Referrals aren’t a strategy

Think your Gucci loafers are tax deductible? How about your sports car or your mansion? You know better, but do your clients? This week, we're roasting "tax hacks" influencers.

Plus, we've got marketing advice that actually works, tips for doing less to save your firm and a crazy story about a CFO who missed out on a big bonus for being too good at his job.

It's a packed issue, so grab your coffee and let's get into it.

The $2K April Fools' joke. Yuri Kapilovich, "The Fun CPA," trolled his LinkedIn followers with a video impersonating TikTok tax scammers.

Gen Z is ghosting you. A Top 10 firm is miffed its young staff won't pick up the phone, and the comments are chef's kiss.

Never, ever getting back together. Ex-public accountant @accountant_emelia roasts timesheets, SALY culture, and cryptic review notes on TikTok, and yes, it's all painfully relatable.

Fake receipts? Yeah, that's new. ChatGPT's new image tool is so good, it's raising eyebrows because of how easily it can fake receipts.

Marketing advice accountants can count on

When it comes to marketing, accountants and bookkeepers don't always feel at home. Enter Brea Woodson, owner of GRT Marketing, educator and self-described research nerd with a masters degree in marketing research from Southern Illinois University Edwardsville. Woodson specializes in teaching small business owners how to take charge of their marketing, and she knows exactly where accounting pros go wrong (hint: it starts with being too broad).

The Net Gains sat down with Woodson to get her practical, data-backed advice on finding ideal clients, choosing the right tactics and measuring what matters. –Janet Berry-Johnson

What is a typical mistake accountants and bookkeepers make in their marketing efforts?

Accountants and bookkeepers tend to make their messaging too generic or broad. Because it’s a competitive industry, standing out can be challenging. The key is to speak directly to your clients' pain points, values and the unique solutions you provide. When your messaging resonates with them on a deeper level, they feel understood—and that makes your marketing much more impactful.

Traditionally, accountants relied on word-of-mouth and referrals to get new clients. Is this not enough anymore?

It depends on your churn rate and goals. If you have strong client retention, loyal advocates and are satisfied with your client load, word-of-mouth may be enough! But if you're not seeing the number of new clients you need despite a great client experience program, referrals alone may not cut it. The good news? There are plenty of effective (and organic) ways to attract clients, like strategic networking and solid email marketing.

How can accountants identify their ideal clients, and why is this important?

This step is crucial. It’s not enough to ask ChatGPT what people’s accounting and bookkeeping pain points are because that’s what everyone’s doing! Instead, think about five clients you’ve genuinely enjoyed working with—the ones you’d love to fill your entire book of business with. Reach out to them, have real conversations and look for common themes in their needs, challenges and goals.

Accountants like data. How can they measure the effectiveness of their marketing efforts?

I get it; I like data, too! So I focus on data-driven decisions. How you measure marketing effectiveness depends on your tactics, but two key indicators rarely change: revenue and leads. Is your marketing bringing in consistent leads? Is your revenue steady or growing? If the answer is yes to both, your lead generation strategies work, your offer is solid and your messaging resonates.

This interview has been edited for brevity and clarity.

Solve your firm's capacity puzzle faster

Does it feel like you're constantly juggling too much and still falling behind? You're not alone. 

Jim Boomer, CEO of Boomer Consulting, has thoughts on the real issue behind the accounting firm capacity crunch, and it's not just staffing. He explores why tech alone isn't the silver bullet, why doing less might be what helps you grow and how to rethink capacity as both a mindset and a strategy. It's a smart, practical read for anyone tired of patching the same pain points every busy season.

Why this matters: You can't scale chaos. Fixing capacity issues at the root helps you serve clients better, retain your team and build a more sustainable practice. (CPA Practice Advisor)

Designer deductions? Not so fast.

Can your clients really write off that Gucci bucket hat if they slap their logo on it? According to Jasmine DiLucci, JD, CPA, EA, owner of DiLucci CPA Firm, absolutely not. In this sharp and timely YouTube clip from her appearance on the Earmark podcast, DiLucci joins host Blake Oliver to bust one of the internet's flashiest tax myths: the business clothing deductions.

She explains why viral "tax hacks" often miss the mark and how complex tax rules get lost in the race for likes, views and shares.

Why this matters: Your clients see this stuff, and some believe it. Sharing smart, accurate content helps you build credibility and keep clients out of hot water with the IRS. (Earmark)

 17% 

The percentage of millennials who are thinking of not filing taxes this year because the IRS won't have the headcount to audit them. (The Accounting Podcast)

• One late filing could shake up "reasonable cause" defenses
• Macy's wants its executive bonuses back
• Could a STEM designation save accounting's talent shortage?
• Ex-CFO sues after helping his employer grow too fast
• Super Micro Computer submits its financials, dodging Nasdaq delisting

Bye-bye, paper checks

Starting September 30, the federal government will stop issuing paper checks for payments like tax refunds, benefits and vendor disbursements.

Thanks to a new executive order signed by President Trump, Treasury payments are going fully digital. The government will also stop accepting checks for payments (like taxes, loans and fines) "as soon as practicable."

Why this matters: If your clients are still clinging to their checkbooks, it's time for an intervention. This shift is a nudge (okay, a shove) toward faster, more secure and trackable payments. (PYMTS)

The Net Gains is your one-stop shop for fresh, FREE accounting insights. You can reach the newsletter team at thenetgains@mynewsletter.co. We enjoy hearing from you.

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The Net Gains is curated and written by Janet Berry-Johnson and edited by Bianca Prieto.