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Sageworks Blog

Jun19

Why audit planning is critical

In this brief video, Lauren Prosser, Director of Profitcents Professional Services, explores how changes and clarifications to audit standards in recent years have placed an increased importance on audit planning and have underscored the critical role it plays in the engagement.

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Jun12

5 Tips for business owners and CFOs

In addition to tax compliance, a business’s accountant can provide significant, additional value. To make the most of your accounting firm’s services, here are 5 recommendations for business owners, controllers and chief financial officers to take advantage of now. [More]

Jun10

Increased regulations cause heavy workload for many CPAs

Increasing regulatory requirements, and the many requirements already put in place, are often seen as a daily complication for accounting firms. They are not only costly and burdensome, but very complex, leaving many CPAs spending the majority of their workday on regulatory policies. With staffing shortages and technological advances, CPAs struggle to spend time on the work they enjoy or offer new services. The workload and expectations have increased over the last few years, with many companies unable to hire additional people to manage the ongoing regulations. [More]

Jun04

Upcoming webinar: Where will you find your next new client?

Although your firm may be successful today, it's important that you're always thinking ahead to identify where you will find your next clients. Lauren Prosser, Director of ProfitCents Professional Services, will be holding a webinar on behalf of iShade to discuss the importance of looking beyond the present to continually drive revenue. Join Lauren on Tuesday, June 11th and find out where you will find your next new client. [More]

May23

Top priorities: Improve your marketing, business development

Guest post by Lauren Prosser, Director of ProfitCents Professional Services, Sageworks Previously, I described how a recent survey of CPA firms by Sageworks’ ProfitCents Professional Services identified marketing and business development as among the most important management issues facing these establishments. CPA firms ranked these two areas of focus higher in importance than either pricing, compensation of firm members or client service plans.  Developing new business and marketing your firm effectively go hand in hand. But before you can market your firm effectively in order to develop new business, it’s critical to answer these questions: 1. What truly sets you apart from your competitors? To answer this, consider what makes your firm an indispensable part of the client's success. 2. Who is your target audience and why? To answer this, consider this group's needs and motivators. What skill sets, expertise and resources at the firm position you uniquely to serve those needs? Unfortunately, many firms don’t really have a clear idea of what separates them from competitors. In fact, if you answered the first question by saying “A solid reputation within my community,” you’re not alone. A recent Accounting Pulse poll by online accounting community iShade received that answer from every single respondent when it asked, “What makes your firm different from competitors?” Clearly, your point of differentiation cannot be the same as all of your competitors, so give some thought to the answer. You must be able to tell a personal and relevant story that illustrates why your firm is truly and uniquely positioned to serve the needs of prospective clients. Answering the questions about your target audience, its needs and how they match up with the skill sets and resources in your firm may help you more cogently identify your differentiators. Marketing and business development efforts that will lay a foundation for deliberate, intentional growth must successfully communicate points of differentiation based on your firm’s ability to go beyond the delivery of information (a commodity) to the delivery of solutions and ideas. Clients assume that any firm they are considering will have the requisite technical skills and data-based deliverables. As a result, in order to move beyond price-related competition in the proposal phase of business development, you must find a way to illustrate to the prospective client that your service offerings go beyond just providing information.   Clarifying what sets your firm apart from competitors is also helpful for establishing annual growth goals. Most firms struggle with identifying growth goals that are meaningful, future-oriented and aligned with the firm’s strategic direction. Consider what research is conducted on your existing markets to ensure you have a realistic outlook for growth potential. At the same time, examine what processes are in place that will provide a constant focus on identifying new markets.  Improving your close rate can be a big boost toward achieving your growth goals, so examining close-rate dynamics is useful. Most firms have a 40 percent or lower close rate. What is your firm’s current close rate, and given that, what percentage of your firm’s revenue must continuously be in your pipeline to achieve your targeted growth goals? Now that you know this, consider what obstacles besides pricing stand in the way of achieving a higher close rate. What resources, training, coaching, etc. have you put in place to conquer these obstacles? Marketing and business development are clearly management issues that are priorities for CPA firms. Identifying what differentiates you firm, establishing annual growth goals and taking steps to improve your close rate are just a few ways to improve these aspects of your practice. For more ideas, contact ProfitCents Professional Services, a team of specialized Sageworks consultants providing partner coaching, small-group coaching and firm strategy construction services to accounting professionals throughout North America. 

May20

Leverage what you learned during busy season. It’s not too late!

Busy season is the perfect time to learn more about your clients and their businesses. Think back to the conversations you had and what they shared with you. Did they mention any changes or concerns with their life or business? Even if you weren’t able to spend a lot of time with them during tax season, that doesn’t mean you haven’t learned new things about their business. [More]

Apr25

Where to find your next new client

Successful CPA firms know that while business may be great today, there’s no guarantee for tomorrow. Sageworks recently used its database to determine the fastest-growing industries among U.S. businesses with revenues of $10 million or less. They might be good targets for prospecting, since they may be growing quickly and may need extra help managing their books and evaluating their financials. [More]

Apr19

Should you offer business advisory services?

Offering business advisory services to your clients will not only add value to the success of their business, it will also drive revenue to your firm and prevent you from competing on price. AICPA recently posted an infographic that shows 87 percent of business decision makers respect CPAs as valuable assets to their organizations and 52 percent rank their CPAs as their most trusted advisor. [More]

Apr10

Adding more value to the role of Chief Audit Executive

Chief audit executives (CAEs) face countless challenges with the various regulations they must meet and with ensuring that investors have faith in the company’s numbers.

Many CAEs have focused most, if not all, of their time on regulatory compliance. That focus is now shifting over to value-added services intended to help improve processes and strategies, according to a recent article on AccountingWEB. Internal auditors have a wealth of knowledge about their organization, but struggle with the perception that their part in the company is for compliance-related reasons only and are not seen as leader to point out strategic risks. This is only one of many challenges they’re finding themselves up against. [More]

Mar22

Introducing the Business Advisory Forum for CPAs and Accountants on LinkedIn

Sageworks is excited to announce The Business Advisory Forum created on LinkedIn, a new forum created specifically for CPAs and Accountants. This group will assist you with implementing these services, identifying opportunities, and providing information on best practices and tips for consulting with your business customers. [More]