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five ways to evaluate partners

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woman conducting evaluationbonus: two forms you can use.

by marc rosenberg
the rosenberg practice management library

why do firms conduct performance evaluations of partners?

  • to clarify what is expected of the partner
  • to improve performance
  • to provide management with information to use in allocating partner income, which should be linked to performance

more: compensation is no way to manage partners | make sure partners focus on two things | entitled rainmakers and other practice development errors | breaking it down: marketing job descriptions | how and why to hire a marketing director | how to brand and differentiate your firm
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five types of partner evaluations

  1. self-evaluation
  2. upward evaluations of the partners by the staff
  3. client satisfaction and loyalty surveys
  4. peer evaluations
  5. traditional one-on-one appraisal sessions, same as for staff

larger firms use evaluations more than smaller firms. this is because larger firms tend to have more sophisticated management practices, including partner accountability, which is one of several techniques for managing partner behavior and conduct. smaller firms often avoid partner evaluations because they struggle with partner accountability. that’s not good, but that’s the life they lead.
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true advisory work isn’t just consulting

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the difference may seem slight. but the dollars are very real.

this is the first in a series of articles by gary bolinger, the former ceo of the indiana cpa society, explaining how accountants can move beyond consulting and into higher-level advisory relationships with clients

by gary bolinger

call it consulting, advisory, small business growth or entrepreneurial services – does it make a  difference? cpa firms are seeking to add value to clients in non-traditional ways. something other than compliance-related services. but firms seem to struggle with defining what “it” actually is.

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all too often consulting services are after the fact. practitioners discover a “problem” or some kind of shortcoming through a tax or financial reporting engagement. dutifully, the practitioner brings the issue to the attention of the client. the client dutifully asks what should and can be done. after some discussion, there are agreed-upon next steps. problem solved. sort of. that is consulting.
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you’re not just taxes

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make sure tax clients know about other services.

by ed mendlowitz
call me before you do anything: the art of accounting

during a tax return preparation interview, getting a client’s information is a tremendous opportunity to find out the concerns of the client and how you can help.

more: 20 good ways to boost tax season production | how to recoup staff training costs | 10 ways to stay in control | advice to new accountants | clients don’t lose sleep for overpaying taxes | when time-based pricing works
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the assistance you give can sometimes provide a life-changing benefit to the client while enabling your firm to increase its service base and gain additional revenues.
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7 checklists for scheduling, petty cash and more

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apply systems to the nuts-and-bolts chores.

by jassen bowman

every office function should have a system.

more: difficult phone calls are opportunities | 11 steps for handling client complaints | office safety and more: checklists for your tax resolution setup | how to build a tax resolution business | why lists are not leads | your sales funnel needs systems
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here are some miscellaneous but vital functions and how to handle each one.
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how to implement the laziness equation

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time is money : clock hands on $100 billscalculate and cut turnaround time.

by frank stitely
the relentless cpa

one of the funniest parts of launching clarity practice management has been watching my business partner, peter daniel, learn about the business acumen of cpas and accountants. peter and i founded clarity as a collaboration between a cpa firm client (peter) and a cpa firm (me.). he knew what he wanted from a client perspective, and i knew what we wanted as a cpa firm.

more: the happier, saner, richer tax firm | ‘quick questions’ and other client sins | when clients create errors | how we killed the tax season client meeting | why small firms can win the talent wars | there are no easy answers | how to thrive as a 21st-century firm
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peter owns a software development company and believes in the rational decision-making model for businesses. the rational decision-making model is totally irrelevant to the way most cpas and accountants run their practices. for instance, consider this interchange between peter and a practitioner at our clarity booth during a trade show.
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how are you spending the next five years?

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make time to learn new things.

