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. The Role of Accounting in CAS 7. Pricing CAS Services 4. Or is it CAS (Client Advisory Services)?

accounting firms 78

accounting firms Account accountant accounted 78

CPA Practice

APRIL 15, 2024

As the accounting landscape undergoes a paradigm shift driven by the relentless march of technology, businesses are committed to staying ahead of the curve. Barriers to AI adoption in accounting The accounting profession has historically had a culture where data plays a prominent role.

CPA 122

CPA Technology accounting and finance cpas 122

ThomsonReuters

JULY 6, 2023

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. But what does accounting advisory mean and how can your firm take advantage of this unique opportunity to showcase your knowledge and build deeper relationships with your clients?

Account 88

Account accountant accounted tax return 88

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.” Often, your clients have needs they don’t realize you can solve.

Education 121

Education bookkeeping services accounting firms bookkeeping 121

ThomsonReuters

MARCH 21, 2023

A client comes in to drop off all their tax prep information and stops to ask you a “quick question.” ” It’s a question that is easy for you to answer, but one that has nothing to do with the work you do for the client. There is a difference between offering free advice and offering advisory services.

CPA 97

CPA Tax tax return accounting firms 97

ThomsonReuters

SEPTEMBER 7, 2023

Jump to: What is the future of accounting? Clients are turning to their professional teams, including their accounting firms, to take on more advisory roles. Clients are turning to their professional teams, including their accounting firms, to take on more advisory roles.

Account 59

Account accountant accounted tax return 59

CPA Practice

SEPTEMBER 1, 2023

This growing demand could indicate that the accounting profession is heading in a direction where clients will expect CAS offerings to be the standard – not just a “nice-to-have” addition. CAS offerings can vary greatly from firm to firm and can be customized to meet the needs of your client base. By Jane Willis.

Technology 116

Technology Start-ups accounts payable accounting firms 116

PANALITIX

AUGUST 15, 2021

Exciting Clients…. Accountants interpret financials to advise clients, sometimes through ‘quarterly [or monthly] review’ meetings. How do we get clients excited (and willing to invest) in these meetings? Then they’ll enter productive, long-term advisory relationships. What will drive this growth?

financial statements 147

financial statements Education Account accountant 147

CPA Practice

MARCH 29, 2023

The accounting profession has been seeing a shift over the last few years where firms are moving away from compliance and leaning into providing advisory services year round. There are a multitude of reasons you should consider offering advisory services to your firm, including: Stronger Relationships with Clients.

tax return 105

tax return Technology Tax accounting and finance 105

CPA Practice

APRIL 19, 2024

Unlike the old days when public practice CPAs rarely spoke to anyone but clients and other team members during tax season, it is evident that CPA firms have become year-round businesses. However, all these contacts from partners managing firms got me thinking about the more significant issues for firms.

Technology 72

Technology cpa firm CPA Non-Profits 72

CPA Practice

DECEMBER 11, 2023

Artificial intelligence (AI) has rapidly transitioned from science fiction to everyday reality, transforming industries and disrupting long-held paradigms. AI’s influence is pervasive and ever-growing, from self-driving cars to personalized healthcare.

Technology 124

Technology audit E-commerce accounting principles 124

CPA Practice

FEBRUARY 5, 2024

Baker Tilly said on Monday it has received a “significant investment” from private equity firms Hellman & Friedman and Valeas Capital Partners in what the top 10 accounting firm says is the largest private equity investment in the CPA sector thus far. Baker Tilly’s firms in the U.S. had revenue of $1.58 had revenue of $1.58

CPA 64

CPA Legal public accounting accounting and finance 64

ThomsonReuters

MAY 4, 2023

The importance of setting a client scope agreement cannot be understated. For CPA firms, having clear expectations and boundaries with their clients can help avoid misunderstandings, scope creep, and other potential risks. How do you know you are lacking in client scope? How do you define a successful scope agreement?

cpa firm 96

cpa firm CPA cpas payroll 96

CTP

NOVEMBER 16, 2023

The accounting landscape is changing rapidly. CPAs and EAs are rethinking their strategies for practice management while moving from compliance to advisory services. As firms look to provide more value to clients, many have introduced Client Advisory Services (CAS).

tax planning 98

tax planning Tax Account accountant 98

CPA Practice

MARCH 29, 2023

You know your local market and target clients better than anyone else. So can we make technology observations about your work environment and what to expect? My colleague Brian Tankersley and I both attended, and we picked up new ideas from our fellow consultants to the profession.

Technology 114

Technology CPA tax planning quickbooks 114

CPA Practice

FEBRUARY 23, 2023

What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Responses were gathered from more than 4,100 accountants and 2,300 auditors.

audit 132

audit auditor Account accountant 132

ThomsonReuters

DECEMBER 8, 2023

As technology has evolved, so too has the accounting profession. From paper-based processes to cloud-based software, accountants are no strangers to change. No previous advancement, however, has had the potential to alter accounting (and many other industries) quite like generative artificial intelligence.

Account 108

Account accountant accounted Technology 108

ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. Or, you might consider switching to a value pricing model.

tax planning 52

tax planning Tax payroll tax Education 52

ThomsonReuters

OCTOBER 4, 2023

Jump to: How many accounting firms use AI? How do smaller accounting firms use AI? In today’s fast-paced business world, ignoring technology is not an option, and the field of accounting is no exception. How many accounting firms use AI? But that number is expected to rise quickly. For now, not many.

accounting firms 111

accounting firms Account accountant accounted 111

ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Recording expenses and preparing financial reports.

