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It’s two days until the last major tax deadline of the year, so take time for a breather and scroll through the latest industry news and professional growth stories. We’re covering the questions you need to ask yourself before jumping on the next AI workflow trend, the best way to use your CRM and the No. 1 metric for measuring tech stack impact.
And when your last return is filed, check out these October social media post ideas for easy ways to connect with your clients and prospects.
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Bookkeepers Binge
Not automatic: Five questions to consider before automating your next workflow
Conversation starter: Everything your clients are asking AI about their money
Early-bird discount: Plan your 2027 calendar with this list of finance conferences
Profile update: The client touchpoints you should actually be tracking in your CRM
Family matters: How one CPA shifted a second-generation firm from burnout to sustainable growth
Upward Trajectory
When free doesn’t mean better
The AI “rework tax” is a price your firm may pay if you use free tools for tax research. The term refers to how much rework costs when AI delivers incorrect or unvalidated information. Not only could you add more hourly time to your workflows when staff have to manually verify the information, but you could also be increasing your liability risk.
The invisible cost is harder to measure: delayed client deliverables, more tedious review cycles, and junior staff losing confidence and development opportunities because their work keeps getting sent back.”
Why this matters: It’s important to monitor how your team members use AI in order to create a trail of verification; otherwise, you could waste thousands of dollars each month in rework time in addition to reputational risk if a mistake goes unnoticed. (Thomson Reuters)
Industry Shares
The best metric for your tech stack
If you find it tough to track the ROI on your technology, consider focusing on margin. When you bring in new software to reduce time spent on a project, tracking project margin can help you see whether or not it’s doing its job. Review recent tax projects to identify those with the lowest margin. From there, strategically look at what made the work less profitable so you can fix the issue before next year.
Why this matters: New technology doesn’t automatically translate to higher profits. Tracking margin on individual projects helps you identify where software investments are paying off and what changes you need to make before next tax season. (Inside Public Accounting)
The News
The Bottom Line
Addressing professional development in a PE-backed world
A recent Portland State University study outlines some of the industry problems emerging from the increase in private equity as well as solutions to consider. PE backing is likely to lead to layoffs and a drop in the traditional partner structure. But accounting professor Elizabeth Dreike Almer argues that educators can prepare young accountants for the future by offering experiential learning opportunities and conversations around conflict of interest. The good news? You can implement those ideas in your firm, too.
Why this matters: As private equity continues to impact the accounting world, firm owners need to think about how the next generation of employees will be affected as well. Help prepare the younger generation by providing hands-on learning opportunities and encouraging conversations about ethical challenges. (Phys.org)
Poll
How do you know if your tech is paying off?
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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.
