How Does Being Creative Help an Accountant Grow?
One might think that accounting is all about crunching numbers. So what does creativity have to do with this niche field? A recent report by the World Economic Forum found that 73% of accounting firms regard creativity as one of the most essential skills. For accountants, there has to be a key focus on logic, […]
Must have Soft Skills for Accounting Firm Leaders and CPAs in 2024
As accounting firm leaders, it is no longer enough to ace the art of balancing books – the profession has evolved over the years and they now need to balance several other aspects to become successful. Technical prowess, accuracy, and attention to detail to avoid errors are only a part of it; the accounting leader’s […]
How to Set Goals with Your Accounting Team This Busy Season?
As the busy tax season approaches, accounting firms often struggle. There is a sudden spike in the workload, tight deadlines, and extraordinary pressure on the accountants to deliver accurate and timely services. No matter how much accountants like their job, they dread the busy season. Long hours, all-nighters, and no time for family, when coupled […]
Paytm Compliance Fiasco: RBI Notice, Financial Issues, and Tips for Businesses
In the past week, a lot has been written about the Paytm-RBI issue, and the virtual bank’s compliance challenges. Since there’s a lot of noise around this case, we are here to break it down. On January 31st, the Reserve Bank of India ordered Paytm Payments Banks, a restricted bank and subsidiary of Paytm to […]
Seizing the Opportunity For Small Tax Practice Firms: Selling Bookkeeping Services to Tax Clients
Have you been selling tax practice as a service for a long time and have hit saturation points? If this is happening to your small CPA firm, you are not alone. The field of tax is dynamic and almost everyone needs this service. But then how do you continue to grow? As a smaller firm, […]
5 Ways Accounting Firms Are Gaining Competitive Edge in 2023
Originally Contributed in The Woodard Report The global marketplace is marked by relentless innovation, dynamic consumer preferences, and the continuous evolution of technology, making it essential for businesses to adapt and differentiate themselves. To remain relevant and successful, firms must proactively identify strategic opportunities and implement effective strategies. Due to the rapidly evolving landscape, CPAs […]
The Art of Managing Client Expectations in CPA & Accounting Industry
As the accounting and finance industry continues to evolve, CPAs and accounting firms are facing increasing challenges in meeting the ever-changing expectations of their clients. In order to remain competitive and maintain long-lasting client relationships, it is imperative for these firms to master the art of managing client expectations. According to a recent survey by the […]
Want to Scale Your Accounting or CPA firm? Focus on Workflows.
One of my clients asked me, “What is that one factor that allows us to produce accurate, efficient, and timely bookkeeping?” My answer was simple: workflows. Defining workflows for each client is absolutely crucial if you want to deliver a high-quality, efficient, and accurate bookkeeping practice. In our experience, the following are the top five […]
7 Employee Retention Strategies for Accounting firms and CPAs
Retaining employees has become a serious challenge for accounting firms and CPAs over the last few years. According to Accountants Daily, the average employee turnover rate for accountants is 13.4%. This number is higher than the average of 9.5% across almost all other industries. The biggest reason behind the high turnover rate in the accounting and […]