Menu
  • What are analytical procedures and their benefits?

    By Jackie McLaughlin, CPA Analytical procedures are beginning to become more prevalent in the audit world. They provide auditors with many benefits. But are those benefits known? According to the AICPA, analytical procedures consist of reviewing financial information by studying plausible relationships between data and evaluating it for consistency. Analytics…
  • A strong year (financially) for U.S. accounting professionals

    As professionals who specialize in finance, preparing financial statements, and assisting business owners with their financial performance, one would suspect that accounting, tax preparation, bookkeeping, and payroll service companies would tend to have a firm grip on their own financial performance. And looking at statements filed over the past year,…
  • Is your website generating new business for your accounting firm?

    By Ryan Himmel, CPA, Founder & CEO, TaxResearchPro By now, many accounting firms have a website. Firms are motivated to have a site because other firms in the area have one and most clients expect it. Still, saying you have a website is not enough. You should be able to…
  • 3 Ways to capitalize on your tax season engagements

    Every year, accountants brace themselves for the inevitable tax season. For many accountants, unfortunately, tax season means that lucrative consulting work that can diversify revenue and bolster firm growth throughout the year gets put on hold in order to handle the mountains of personal and business tax returns. However, tax…
  • Yelp for accountants: What your online reputation can mean for new business

    With more than 142 million users per month and 77 million local reviews, you’ve likely used Yelp’s website or mobile app to source a great Italian restaurant or locate the nearest bakery when you’re craving something sweet. But the review-based community extends far beyond ravioli and cannoli. Just about any…
  • 3 scenarios that demand a valuation professional

    While business owners are the captains of the ship, in many cases they operate leanly -- with a small crew or perhaps no crew at all. With more than 70 percent of all businesses in the U.S. owned by sole proprietors, a significant number of people control their professional destiny,…
  • What can your firm learn from busy season?

    Get ready to breathe a sigh of relief… you’ve almost made it to the end of busy season. If your Twitter feed has consistently seen nothing but #busyseasonproblems for the last few months, it’s nearly time to make them a distant memory (but admit that you’ll miss the comic relief).…
  • Marketing tips to boost your valuation business

    Unlike many traditional accounting services, such as tax preparation and auditing, valuation work is often a one-and-done kind of engagement. Recurring projects with the same client aren’t very common, unless it’s an annual assessment of an Employee Stock Ownership Plan (ESOP) or something similar.  As a result, bringing in new…
  • 4 Traits of quality industry data for valuing a business

    By Erik Lively, Regional Valuation Consultant, Sageworks Accountants and other financial professionals know that the quality of industry data can make a substantial difference in business valuation services, whether it’s for a valuation engagement or for a calculated value to help develop a business improvement plan. Good industry data can…
  • Do you have 99 #busyseasonproblems?

    Tax and audit season got you down? For all in the accounting industry, it’s the time of year that means longer days, pots of coffee, and staring at spreadsheets and W-2 forms ad nauseam. You may be teetering dangerously close to the point of sleeping under your desk at night.…
  • 4 Reasons to leverage technology in your accounting firm

    3 out of 4 clients of financial services think their CPA is behind or just keeping up with technology. Learn how being an early adopter of technology can help your firm win more clients and add value by cross-selling additional services. Download this infographic According to The Sleeter Group, “Small…
  • Use technology to retain accounting clients

    Let’s face it: business owners need accountants for more than taxes alone.  Many people who start and run businesses lack the financial perspective to be able to look at their financial statements and see potential pitfalls or opportunities for improving performance. And they desire guidance on how to plan for…
  • How accountants can identify opportunities to offer valuation services

    With an estimated 75 million baby boomers in the U.S. and 7 million of them owning privately held businesses, the number of companies to hit the market in the next 10 years is likely to provide a large amount of opportunities for the valuation industry. This checklist provides 10 scenarios…
  • Caution! 3 Blood-curdling ways to stop your accounting firm’s growth dead in its tracks

    1. Be eerily similar to your competitors 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…
  • The 8 questions to picking an accounting niche

    Consumers understand that certain retailers specialize in particular items. If you're looking to plant tomatoes in your garden, your first step is unlikely to visit the local Best Buy store. Sometimes a specialty retailer is necessary to meet your needs. Such can also be the case with accountants. A one-size-fits…
  • Thought starter: Top challenges accountants face and actionable ideas to solve them

