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Sageworks Blog


What is the FASB’s process for issuing standards?

The FASB continues to receive attention surrounding their proposed CECL model, as final guidance is expected to be released late 2014 or early 2015. With such a substantial capital change on the horizon, many banks wonder if the FASB truly understands the costs and benefits of the standards they set. Russell Golden, FASB chairman, recently explained the process. [More]


Establishing a project management culture

Among the various characteristics that make up a company’s culture, one of the most important aspects often goes overlooked. Ancin Cooley, Principal of Synergy Bank Consulting, Inc. states that a mix of value-based cultures is pivotal in the effective management of a bank. A sound project management culture, Cooley argues, should be in the forefront of financial professionals’ minds. In his article, Cooley defines a project management culture as one that focuses on the “application of knowledge, skills and techniques to execute projects effectively and efficiently.” Simply put, it is the mindset that turns thought and theory into positive results. Institutions tha... [More]


How one accounting firm used ProfitCents to show clients the importance of value-added services

Nearly every firm has business clients who are interested in more services from their accountant. Almost two-thirds of clients are unaware of all services their accounting firm has to offer. Cross-selling value-added services will not only help you retain your current clients but also grow your business’s revenue. [More]


4 Ways providing valuations can help your accounting practice

Valuation services is one area that holds tremendous opportunity for accountants as baby boomers retire and try to sell or pass on to relatives their businesses or other assets. Paul Wapner, CPA/ABV, CGMA, manager of forensic and valuation services for the AICPA, believes that there are numerous ways accountants can benefit by offering valuations.



Keys to a better loan presentation

How much time do you spend on a loan presentation? Does it include the right content? According to Gary Welsh, banking services manager at Condley and Company, the key to a clear and concise commercial loan presentation is beginning with the end in mind. [More]


Tweet to pay: Is this the future of banks maintaining a competitive edge?

With the significant rise of person-to-person (P2P) payments – allowing a customer the convenience of sending money directly to someone else quickly – news broke earlier this month that Twitter is getting into the game; and yesterday, the details were announced at a press conference. Groupe BPCE, France’s second largest bank (by customers), has utilized the API of the global social media giant Twitter to allow their customers to transfer money via a tweet.


Combating inconsistency in risk management

When it comes to the risk management process, there is no one-size-fits-all approach. Financial institutions have a wide variety of approaches, as calculations and analyses differ between lenders.

“It is as much an art as a science,” says Tim McPeak, risk management consultant at Sageworks. “Everyone’s going to have their own ways, and from bank to bank they will have different underwriting guidelines and standards. At a high level, that’s fine. That’s what creates good banks and bad banks; some banks are better at those things than others.” [More]


The 8 Questions to picking an accounting niche

Once an accountant has taken the steps to identify niche market opportunities, it's now time to drill down and cultivate your own industry insights. By committing yourself and your team to learning everything you can about the industry you want to serve, any potential clients will see the value in working with someone that knows their business. [More]


3rd annual Risk Management Summit proves “valuable” and “insightful”

More than 140 bankers and industry experts from over 30 states gathered in Nashville, Tennessee last month for the 3rd annual Risk Management Summit hosted by Sageworks. Building on the success of the 2nd annual Summit, this year’s event featured new topics, new speakers and additional networking opportunities. [More]


Poll: Are your staff members aware of what makes your accounting firm different from the competition?

During last month’s webinar, How to Create and Implement a Marketing Plan in Your firm, speaker Bonnie Buol Ruszczyk, President of bbr marketing, discussed a number of tactics accountants can use to establish a marketing strategy for their firm. Bonnie shared how having a plan in place allows accountants to set benchmarks to review the success of their marketing efforts. [More]