Would you trust clients to pick your next hire?

Would you trust your clients to pick your next hire? In today’s issue, we look at a fast-growing firm doing just that, plus the revenue metric that provides the most insight to firm owners and how to balance digital surveillance with a positive work culture.

But first, check out how one CPA helps musicians cash in on their streaming royalties, especially as Christmas songs begin to pay out in the spring. 

Copy and paste: AI drives new employees' skills gap between problem solvers and ChatGPT-dependent workers 

Metric check: Revenue per FTE is the latest marker of success for firm owners 

Simplify payroll. OnPay helps accounting firms streamline payroll and tax filings, freeing up time to focus on client work and higher-value advisory services. (Ad)

Spending swap: The need for efficiency drives growing IT budgets in accounting firms

Giving back: How to launch a nonprofit that’s compliant and mission-forward

Who’s watching: The pros and cons of digital surveillance in the workplace

No more excuses, it's time to make content

Creating online content can help put your firm on the map, but many CPAs are afraid to take the plunge. Tyler S. Clark of Dream Firms offers counterpoints for every common excuse accountants give to avoid making content. One of the biggest obstacles he hears is that CPAs don’t know what to talk about. His rebuttal is to brainstorm all of those client “quick questions” and onboarding FAQs to create a list of topics to cover.

Why this matters: Putting just a little effort into online content marketing drives organic leads and makes selling easier. (Tyler S. Clark, Dream Firms)

Trusting your clients to pick your next hire

Traditionally, in-house growth has been predictable based on in-house hiring models. Now, however, the accounting environment is much more fluid. Jordan Brown, founder and president of omnieAccounting, says that leaders must take different approaches to talent management. 

At omnieAccounting, one of the fastest-growing accounting firms in the country, clients get to choose their team members. The firm collaborates to define requirements and provide clients with a shortlist of candidates to interview and choose from.

Why this matters: For omnieAccounting, this business model has resulted in at least 60% cost reductions. Other firms can use this model to increase flexibility, client retention and profit margins. (Financial Content)

74%

Percentage of CFOs who cite long-term bank deposit safety as their largest concern. (CFO Dive)

• Departing EY partner blasts Big 4 company culture
• Entry-level roles expected to get gutted in five years
• New AICPA initiative aims to prepare next gen of CPAs
• Large firm layoffs lead weakening professional services job market

Rethinking the CPA designation for tax practitioners

The tax and accounting industry is facing tons of challenges, from losing its professional degree status with the Department of Education to many states increasing restrictions. Consequently, it may be time to reconsider the CPA designation as the end-all, be-all when hiring for tax prep. 

Christine Gervais, CPA, argues that other designations, like enrolled agent or certified tax coach, may be more relevant (and easier to obtain) for firms that focus on taxes. 

Why this matters: Credentials matter, but so does the value you deliver to clients. Exploring and promoting alternative paths to gain tax expertise could solve hiring challenges for tax practices. (Insightful Accountant)

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