    Comedian and television writer/producer Larry David has said, “I'm not a person who embraces challenges. I run from challenges. I break world records running from challenges.” Humor aside, accountants don’t have the luxury of thinking that way. While accounting was identified as the most profitable industry of the last 12…
  • 3 Steps to becoming the Steve Jobs of accounting

    Steve Jobs. Sergey Brin. Mark Zuckerberg. Each of these individuals, and their companies, are celebrated as changing the face of the technology. They all followed a similar path to success: excelling at one thing and developing that specialty. Jobs knew gadgets, which led to the Mac, the iPod, and the…
  • How one accounting firm used ProfitCents reports to retain a client

    Identifying improvements a client can make to their business should be part of an accountant’s regular routine, but getting the client to actually take the necessary steps to implement these opportunities can be a challenge. Accountants can use resources such as ProfitCents reports to help bridge the gap with clients…
  • Staffing crash course: What are the best indicators of an accountant’s career potential?

    Fall is nearly here, and in addition to the pumpkin lattes, football and foliage, it also signals a time when many accounting firms take a beat to consider their staffing needs. As the weather cools down, consider it a good opportunity to examine a practice’s recruitment plan for the remainder…
  • What are the best cities for accounting pros?

    Are you considering expanding your firm to a new location, or perhaps looking at recruiting outside of your immediate geographic location? Maybe an accountant looking to change jobs? Accounting Today recently highlighted 10 cities that are growing for CPAs and accountants, according to a list from Accounting Principals, a nationwide…
  • Take your relationship with your accountant to the next level

    By Diana Mackie, Chief Content Officer at Funding Gates How well do you and your company’s accountant know one another? Do you hand him or her a pile of papers come tax time and go about your day, or do you appreciate and make use of the wide range of…
  • How to retain “A” clients

    In an economic climate where so many decisions come down to dollars and cents – particularly for small businesses – it is important for accountants to illustrate your worth. Perhaps surprisingly, then, more often than not, a client’s decision to leave their current CPA or accounting firm comes not from…
  • How accountants can cross-sell their services to existing clients

    Successful accountants can generate more revenue while keeping costs down by creating new business from their existing clients. The AICPA estimates that it costs 11 times more to acquire a new customer than to keep an existing one. This infographic will give you key steps to keep clients coming back…
  • 5 steps to uncover mid-year accounting client opportunities

    By Lauren Prosser, Director of ProfitCents Professional Services Summer is a great time for accounting firms to look for fresh opportunities to grow the business. Here are five ways accounting firms can “fertilize” existing efforts in order to jump-start business and grow deeper, stronger roots with clients. 1. TRAIN YOUR…
  • Top priorities for you to focus on in your accounting firm

    By Lauren Prosser, Director of ProfitCents Professional Services If your CPA firm is like most, its biggest assets are the staff and clients. Knowing more about these assets and gaining greater and more timely insights into the roles they play in the firm's success will enable you to better manage…
  • 2 Approaches for marketing advisory services in your accounting firm

    Choosing the right clients is incredibly important when marketing business advisory services. Once you have completed the selection process it’s important to alert your clients to your new services in a way that’s informative without being pushy. When offering advice to prospective clients, we suggest you take one of these…
  • How to pick the ‘right’ client and stand out among other accounting firms

    Remember dating in high school? You know that guy or girl who you liked but were pretty sure didn't feel the same way back? It is likely that you spent countless hours trying to wow him or her, but to no avail. In the end, although you were unlikely to…
  • How to build a valuation practice within your accounting firm

    Many public accounting firms are developing business valuation practices as a way to meet the needs of existing clients while distinguishing the firm with specialized services. A best-in-class business valuation practice will ensure compliance with accounting standards and incorporate quality controls that ensure a superior analysis, superior report product and…
  • Becoming a trusted advisor to your clients

    Accountants perform the role of providing financial data very well. However, simply presenting clients with this data is not enough to become indispensable. It is now necessary to translate and interpret the data for your client. ProfitCents by Sageworks does this by compiling the data into an easy-to-understand narrative report…
  • What is your current networking ROI?

