TaxConnex

NOVEMBER 21, 2023

In the world of accounting and tax, CPAs, accounting firms, and advisory firms play a vital role in helping individuals and businesses manage their finances and stay within the rules. As a trusted advisor to your client, it’s important to be prepared for the eventuality of an equity event or even an audit. Change of staff.

cpas 147

cpas Sales Tax audit 147

Mark Lee

APRIL 9, 2024

There is a direct parallel with the role of accountants. And, as this decade continues to generate new tools and resources, so there is the prospect of patients/clients adopting AI solutions to address 2 of those 3 roles. The key question is how will accountants respond to the changes that are rapidly becoming reality?

Account 104

Account accountant accounted tax return 104

CPA Practice

FEBRUARY 2, 2024

It used to be that all an accountant had to do to earn respect, win over new clients, and have a growing firm was simply be a great accountant. They’re over for a few reasons: Reason #1: Most clients don’t value accounting as much as we think they should. By Adam Lean. Those days are over.

Account 119

Account accountant accounted tax return 119

ThomsonReuters

MARCH 8, 2024

As busy accountants, it’s easy to get stuck in survival mode. How can you build your service offerings to better serve your clients and grow your CPA firm through accountability? How can you build your service offerings to better serve your clients and grow your CPA firm through accountability?

cpa firm 96

cpa firm CPA Technology Tax 96

CPA Practice

DECEMBER 18, 2023

In my role as CEO of The CFO Project , a community that helps accountants start and scale CFO/Advisory practices, I’ve noticed that many accounting and bookkeeping firm owners are stuck in what we call The Accountant’s Trap. So, how does an accountant escape this trap? What Are Advisory Services? So…they fail.

bookkeeping 122

bookkeeping bookkeeping services tax accountant cpas 122

CPA Practice

APRIL 16, 2024

The Philadelphia Inquirer (via TNS) Molly Kowal decided to become an accountant in part because she knew it would be a stable career. My generation is more focused on maintaining that work-life balance,” said Kowal, who works at accounting firm EisnerAmper in Philadelphia. “My That added to the workload for those who remained.

accounting firms 134

accounting firms Account accountant accounted 134

CPA Practice

FEBRUARY 26, 2024

Progressive accountants know that advisory services are the future of accounting. We’re seeing a major shift in the industry from traditional accounting to a consulting role. Taking on an advisory role will not only improve your year-round cash flow but will also help you better serve your clients.

tax planning 119

tax planning CPA Tax Construction 119

CPA Practice

DECEMBER 27, 2023

In my role as CEO of The CFO Project , a community that helps accountants start and scale CFO/Advisory practices, I’ve noticed that many accounting and bookkeeping firm owners are stuck in what we call The Accountant’s Trap. What is the Accountant’s Trap you might ask? So, how does an accountant escape this trap?

bookkeeping 105

bookkeeping bookkeeping services tax accountant Construction 105

CPA Practice

FEBRUARY 27, 2024

Chances are you have clients—or would like to have clients in various niches—who are one-person shops. You neither have to have a small accounting practice, nor be in a medium or even a larger practice to want to work with one-person clients. Welcome to QuickBooks Solopreneur. Nearly a quarter of U.S.

quickbooks 105

quickbooks accounting and finance Tax Finance 105

Mark Lee

MAY 7, 2024

Not all accountants believe all of these fallacies. 1 – “Accountants are all the same” – Not true. Every accountant is unique (just like all the others!). Some of the compliance work that accountants do is the same. 4 – “We have to do what the client wants” – Only if you agree it’s what they need.

Account 52

Account accountant accounted tax return 52

Going Concern

APRIL 12, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. We set a record in 2022. We broke that record in 2023.

CPA 104

CPA auditor Tax audit 104

CPA Practice

MAY 2, 2024

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor, with your hosts, Randy Johnston, and Brian Tankersley. Randy Johnston 00:10 Good day, welcome to the accounting Technology Lab. They do comprehensive services, including tax audit and client accounting services.

Technology 105

Technology Account accountant accounted 105

CPA Practice

MARCH 20, 2024

Structuring client engagements is one of the most critical aspects of running your practice. A thorough engagement letter acts as a roadmap – outlining services, enabling your firm to standardize its service pricing, and setting client expectations in addition to establishing the cash flow and revenue cycle for your firm.

