January 2019 Update

January 31, 2019 / Monthly Newsletter

Greetings,

The start of a new year brings many things to think about.  I am excited to head into 2019 and have spent the last month thinking about what I hope to accomplish over the upcoming year.  With the ever changing standards, working with clients, dealing with staff, there is never a shortage of things to think about.  The last few updates have been very focused on standards and while I plan to keep you updated over the coming months as things evolve, this month I thought I would pass on a few tips about managing client relationships, including fee discussions – topics that are always top of mind for those in public practice.  Read on…

Three Ways to Effectively Manage Fee Pressure

As you head into busy season, the focus can sometimes be “just get the work done” but it is important to not to lose sight of fee discussions with your clients – earlier rather than later.  Pressure to lower fees has consistently appeared as one of the top challenges facing small- to mid-sized practices (SMPs).  Members of the IFAC SMP Committee discussed fee pressures with practitioners from around the world who in turn shared their experiences, tips and best practices.

READ MORE HERE

Communicating Value and Quality with Price

Another good article on addressing fee pressures.  Clients often seek a better price, even when they are deeply interested in the services offered.  This presents a great dilemma on which the Chairman of IFAC SMP Committee addresses.  Key tips are provided to use when setting fee levels and engaging in price discussions with clients.

READ MORE HERE

Five Tips for Better Client Meetings

With the ever-changing standards (including the new auditor’s report) and the requirement to have in-depth discussions with your clients, it is important that you hold meetings to provide value and gain information and not just hold a meeting for the sake of meeting.  Boomer Consulting has five tips for holding better client meetings and ensuring these meetings are operating at an optimal level. They state:  “You want to make sure that your team and your client understand what the purpose of each meeting is and ensure that everyone is on the same page before and after the meeting takes place”.

READ MORE HERE

Why Accountants Need to Learn Mindfulness

With the upcoming busy season, it is easy to get caught up in doing the work and letting other things slip away.  I enjoyed reading this article highlighting the ability of mindfulness is essential for time management, productivity and the development of the soft skills needed to succeed. The AICPA CPA Insider reminds us that as accountants we learn technology and technical skills but do not necessarily take the same amount of time improving how we communicate, how we collaborate and how we deliver our services.  To grow as an advisor, we need to dedicate as much time to soft skills as we do to technical skills.

READ MORE HERE


A few final short snappers.  Today is the reporting deadline for CPD requirements.  Don’t forget to submit your hours. As well, as you head into the next few months, remember to issue the correct auditor’s report – and ensure the wording is correct if it is the new report you are issuing.  And finally, anytime you encounter an assurance or accounting issue, remember I am here to assist you as needed. But most importantly, try and stay warm!!  The weather has to break soon.

Best Regards,
Kirsten S. Albo, FCPA, FCA
President