    In this brief video, founder and president of The Business Fox, Nancy Fox, discusses how to calculate your networking return on investment (ROI). Fox highlights that you should be taking into account membership dues/fees, conferences, lunches, and travel expenses. She points out that on average, professionals spend $2,500 per year…
  • Accountants: Make the most of your tax-time meetings with business clients

    Accountants who meet with business clients to deliver tax returns during busy season are understandably pressed for time and attention. These brief meetings, however, are an important part of developing and cementing your role as a trusted advisor, and they can pave the way for cross-selling additional services to existing…
  • How to develop an industry niche

    In this brief video, founder and president of The Business Fox, Nancy Fox, discusses how to develop a “rich” niche market. Fox highlights that there are three pathways to developing a niche market: industries, common factors, and motivations. In addition, Fox suggests thinking outside of the box when developing your…
  • Biggest networking mistakes for accountants

    In this brief video, founder and president of The Business Fox, Nancy Fox, discusses mistakes accountants make when networking. Fox highlights that the number one networking mistake for accountants is networking in the wrong groups and attending the wrong venues. In addition, Fox states that accountants most often network laterally,…
  • Infographic: Cross-sell accounting services during busy season

    Cross-selling accounting services to your existing client base is a more economically efficient way to increase revenue, as opposed to acquiring new customers. The AICPA estimates that it costs 11 times more to acquire a new customer than to keep an existing one. The infographic identifies four steps to win…
  • Poll: Do you currently have a specialty niche?

    Nancy Fox recently hosted a webinar, Targeted Networking for Bigger and Better Lead Generation, which discussed how accountants can generate leads through in-person networking. Fox, Founder and President of The Business Fox, provides strategies for how to generate new leads. During the presentation, finance professionals were polled on if they have a…
  • Rethinking accounting marketing

    In this brief video, president of bbr marketing Bonnie Buol Ruszczyk, discusses how marketing for accounting firms has changed over the years. Ruszczyk highlights that accounting marketing has shifted from an outbound marketing approach, such as telemarketing and print and radio ads, to an inbound approach including search engine optimization…
  • What is the best way for accountants to approach a prospective client?

    In this brief video, Peter Brown, Sageworks senior consultant, discusses how accountants should approach a prospective client. Brown outlines the importance of developing relationships. This clip is from a Sageworks’ webinar entitled “How will you win your next new client?” In this webinar, Brown points out that social media and emails…
  • What is the appropriate working capital for your clients' industry?

    In this brief video, Peter Brown, Sageworks senior consultant, discusses positive versus negative working capital. He notes that manufacturers, wholesalers, and most retailers typically have positive working capital, or a current ratio in excess of 1:1. On the other hand, restaurants, hotel, airlines, and many utilities have negative working capital,…
  • Is your accounting firm actively engaged on Linkedin?

    Bonnie Buol Ruszczyk, president of bbr marketing, recently hosted a webinar for Sageworks, How to Generate Leads through the Web. In this webinar, Bonnie provided key strategies for improving your firm's presence on social media, as well as other content marketing strategies. During the presentation, finance professionals were polled on if…
  • What is the average number of services per client for top CPA firms?

    In this brief video, Lauren Prosser of ProfitCents points out that 25-40 percent of new business that CPA firms generate, come from additional work with existing clients. Prosser provides insight on the cost-effectiveness of introducing new services to an existing client, as opposed to winning a new client.  This clip…
  • Elements of an effective accounting firm website

    By Bonnie Buol Ruszczyk, President and CEO, bbr marketing In times past, your office was the center of your business and the place where your accounting practice made a first impression. It was there that people sought more information and a point of contact after their interest was piqued, either…
  • The discovery process for accountants

    In this brief video, Lauren Prosser of ProfitCents describes the objectives of "The Discovery Process" for CPAs and accountants. Prosser provides insight on how to identify opportunities to sell more accounting services to existing clients. She also discusses shifting your focus from the problem to the solution, developing client-centric definitions,…
  • What is the biggest source of traffic for accounting firms?

