Buy the tool that fits your firm's future

Are you participating in conference season this year? Maximize your time so that your trip is more than a tax write-off and actually helps you grow your firm this year, then get some inspiration on using LinkedIn for business development. This week, we’re also sharing insights on creating a vision for your business before investing in new technology.

But first, check out this map of wine taxes by state. Californians are in luck with the cheapest tax rate of $0.20 per gallon, while Kentucky pays $3.82 per gallon (maybe stick to bourbon?).

‘Tis the season: Make the most of your conferences this year, plus top picks to consider attending

Visibility boost: Gain credibility at scale using these business development tactics on LinkedIn  

Time to level up: Here are 18 AI prompts for accountants that go beyond client communications

Want to be better than good? Here’s how to stand out as a leader, according to U.S. workers

Agree or disagree? Three accounting roles to nearshore (and one to keep in-house)

Instead of rushing to implement new AI-driven technologies, take the time to think strategically about how those investments could impact your business model, client expectations, talent strategy and overall competitive advantage within a three-year window. That helps you narrow in on which investments to focus on that actually move the needle in a direction you want to go, instead of thoughtlessly adding in automations that don’t bring value to your firm.

Why this matters: Every dollar matters when you’re a small firm. By starting any technology decision with the outcome rather than the tool, you’ll make sure you’re investing in the right areas. (Inside Public Accounting)

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A recent study shows that a staggering 56% of accountants are completely buried in administrative work.

While practice management software is essential, simply owning it isn’t enough. Too often, busy firms invest in these tools but fail to fully utilize them - leaving powerful features completely untouched.

Our partners at Canopy just released The Practice Management Playbook to solve this exact issue. This actionable framework is designed to help you reduce internal chaos using the tools you already have.

Inside, you will discover how to:

Stop working for your software. Grab your free playbook to bring your entire practice under one roof.

A new report from Wolters Kluwer reveals what new advisory offerings look like in practice. The first major trend is that successful firms are formalizing services with defined packages to support workload predictability. 

These services are enabled by digital tools that automate tasks and provide actionable insights to share with clients. Perhaps more revealing is the shift in talent needs: firms that evolve into advisory services are developing staff in consultative skills, industry specializations and relationship management skills.

Why this matters: We know advisory services are the future of the accounting industry. The Wolters Kluwer data reaffirms this idea by showing that firms prioritizing new offerings experience stronger growth, client retention and profitability. (Yahoo! Finance)

Amount of professionals who think their organization is falling short on AI capabilities (Thomson Reuters)

Worried about your job becoming obsolete in the face of AI? Hillary Parker, shareholder at Clark Nuber PS, wants you to calm down and focus on the opportunities arising from these capabilities. When used correctly and with human oversight, she argues that AI will allow firms to produce better quality work at a faster pace. CPAs will become even more instrumental in offering analysis and judgment, particularly to clients who want expert advice when making financial decisions. 

Why this matters: By treating AI as a force multiplier rather than a threat, you can free up staff from lower-value tasks and push more advisory work at premium rates. The firms that win won’t be the ones replacing CPAs with AI. They’ll be the ones using it to make their team faster and more valuable. (Clark Nuber)

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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.