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Deeper Weekend 2014

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CPA firm

Choose your favorite writer

  • Greg Kyte
    Greg Kyte
  • Jason Blumer
    Jason Blumer
  • Jon Lokhorst
    Jon Lokhorst
  • Melinda Guillemette
    Melinda Guillemette
  • Toni Cameron

REFM -  Adrian Photo Square - CATOBThe Firm of the Future. What does the future look like? And how does one ready their firm to flourish in it? Lately, the future seems to be arriving faster than it used to, and these questions have increasingly grown in significance. Many of you also recognize The Firm of the Future as the title of the landmark book by Ronald Baker and Paul Dunn, where they lay out an argument and a plan for professional firms that shifts focus intensely to identifying and pricing for value. Another highly recommended title and a companion volume: Implementing Value Pricing.

Like many Thrivealists, I am fascinated by the concept of the firm of the future – it’s so core to who we are, and runs as a common thread through our Manifesto. The more I thought about it though, the more I came to think that “the firm of the future” was somewhat of a misnomer. I had a chance to actually chat about it once with Ron Baker, and he readily agreed. He wasn’t fully comfortable with the term, but he hadn’t found one he liked better just yet. More recently you’ll often find him, and other members of the VeraSage think-tank, using the phrase “timeless firms,” which I find much more apt. Read more

Category:
CPA firm, Leadership
Comments:
2

I want to praise the AICPA in their recent attempt to innovate within our profession.  How do I define ‘innovation’ in terms of what they are doing?  Simply, this: they are reviewing how we have always done things as a profession and considering, due to technologies and the common behaviors of our customers, that maybe we should change our professional behavior, and thus our standards.  Kudos and I agree!

I’m speaking of the AICPA’s most recent Exposure Draft on changes to some SSARS (Statements on Standards for Accounting and Review Services) where they are considering making the preparation of financial statements an non-attest service.  Basically, they are proposing making ‘preparing financial statements’ separate from attest services like Compilations, Reviews and Audits.  Currently, every time we prepare financial statements, it is really considered a Compilation service, even though our customers may not intend us to Compile financials, may not want to pay for it, and do not actually need it.  As CPAs, our professional hands are tied when our customers need financial reporting.  We have to say, “I’m sorry, that quick financial statement you need will cost you.  I have to prepare a Compilation even though you don’t want one.”

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Category:
CPA firm, Innovation
Comments:
15

I want to praise the AICPA in their recent attempt to innovate within our profession.  How do I define ‘innovation’ in terms of what they are doing?  Simply, this: they are reviewing how we have always done things as a profession and considering, due to technologies and the common behaviors of our customers, that maybe we should change our professional behavior, and thus our standards.  Kudos and I agree!

I’m speaking of the AICPA’s most recent Exposure Draft on changes to some SSARS (Statements on Standards for Accounting and Review Services) where they are considering making the preparation of financial statements an non-attest service.  Basically, they are proposing making ‘preparing financial statements’ separate from attest services like Compilations, Reviews and Audits.  Currently, every time we prepare financial statements, it is really considered a Compilation service, even though our customers may not intend us to Compile financials, may not want to pay for it, and do not actually need it.  As CPAs, our professional hands are tied when our customers need financial reporting.  We have to say, “I’m sorry, that quick financial statement you need will cost you.  I have to prepare a Compilation even though you don’t want one.”

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Category:
CPA firm, Innovation
Comments:
0

My homeboy Joey Brannon, CPA just wrote an awesome post on his blog recently.  He talked about making sure you don’t compete with your clients.  I didn’t realize the focus of the post until I read further.  In summary, if you are still doing work that your customers can do, then you are basically competing with them (or you will be competing with them soon).  His example was a CPA that prepares individual tax returns vs. a client who can prepare their own taxes on Turbo Tax.  If you keep trying to grow your practice filling out individual tax returns, then you are basically going to be competing with your clients that can prepare their own tax returns.

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Category:
CPA firm, Management and Operations
Comments:
3