Legal 114

Legal Account accountant accounted 114

ThomsonReuters

FEBRUARY 26, 2024

There are many paths to accountancy, but this is one we don’t hear of often:  Erin Heath   grew up on a cattle ranch in South Dakota, where many of her “ranch-hand” duties sparked her interest in numbers. But it was an introduction to accounting class in high school that paved the way. “It It was love at first sight,” she recalls. “I

CPA 98

CPA South Dakota Nebraska Tax 98

Going Concern

APRIL 19, 2024

Rightworks has released their inaugural 2024 Accounting Firm Technology Survey and the results tell us what we already done knew: Accounting firms are hesitant to adopt next-gen technology. Maybe that’ll get the Luddites’ attention. Hell, a bunch of them are hesitant to move to the cloud. Ya think??

accounting firms 120

accounting firms Technology Account accountant 120

Going Concern

JANUARY 3, 2024

We got a pitch from “GenAI customer support experts DevRev” via email today that says accountants are third most worried about advancements in AI according to an analysis of search data for terms like “how will AI affect __” and “will AI replace _.” On the topic of output, we’re getting there.

Account 113

Account accountant accounted Real Estate 113

CPA Practice

MAY 30, 2023

Clients want more from your firm than basic accounting and compliance work. In fact, a recent report from Thomson Reuters found that 95% of surveyed accounting firms said their clients want more advisory services. Here’s how to get started. Your existing clients are a great place to start.

Education 124

Education basic accounting accounting firms Account 124

CPA Practice

SEPTEMBER 28, 2023

Many accountants begin as solopreneurs but eventually want a reliable team. So, how can you make this transition smoothly without overwhelming yourself or your clients? On a recent Grow & Scale webinar, I spoke with Nicole Davis, CPA , who went through this process building her firm, Butler-Davis Tax & Accounting.

payroll 119

payroll CPA Start-ups Construction 119

ThomsonReuters

NOVEMBER 30, 2023

How can embracing authenticity guide your firm’s client service initiatives? Making authenticity a priority in your client service strategy Earlier this week, Merriam-Webster announced its word of the year for 2023. How can embracing authenticity guide your firm’s client service initiatives? The winner?

Tax 98

Tax accounting firms Account accountant 98

Going Concern

SEPTEMBER 29, 2023

But experts say one thing that young professionals can do, including young accountants, is to be more patient. Their mindset is: “I’ve been doing this job for six months; when will I get promoted?” It’s no secret the workload is notoriously tough for young accountants starting in the Big Four. I’m leaving.’”

accounting careers 127

accounting careers Account accountant accounted 127

CPA Practice

OCTOBER 23, 2023

Accounting firms are continuously innovating, developing new offerings and finding new ways to stand out in a crowded field. New clients will always be important for firms, but existing clients offer a path for maximizing internal resources while expanding services. By Richard Corn, CPA.

Technology 115

Technology audit Expense Management CPA 115

CPA Practice

OCTOBER 3, 2023

Client demands and expectations are shifting. Accountants report that there’s been a shift to advisory services to better meet the needs of clients and also improve revenue. This is what I call “client relationships 2.0.” Accounting firms must start to enhance trust and expand their offerings to keep clients around.

Education 121

Education bookkeeping services accounting firms bookkeeping 121

ThomsonReuters

NOVEMBER 28, 2023

Jump to: Reflect on your current tax workflow Use automation to boost staff engagement and retention Unlock growth opportunities With staffing shortages of epic proportions, the accounting industry is facing a crossroads. How are you preparing and reviewing the tax return? How are you collecting e-file signatures?

Technology 112

Technology Account accountant accounted 112

CPA Practice

APRIL 25, 2024

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor, with your hosts, Randy Johnston, and Brian Tankersley. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor, with your hosts, Randy Johnston, and Brian Tankersley.

Technology 111

Technology audit Account accountant 111

CPA Practice

MARCH 4, 2024

In the accounting world, the ground beneath our feet is shifting faster than ever, thanks to the whirlwind of advancements in technology such as AI, automation, blockchain, and more. Accountants and firms face daunting challenges around operational approaches, client relationships, and staff retention. By Matt Kanas.

