survey: 54% of it is outsourced
17% is diy. yikes.
by randy johnston and brian tankersley
the accounting firm operations and technology survey
featured
will new taxes push you to cash out?
it might be time to implement plan b.
by domenick j. esposito
8 steps to great
the new administration faces global uncertainties. biden officials have set the stage for higher corporate and individual tax increases.
more from dom esposito: keep your firm from biting the dust | the six ingredients for firm value | four ways to add $100,000 in new business fees every year | eight steps to small firm survival | no partner candidates? whose fault is that? | prune your firm: ‘rightsize’ managers and partners | how partners fail | ineffective management is hazardous to your firm’s health | profitability requires discipline |
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at the same time, if your midsized cpa firm has not at least started to move away from a general “compliance shop” to either:
- a specialized niche firm that has established a brand in the marketplace that transcends size and locations, or
- a professional services firm that provides advisory/consulting, accounting, tax and assurance services to marquee clients in specialized industries,
its worth or valuation in the marketplace continues to diminish from the historical one times revenue payable upon individual partner retirements over 10 to 12 years.
one hour a year since 1972
“i love it when clients’ children call me.”
by ed mendlowitz
call me before you do anything: the art of accounting
one day i met with a client for one hour to get his tax information. this is a client i have had since 1972.
more: finding new business in sustainability | the six types of “impossible” clients | you’re not just taxes | granting unconventional request pays off | 20 best practices for staff training and retention
exclusively for pro members. log in here or 2022世界杯足球排名 today.
at this point his tax return is much less complicated and he could easily mail in his info, but then we would forgo the meeting. we met when his lawyer introduced me to help negotiate his divorce. i got it done and in a way that he and his soon to be ex-wife did not fight and remained friends (to this day!). because of this i will never lose this client. we are truly in a great profession!
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the path to partner
you need skills in general, in business development and in being a good boss.
by marc rosenberg
the rosenberg practice management library
the old-school way of developing staff into partners was very simple:
- staff are bountiful. those with the right stuff move up; we’ll move the others out and hire a new crop to replace them.
- it’s up to the staff to pull themselves up by their own bootstraps and make their mark. nobody showed us how to make partner. nobody held our hands.
more: making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner
- it’s up to the staff to tell us that they want to be partners. unless and until they show us this ambition, we won’t talk to them about becoming a partner.
- bringing in business can’t be taught. you’re either born with it or you’re not.
- and while we are on the subject of business development, we all know from experience that marketing must be done nights and weekends. clients are too busy during the day. and we need the days to get our billable hours in. so a partner must commit to working long hours, including nights and weekends, and be willing to sacrifice his or her personal life for the firm.
how small firms find new growth as family offices
size doesn’t matter. interpersonal skills do.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
the accounting industry is comprised of several colossuses, many midtier firms and thousands of small firms. in a bustling economy, most smaller firms can do quite well. when times get more difficult, as they are today, all accounting firms are under pressure. nevertheless, they can still do exceptionally well.
more: trendwatch: new revenues in financial stress testing | family feud isn’t just a game show | personal wealth creation can be coached | the power of stress testing | guiding clients through covid
one of the keys to success for small accounting firms is being able to provide integrated solutions. while continuing to deliver compliance services, small firms can benefit from developing and highlighting high-demand, value-added advisory capabilities. they can then use these advisory capabilities to differentiate themselves effectively. many larger firms continue to grow because of their advisory services, and smaller firms can duplicate this same approach.
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effective networking is an art
listen to learn … about the speaker and yourself.
by steven e. sacks
the new fundamentals: thriving in disruption
there is no one right way to effectively network. you can join boards, attend conferences and sign onto various electronic forums, among other ways. no matter how you decide to get yourself “out there,” the critical factor is the approach you take. “how may i help you?” is the positive, proactive way to establish a relationship.
more: avoid last-minute deal making | five common negotiating mistakes | reaching for authenticity in client service | deadlines? ha! don’t make me laugh | organizational change starts and ends with people | busyness isn’t the same as productivity
you as the networker are seeking to build a relationship. if the other person or group benefits from your effort, think of it as an investment for the future. if you are looking for an immediate quid pro quo, it will become transparent to the other party. when you offer assistance, be authentic and sincere in your words and actions. follow through on your promises.