    Bonnie Buol Ruszczyk, president of bbr marketing, recently hosted a webinar for Sageworks, How to Generate Leads through the Web. In this webinar, Bonnie provided key strategies for improving your firm's presence on social media, as well as other content marketing strategies. During the presentation, finance professionals were polled on what…
  • What is the #1 reason why businesses fail?

    ProfitCents by Sageworks recently hosted a webinar, How to Help Business Clients Win Loans, which discussed key strategies on how to assist clients with winning loans more effectively. Peter Brown, senior consultant at Sageworks, mentioned that by helping your clients work through their needs for capital, you will deepen the…
  • Are your clients aware of the services you offer?

    In this brief video, Director of ProfitCents Professional Services Lauren Prosser points out that two-thirds of clients are not aware of all of the services that accounting firms offer. Prosser provides insight on how to identify opportunities to sell more accounting services to existing clients.  This clip is from a…
  • Why do business owners choose a competitor?

    In this brief video, Sageworks’ senior consultant Peter Brown discusses why clients select a certain accounting firm. Brown highlights that 23 percent of business owners choose a competitor due to lack of industry knowledge. He also points out that there is a misconception among accountants that clients choose a competitor…
  • Poll: Does your firm track cross-selling opportunities identified vs. closed?

    ProfitCents by Sageworks recently hosted a webinar, Cross-sell accounting services: How to identify opportunities to sell more accounting services to existing clients, which discussed how to lay a foundation for your accounting firm's sustainable growth by cross-selling services to your existing client base. Lauren Prosser, Director of ProfitCents Professional Services, outlines…
  • How do clients want to be approached about additional service offerings?

    In this brief video, Sageworks senior consultant Peter Brown discusses how clients would like to be approached about your firm’s additional services. Brown highlights that 50% of clients would prefer a phone call or visit over an email or message via social media. He suggests to use times of the…
  • Poll: Does your firm have a formal client service plan?

    ProfitCents by Sageworks recently hosted a webinar, Cross-sell accounting services: How to identify opportunities to sell more accounting services to existing clients, which discussed how to lay a foundation for your accounting firm's sustainable growth by cross-selling services to your existing client base. Lauren Prosser, Director of ProfitCents Professional Services, outlines…
  • How my accounting firm raised prices

    Is it time for your accounting firm to raise prices?  Most top U.S. accounting firms are generating revenue growth by offering services that go beyond traditional work such as tax preparation and bookkeeping: valuations, strategic planning and other business advisory services.  But it’s hard enough for some accountants dealing with…
  • How CPAs can find niche markets with industry data

    There’s been a lot of media coverage the past few years about identifying niche markets and how CPAs should invest resources into targeting/creating them. Given demands already placed on you and your practice, it is important to know why niche markets are worth finding.  For one, the niche industries you’ll…
  • Infographic: Top 5 ways accountants can use industry data

    While industry data can be a valuable resource for accountants, it’s not always easy to identify the best ways to use it. In this infographic, learn the top 5 ways accountants can use industry data to create value for their clients and their firm.      Sageworks provides private company…
  • Winning new clients: Why do firms win business in the final bidding stage?

    In this brief video, Sageworks senior consultant Peter Brown discusses how to win new clients for your firm. Brown provides insight on how to keep your firm on top by looking into the future and identifying key factors that will help you win new clients. This clip is from a…
  • Client service plans: Pairing client opportunities with accounting firm services

    In a recent video, Lauren Prosser, director of ProfitCents Professional Services, explains the first objective to prepare a meaningful client service plan.   In this brief video, Lauren explores the second key objective to a meaningful client service plan and how to pair the opportunities you identified and qualified in step one with…
  • 3 Tips for better meetings with your accounting firm's clients

    Client meetings are an integral part of being a great accountant. The most important of these meetings is often when you’re tasked with presenting the client with your financial analysis. Making the most of this meeting can do wonders for establishing client trust and retention. Some points to consider when…
  • Top 5 ways accountants can use industry data

    Many accounting firms tout their “excellent customer service” as what sets them apart from competitors, but if everyone is bragging about the same thing, are they truly unique? To stand out, your firm needs a clear differentiator. Industry data can provide insight and services that can distinguish your practice.  Here are the…
  • Accounting, tax preparation, bookkeeping and payroll services (NAICS 541219) industry trends

