Shape Your Practice with Latest NextGen Insights

Hello July!?

It's been a month. And we all know that "a month" can be a long enough period in Accounting World.?

We're about to embark on a journey exploring the latest buzz in the industry. From revealing new strategies (aka CAS) to accountants' key role in shifting company value. Furthermore, you'll read more about what accountants ask and a special prompt our team created for you.?

So grab your coffee, take a comfy seat, and let's dive into this easy-to-digest, informative, and fun-filled July edition of our newsletter.

1. Industry News

CAS offers a bold, value-packed strategy. You might have heard whispers about client advisory services (CAS) being the industry's new superhero. Sounds a bit over the top? Don't roll your eyes just yet.

The reality is that spotlight's on CAS right now. You might be thinking, "That same old dance again?" But hold on; imagine yourself at the helm of your firm, charting a course for growth and unparalleled excellence.

The time to set sail with CAS isn't in a far-off future; it's now. It's time to grab the helm, embrace the winds of change, and steer your firm toward the uncharted waters of CAS.

Read more about it:?https://www.accountingtoday.com/list/7-reasons-cas-is-right-for-you?

The key role. As the pieces of the company value puzzle shift and slide, the finance department has to shape-shift its role. Everything's undergoing a makeover, from reporting styles to asset management - tangible and intangible.?

In this podcast, the guest Ash Noah, takes a deeper dive, unraveling the impact of these new standards on businesses and the accounting field.

The podcast is available here:?https://www.journalofaccountancy.com/podcast/cpa-news-the-key-role-accountants-will-play-shifting-definition-value.html?

2. Practice Management

In the labyrinth of accounting challenges (oh boy, there's a bunch), you'll find a shiny strategy guide for every twist and turn — and we've brought you the inside scoop from the epic gathering of minds, the "Super Bowl" of accounting if you will, the American Institute of CPAs' Engage '23 conference.

The event featured a host of practitioners, consultants, regulators, and other experts sharing ideas, insights, strategies, tactics, and best practices. These 10 could be a useful guide for you.?

Find out more by following the link:?https://www.accountingtoday.com/list/10-big-ideas-for-accountants?

3. Accountants Ask

How do you ensure data security and confidentiality?

Accounting involves handling sensitive financial information, so it's important to ensure the outsourcing accountant has robust security measures to protect your data.?

Inquire about their data encryption methods, access controls, and any relevant certifications or compliance standards they adhere to.

Here are some essential things that you might want to pay attention to:?https://www.youtube.com/watch?v=82qvbIaSGjU?

4. AI in Accounting

With this prompt, we wanted to inspire you to go beyond traditional accounting and embrace the opportunity to become trusted advisors. We want to challenge you to develop a framework for providing advisory services by identifying areas where your expertise can add value to client's businesses.?

Feel free to customize this prompt to your needs.?

Prompt: I am [your role in your company] of [accounting/bookkeeping] practice. My goal is to transition from traditional accounting to a trusted advisor.?

Develop a framework for providing advisory services to clients. Identify key areas where my expertise can add value, such as [write your strengths, for example, financial planning, risk management, or process improvement ].?

Explore ways to communicate insights effectively and establish me as a trusted partner in my clients' success.

Use this prompt to elevate your role and improve your relationship with clients. Initially, this prompt could motivate you to enhance your advisory skills and embrace your potential as a strategic partner.

Best,

NextGen Team

P.S. June's wrap-up:?Our founders visited BKX Conference. The attendance brought valuable insights for our company and the team members. We are excited about the next steps.?