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Sageworks Blog


Guest blog post: Protecting yourself online

What were you doing at 7:32 p.m. on April 23, 2011? Chances are that Google, Facebook, Microsoft, Apple, your phone company and your Internet Service Provider know. If you share a computer, all of the other users may know. Your employer may know. As will the government, if it so chooses. And if this isn’t enough, they may even know where you were when you were doing it. [More]


Caution! 3 Blood-curdling ways to stop your accounting firm’s growth dead in its tracks

Many accountants will come to the spooky realization that firms who compete in the same market will likely have the same basic offerings, mostly because accounting services are pretty standard across the board. And while your firm’s qualifications and experience may be fantastic, the truth is, it’s unlikely your prospects and customers can see much difference between yours and those of top competitors. [More]


OCC outlines risk plan as Northeastern loan growth doubles

Multifamily, commercial and automotive loans are driving loan growth among banks in the Northeast, but increasing risk will draw fresh attention from regulators to ensure recent and future growth is sound, the Office of the Comptroller of the Currency said recently.The OCC on Oct. 28 released a report detailing substantially improving conditions among OCC-regulated banks in its Northeastern District. [More]


Accountants win more clients doing these 3 things

Have you ever wondered why your accounting firm lost out on a recent engagement? A lot of accountants may assume that they lost a potential client because of pricing. Or it may seem as though a client is too stubborn to consider thoughtfully the benefits of receiving strategic advice or financial planning assistance. But the process of purchasing a service is often more complicated. A recent study by sales consulting firm RAIN Group has some valuable insight for accountants wondering what leads a customer to buy from one service provider and not another.



Spotlight on lending: Preparing for Q3 bank reports

With the fourth quarter of 2014 well underway, both banks and credit unions are in the midst of reporting their results from the previous three months. While Q3 reports will trickle in over the coming days to meet the end of October deadline, a crucial piece of the puzzle the financial community and economists will be looking at is loan growth rates. [More]


Top mistakes accountants are making with existing clients

Singer-songwriter Joni Mitchell was referring to environmental impacts when she sang, “Don’t it always seem to go/That you don’t know what you’ve got/Till it’s gone” in "Big Yellow Taxi." But chances are, many accountants have the same thought after a client leaves the practice – especially someone who was with the firm for several years.So what are the top mistakes that accountants are making when it comes to retaining clients? Here are a few, along with suggestions for preventing your firm from making them.



Poll: 36% of finance professionals send clients to a third party for business valuation services

During a recent webinar on how to prepare for booming growth in the valuation industry, Sageworks polled over 135 finance professionals and found that more than 35% are sending their clients to a third party to complete a business valuation. [More]


The importance of balancing loan portfolio growth and risk management

U.S. banks are seeing low loss rates on CRE and construction loans relative to the past six years. As a result, many are seeking growth in these areas, and others, as the recent financial crisis falls into the more distant past. But how can this growth be managed appropriately? [More]


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]