    The accounting, tax preparation, bookkeeping and payroll services industry includes offices of certified public accountants as well as firms that provide tax preparation and payroll services. Certified Public Accounts (CPAs) audit financial statements, design accounting systems, prepare financial statements, develop budgets and provide advice on accounting related matters. CPA firms…
  • Crafting Industry Strategies? Use this 7-step approach

    By Lauren Prosser, Director of Profitcents Consulting Services When coaching firms on crafting an industry niche-driven growth strategy, there are three critical questions that we work together to answer. In a series of upcoming posts we will address each of these questions in detail. The first step is to assess…
  • Poll: Why business clients choose a competitor

    ProfitCents by Sageworks recently hosted a webinar, How Will You Win Your Next New Client, which discussed key strategies on how to position your firm to take on new clients and expand service offerings to your existing client base. Peter Brown, senior consultant at Sageworks, mentioned that the central focus…
  • Four tips to prepare a meaningful client service plan

    In a recent survey conducted by ProfitCents Professional Services, 37 percent of public accounting firms polled indicated that they do not have a formal client service plan in place.   In this brief video, Lauren Prosser, director of ProfitCents Professional Services, explores the 4 key objectives of meaningful client service…
  • A good time to be an accountant?

    CPA firms hired a record 40,350 new accounting graduates last year, and hiring demand continues to remain strong, according to a recent survey by the American Institute of CPAs, or AICPA. The previous hiring peak recorded by the survey on supply and demand trends in accounting was in 2007, before…
  • 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.   Summary Professional guidelines governing financial statement audits and…
  • 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 CPAs and 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…
  • What are your firm’s priorities?

    Accounting professionals were recently surveyed by Sageworks to identify management issues that firms consider a top priority. In this post, Lauren Prosser, director of ProfitCents Professional Services, discusses 5 different categories most important to firms.  By Lauren Prosser If your CPA firm is like most, its biggest assets are the…
  • 5 Ways to uncover mid-year client opportunities

    Guest column by Lauren Prosser, Director of ProfitCents Professional Services, Sageworks Inc. Spring is a time of optimism, so it's a great time for accounting firms to look for fresh opportunities to grow the business. In this post, Lauren Prosser, director of ProfitCents Professional Services, offers five ways accounting firms…
  • Streamline your writing using the 9-step process

    In a recent post, AccountingWEB discusses how to simplify your report writing using nine easy steps.   3-8-1 Streamline Your Writing Using the Nine-Step Process How long does it take you to get your reports out? And how painful is it? No one knows better than an auditor that most…
  • Advising small business clients on personal guarantee negotiations

    In a recent post, AccountingWEB discusses how to advise your business owner clients about personal guarantees and what choices they have. A personal guarantee is almost impossible to get around when signing a commercial loan, but there are a few things your clients can do before signing.  Advising Small Business…
  • 12 Metrics CPA firms should track

    Lauren Prosser, Director of Professional Services, Sageworks Inc., wrote a recent guest column for AICPA discussing the key metrics firms should measure to operate at its highest efficiency.    The Defining Dozen: 12 Metrics CPA Firms Should Track This time of year, CPA firms are thinking and planning ahead for their…
  • It's a great time to be an internal auditor

    AccountingWEB recently posted a study that discusses salary growth for internal auditors in 2012. Increasing regulatory compliance demands are said to be the main reason for this growth with those specializing in information technology, fraud and forensics seeing the highest salary increases. Internal Auditors See Steady Rise in Pay By Frank…
  • How client sharing can grow your accounting firm

    In a recent post featured by Accounting Today, Sarah Johnson, Chief Growth Strategist with Inovautus Consulting, discusses the benefits of sharing clients to secure you firms future success. Should your firm take on this process? Why sharing clients is caring...and can help you grow By Sarah Johnson, Inovautus Consulting Transitioning…
  • Qualities clients look for in a CPA

    This guest post by AccountingEDU.org, discusses important qualities that not only sets a CPA apart, but also helps develop a trusting relationship with clients that will last for years.   7 Traits Clients Look for In a CPA Finding a good CPA is a lot like finding a good contractor or a…
  • Professional skepticism in the audit process