Technology 69

Technology tax return Tax Start-ups 69

CPA Practice

NOVEMBER 21, 2023

Accountants play a huge role in estate planning—from knowing your client’s asset and property values inside out to helping them plan how to manage and distribute these assets in case of an unplanned death. However, accountants play a crucial and very important role in this process. million.

Account 112

Account accountant accounted Legal 112

CPA Practice

APRIL 3, 2024

Accounting software company Botkeeper has released its Botkeeper Infinite solution, which helps to streamline automated bookkeeping and back-office accounting for firms of all sizes without the need for outsourcing. Botkeeper heralds Infinite as a “complete solution” for firms’ bookkeeping needs.

Technology 64

Technology general ledger bookkeeping accounting software 64

Nancy McClelland, LLC

FEBRUARY 9, 2024

I am a passionate proponent of teaching bookkeepers what they need to know about taxes to be better at their jobs, coordinate and communicate effectively with their clients’ tax preparers, and level-up by providing value-added advisory services to their clients. That last one’s a teaser for the final photo in this post.)

tax preparation 105

tax preparation bookkeeping Education CPA 105

Xero

DECEMBER 10, 2023

In today’s accounting and bookkeeping practices, you can find yourself juggling client communications, compliance and acting increasingly in advisory roles – all while still managing your ever-growing daily management tasks. So how can you streamline time spent on admin, workflows and processes?

bookkeeping 87

bookkeeping Start-ups Account accountant 87

CPA Practice

APRIL 19, 2023

As a leader in your firm, you likely have ambitious goals to impact your clients’ bottom lines and grow your firm. But to reach those objectives, you need a team, and that’s becoming increasingly difficult to find if you’re hiring accountants. You just need to know how to strategically deploy the right people and resources.

Technology 123

Technology CPA tax return auditor 123

ThomsonReuters

FEBRUARY 29, 2024

Following high school and an internship at a small business where her role included accounting work, Brittany Lanphier determined that she would definitely not study accounting in college. Something clicked then, Lanphier says, and she found that she liked accounting.

CPA 97

CPA Account accountant accounted 97

Accounting Insight

APRIL 4, 2024

Accountants and bookkeepers can now look ahead to the new tax year. But as the days get brighter, so too can your bookkeeping in the coming year. How can I avoid any last-minute stress or burnout? You might still be burdened by manual data entry, for example, or hoping to uncover new insights for your clients.

Technology 59

Technology bookkeeping bookkeeping software Tax 59

Xero

MARCH 18, 2024

In Xero we’ve improved how you adjust your financial year-end settings. From April 2024, your sole trader and partnership clients will need to follow a tax year basis for Income Tax as part of HMRC’s Basis Period Reform. We explore how to prepare for Basis Period Reform and how Xero can support you.

income tax 69

income tax tax return Non-Profits bookkeeping 69

CPA Practice

DECEMBER 12, 2023

Accountants using QuickBooks Online know they are getting a solid cloud-based solution to keep their clients’ books. However, when they combine QuickBooks with Intuit ProConnect Tax , they’ll get a more powerful way to manage their clients’ information. Customized client letters. Firm performance insights.

quickbooks 110

quickbooks Tax tax return Technology 110

CPA Practice

APRIL 18, 2024

Now I went itself has been around for a few years, their basic value proposition is to try to speed up your revenue cycle, helping you get the bills out the door faster and getting client payments more rapidly, we’re finding a lot of interest in this area and multiple different competitors are trying to play into this space.

Technology 115

Technology Account accountant accounted 115

Going Concern

JANUARY 25, 2024

An incredible phenomenon is underway, one that many tax pros have been begging their compadres to get on board with for years: CPAs are increasing their fees. In some cases so high that clients are pushing back, going their own way (rather, threatening to…they’ll be back), or shopping around for someone new.

cpas 123

cpas tax preparation tax return CPA 123

CPA Practice

JANUARY 19, 2024

Accounting Thought Leaders Say CAS Will Become a Must for Firms in 2024 As technology continues to dramatically shape the accounting profession, the latest big conversations have been around AI and automation. How to Move a Firm Toward CAS 6. The Role of Accounting in CAS 7. Or is it CAS (Client Advisory Services)?

accounting firms 78

accounting firms Account accountant accounted 78