounting clients , so you can create an effective sense of community and understanding.

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The Parallel Problems of Public Accounting & Major League Baseball

CPA Practice

After reading former MLB manager Joe Maddon’s recent book, The Book of Joe – cowritten with Tom Verducci –it struck me: The plight of the public accounting industry is not unlike that of Major League Baseball. Let’s look at some of the parallel problems facing both public accounting and MLB.

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Learn Why New Accounting Staff Eat Time & How to Fix The Problem

AdviceForTaxpreparers

Accountants by the nature of our profession want to follow rules. Therefore, we like it when we have guidelines such as an employee handbook that tell us how to respond in an accounting firm to a particular situation. However, new accountants soon find out that the firm grapevine provides unwritten rules to be followed as well. If the staff person talks to people in the firm they will get one or more of the following answers: [click to keep reading.].

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How to Change Accountants, & Why You’d Want a Change

LSLCPAs

Changing accountants could very possibly be the best thing you do all year. The post How to Change Accountants, & Why You’d Want a Change appeared first on LSL CPAs.

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Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time

AdviceForTaxpreparers

by Bill Meador, CPA, JD. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. Now I understand the first reaction of many accountants to the concept of selling anything. Bill Meador, CPA, JD. CPA Exam.

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4% Corporate Tax Rate for Businesses

BuildYourFirm

To help United States businesses capitalize on the Puerto Rico tax incentives , Delerme CPA has created a boutique service designed to maximize the financial benefits of relocating to this tax oasis. Delerme CPA is a licensed US CPA Firm, and licensed in Puerto Rico as well.

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A Tough Decision

RitaKeller

“A lot of things that accounting firms do are job-specific tasks that lend themselves to the gig economy.” I realize that when everyone was remote, most CPA firms did not experience a reduction in productivity. In a recent Accounting Today Voices article, Kyle Walters explores the use of contract workers, and things will change in the future. ” Many CPA firms are already using off-site contractors.

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Outsourced Marketing Success – John Siebert – Columbus OH

BuildYourFirm

In 2006, John Siebert attended Build Your Firm’s Accounting Marketing workshop in Chicago to learn how to develop his own accounting practice. After attending the workshop, John elected to hire Build Your Firm and rely upon their marketing expertise for marketing, lead generation and business development. His practice often receives awards as one of the best CPA Firms in town.

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Listicle of the Day: INSIDE Public Accounting’s Top 500 Firms For 2022

Going Concern

If there’s anything we love here at Going Concern it is an accounting firm dick-measuring contest. Whatever you call it, we love when firms are pitted against one another based on impartial metrics like revenue. Here are your top 25 firms for 2022.

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Building CPA Practice From Scratch: Luke Gheen

BuildYourFirm

Would you leave a safe and comfortable controller position at a large company to start your own CPA firm? in Colorado Springs, did – in his early 30s and without any public accounting experience. There is a such a need in the accounting industry,” he says. “A

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The Rosenberg Survey

RitaKeller

“Great firms continually reinvent themselves.” – Marc Rosenberg. As we work with firms who are struggling with profitability, we start by looking at their various leverage ratios followed by comparing their billing rates to like-sized firms in like-sized markets.

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September 15

RitaKeller

I bet it’s been crazy at your accounting firm leading up to September 15. Some progressive firms don’t allow clients to string them out. If clients don’t “bring in their stuff” until September 13, 14, or 15, the client knows the CPA will not put his/her people through a massive fire drill. If you are working at a CPA firm that continually allows clients to punish you and the other staff members, it is your own fault.

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Hang On To Your Team

RitaKeller

I have observed, that some CPA firms are not doing what is necessary to retain the best and the brightest (or even the average) employee. Some firms are still paying interns $15.00 I asked some more progressive CPA firms what they are paying for interns for 2022 and learned they are paying $20 to $28 per hour. The more progressive firms have already given significant salary increases and stay bonuses.

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Episode 068: A conversation with Allan Koltin

BuildYourFirm

Koltin, CPA, CGMA. For twenty consecutive years, Allan has been named by Accounting Today as one of the Top 100 Most Influential People in the accounting profession. In 2016 CPA Practice Advisor inducted Allan into the Accounting Hall of Fame.

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Keeping Them

RitaKeller

You are and have been for several years, very focused on finding and hiring additional talent for your firm. You have worked on being a unique firm. You will do almost anything (within reason) to attract college accounting majors and experienced accountants.

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Considering A CRM For Your Firm?

RitaKeller

When I worked at a CPA firm, I was always proud of the fact that the firm was on the leading edge when it came to new ideas, processes, and software tools. We were paperless very early on but waited several years for a Document Management System that actually fit the CPA profession. One technology tool we never purchased and one that I hesitate to recommend for CPA firms is a CRM (Client Relationship Management).

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Where The Buck Starts in Many Firms

RitaKeller

He was referring to innovation inside accounting firms. I have an answer to that question that applies to many firms. In a lot of accounting firms, innovation has been, and is, started with the firm administrator or COO. Large firms can afford and have hired, chief innovation officers. In the majority of small to medium-sized accounting firms, this role has been embraced by the firm’s experienced firm administrator or COO.

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Bharmal & Associates, Inc. Receives First Reviews on Clutch, Maintains Perfect 5.0-Star Average on the Platform

Bharmal&Associates

We’re no ordinary accounting firm here at Bharmal & Associates, Inc.! From individual tax planning services to complex corporate consulting engagements, we are ready to be your full-service CPA firm. is the premier ratings and review site to look through top firms.

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Growing From $225K to $100M By Focusing on Execution | FREE BOOK OFFER

BuildYourFirm

Gary Shamis, Principal at Winding River Consulting, has had an accomplished career in accounting, developing his dad’s bookkeeping firm from $225,000 to roughly $100 million. He built the 37th biggest CPA firm in the country before merging SS&G, Inc.

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Reality

RitaKeller

This passage from a book I am reading that takes place in Cold War times inspired some thoughts about managing a CPA firm. ” What is reality like inside your accounting firm? Many people inside your firm just seem to be waiting for the “old guard” to retire. Reality in your firm is not something to be faced. “A dream doesn’t become reality through magic; it takes sweat, determination and hard work.”

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A Career For Non-CPAs

RitaKeller

A CPA firm has a team member who is an all-star. If they would only pass that CPA Exam! Usually, they get the message and move on to work in corporate accounting leaving a significant void in the firm. Historically, firms have even said, “We are a CPA firm, we need CPAs.” Firms need to change. Maybe more young people would major in accounting if they didn’t have to pass the CPA Exam to work in public accounting.

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Mistakes Happen

RitaKeller

When I first joined a CPA firm, I was actually amazed at the lengths the partners and staff went to assure that the work they did for the clients was absolutely correct. ” In the accounting firm, my administrative work was proofed and reviewed. The work performed by the accountants was checked, reviewed, corrected, reviewed again, (corrected again, if need be), quality reviewed, and then checked by a partner before they signed off.

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Letters to the Editor: CPAs Give Their Perspectives on Why No One Wants to Be an Accountant Anymore

Going Concern

Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him). 65% of new graduate new hires hired into accounting/finance functions of U.S.

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