John Fennig

@gaylortax I hate the ask, but I’d probably pass the file along to the new accountant. Never know what the nice gesture will bring you in the future.

WWYD #taxtwitter: Has a client that we parted ways late fall, they have access to digital copies of returns. New firm asked for tax software file as “it looks like we use the same software.” This will save them 10-20 hours vs recreation. Client is has balance owed to me. So WWYD?

@WTFoote @JStaatsCPA Agreed. I think both sides don’t value how hard each role is, and how hard it is to be really good at both.

@jfennig @JStaatsCPA The value argument from a client perspective is probably the easiest part of the whole picture, and people run into trouble when they don't think through the mechanics of how it will operate and just focus on the sales pitch.

In 2021 my firm nearly rolled in the largest wealth management shop in town It was a no-brainer for us. We had 1,500 once a year 1040 clients that were hard to make money on, but most were retired HNW folks with $$ After a series of meetings the deal fell apart:

@WTFoote @JStaatsCPA I didn’t merge in with another firm, but organically grew tax biz from within WM firm. There are still 2 sides of the house. 2 cultures. Constantly working to bridge them is a challenge. But from client side, it’s highly valued.

@JStaatsCPA I've yet to hear a great success story of FA/PA integration. Even the ones that have done it ok, there's underlying tension between "sides" that operate in fundamentally different ways. Would be interesting to hear form a success story!

@pickmusicguitar @M_Vernon Agree

@jfennig @M_Vernon Cameron is still an exceptional experience.

UNC fan on their first trip to Allen Fieldhouse 😂 “It was a lot like Duke, except the people weren’t dorks.”

@andreamacdcpa @JakeLatimer26 Yeah. Document mgmt, portal, messaging, workflows. All of it.

@JakeLatimer26 @jfennig It can act as a client document management as well?

Calling all accounting and/or tax firm owners: I am looking for 1 tool that can serve as our: - document management system - client communication portal (to replace email) - workflow management system All of the above are required. I want 1 tool, not multiple tools. If you have one that does all of this, which tool is it?

@JakeLatimer26 @andreamacdcpa What do you like/dislike about Karbon? I’ve just done demo of Karbon, firm360 and Canopy. Leaning Karbon but not sold

@andreamacdcpa Karbon

@ChillinDylanX @dougboneparth rolandopujol.substack.com/p/the-retrolog… It is. Called Pizza Hut Classic.

You don’t know what you got until it’s gone.

@MJNewfield @Ross__Marino @BillWinterberg Agree with Snarky and Meg here. If you did end up discounting the fee then you’re running in a deficit. You’d end up frustrated when doing tasks for them or if/when they asked for routine stuff. You’d end up growing to resent them. Not good for either of you at that point.

@Ross__Marino @BillWinterberg If your retention is over 96%, you are doing better than the industry. If your price exceeds your value, then your retention will be 99% or so - which it sounds like it is. And we never negotiate price. It be what it be.

Just lost a really good client because I wouldn’t lower their fee by 15%. What do you think I should have done? How do you handle existing clients who push for a discount?

@jfennig Sent!

Ok it's here! We worked with the 14 leading cloud practice management systems for <$10M accounting firms 14 products 200+ features 8 feature categories 0 sponsors The report's available today, it's a better way to pick the best PM for your firm The report is organized into three sections: A heatmap summary of the functionality each product is most invested in Dedicated pages for all 14 products, a comparison to the most similar products, notable features they have & lack, and comments from the company on who they're best for + what they're building next And a massive data grid of over 200 features across 8 feature groups, and their support by all 14 products A few examples of the questions this report answers, that we frustratingly stumble into by accident: Workflow Management: Subtasks? 1 level deep? 2? 3!? Dependency tasks? Recurrence? Weekly? Days of the week? Days of the month? Block creation of next recurrence? File Management: Folders, subfolders or tags? Templates? Enforce folder template structures? Share files via link? Share with non-clients? Email: Does it associate emails with clients or contacts? Can I send & receive emails direct from the PM? Can I create tasks from emails? Client Portal: Can I assign tasks to clients? Does it include invoicing? Project statuses? Scheduling? Can clients log in via magic link, password, 2FA, MFA? Contact Management: Can I tag and/or custom field my clients? Can I view, sort, filter & multi-filter by tags/fields? Are contacts separate from clients? Time & Billing: Can I associate time to a client, task and/or work code? Can I start a timer? Multiple timers? Associate WIP to an invoice & sync to QBO? Run a realization report by client, staff or task? Pricing: Can I get a trial? Do I have to get on a call to see it? Do they not share their pricing publicly? Support: Can I get onshore support? Can I pick up the phone and call someone? Is there built-in chat support? I hope it saves you a pile time working through a stressful, loveless process Reply & I'll DM you a copy, no strings attached, no spam etc I just need the engagement bc 6 people worked really hard for the last 2 mos to put this together 😅

@JStaatsCPA Please

@JStaatsCPA I’d pay for a copy

In collaboration with the 14 top practice management systems for small firms My team put together a massive roundup 🎉 Drop a comment and I'll send you a free copy once it goes live Tuesday

@smoess18 @CPATaxTeam Agree. 10/16 is more mentally taxing

@CPATaxTeam Probably not the hours. Possibly the intensity of having to hit the immobile 10/16 deadline. I’ve definitely been working but the stress of chasing down IP PINs, 1095-A, 1099s is wearing me out. I’ll work all day and have nothing to show for it.

Legit comment to me…”I’m going to need a break after this week.” I’m thinking…”but you haven’t worked past 5:30 since April?” Is it just the feeling of the deadline that causes burnout even if they are only working 40 hours? #taxtwitter

@bhallcpa Not sure their cap raises over the years but it’s part of comp model for employees. Not sure how far down the chain get any equity. And I wonder if they’ve set aside a certain amount for comp and recycle what they buy back?

@jfennig Wow interesting - just bringing on new capital and diluting current investors?

I’m still not wrapping my head around how employees would have liquidity with their equity packages. I want to be enlightened. How does this work with a private company? Do they hope to IPO or use PE to create liquidity? Something else?

@KJSAcct Check goodhire. We’ve used it in the past and I believe it has different levels of checks.

#TaxTwitter any recommendations for running a background check on a prospective employee?

@adammarkowitzEA @sethcnorris_cpa @NayoCarterGray How much time do you think you/firm puts in per year? (Btw thanks for intel!)

@sethcnorris_cpa @jfennig @NayoCarterGray My Chamber is thousands of members strong and is a very vocal voice in the business community. Being at the events and networking groups has really provided limitless contacts and possibilities.

#TaxTwitter which professional membership or community are you a member of that you would recommend to other accounting/tax professionals or that you can’t live without?

@adammarkowitzEA @NayoCarterGray Curious, @adammarkowitzEA willing to expand?

@NayoCarterGray Are we gonna count things like our Chambers of Commerce? Cuz my business wouldn't even remotely be the same without my Chamber.

@TKopelman Definitely does. Do all prospect sources fill it out? (Ie: prospects who follow you here, referrals, etc) What’s the message to the 1 that didn’t qualify?

@jfennig Not really I like Apply I think it creates exclusivity

We’ve been testing having all prospects “apply” to meet with us Many said this would cause too much friction & lead to less people trying to work with us In the 1st month of using this, we’ve had 18 prospects apply to work with us 4 were unqualified Not bad & saves us time