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rely on strengths … but not too much

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don’t let them become weaknesses.

by bill reeb

while there are many lessons in martial arts that repeat themselves, the idea that a strength can also become a weakness is a commonly recurring one.

more: increase your odds of success | make tension work for you | it’s all right to enjoy success | failure paves the road to wisdom | are you paralyzed by fear? | how to change the way you think (and why) | have your beliefs stopped serving you?
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but it doesn’t make sense – how could a strength ever be bad? well,  here are a couple of examples.
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compensation is no way to manage partners

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man counting $100 bills into three piles6 ways to combine it with personal interventions.

by marc rosenberg
the role of the managing partner

too many firms’ primary way to manage partner performance and hold them accountable is with compensation. their reasoning is this:

more: make sure partners focus on two things | manage partners with goal setting | overarching authority that managing partners must have | herding cats: advice for managing partners
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if partners perform well, they will see their reward in the form of higher compensation. if partners perform below expectations, they will get the message in the form of a disappointing compensation number. other methods are not necessary. it’s all about the money.
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20 good ways to boost tax season production

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people in office releasing balloonspeople like fun … but that’s not all they value.

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

i have always loved accounting and tax season, but i have worked with many people who did not.

more: how to recoup staff training costs | granting unconventional request pays off | 20 best practices for staff training and retention | what does the client want to see? | 6 ways to increase your fees … if you dare | the clients who got away
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they resented many of the working conditions and had a closed-in feeling that heightened their dislike of my great profession. i resolved that when i had my own practice i would not create that type of atmosphere.
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difficult phone calls are opportunities

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what to say about fees.

by jassen bowman

if you are actively engaged in marketing your practice, it is inevitable that you will receive telephone calls with the dreaded, “how much do you charge for a tax return?”

more: 11 steps for handling client complaints | what you tell yourself matters | hiring, firing and the checklists you need | focus on your ideal clients | the secrets of multi-hit marketing | how tax resolution works
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what not to say …

  1. “we don’t provide fee quotes over the phone.”
  2. “tell me a little about your tax situation and …”

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the happier, saner, richer tax firm

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scrambled thoughts enter man's head, straightened ones come outit’s not easy, but it is possible.

by frank stitely
the relentless cpa

i’m back. since writing the “relentless cpa – the new 21st century system for driving success at tax and accounting firms,” i have spoken to dozens of cpas and accountants, been called a dozen names (some of them deserved), and received a few death threats.

more: ‘quick questions’ and other client sins | how to train clients | how to reduce tax return errors | why your firm needs to attract more millenials | the fool in the room | the 3 biggest tech failures of accounting firms | 7 steps to effective project management
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actually, the death threats came from my wife, who said she’d kill me if i said “yes” to any new projects. she watches lots of crime shows, so the fbi regarded her threats as serious. i am writing this to buy a bulletproof vest for when she gets out of jail. thank you for your contribution to saving my life.
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the case for digital auditing

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it’s time for some outside help.

by roman h. kepczyk

traditional audit practices use the previous year’s audit programs and processes updated for the current year as their standard operating plan. eventually this can lead to a significant amount of “overauditing.” breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach.

more: what your auditors need in the field | the value of firm procedures manuals | retaining documents: how long and who decides? | the case for wireless broadband access | maximize your office 365 roi | how the cloud impacts server replacement
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many firms have rightfully transitioned to digital “document container” applications such as caseware, wolterskluwer/cch engagement and thomson reuters engagement cs. not all of these firms have changed their approach to reviewing progress on the audit and the financial reporting on a computer screen in a digital format.
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put bots to work for you

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how one firm does it.

by jody grunden
building the virtual cfo firm in the cloud

there’s no doubt that advancements in technology are changing the world, and the accounting industry is no exception. technology is making us more productive, more efficient and more connected.

more: not all employees want the same perks | not all employees will work out | learning to love video calls | be more effective remotely with disc | protect client files from cyberthreats | get ready to launch virtual cfo services | riches in niches
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on the flip side, it’s also taking over some of our jobs. this is a reality in the accounting industry that we cannot ignore. technology is driving major changes for the future of the accounting world. we need to be aware of what’s happening and take strategic steps to advance along with these changes. otherwise, we are going to be left in the dust.
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bigger firm, bigger thinking

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businessman reading and reclining on part of red arrow trending upwardseven steps for newly formed midsize firms.

by steven e. sacks
the new fundamentals

there has been talk about consolidation within the accounting profession for the last several years. will the big 4 become the big 2, or will there be the big one?

more: can a cpa firm be different in a changing market? | deadlines? ha! don’t make me laugh | organizational change starts and ends with people | busyness isn’t the same as productivity | staff orientation: a little investment goes a long way
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or, on the other hand, will there be a combination of regional firms whose size will be in the neighborhood of the top 10 or top 15 firms that are considered super-regional firms – and who may consider themselves direct competitors to the big 4?
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technology and your cas clients

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smiling businesswoman working at desktwo different approaches.

by hitendra patil
the definitive success guide to client accounting services

client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients. in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savviness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.

more: will 2021 be your cash-flow year? | the technology stack you need for cas | communicating cas to clients and prospects | how to communicate the value of cas | don’t wear a mask
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when clients do part of the work

in such cases, you want the technology stack to be as standardized as possible to avoid costly, error-prone and time-consuming need to deal with a variety of software. at the same time, when clients do part of the work, you must seek to implement collaborative technology on the cloud to eliminate duplication of data entry and mailing/emailing information back and forth between your firm and clients.
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22 predictions for 2021

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business hand holding hot chart in crystal ballit’s not the time for minding and grinding.

by joseph tarasco

during these unprecedented times, it is difficult to predict the future. thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. this type of planning explores plausible potential business models and implementation processes for impending unknowns.

 

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however, consider the following predictions and trends in your strategic planning for 2021 and beyond:

  1. covid-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.

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4 big issues that firms face

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purple no. 4 billiard ballplus: how the merger picture hasn’t changed.

by marc rosenberg
the rosenberg map survey

an extraordinarily perfect storm was experienced by cpa firms in 2020: the endless tax season plus the virus. in mid-july, five months after the virus’s onset, no one knew anything for sure going forward – neither the science of the virus and people’s health nor the economic impact of the virus on the business world.

more: pandemic highlights value of digital files | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | we adapted to remote work … now what?
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here is data from a survey we took of 61 cpa firms in mid-june. virtually all firms had annual revenue of $35 million or less, with the average being about $10 million. it is important to understand these firm sizes because the top 25-50 firms were making more drastic operational moves (mainly layoffs and partner draw reductions) than typical local cpa firms.
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make sure partners focus on two things

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mentor showing project presentation to mentee9 ways to help partners manage their clients.

by marc rosenberg
the role of the managing partner

cpa firm partners have a tendency to get sucked in to many activities. there is a macho aspect to their personalities that says, “bring it on, i can handle it.”

more: manage partners with goal setting | clarify partner expectations | how the managing partner manages the partners | overarching authority that managing partners must have | exceptional managing partners offer their advice | why management is the #1 key to the firm’s success
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no. no. no. they cannot handle it well. the notion that multitasking is an efficient, desirable mode of conduct is pure myth and has been debunked by numerous studies.
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