Practice Development news October 2013

Practice

How to Use Your Firm's Financial Performance as a Selling Point

Looking at the net profit margins of financial statements from September 2012 to September 2013, accounting firms were the second most profitable industry in the Sageworks database.
Practice

Plante Moran Survey: Businesses Made Major Strides in Innovation in 2013

Major gains in innovation within companies have been realized in 2013, as 94 percent of business leaders cited how innovation ties to sustainability and growth as a top organizational priority, up from 79 percent last year.
Practice

Ten Ways to Boost Your Referrals

What's your most powerful new business tool? For almost every accountant I talk to, it's word of mouth. But when I ask them what they're doing to grow their referrals, I'm often met with an uncomfortable silence.
Practice

How an Accounting Firm Can Create an Industry Niche

Michael Bohinc, CPA, is a baseball nut, the son of a plumber, and the owner of Keeping Score, Inc., an accounting, tax, and business management advisory services firm. So he combined his background as he developed an industry niche focused on plumbing and HVAC contractors.
Practice

CPAs, Don't Be 'Just the Tax Guy/Gal'

Most top US accounting firms report that common sources of firm revenue growth include niche services, such as business valuations, litigation support, strategic planning, and business advisory services.
Practice

Effectively Communicating with Clients

Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right.
Practice

Know Before You Roll - Options for an Old 401(k)

According to an investigation by the U.S. Government Accountability Office (GAO), “Retirement plan providers are offering misleading or even false information about 401(k) rollovers that can cost participants thousands of dollars in additional fees.”
Practice

Beware of the Drama Triangle in Client Relationships

It's possible that at the times we find ourselves operating at our best, we are not actually helping clients solve problems, but instead helping them achieve their ideal outcomes. The best relationships we have with clients are characterized not by transactional problem-solving relationships, but rather by holistic relationship where we know what really matters to the client in business and in life.
Practice

CPAs Join Together, Give Back During Day of Service

This September, thousands of accountants from state CPA societies across the country tossed their spreadsheets aside to paint dorms at local women's shelters, tutor kids at the Boys and Girls Club, and serve countless meals to the hungry and homeless during the annual CPA Day of Service.
Practice

Three Tips for Better Meetings with Your Accounting Firm's Clients

The most important client meeting is when you’re tasked with presenting the client your financial analysis. Making the most of this meeting can do wonders for establishing client trust and retention.

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