Account 59

Account accountant accounted tax preparation 59

ThomsonReuters

NOVEMBER 8, 2022

Most accountants know that choosing the right accounting technology can boost the ability to serve clients, satisfy staff, and build deeper client relationships.?But But how do you take full advantage of technology to streamline accounting processes? . The result? uncovering new opportunities. .

Technology 105

Technology Account accountant accounted 105

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. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Impaired ethics erode trust and threaten the investor confidence our system relies on.

CPA 87

CPA auditor Tax audit 87

ThomsonReuters

AUGUST 15, 2023

Jump to: 1: Unlock the benefits of value-based pricing 2: Gaining an advisory service advantage with client-centric services 3: Getting ahead with Practice Forward As the accounting industry continues to evolve, it is important for accounting firms to understand the benefits that advisory services can offer.

accounting firms 52

accounting firms Account accountant accounted 52

ThomsonReuters

NOVEMBER 8, 2022

How has technology impacted accounting? From increasing accuracy to optimizing tax workflow to freeing up time for more value-added activities, technology has transformed the accounting industry—for the better. Accounting firm technology trends. So how does automation work at an accounting firm? Automation.

Technology 98

Technology Account accountant accounted 98

CPA Practice

JUNE 6, 2023

These are quotes from several attendees of the 2023 Accounting Think Tank.] [These are quotes from several attendees of the 2023 Accounting Think Tank.] And many noted that forms of AI and machine learning have been with us and used by firms and businesses for more than a decade.

Technology 119

Technology E-commerce accounting careers CPA 119

ThomsonReuters

JULY 6, 2023

Are you an accountant looking to break into the exciting world of mergers and acquisitions (M&A) advisory services? M&A advisory services are a professional service designed to help corporations, private equity firms, and other entities execute mergers and acquisitions.

Legal 52

Legal Tax Start-ups Construction 52

PANALITIX

SEPTEMBER 9, 2021

If you really want to help clients, just listening to them is not enough. You need to ‘hear’ what they are communicating, which takes empathy and energy. This concept is very well-explained by a Panalitix client based on his own experience. We work with many accountants trying to sell ADVISORY services to clients.

Start-ups 130

Start-ups Account accountant accounted 130

CPA Practice

FEBRUARY 1, 2023

Citrin Cooperman is the 24th largest accounting firm in the U.S. 47 in the most recent INSIDE Public Accounting top 500 firm listing. Berdon’s 450 partners and associates will join Citrin Cooperman—combined the firm is expected to have more than 2,400 professionals. with annual revenues of more than $600 million.

Real Estate 98

Real Estate New York Construction accounting firms 98

Accounting Insight

JULY 19, 2023

New research from payroll, employment and HR platform Employment Hero shows British businesses are increasingly asking their accountants for help with economic hardship. The survey asked 313 UK accountancy, payroll, and other professional service firms what had changed in their clients’ needs and expectations in the last 12 months.

Account 52

Account accountant accounted payroll 52

ThomsonReuters

OCTOBER 27, 2023

But, many accounting firms offering pro bono services fail to take a strategic and organized approach, opening themselves up to a host of potential challenges. Another challenge is that some clients don’t appreciate the value you’re giving them when you do offer pro bono services.

Account 59

Account accountant accounted accounting firms 59

Going Concern

OCTOBER 20, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Early-career hires are set to account for the majority of job losses in some teams, as Deloitte retrenches following a slowdown in demand. “We Welsh said. Welsh said.

CPA 91

CPA quickbooks auditor Real Estate 91

ThomsonReuters

JUNE 16, 2023

Is your firm running its gears on outdated accounting technology? Given the ever-changing regulatory landscape , increase in client expectations , and ongoing war on talent , keeping pace is imperative. How do you know when your accounting technology is outdated?

Technology 98

Technology Account accountant accounted 98

Mark Lee

OCTOBER 24, 2023

Whether or not you use timesheets or bill clients by reference to the hours that you (and your team, if any) spend on clients’ affairs, you probably have an hourly rate in mind. Conversations with the accountants who are or have been my clients reveal a wide range of such rates. Don’t you?

Tax 94

Tax tax return Account accountant 94

Going Concern

SEPTEMBER 29, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting and advisory firm in an email said it plans to move its office from One Cleveland Center (1375 E. Did Exam Costs go up?

auditor 90

auditor audit New York CPA 90

Withum

OCTOBER 17, 2022

The cash runaway can be calculated using anywhere from a simple calculation of the current cash balance divided by current cash burn (cash expenses less cash revenue) which relies on historical data, or a more complex calculation that relies on the cash flow forecast of cash expenses and revenues when projecting the projected cash burn rate.

quickbooks 118

quickbooks accounting and finance CPA accounting system 118

Xero

OCTOBER 9, 2023

We are pleased to share the key findings from our study of the accounting and bookkeeping sector in Aotearoa New Zealand. Take a look at some of the key highlights from the report below. For many practices, increased client numbers, raised fees, and requests for more services has impacted growth in revenue margins.

bookkeeping 68

bookkeeping Agriculture Hospitality Construction 68

CPA Practice

MAY 12, 2023

accounting profession is facing a much-discussed conundrum. Approximately 300,000 professionals left public accounting in 2021 and 2022 and fewer college students are choosing to pursue accounting as a career. We started working with a few people from Scrubbed,” an Audit Resource Manager at Armanino shared.

bookkeeping 98

bookkeeping accounting firms CPA accounting and finance 98