How firms can stop losing cold leads

Work with what you have or explore new opportunities for growth? We’ve got ideas for both in this week’s edition, from how to improve conversion with your current leads to white-labeling an external financing division within your firm. Also check out what your firm needs before acquiring another practice, and the hidden bottleneck that could unknowingly be slowing down your team’s returns process. 

But first, weigh in on a nationwide debate: Should AI slow its roll? Some American tech CEOs want regulation, but the Trump administration wants to win the global AI race. Read the latest pros and cons of an AI development moratorium. 

Growth opp: Would you add a financing arm to your firm? How to white-label business loans for your clients

Tough love: If you’re hesitant to delegate to a team member, maybe they’re not the right fit (skip to 12:50)

Back it up: Acquiring another firm is a great way to grow, but can your back office handle the extra load?

Your greatest asset: Client trust. Here’s how client confidence drives your advisory value

Software upgrade: Your firm’s checklist when switching to a new tax software

Sponsored by Canopy

Another tax season doesn't have to mean jumping between five different systems, chasing down missing documents, or wondering where a return stands in the process.

Canopy puts your client records, tasks, portal and documents in one place so your firm actually runs smoothly. Stop copying information between disconnected tools or relying on memory to keep work moving. Get a clear snapshot of what’s going on across your entire firm and make managing deadline season simple.

See how Canopy helps firms stay organized and on track during tax season.

Think you have a lead problem? Katie Thomas, CPA, argues that the real problem is your pipeline. Cold leads need a process to get warmed up, and simply buying Facebook ads or other lead generation tactics won’t help. Start by improving your frontend website experience for prospects, including details on what your firm does and the minimum fee.

Next, when someone books a call, send an automated introductory email that talks about the firm’s processes, case studies and any information they need to bring to the call. Most importantly, document each step in a CRM, so anyone at the firm has visibility into where the lead is in the process.

Why this matters: Every firm needs a system that converts leads into clients. Create a clear, repeatable pipeline that educates leads and creates regular touchpoints from the first form submission to the sales call and beyond. (Katie Thomas,CPA)

No matter how many tax workflows you have in place, a common friction point is the time it takes preparers to perform research for individual clients. And when the return reaches the reviewer, they often don’t see how conclusions were reached, slowing down the process even more. Including research in the workflow and creating consistent documentation expectations helps ease those bottlenecks and speeds up the process for both preparers and reviewers in your firm. 

Why this matters: Building research into your tax workflow doesn’t just save preparers time; it also gives reviewers a clear trail of how decisions were made, reducing back-and-forth and keeping returns moving. (Wolters Kluwer)

New York accounting students who plan to choose 150-credit-hour pathway over newly approved shorter alternative (The CPA Journal)

The accounting labor market is tight, but Steve Saah of Robert Half encourages an alternative way to find quality candidates. Instead of focusing solely on past experiences, look at applicants’ potential as well. Swap out some interview questions to ask about when they had to learn something quickly or what they do when they don’t know the answer. After making the hire, include formal training and stretch assignments to help them build that capacity through hands-on experience. 

Why this matters: Hiring for potential can expand your candidate pool beyond people who check every box. Look for adaptability and a willingness to learn, then use developmental opportunities to turn that potential into practical skills your firm needs. (CPA Practice Advisor)

Thanks for reading this week's edition! You can reach the newsletter team at [email protected]. We enjoy hearing from you.

Interested in advertising? Email us at [email protected]

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