Every tax season #TaxTwitter is packed with firm owners complaining about the same capacity struggles, year after year. 😩 Yet almost none take meaningful action afterward to increase staff capacity. 🚀
Some things never change. 🤷♂️
#cpa
@egghead0101 @dvassallo@harrychen And sure, software or AI can handle data entry. But if your accountant isn’t tying out your balance sheet and prepping close entries each period, you don’t have real financials—you’ve just got data mush.
@keithnewton@dvassallo@harrychen In other words, your Accountant (CPA) finds it unprofitable to be your Accountant. So referred the unprofitable piece they should be doing out.
@keithnewton@dvassallo@harrychen Unfortunately, it’s all too common: most SMBs lack accurate financials due to unfinished accounting. In 20 years of tax/accounting, I’ve reviewed tens of thousands—most were wrong. Without reliable numbers, planning is pointless.
@harrychen@keithnewton@dvassallo I find it ironic that many people still don’t realize CPAs do accounting—while bookkeeping is mostly software now. The real service of need and value is the CPA, who is the accountant which most smbs don't have an therefore don't have accurate financials.
@keithnewton@dvassallo@harrychen I think you are referring to a Intuit QB PR campaign from decades ago that tried to make accounting sound simple for anyone to do and they called it "Bookkeeping". Incomplete accounting has little to no value. Software and ai can do data input. Accounting is still accounting..
@dvassallo So sorry to hear about Bench shutting down! If you need a new accounting partner, we’d love to help—check us out at https://t.co/So1IfWXdLe (not a "startup").
@gabe_pankonin So sorry to hear about Bench shutting down! If you need a new accounting partner, we’d love to help—check us out at https://t.co/PWWtVrkOHZ (not a "startup").
SaaS will slowly die ⚰️ Agents + intelligent databases are the future 🧠📊 The race to digitize all unstructured data is on, making way for on-demand, adaptive, low-cost custom software built with no code! 🚀 Real-time, custom systems will be the norm.
Win for Business owners and a bummer for accounting "coaches".
Ai is better at automating "advisory" than it is at typical accounting functions—just like AI wasn't "supposed" to be good at creative things songs, art, and movies.
The "Gurus" didn’t see that coming #taxtwitter
@TaxStill Everyone knows the reasoning/intelligence is already on track to be agi but it's the visual/ocr aspect that shocked me today. I've been testing ocr for tax docs and tax returns for almost 20 years and this is the first time it actually works with accuracy.
✅START hiring enough staff
✅START building infrastructure around a repeatable service line that doesn't require them and their staff to work 100s of hours on messy disorganized clients
✅Build QC processes that allow their staff to learn and feel confident about the work
The Pipeline won't be fixed until CPA firm Partners:
🛑STOP Taking on any client with two legs and a heartbeat that treats them and their staff like crap
🛑STOP Overpromising clients because some acctg industry guru online told them they had to
https://t.co/wNvcH6tYOb