Big data and analytics seem to be the words of the decade in the business world. Unfortunately, these words can also create a sense of anxiety or fear in some professionals. That fear may be due to concerns that they don’t have the technical knowledge to harness the real power of data or that an advanced degree or a deep understanding of statistics is needed to comprehend what the data is telling them.
5 min read
As 2020 comes to a close, we’ve rounded up highlights from this past year our partners and customers have found particularly useful throughout 2020. Also, keep an eye out for upcoming webinars to help set you up for success in the New Year.
4 min read
In a previous post, we discussed how to combat sluggish growth in your Client Accounting Services (CAS) practice. But what if, rather than sluggish growth, your firm is experiencing explosive growth? How do you capitalize on success while maintaining quality and profit levels?
4 min read
We know all of the stats about how Client Accounting Services (CAS) practices are the fastest-growing service lines in accounting. A CAS practice's average growth rate is 12-15% per year, but what if your firms' CAS practice isn't performing to expectations? If your existing CAS practice isn't measuring up to industry benchmarks, it's time to dig into the factors affecting its growth. Start simple - go back to basics and assess the business plan. Don't take anything for granted; question each of the underlying assumptions the firm made during the planning process.
6 min read
Several months ago, firms – and exhausted tax staff – celebrated the end of an extended busy season. However, celebrations may have been a little muted. Many immediately turned their eyes towards extension season and beyond to the looming 2020 busy season.
As the 2020 tax season begins to ramp up, and Managers and Partners continue to hold tax strategy meetings, the value of utilizing tax outsourcing services often comes up, and with good reason. Firms who utilize tax outsourcing services see an average increase of 8-15% in returns completed during tax season (based on an analysis of firms utilizing XCMworkflow®).
2 min read
With information technology eliminating most geographic boundaries, generalist firms will find it increasingly harder to compete with niche specialists who have differentiated themselves with more expertise and process efficiency, particularly those targeting CAAS (Client Accounting and Advisory Services). Firms will find that there are different skills required to optimize the delivery of advisory services including not only technical and consulting skills but also project management and marketing skills, which requires a team approach. Does your firm have all the necessary skills covered?
3 min read
Having a successful partnership between the firm and its tax outsourcing partner takes more than just luck. It takes preparation and planning, even before the firm starts interviewing potential tax outsourcing companies. For those firms considering tax outsourcing services as part of their strategy, a tax outsourcing-specific plan should be made, as well.
3 min read
A common misconception of the audit community has long been that engagement management software is enough to complete a quality audit within the budgeted time.
4 min read
Three-quarters of the way through the year, most of us are probably confident in saying that we will look back on 2020 as the embodiment of the leadership term VUCA - volatility, uncertainty, complexity, and ambiguity. We have watched industry stalwarts stumble, and have seen remarkable examples of organizations flexing their agility muscle as they collaborated with unexpected partners, tapping into their entrepreneurial spirit.
Topics: Growth Future Forward
3 min read
The COVID-19 pandemic has had a profound impact on our lives, businesses, and the global economy. Many organizations had to switch to a remote, distributed workforce practically overnight, and business leaders had to quickly re-examine workflow processes, try to maintain department productivity, manage new staff scheduling needs, and assess new ways to service customers. At the same time, employees have faced the new realities of staying home, working in a remote environment, adjusting to new deadlines, and new relief legislation.