    In the Staff Audit Practice Alert Number 10, issued on December 4th, 2012, the Public Company Accounting Oversight Board (PCAOB) recognized and emphasized the need for all audit firms to apply professional skepticism. They define professional skepticism as “an attitude that includes a questioning mind and a critical assessment of…
  • Accounting firms transition to value pricing

    In a recent blog featured by the AICPA, Jim Boomer, CIO of Boomer Consulting, Inc. explains how and why many accounting firms are transitioning to “Value Pricing” from other billing strategies. What does this involve? And how could it help both the firm and its clients?   Billing: Where's the…
  • Tax season preparation

    Featured first in Accounting Today. Chris Frederiksen, chairman and CEO of the 2020 Group and a partner of ProfitCents, recently spoke with Accounting Today and suggested what accountants can do now to prep for a more successful 2013 tax season. Invest in a decent scanner. You can’t rely on someone…
  • CPA firms: What are your competitors focusing on?

    By: Craig Weeks of CPA Profit Plus and Sageworks, Inc. Scenario:  You are an accountant with management responsibility in a small to medium size firm.  You understand the idiosyncrasies related to your practice and the surrounding locale, but when it comes to longer term management strategies it often feels like…
  • Business advisory services: 3 common pitfalls to avoid

    Note: This article is the final installment in our series on offering CPA Business Advisory Services. See Part V Accountants have a wide range of ways they can offer their business advisory services and still follow industry best practices. Whether your firm chooses to offer free coffee and food to…
  • 3 Best Practices for Accountants providing Business Advisory Services

    Note: This article is the fifth installment in our series on offering CPA Business Advisory Services. See Part IV Even if you are providing business advisory services to your current clientele, it's important to use the right approach to make the most of the arrangement. This includes helping your client…
  • Why accountants need to be like doctors: How to have confidence when offering business advisory services

    Note: This article is the fourth installment in our series on offering CPA Business Advisory Services. See Part III Think about a doctor’s job for a moment. When you tell the doctor that you are sick, he or she will likely run tests, show you the test results, and explain…
  • How sticky notes can increase your accounting firm’s bottom line: 2 approaches for marketing advisory services

    Note: This article is the third installment in our series on offering CPA Business Advisory Services. View Part II Last time we discussed the importance of picking the right clients when you offer business advisory services. Once you have completed the selection process it’s important to alert your clients to…
  • Pick the 'right' client: Learn to stand out among CPAs

    Note: This article is the second installment in our series on offering CPA Business Advisory Services. See Part I Remember dating in high school? You know that guy or girl who you liked but were pretty sure didn't feel the same way back? It is likely that you doubtless spent…
  • Business advisory services: 3 Reasons why your firm should offer them

    Your car’s fuel gauge reads empty and you need to find a gas station. Despite BP’s new ad campaign or the magazine article you recently read about ExxonMobil’s efforts to “go green” you still stop at the station with the cheapest gas prices. This scenario illustrates how customers evaluate pure…
  • 5 ways to make the most of your accountant

    If you are running a business, you probably understand the operations behind it. A bakery owner knows how to craft a decent cupcake, and a plumber knows the cause and cure for a leaky faucet. But for most business owners, financial management of their company is less intuitive and seemingly…
  • Become a trusted business advisor – 3 ways

    When a business owner is searching for an accountant, his or her choice is not so simplified. Financial services—despite what some of your tax-only clients may believe—is far from a commodity. And in many cases, location and even price are immaterial. What, then, is the best way to acquire clients…
  • Financial data isn’t enough – 3 Reasons why

    When your vehicle’s gas tank is nearing empty, you generally have a multitude of gas stations to choose from. They all have similar offerings, so your choice is largely dictated by your location at the time and maybe the reward card you have for a certain chain. And while the…
  • 12 Ways to Get a Mid-Year Boost

    By Lauren Prosser Manager, Sageworks Inc. Advisory Services Group Believe it or not, we’re nearing the halfway point of 2012. If you’re holding a mid-year partner retreat or starting to update your strategic plans, now’s a good time to step back and evaluate the best way to take a step…
  • What should you cover in a financial checkup?

