management

rule #1: start with cash

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lots of information is lurking there.

by ed mendlowitz
77 ways to wow! the checklist handbook for small-business advisory services.

one time i was asked to audit a hotel in florida that was going to be foreclosed on by the mortgagor and for which i was paid in advance. the audit was planned and scheduled, and it looked like we had everything under control from our end as much as we could.

more: organization minutes too often overlooked | five cash reports you can’t live without | when an audit is a great thing | which kpis do you need?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i received a call on a friday morning that the foreclosure was going to take place sooner than expected, and i had to either do my work monday through wednesday or return the retainer because the foreclosure was going to take place on thursday. i took a sunday evening flight with a senior accountant. when i walked into the hotel, i got really nervous. this was not a small motel but a big hilton hotel – not what i anticipated.
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marketing: not just for partners anymore

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let people at all levels show their strengths.

by bonnie buol ruszczyk
bridging the gap

firmwide initiatives that bridge generations aren’t limited to process refinements and lean-style efficiency efforts. dramatic changes in marketing have accompanied the digital revolution, and today’s most successful firms are embracing their new opportunities. marketing is yet another avenue for bringing together old and young firm members and enhancing mutual understanding as everyone works to benefit the firm’s growth.

more: how to close the generation gap | eliminate mystery through communication | leadership growth is a two-way street | how to encourage firm ownership | change when? continuously | win with an intentional culture | each generation must change
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

marketing in the accounting industry has an interesting, and fairly short, history. it is not unusual to find partners who still remember when it was against aicpa rules to advertise, market, directly solicit or even participate in competitive bidding. virtually non-existent for most of the 20th century, accounting marketing has evolved at a rather slow pace even since the rules were changed with the bates ruling in 1978.
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keep the accountants focused on accounting

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six businesspeople in meeting around tablechecklist: the 10 questions you need to ask.

by penny breslin
it’s not just the numbers

i’ve developed a series of questions to assess someone’s aptitude for being on a team. each person in your firm who is a possible member of the back office support (bos) team needs to answer these questions. that includes you, as you are a potential team member.

more: which kind of team do you have? | you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

ask others in your firm or people you work with outside your firm to give you feedback on these questions as they see you and the other potential members of your team. their responses will give you a second filtering of your potential as well as others you would like on your team. notice these are not questions relating to the competencies in accounting functions. the assumption is that you and your people already possess those skills.
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how to improve quality control

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your reviewer should be adding value.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q. i want to improve my firm’s review and quality control. do you have any suggestions?

more: how to get into your own cpa practice | 15 tips for novice managers | what’s your ‘kg’ value? | when clients call you at home | why partner retreats are worth the cost | selling your practice is not a retirement strategy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: this is a recurring issue for most firms. every cpa practice needs quality control. the issue is whether a dedicated quality control (“qc”) person is needed, and if not, how the qc can be done without one.
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organization minutes too often overlooked

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we’ve got a 34-point checklist to fix that.
green checks being made on checklist

by ed mendlowitz
77 ways to wow! the checklist handbook for advisory services.

corporate, llc, partnership and not-for-profit organizations are usually required to have minutes memorializing certain actions taken by the board of directors or governing body. yet, many do not either because it has never been done, is a bother, is considered not necessary or overlooked through inaction or unawareness.

more: five cash reports you can’t live without | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

however, it is something that should be done as a best practice, as recognition that there are non-active stakeholders who need transparency, or as tangible evidence that the actions recorded took place timely. in some instances, the irs looks for minutes as a symbol that the affairs were handled on a businesslike basis or were not one-sided “secret” actions by those in control.
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how to fire a client

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big businessman foot on spring kicking three businesspeoplebonus: sample client disengagement letter.

by sandi leyva and michelle long

how many clients have you fired?

more small firm growth strategies: what to do when a client doesn’t pay | the dreaded ‘quick question’ | how to handle referrals – and how not to | why clients need dashboards | five ways to raise your prices | your existing clients are your best leads | need more business? focus on referrals

let’s talk about firing a client because sometimes you do need to fire your client. maybe they’re difficult to work with, or a guy is belligerent and loud and yells, and you don’t want to work for him. maybe there are ethical issues.
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how to get into your own cpa practice