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what to do with a lousy client?
examine how you’re managing the relationship.
by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor
question: i have a client that is a not-for-profit and they are having a dinner and expect me to attend as well as take an ad.
more: stop drowning in client documents | employee demands a raise she doesn’t deserve | how are you spending the next five years? | how to get the most from cpe | does your staff know all the services you provide? | price your practice by gross | advising estate executors: the newbie guide to getting started | how’s your overhead?
however, they are a lousy client. they do not give us the requested information until the last minute and then complain we are always late with our report. they pay us months after the bill is sent and then only after quite a few phone calls, and then they complain about the fee being too high when it is half of our time charges – they are on a fixed fee and don’t let us raise it each year. and now they expect a “contribution.” what should i do?
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pros tackle 49% of e-filed returns
refunds are down 19% in number and total amount.
by beth bellor
as in recent years, accountants are losing ground to diyers when it comes to individual income tax returns. the question is, do they care? or is this ground they’re all too ready to yield for more profitable pastures?
more: survey: tax season swings into the red | another tax season from hell? | pros process 44% of tax e-filings | tax professionals report tough slogging | busy season 2021 gets off to weak start
the irs had received 85 million returns as of march 26, down 6.2 percent in a season that started 18 days later than in 2020. it had processed 76 million, down 12.7 percent.
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how to price client accounting services
pushing the profit per person.
by hitendra patil
the definitive success guide to client accounting services
pricing your services correctly to ensure reasonable profitability is a major decision you will make in your client accounting services practice.
more: how cas communications are different | how to write your cas engagement letter | 12 signs it’s time to outsource | will 2021 be your cash-flow year? | identifying the right clients for cas | cas is, first, a communication challenge
our survey results revealed how cas firms price their cas offering:
- the topmost method of pricing cas offering was fixed/flat fee, used by 41 percent of the respondents.
- the next most common method of pricing cas was a mixed method of pricing (a mix of hourly, fixed and value pricing), charged by 36 percent of respondents.
- hourly billing method was used by 33 percent of respondents.
- about 28 percent of respondents used value pricing as the method for cas pricing.
how to be assertive while harmonizing
don’t be someone else’s rug.
by bill reeb
in the ’70s, there was a big movement in business culture to learn to be more assertive, aptly called “assertiveness training.” michaelle was quick to enroll because this was an important skill set to call upon, especially with many women moving into jobs that had historically been held by men (michaelle was a systems engineer with ibm during this period). the concept was simple: “you need to speak your mind, ask for what you want, demand what is fair and don’t let yourself be a rug for everyone to step on.”
more: do you give yourself too much credit? | how to focus your priorities | increase your odds of success | heading off course? time to correct | don’t let time pass without … | is your sense of duty misplaced?
in our early years working at ibm together, when one of the secretaries needed to step away or take a break, she would often come over to michaelle and ask her to cover with typing, answering the phone and so on. in addition to the fact that she held the professional job of being a systems specialist, michaelle also had earned her undergraduate degree in psychology and an mba with a concentration in accounting. i just had a bachelor’s degree in business – far less educated – yet no one ever asked me to fill in.
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survey: 57% handle social media internally
but 27% opt out completely.
by randy johnston and brian tankersley
the accounting firm operations and technology survey
the managing partner’s role in mergers
17 key factors and 18 common turnoffs. bonus: an 8-point history of cpa firm mergers.
by marc rosenberg
the role of the managing partner
we have discussed how the managing partner impacts organic growth activities. but a major growth strategy was not addressed: mergers and acquisitions, or more precisely, how managing partners impact m&a at their firms.
more: 10 ways to hold partners accountable | five ways to evaluate partners | manage partners with goal setting | overarching authority that managing partners must have
when managing partners are asked what their revenue growth is, they invariably respond something like this: “we grew 12 percent last year, 8 percent organically and 4 percent through mergers.” it’s almost like the 4 percent from mergers didn’t count. but this is changing.
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how accountants are profiting in disruption
seek input on your road map.
by gary bolinger
we live and work in a world that is in perpetual motion. customer and client needs will be different tomorrow than they are today. market expectations will evolve.
more: ask the right question(s) | seven elements of engagement for cpas | true advisory work isn’t just consulting
all of the change we experience results in transformation. transformation creates disruption. cpas are not immune from any of this.
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