Instructional CPA vids with Chintan's commentary @cpa-from-engineer-eyes - Tumblr Blog

Off balance sheet wizardry

How Multifamily Offices Strive To Set The Bar For Ultra-Rich Clientele

https://www.forbes.com/sites/cerity-partners/2026/02/13/how-multifamily-offices-strive-to-set-the-bar-for-ultra-rich-clientele/

top-down instead of ...

Purpose instead of mere revenue generation, biz

Concierge instead of only one or few svcs

Family instead of Finance

Family (intimate knowledge of everything from communication preferences to the children’s educational goals) instead of Finance Not the F a person lives for. Not the F you will remember in last decade, last year, last month, last ten mins of your life. Not Finance, but Family

A conversational AI system that listens, learns, and challenges

Change order

Scope

Weather and Environmental Factors

A conversational AI system that listens, learns, and challenges

Time= 760

long, uncertain timelines required accountants to estimate progress and profit continuously

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#Instagram

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Here are 10 humorous sentences about accounting that you can use for your word cloud presentation:

1. Why did the accountant break up with the calculator? Because she felt he was just adding to her problems!

2. Accountants never die—they just lose their balance!

3. What’s an accountant’s favorite exercise? Running the numbers!

4. How do accountants stay calm during tax season? They just take a deep ledger!

5. Why was the accountant always calm? Because he could always count on his friends!

6. What do accountants do at a party? They balance the fun!

7. Why did the accountant bring a ladder to work? To reach new heights in deductions!

8. What’s an accountant’s favorite type of music? A-counting tunes!

9. How do you make an accountant smile? Just show them a good balance sheet!

10. Why did the accountant get kicked off the plane? He kept trying to balance the luggage!

https://www.barrons.com/articles/states-dont-tax-treasuries-directly-but-file-with-care-in-these-3-5ff07568

nontaxable and taxable incomes get lumped together on the Form 1099-DIVIncome earned on Treasuries and some agency bonds is exempt from state taxes.

But when these securities are part of a fund portfolio with other investments whose income is taxable, such as corporate bonds, the nontaxable and taxable incomes get lumped together on the Form 1099-DIV you receive from your fund custodian.

When rates were 0% it didn’t matter but now that we’re looking at interest of 4% or 5%, we’re talking about potentially big dollar amounts,” Jacobs says.

“The state tax is a meaningful amount for a lot of people especially in high tax states.”

https://poe.com/s/icV4N3yQFaSe3xnlpHE3

Assistant: General Catalyst’s investment in accounting practices may seem counterintuitive given discussion around the "decline" of the acco

FESRA

FESRRApr

CPA= spectrum of human nature = think of 10 cpa -> follow their career trajectory for 10 years. One will stay with big 4, one will start his practice but do individual simple taxes, one will do small business taxes, ... MAIN POINT what will CEREBRAL CPA do?

.....

Fragmented

Economy of Scale ->

Roll Up

RECURRING. So Roll up. 1X multiple. So can CPC cherry pick clients. Lawyers only, Dr's only = concentrated

Advisory = Planning -> tax planning, estate planning, succession planning, 606 revenue recognition

3 A s in Accounting.

1 hand up= Advisory

Other hand down= Audit

Remember functional 2As in Accounting

1A Audit

Second A Advisory

Audit means *ARcc* Audit, Review, compilation (COMPLIANCE) is O in FOTMAS

*Whereas*

OTHER A is advisory services

OTHER A is S on FOTMAS

more advisory services and less compliance services.

Industry survey shows more profitable accounting firms are bigger, charge more, do less audit work- Thomson Reuters Institute

A new survey of the accounting industry shows that revenue has fallen, but those firms that thrive are bigger and more selective about the w

Remember 2As in A ccounting

First A Audit

Second A Advisory

Audit means *ARcc* Audit, Review, compilation (COMPLIANCE) is O in FOTMAS

*Whereas*

OTHER A is advisory services

OTHER A is S on FOTMAS

more advisory services and less compliance services.

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Common stock

Preferred stock

Debt

General-purpose assistant. Write, code, ask for real-time information, create images, and more.

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Document Collection and Management

1. Drake Documents: Document storage and file organization integrated with Drake Tax software.

2. GoFileRoom: A Thomson Reuters tool for document management, designed for tax firms.

3. SmartVault: Secure document storage with client portals for easy sharing.

4. CCH Axcess Document: A cloud-based document management tool by Wolters Kluwer.

5. Lacerte Document Management System: From Intuit, it centralizes document storage.

Automated Data Extraction and Workflow

6. SurePrep: Automates document organization, data extraction, and tax preparation.

7. Canopy: Simplifies document management, client portals, and task tracking.

8. TaxDome: Combines document collection, management, and workflow automation.

Tax Preparation and Filing

9. UltraTax CS: By Thomson Reuters, integrates document management and tax prep.

10. ProConnect Tax Online: A cloud-based tax preparation tool by Intuit, integrating with QuickBooks.

cpa-from-engineer-eyes

One of the best Qns

Hint: both types of time value- annuity (2.8) from forward to present, PV multiple (0.6) from present to forward

cpa-from-engineer-eyes

Reconciliation

Bank versus Software

cpa-from-engineer-eyes

Why No One’s Going Into Accounting - WSJ

https://www.wsj.com/lifestyle/careers/accounting-salary-cpa-shortage-dec2caa2

Though the profession of accounting may have fewer takers now, thinking from first principles the word accounting drives from the verb, to account for. Assuming the person in accounting has unquestionable accountability, which equates to trustworthiness (= fiduciary responsibility), simply combining cerebral application of first principles of accounting with wealth growth such as selling puts on clients money achieving higher rate of return or with estate planning serving as a custodian for generational wealth transfer will ALWAYS stay in demand.

cpa-from-engineer-eyes

Accountant -> Account -> to account for

Though the profession of accounting may have fewer takers now, accounting when taken to extreme, translated as human trait of Accountability -> trustworthy -> fiduciary responsibility combined with cerebral application will always stay in demand.

Combine accounting with other skills as selling puts= higher rate of return for clients or estate planning= Generational wealth transfer.

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Instructional CPA vids with Chintan's commentary