Consulting

It’s tough to run a successful accounting firm, and it’s getting more difficult with the war for talent and the commoditization of accounting firm services.

More than 50 percent of New Jersey CPAs are in favor of legalizing recreational marijuana in the Garden State, but 47 percent are opposed, according to a new poll by the New Jersey Society of CPAs.

KPMG International reported Thursday its worldwide revenue grew 5 percent in local currency terms to a record level of $26.4 billion the fiscal year ending Sept. 30, 2017.

Use this time of year to do some casual research.

About nine years ago one of my clients went to an attorney for an estate plan. I asked to be involved and was told I wasn’t needed so I sat it out.

With the latest tax deadline behind them and the individual tax season ahead, accountants this time of year often realize that they are on a treadmill of never-ending deadlines with only brief periods of relief.

Time to exhale, sit back and think ahead to what you want 2018 to look like at your accounting firm.

CPAs know it is imperative to refer clients to third party consultants for various issues that require deep specialization in an area of tax. In many ways, these specialty tax firms act as an extension of your team and require coordination to deliver results that often have a material impact on a tax return.

A few months ago I suggested that becoming an expert generalist as a niche was a possible career track for someone in a larger firm. I received a lot of feedback that caused me to rethink the column, and I have.

A month ago I wrote that I “gave away consulting and coaching” services. However, that is not the whole story and because of the calls I got, here is some more of what I did and do.

Grant Thornton CEO Mike McGuire is moving his firm to become a more streamlined organization better able to respond to technological change than the Big Four, similar to the way Tesla has challenged the Big Three automakers.

More firms are exploring advisory services, but they require some important adjustments, experts say.

Besides clients and partners, my primary interactions are with other accountants who call me with their practice management questions.

The Big Four accounting firms are moving more into the legal services market, competing with law firms on their traditional turf, according to a new report.

Actually I do not sell coaching, mentoring or consulting services to clients—I sell solutions to problems.

The leaders of the profession profile the practitioners of a decade from now.

Accountants may be extremely comfortable offering expertise on tax-related savings or advice on expense and cash management, but they may be less accustomed to steering clients to take specific steps to grow revenue.

Business owners and entrepreneurs are sometimes notoriously closed off to advice from others, including from their own accountant.

Integrating the Work Opportunity Tax Credit into client tax return preparation for your CPA practice can add to the strength of your client relationships by helping optimize a client’s cash flow and expanding your understanding of the client’s business.

Survey data has shown that many firms derive very little revenue from value-added, consultative services.