three rock-solid principles.
by rick telberg
it shouldn’t take an economic downturn and cutthroat competition for accounting firms to rekindle their interest in optimizing client service, satisfaction and retention.
“it should be at the top of the agenda all the time,” sandra wiley, coo at boomer consulting was telling me.
but with the economy of the new normal, client service has become a hot topic.
social media’s not for you. or is it?
by janet kyle altman
“why is your cpa firm on facebook?” i get asked all the time. “why would a cpa firm be twittering, or blogging, or posting videos on youtube?” this question is the 2010 version of the one i was asked ten years ago – why does a cpa firm need a marketing department?
making partner in an accounting firm is not what it used to be.
by rick telberg
traditionally, becoming a partner in a cpa firm meant the end of a long, hard slog of grunt work and extended hours. but in today’s competitive environment, making partner is only the beginning of a new chapter of risks and challenges. and the work isn’t getting any easier.
today’s top cpa firm leaders are looking for new ways of building successful, enduring organizations. according to accounting firm management consultant august aquila, the culture of collegiality that gave way to a culture of entitlement is giving way to a new culture of performance and accountability.
“the lack of accountability can have a real impact on a firm’s profits,” aquila says. and with today’s shortage of high-level talent, new pressures to produce value for clients, and a white-knuckled squeeze on profits, holding leaders accountable has rarely been more critical to survival and success.
“but accountability is hard to implement,” aquila says, leading firms to make some common mistakes, like turning it into a checklist, or simply logging more information about evermore-minute activities.
how does your workplace compare?
nearly two-thirds of working americans seriously doubt they’ll ever be able to retire.
and while they are satisfied with their work, many fear taking time off from their jobs and feel disconnected from their companies, according to a new study.
the survey provides a basis of comparison for accounting firm workplace attitudes, as well as clues into the massive opportunity for cpa financial planning services.
market researchers at strategyone, a unit of edelman, the global pr outfit, say: read more →
what accountants are reading, week ended sept. 15, 2010.
in case you missed it, here’s what your colleagues and competitors are clicking and sharing this week:
will low-balling cause long-term damage?
in an interview with cch’s cpa practice management forum, consultant allan koltin talks about price wars, partner layoffs, paltry raises, cpe cutbacks and shifting auditors to tax work.
highlights:
how to get a job: 73% use linkedin.
nearly three-quarters, or 72%, of finance and accounting professionals have a social media account and use it primarily to connect with friends and family via facebook, according to the a new mergis group survey. despite this, when it comes to using social media in the job search, linkedin was the definitive favorite.
key findings: read more →
how to embrace a new advisory role and really deliver value.
in the new book, “bull’s-eye! the ultimate how-to marketing and sales guide for cpas,” business development veteran russ molinar discusses a concept he calls “cross-serving.” according to tracy crevar warren, writing in the latest aicpa cpa insider, cross-serving offers an alternative to cross-selling, while highlighting the importance that the trusted advisory role plays in serving clients.
she cites the bay street group research showing 63% of clients indicate that proactive advice and consultation is an important criterion in selecting a cpa firm. however, 44% noted problem-solving ability as a top factor.
for more on the research findings and how to put them to use in your accounting firm, visit “the seven keys to successful cpa firm management” and click on client service+satisfaction.
and then she lays out five steps to shift from cross-selling to cross-serving: read more →
it takes time, technique and training.
by rick telberg
today, when business is tight and competitive, accounting firms are scrambling for new revenues. but they’re discovering it takes time and effort to fill a sales pipeline. it takes training, coordinating teams, coordinating market initiatives.
and then you drill down further and you need to know what your markets are. and that opens a whole new panoply of questions for a firm, questions about understanding the client’s real needs, questions about how a prospect wants to be approached, questions about what kinds of clients you really want. at the same time, fees are under huge pressure.
what’s the answer? it starts, says cpa firm growth consultant gale crosley [click here to buy her book.], with understanding that “the key competency to winning business is knowing how to discover and build value at the client level.”
the greatest value is not in the technical. the value is in understanding and addressing “the situation around the offering.” the client doesn’t want to hear you boast about doing a better audit. to the client, an audit is an audit. with that approach, she says, you “never get to the deep, hidden and personal needs the client had.”
expect a new hiring crisis.
one in five junior staffers plan to leave their accounting firm by the end of the year, according to a startling new survey.
and, of those, about 75% plan to quit public accounting completely, significantly worse than last year’s 65% loss rate.
the data comes from the latest issue of ioma’s partner’s report (subscribe here) which reports the results of a survey of more than 2,000 employees of cpa firms, conducted as part of consulting magazine’s 2010 best firms to work for survey.
in addition, the average anticipated tenure for a junior employee is slipping — to just 3.9 years, a decline from the year-ago 4.1.
and four reasons why you should too.
perhaps more surprisingly, according to a copanion survey of 850 accountants, only 10% had no plans to scan tax documents at all, with the remaining 20% are still just considering it.
pcaob fielding a rising number of accounting- fraud tips.
audit firms that engage in shady accounting practices or financial fraud face a growing risk of being turned in – by their own staff accountants and by the internal auditors of their public company clients, ken rankin reports in accounting today.
last year the board fielded 179 tips and complaints alleging wrongdoing by audit firms, their employees and others – a record number, according to pcaob enforcement and investigations division director claudius modesti.