survey: what is the hardest part of your job?
recruiting remains the sorest spot.
by randy johnston and brian tankersley
the accounting firm operations and technology survey
featured
how to recoup staff training costs
it might sound crazy. just try it.
by ed mendlowitz
call me before you do anything: the art of accounting
almost every staff person will eventually leave you, unless they become a partner.
more: granting unconventional request pays off | why annual staff evaluations fall short | why create an accounting firm business model? | the clients that keep you awake at night | creating a cross-selling culture | cross-selling beyond your comfort zone
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because of this reality, and also because you must have staff, training methods must be developed that do not take excessive time and allow the staff person to immediately become productive. i think i have done this with my 30:30 training method.
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pandemic highlights value of digital files
cpe and training needs are evolving.
by roman kepczyk
last year’s extension to july 15 made for a very drawn-out busy season but did allow firms to shift resources to assist clients with ppp loans and other compliance. second, the move to remote/cloud was forced rapidly and pointed out the advantage of firms already utilizing cloud vendors and hosting providers as their transition was seamless.
more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | firms face business realities | more complex work = higher fees, right? | you like being remote, but what about your clients? | remote work is more productive
third, the difficulty and caution in physically meeting firm members and clients face to face forced adoption of virtual solutions such as zoom and microsoft teams and pointed out the value of having a digital workflow tool as well as the importance of having all files in a digital format accessible remotely.
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will 2021 be your cash-flow year?
your cas offering must include a cash-flow management component.
by hitendra patil
accountaneur: the entrepreneurial accountant
if 2020 put businesses in financial icu, 2021 will be a year of rehabilitation. before one gets there, the road to recovery is often long and arduous.
more: the technology stack you need for cas | top five cas killers and how to overcome them | 21 ways to adjust your practice in 2021 | how to become an outsourced/virtual cfo | the services that cas clients want | six reasons cas is king
business owners who are masters of their craft are not necessarily the experts of accounting and financial management. that is your expertise, professional accountants.
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stop trying to get ‘back to normal’
you’ll be missing opportunities if you do.
by art kuesel
the thirst for knowledge about how to manage and lead a firm in difficult times has gone through the roof, as has the focus from important to urgent. firms took a while to adjust to a fully remote work force, but many of the related challenges such as productivity and team development were met with creative and effective solutions.
more: pandemic lesson: innovate faster | more complex work = higher fees, right? | advisory services: real commitment or just talk? | 2021: you’ll never see ‘normal’ again | covid brought us more and better client communication
it’s my opinion that several challenges have yet to be tackled, including managing 100 percent remote client engagements effectively, virtual business development and achieving a sustainable and less disruptive approach to “daily” life within the firm. everyone is dealing with so much change, and it is nearly impossible to plan long-term. we are still very much dealing with urgent issues daily, leaving important ones for another day.
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how to prosper in a pandemic
crisis brings needed change and new opportunity.
by allan koltin
the most significant changes our profession have seen so far are remote workplaces and, not surprisingly, remote client service. i think the dust has settled at this point and firms understand that these are not flavors of the month, but rather permanent changes to the landscape of our profession.
more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | survey: we adapted to remote work … now what?
it’s fascinating that the covid pandemic was responsible for speeding up what otherwise would have taken 5-10 years into 5-10 weeks.
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what your auditors need in the field
twain compliance dictates some choices.
by roman h. kepczyk
the advent of today’s audit “document container” applications has transitioned every aspect of audit production into a digital format. the key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally.
more: the value of firm procedures manuals | teach your clients to send info digitally | the 4 buckets of firm knowledge | internet bandwidth: how much is enough? | why you need windows 10 with automatic updates | laptops vs. desktops
this includes
- multiple monitors,
- image capture equipment and
- remote communications capabilities.
the technology stack you need for cas
5 key points in making your choices.
by hitendra patil
accountaneur: the entrepreneurial accountant
your firm’s current processes/procedures adapted to your current technology stack, or vice versa. trying to fit client accounting services into your existing technology stack may become a challenge for you – not just from a procedural point of view but also from a profitability point of view. if your current technology stack is still more of desktop software, it could be nearly impossible for you to offer cas as profitably as potentially possible with non-desktop solutions.
more: top five cas killers and how to overcome them | identifying the right clients for cas | cas is, first, a communication challenge | which of your existing clients are cas-fit? | the services that cas clients need | who’s afraid of client accounting services?
cas does not need a technological transformation
before you start thinking, “oh gosh, this is going to be a hugely expensive technological overhaul of my firm,” stop. cas does need you to adapt to an optimal technology mix, but it does not mean you just throw away your current technology and bring in entirely new technology. cas does not need a technological transformation of your firm. depending upon your existing technology stack, it may only require some reorganization, integration and adjustment.
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can a cpa firm be different in a changing market?
what sets you apart … if anything?
by steven e. sacks
the new fundamentals
your firm conducts audits, prepares tax returns and offers some consulting services. yours is one of 42,000 non-big 4 firms in this country, a large majority of which offer the same three packages. firms in the same geographic market may not serve the same slate of industries, but through hiring niche expertise or merging in a firm can make inroads into the same markets.
more: deadlines? ha! don’t make me laugh | 5 steps to better time management | swot’s the purpose? | is your firm’s culture a magnet or a repellent? | building teamwork under covid pressure | make your writing count | etiquette never goes out of style | make news, not noise | take that extra breath with email
this happens frequently, making a competitive market even more crowded. the challenge that your firm faces is how do you show a real value-added distinction from the firms you compete against? differentiation does not mean a relaxed dress-code policy.
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survey: business is still about taxes
not all employees want the same perks
education and tech stipends? why not?
by jody grunden
in addition to the more traditional benefits, we also offer a few creative perks that i think our employees really appreciate, including an education stipend and a technology stipend.
more: not all employees will work out | uncover potential in 10 interview questions | try an accountability chart instead | do you have the right people?
education stipend
we believe that continuing education keeps our team members sharp and ahead of the game. one of our core values is “curiosity” because we want our employees to always be thinking about how we can improve our services, become more efficient and do things better. we want people to think outside the box because we’re not a typical accounting firm, nor do we ever want to be one.
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pandemic lesson: innovate faster
be prepared to seize unexpected opportunities.
by kristen rampe
the rosenberg map survey
covid proved which firms were up to date on their technology and ability to manage via strong relationships and trust. it was fascinating (and occasionally tragic) to watch, and an eye opener for those on the less-prepared end.
more: remote work is more productive | covid-19 shakes up m&a activity | 2021: you’ll never see ‘normal’ again | we adapted to remote work … now what? | 2020’s disruptions are only the beginning
most significant changes we noted:
- cpas gained confidence in their ability to work remotely. it may not have been pretty, but they did it! some firm leaders even said they may never go back to their old commute.
- increased consulting engagements. this was driven because it was forced on firms (e.g., ppp loan assistance). however, the fact that many firms were willing and able to charge clients (when appropriate) for this work demonstrated their ability to be in the game beyond compliance work.
do you lead or just manage?
5 questions to answer.
by anthony zecca
leading from the edge
let’s look at examples of managing versus leading from two actual clients.
stuck in managing – center leadership
i was retained by the owner/ceo of a $40 million manufacturer of a home products company. the current leader inherited the business from his dad, and over 20+ years grew the business on the top line, but always struggled with profitability. over the last few years, however, there was no top-line growth and he was frustrated.
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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his leadership view of the future was the next quarter, and the company had no strategy or vision beyond the current year. the most he thought about the future was when they were preparing their annual budget. this was an incremental process versus a real bottom-up process coupled with a growth strategy so as a management tool, the budget was relatively useless.
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