    After working with accountants for years, a best practice that we have seen is for accountants to meet with business clients for an annual, 30-minute checkup. This meeting shouldn't require more than half an hour and isn't meant to be exhaustive. Instead it opens the door for more consistent communication and gives your…
  • Why your clients need a financial checkup once a year

    The best business people I know are always ahead of the financial data they possess. That is, the shrewdest people who run businesses have an inherent understanding that good management decisions are always based upon what is going to happen rather than on what has already happened. I have worked…
  • CFO Corner: Expansions; Weighing new opportunities and the budget

    Sheila Buska, CFO for the Monarch School, a public K-12 school in downtown San Diego that is exclusively for homeless students, discusses challenges during an expansion and weighing budgets and cash-flow forecasts against unexpected opportunities that arise.  What was the biggest challenge your company faced over the last 12 months…
  • Fumbling financials (continued)-Avoiding the pitfalls of presenting numbers

    Part IV. Five tips for a financial presentation Last week, we continued the topic of how to present financial information to various audiences by addressing the importance of providing perspective and drawing connections between the numbers you provide.  In earlier posts, we reviewed keeping your data simple and focused, and…
  • CFO Corner: Challenging cash-flow forecasts

    Paula Griffo, CFO of VoIP Supply, an Amherst, N.Y., provider of VoIP (Voice over Internet Protocol) solutions, discusses reducing operating expenses and the challenge of developing accurate cash-flow forecasts. What was the biggest challenge your company faced over the last 12 months and how were you able to overcome it…
  • Sageworks app now available for Android and iPhone Users

    Sageworks, Inc., a financial information company, today announced the availability of its ProfitCents/Sageworks Industry Data & Analysis (SIDA) app for phones with an Android™ operating system, giving Sageworks subscribers convenient access to financial ratios, industry averages as well as industry specific KPIs and recommendations. The release of the Android app this…
  • Private companies paying bills later - Sageworks Stats @ Forbes.com

    U.S. companies continued to guard their cash flows despite increasing sales in 2011, reflecting continued uncertainty in the economic recovery and slower paying customers. Privately held businesses, which account for up to 70 percent of GDP and generate 80 percent of new jobs, stretched their average time for making payments to…
  • Sageworks announces its first iPhone app

    Recognizing that fewer financial professionals today access the internet from their computer alone, Sageworks recently released its first ever app for the iPhone. The app allows current Sageworks and ProfitCents customers to access SIDA, our industry data platform that provides real-time benchmarking data and trend analysis using all available (more than…
  • Risky business- Protecting your business with risk management

    Recent service outages for Sony Corp.’s (NYSE: SNE) PlaystationNetwork and for Research in Motion’s (NASDAQ: RIMM) Blackberry services highlight major risks companies face when it comes to their businesses. Both events have created tumult in the companies’ day-to-day operations and in their customer relations. While many business owners might think…
  • IMF, Manufacturers' Gloomier Outlooks Support Financial Professionals' View

    More pessimistic outlooks by The International Monetary Fund and the Manufacturers Alliance/MAPI this week reinforce what financial professionals have been telling Sageworks in recent weeks: That most of them expect the economy to be about the same or worse a year from now. The IMF in its World Economic Outlook on…
  • Huffington Post: "Lackluster Year Ahead: Financial Professionals Predict No Change"

    Stock market volatility is becoming the norm in the U.S., and in some countries abroad, economic stability is even more difficult to find. With such pessimistic news permeating the media, it is no surprise that financial professionals are less than enthusiastic about the U.S. economy's outlook for the coming year.…
  • CFO Corner: Angie MacPhee's Managing Finances and Operations

    What was the biggest challenge your organization faced over the last 12 months, and how were you able to overcome it with financial leadership? Given the economic conditions globally, we needed a clear picture of what was driving our profitability. I created an operational snapshot that highlights the 5 main factors…
  • Know How to Choose an Accountant?

    Katie Morell, a contributor at the American Express OPEN Forum, joined forces with Sageworks and other financial firms across the country to gather best practices about how to choose the right accountant for your business and then how to optimize your time with them. To learn how you can achieve…
  • Ten Ways to Make the Most of Your Time with Your Accountant

    If you are running a business, you probably understand the operations behind it. A bakery owner knows how to craft a decent cupcake, and a plumber knows the cause and cure for a leaky faucet. For most business owners, financial management of their company is less intuitive and seemingly less urgent…