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bonus: 14 tips on getting your first clients.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: i am working for a cpa firm, but would like to get into my own practice. can you give me some suggestions?

more: 15 tips for novice managers | why no one listens to you | how to stop yourself | how to handle referrals with attorneys | why checklists? | thirteen things to know before selling your practice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: essentially, you have three options (four if you count my pet project, but i won’t belabor it).
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five cash reports you can’t live without

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profits don’t mean a thing if they’re not represented by cash.

by ed mendlowitz
77 ways to wow! the handbook for small-business advisory services.

cash is the lifeblood of a business. cash amounts. cash flows. cash changes. no matter what anyone tells you, cash is the bottom line you must watch and accumulate.

more: the priorities were backward | the seven-minute financial statement | the kpi an absentee manager needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

simplistically, knowing your cash balance gives you a sense of how you are doing. if it goes up, you are making money – if it goes down, you are losing money.
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quiet quitting: are employers culturally aware?

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a fad or a movement?

david bergstein and steven sacks chat about quiet quitting and how it may impact the accounting profession.

by steven sacks
the new fundamentals: practical guidance for today’s accounting firms

employees are not keen about returning to their offices after an almost two-and-a-half year (for some) hiatus from the hassle of commuting and balancing child care and other personal responsibilities. what are company leaders to do?
employees want to strike a balance between their work life and their family life (or life outside the office). the common employee refrain has been, “i want to find my life’s passion, and i need work flexibility to accomplish this.”

hmm.

more: don’t overlook office relationships | how to deliver authentic value | making the jump from small to mid-sized firm | what sets your firm apart … if anything? | why deadlines get missed | too busy? you may need to reprioritize | is it time to outsource? | five reasons you’re not swot-ready | who needs another meeting? | 4 questions for cpa firm boards
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

what about creating value and finding purpose and meaning from work? more to the point: can meaning and purpose be derived from a job?

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15 tips for novice managers

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how to prioritize instead of juggle.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: my boss asked me to call you.

i am a staff accountant with five years experience. i am having a lot of stress trying to manage everything i have to do. i am juggling supervising people i don’t know how to supervise, being managed less by those above me and having to figure out more for myself – including things i never did before or in industries i never worked on previously, keeping current with changes in accounting rules and taxes (since i am more like a generalist and clients ask me everything), never seeming to have any free time, juggling my schedule because most of my clients are never ready when they say they will be and being accountable to my boss for everything i do plus what the staff working under me does.

more: when not to charge for an initial consultation | what’s your ‘kg’ value? | when clients call you at home | how to handle referrals with attorneys | why checklists? | thirteen things to know before selling your practice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

so how do i do it all? how can i prioritize all my responsibilities?
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the priorities were backward

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businessman sitting in office and reading documentswhat is the worst thing that could happen?

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

when i was a junior accountant an eon ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller or bookkeeper.

more: the seven-minute financial statement | when an audit is a great thing | how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

then when i became a manager, i continued this practice of having lower-level staff perform these procedures. i now consult with many accounting firms and find it is still being done that way. i stopped it many years ago and wonder why it’s still widespread.
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eliminate mystery through communication

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what could be shared that isn’t?

by rita keller

improved communication can be achieved with many different approaches. some tactics may primarily affect intrafirm understanding and teamwork, while others focus more on increasing clarity and frequency of communications with clients. no matter where they are directed, when these efforts are successful, they benefit the firm and its clients.

more: leadership growth is a two-way street | how to encourage firm ownership | change when? continuously | win with an intentional culture | each generation must change
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when i begin to work with a new cpa firm client, one of the most common issues i encounter is the lack of open, honest, ongoing communication between firm leadership and team members.
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why no one listens to you

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how long are you talking?

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: i notice that most of the time my staff doesn’t listen when i talk. how can i make them listen?

more: when not to charge for an initial consultation | what’s your ‘kg’ value? | when clients call you at home | why partner retreats are worth the cost | selling your practice is not a retirement strategy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: err, what did you say?

just kidding! i find this issue very widespread. i believe there is an epidemic of people not listening, not just staff.
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