featured

when the last accountant was truly incompetent

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not just bad, but malpractice-level wrong.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i was asked to consult with a client selling his business and provided a fixed-fee estimate for the project. the fee was layered based upon how the project progresses.

more: don’t like checklists? find a new job. | five ways to get staff to own their work | writing a reference? here’s how | 44 key attributes for assessing staffers | make cpe worth your while | what to do with a lousy client? | but i am managing! | how to run a practice in 90 pages | how improv can help accountants | four tips for new partners | an alternative to pro bono
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i am usually pretty good at estimating what these things cost, also considering that the accountant might not have done too good of a job and some minor fixing up is needed.  however, in this situation the reports the accountant prepared were totally wrong and needed massive changes. how should i handle this?
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four qualities of the wealthy

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and what they need.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

by design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.

more: 16 questions to set your practice goals | 6 steps to maximize referrals | a high-net-worth practice in four steps | how to attract the super-rich
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we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.
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how covid changes succession planning

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overhead view of people solving a large jigsaw puzzlelarger firms want to drive scale; smaller firms want more distribution and leverage.

by ira rosenbloom

even as the pandemic rips through the world with horrific tragedy, it is also spawning some new ideas, some critical imperatives, and some unforeseen opportunities, especially in the area of cpa firm succession.

more: top 10 steps to maximizing profitability
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we are witnessing a heightened interest in firms committing sincerely to mergers and other practice combinations, and there is now a shifting business culture that aligns better with internal practice succession than we have seen in a long while.

these shifts in succession potential are largely a function of technology, quality of life, client needs (and demands), and resources.

let’s break it down:

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is your mission statement really a wish list?

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coffee cup by napkin with words including "action plans."3 questions it should answer.

by steven e. sacks
the new fundamentals

do you think your staff knows what your company’s or firm’s mission statement is?

wait. let me back up. does your staff even know that such a mission statement exists?

more: are you productive or just busy? | the five big rules for powerpoint presentations | how aging boomers impact the accounting profession | accounting is a profession, not an industry
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my guess is no and no. does your organization explain to everyone what actually defines success and the framework for achieving it?
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financial statements are like masks

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here’s how to show clients your true value.

by hitendra patil
client accounting services: the definitive success guide

so, the cdc has indicated that a mask also protects the person who wears it. previously, it was advised that masks stop people from spreading the coronavirus to others.

more: turn client wants into needs | what clients need now, more than ever | how to launch cas in eight steps | survey: why some firms fall behind in cas | how to lead clients into client accounting services | cas begins with a mindset
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but this post is not about coronavirus and masks. when it comes to accounting and the advisory insights hidden in the financial statements and numbers, covering those with a mask is not good for either the clients or the accountants.
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five global cpa leaders: four survival strategies

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sometimes it takes a catastrophe to spur fundamental change, and that’s what we’re seeing today.

//www.g005e.com/2020/08/05/5-firm-leaders-on-how-covid-19-is-changing-their-thinking/
new imperatives, from the u.s. to spain, australia, and back: mcconnell, fay, tomasi, and majchrzak.

by bill penczak

the combination of the summer doldrums and the covid shutdown has provided some firm leaders pause to get in touch with their right-brainedness.

more marketing in the covid era: 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | don’t buy a rolodex, buy a process | the three r’s for beating the corona crisis | 6 reasons why your marketing sucks |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

these are difficult times for the economy and the industry, and while some firms hope to return to the good old days, covid and other societal changes may cause a long-overdue sea change in the accounting industry, which has been doing the same thing the same way for more than 100 years.

sometimes it takes a catastrophe to spur fundamental change, and that’s what we’re seeing today.

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what new partners should know about buyouts

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man's hands on pile of moneybonus: 28 main provisions.

by marc rosenberg
the rosenberg practice management library

this article summarizes key points that new partners should know about cpa firm partner buyout plans. if you want greater detail, you’re in luck. we devoted an entire book to the subject, cpa firm partner retirement/buyout plans.

more: comp: what new partners don’t know | making partner: 15 steps to the buy-in | drive your profits with only four metrics | how to create a path to partner
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one of the benefits that new partners receive in exchange for their buy-in is that they will receive a buyout when they retire. this amount can be in excess of a million dollars at many firms. receiving a retirement buyout is one of the major reasons becoming a partner is so lucrative.
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don’t like checklists? find a new job.

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green checks being made on checklistyup, we have a checklist for that.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: one of my managers does not use the checklists and i need to go over all his work and sometimes go to the client to make sure they are done right.

more: five ways to get staff to own their work | profit sharing for a staffer? | titles can make people happier | reasons to drop your book of business | are you marketing for 2022 yet?
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what can i do to get him to fill out the checklists?
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it’s ok when some employees quit

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illustration of different types of people connectedeveryone isn’t the right fit.

by jody grunden
building the virtual cfo firm in the cloud

there’s a common misnomer when it comes to retention and keeping people on the team. retention doesn’t mean keeping every single person on your team forever.

more: staffing: 10 key interview questions | why remote workers need retreats | better understanding = better communication | make tech your ally in protecting clients
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not only do you want to get the right people on the bus, but you also want to get those people into the right seats. we want summit cpa to be a great place to work, and we want great people to be working here. however, we realize it may not be the right place for every person.
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the 14 trends crushing today’s accountants

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business hand holding hot chart in crystal ballplus: nine fatal flaws in the accounting firm business model.

by marc rosenberg
the role of the managing partner

one purpose of strategic planning is to address trends taking place in the profession to ensure that the firm isn’t caught flat-footed when major changes or opportunities present themselves.

more: 13 traits of the best managing partners | top issues for millennial managing partners | the managing partner’s secret weapon | how a good managing partner impacts profitability | how a great managing partner impacts firm growth | compensation is no way to manage partners
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believe it or not, most of these trends have not changed much over the past decade or so. and the global pandemic only served to disrupt the status quo and accelerate long-standing trends.
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