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

question: i am just starting out in my own practice and started following your accounting today web blogs and your 卡塔尔世界杯常规比赛时间 blogs. i even bought some of your books.

more: how to run a practice in 90 pages | the wrong way to look for staff | strategic planning for the small firm | before you sell your practice | work the client needs … but won’t pay for
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you seem to know everything. how is that possible and how can i grow to become more knowledgeable like you?
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why daily t/e entry matters

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laughing businesswoman talking on the phone in office in front of four monitorshow about better cash collection?

by roman h. kepczyk

studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release and post time and expenses on a daily basis. this process allows for daily or “hotel”-type billing that is sent out with the completion of each billable project.

more: the case for digital auditing | what your auditors need in the field | why you want a digital tax workflow system | why digital communications matter | the right tech tools for covid work-from-home | it’s 10 p.m. do you know where your backups are? | the best scanners to buy today
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the next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices. this can work only if all time and expenses for all personnel are captured within the system. while most firms have a daily time entry “policy,” the biggest abusers of the policy are often owners and managers, so it is about time for them to get on board and use the system.
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how to create your firm’s cas team

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plus how to boost their skillsets.

by hitendra patil
accountaneur: the entrepreneurial accountant

“we do not have the staffing for client accounting services.”

non-cas firms cite this as the topmost reason for not being able to offer cas. nothing could be further from the truth.

more: technology and your cas clients | will 2021 be your cash-flow year? | identifying the right clients for cas | cas is, first, a communication challenge | which of your existing clients are cas-fit? | client accounting services: the definitive guide
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experience of firms that offer cas, including that of small firms with fewer than five staff members, proves beyond doubt that you do not need more staff to start offering cas. even solo practitioners provide cas. the only thing you need to begin your cas journey is to be ruthless, relentless and fearless to leverage newer and cloud technologies. automation, integration and even artificial intelligence make it easier, faster and cheaper to perform some repetitive, time-consuming work of accounting firms.
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reaching for authenticity in client service

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female executive greeting coupletechnology is a tool, not an end result.

by steven e. sacks
the new fundamentals

do you ever wonder if events you attend have an air of authenticity around them or are they simply staged? what about the options offered on new cars or the latest and greatest upgrades to a tech gadget? is the hype greater than the actual product? is what is considered innovation really just an incremental change that competitors can duplicate, albeit with minor modifications?

more: bigger firm, bigger thinking | can a cpa firm be different in a changing market? | a rapidly changing business environment requires flexibility | another meeting?!?! … sigh
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as for professional services firms, are they providing a unique service in a unique fashion? today, clients are looking at the cost of traditional audit and tax work. because they are commoditized services, the decision is price-driven, so lowballing becomes routine for firms.
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incremental vs. exceptional success

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stylized industrial 3d number 8eight seismic changes have altered the future of accounting firms.

by anthony zecca
leading from the edge

“all organizations are perfectly designed to get the results they are now getting. if we want different results, we must change the way we do things.” – tom northup, author of “five hidden mistakes ceos make”

what a great statement not just about accounting firms, but all organizations – “perfectly designed to get the result they are now getting.” there is another old saying that goes something like this: “if you want different results you have to do things differently.” center leaders hold onto the status quo whereas edge leaders constantly push the envelope of what is possible – pushing to the future edge.

more on edge leadership: assessing your firm | the 4 traits of great cpa leaders | why leaders must ensure clarity | incremental vs. exceptional success | do you lead or just manage? | managing vs. leading | is your leadership team at the edge? | 6 leadership challenges through covid and beyond | edge leaders share 7 strengths | leadership must drive culture | leading from the edge
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leadership is a topic that has been researched, talked about, written about, training sessions built around, and endless models developed – yet it is also one of the most challenging issues in most firms today. over my career, i have worked and consulted with leaders of all shapes and styles and firms that experienced varying degrees of success. based on working with hundreds of companies, my conclusions – and two of the primary reasons that drove me to write my book – are that in many cases, firms are performing below their capabilities and every firm has the potential to reach higher levels of performance if and when leadership moves from the center to the edge. edge leaders want to be at the top of the pack when it comes to all metrics that matter whereas center leaders are content to remain average.
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be more efficient with tech stacks

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screwdriver and wrenchstandardizing also makes you better connected.

by jody grunden
building the virtual cfo firm in the cloud

i believe it’s important for accounting firms to standardize their technology “stack.” having a standardized tech stack of applications helps to automate every corner of your workflow.

more: put bots to work for you | not all employees want the same perks | what running a virtual cpa firm really costs | give your leadership team time to lead | hate billing? use a different method | use bots to your advantage
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the applications you use should be seen as an extension of your business. your onboarding process will be more effective if your team doesn’t have to learn a new set of tools every time a new client comes on board.
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