The Intersection of Investments and Insurance
Retirement planning often feels like sailing between two essential points—growth and security. While investments offer the promise of compounded growth over time, insurance provides the peace of mind that comes with asset protection. But where is the line between overexposure and overprotection? Every dollar that isn’t invested is a dollar missing out on compound growth, […]
When (And When Not) to Consolidate Retirement Accounts
According to the U.S. Census Bureau, about 35% of working-age individuals have a 401(K), 403(B) or 503(B) retirement account. These are significant numbers, showing many Americans are taking proactive steps to achieve a successful retirement. However, Americans also change jobs about every five years. What this means is that many Americans often face the decision […]
Why Should CPAs Hire a Financial Advisor?
CPAs are no strangers to the complexities of taxes, accounting, and compliance. You may even thrive in spreadsheets, easily tackle tax codes, and be the go-to numbers expert in any room. But when it comes to broad-based financial planning—think retirement, estate planning, and investment strategies—do you find the waters a bit murkier? Why CPAs Need […]
Will You Outlive Your Money?
Retirement is no longer a brief chapter at the end of life’s journey as it was in the first half of the 20th century. Instead, it has become an extended phase lasting longer and longer, requiring extensive planning and consideration. In fact, according to a recent study by Northwestern Mutual, Americans believe they will require […]
Roth Conversions: A Strategic Move for CPAs
The introduction of the Roth account revolutionized the retirement planning landscape. In response to challenges faced by Americans in saving adequately for retirement, the Roth account emerged as a solution, offering the promise of tax-free earnings and withdrawals. It also introduced the flexibility for savers to Roth conversions by converting all or part of their […]
Secure 2.0 and Your Retirement: Navigating Changes in RMDs
Many aspects affect your retirement income strategy, such as staying in the lowest tax bracket possible, reallocating your funds into assets with more or less risk, and determining the best age to begin taking Social Security payments. Throwing a wrench into your careful planning are Required Minimum Distributions, otherwise known as RMDs. An RMD is […]
The Characteristics of a Modern Accounting Firm
The traditional CPA firm was a maze of office cubicles, cluttered desks laden with paperwork, incessant printers, and staff consumed by tedious manual tasks. Late nights and excess coffee were norms, especially during tax season. Contrast this with today’s modern CPA firm, where a tech-savvy accountant can work from a coffee shop halfway across the […]
Why CPA Firms Should Transition to Cloud-Based Software
As we navigate the digital age, the rapid evolution of technology continues to influence various sectors, and the accounting industry is no exception. In the current landscape, there has been a remarkable rise in the adoption of cloud-based software in the field of accounting and bookkeeping. The impact of cloud-based software in the realm of […]
Cutting-Edge KPI Metrics for Your Accounting Firm
As an accounting professional, you understand the significance of numbers. But in an era where chatGPT, machine learning, automation, and Big Data are transforming the industry, are you considering the new metrics that could forecast performance? Why track KPIs? How do you know where to go if you don’t know where you’ve been? And the […]
5 Tips to Effectively Communicate as a CPA
For accounting professionals, practicing effective communication with clients can often fall into the background. CPAs are all about numbers, and their jargon quickly falls on deaf ears, potentially leading to customer confusion and dissatisfaction. But improving your communication and, perhaps more importantly, maintaining a healthy level of regular and adequate contact with customers is among […]
