management

ask these 10 questions before adding financial services

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remember it’s a new business.

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

q: i am thinking of adding financial services to my practice. what are your thoughts?

more: selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: for starters, “financial services” means selling investment products or managing money. this is different from adding financial planning, which i see as an extension of and a next step to sound tax planning for clients.
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selling your practice is not a retirement strategy

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consider your other possible sources.

by ed mendlowitz
101 questions and answers: managing an accounting practice

q: i’ve heard you say that you shouldn’t count on anything from your practice when you decide to retire. are you serious?

more: thirteen things to know before selling your practice | 10 reasons clients don’t pay
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a: i probably said that, but it was in the context of planning for guaranteed cash flow in retirement. a practice’s value is never guaranteed until the checks clear.
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thirteen things to know before selling your practice

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older businessman sitting at desk smiling as wall clock indicates 5 minutes to retirementtiming is critical.

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

q: i am getting older and want to continue working at least five more years. should i merge now to anticipate and facilitate a buyout?

a: selling means retiring. is that something you want to do?

more: 10 reasons clients don’t pay
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i’ve written many times about being clear about your goals and what you really want. that being said, here is a general discussion about the reality of the value of your practice.
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10 reasons clients don’t pay

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person writing check with pen and checkbookand what to do about it.

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

q: i always have large amounts owed to me from clients. is there anything i can do about this?

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a: absolutely! my feelings are that large a/r balances are your fault. accounting fees are almost never material to a business’ cost structure, but letting fees pile up can make them somewhat material.
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civility goes a long way

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business people laughing at lunch in a cafe outdoorsbad reputations spread more quickly now.

by steven e. sacks
the new fundamentals

technology has overtaken the traditional forms of communication that include face-to-face interaction, telephone conversations and of course, the handwritten or typed note slipped into an envelope, affixed with a stamp and dropped in the mailbox.

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.

but wait. how can professionals succeed if the situation calls for in-person interaction if they have not been given the necessary training in the art of a conversation? whether you are involved in a job interview or entertaining a potential client over a meal, how you exercise the appropriate behavior will determine whether a relationship is forged or tossed on the pile of failed results.
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when an employee’s growth has gaps

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older man and younger man in meetingwhere did all that experience go?

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

we hired sam out of school and he worked for us for two and a half years and then we split up our firm. this was ages ago and sy and i left our third partner to form our new firm on jan. 1.

more: my first trainee | the growing pains of a small firm | giving clients the best you’ve got | why map programs are essential | how to become a specialist | secrets in specialties | making sure the son got proper credit | yes, shirt logos can matter | 10 more reasons cpas quit public accounting | family trees of clients | preparing for the worst (thanks to my wife)
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

however, there is a valuable lesson here and i think it is worth sharing. it changed the way we hired staff.
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don’t overlook office relationships

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two businesspeople meeting over coffeethey’re simple, but not easy.

by steven e. sacks
the new fundamentals

business can usually be conducted by phone, videoconference or in person. it really doesn’t matter the approach; what is important is how you comport yourself – irrespective of whether the individual(s) with whom you are dealing are superiors, peers or subordinates.

more: 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?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i can’t tell you how many times i have witnessed conversations that were best conducted behind closed doors. the old adage of praise in public, criticize in private is underused or completely ignored.
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my first trainee

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leads to new opportunities.confident businessman analyzing chart and explaining it to co-worker

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

i was fortunate early on in my career that i had a boss who gave me responsibility to supervise. on some level i was not really instructed how to supervise, but was told i could use the new person to help me get my work done.

more: the growing pains of a small firm | giving clients the best you’ve got | secrets in specialties | 10 more reasons cpas quit public accounting | when cpas leave to work for a client | when parents, children hit an impasse
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this was precipitated by an email i received from the first person ever i supervised. i had not spoken to him since working with him in 1968. he emailed me because he read one of my columns and just wanted to say hello. i remembered him and then i recalled how i got started training him – he was the first person i trained.
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brannon poe: the status quo must go

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follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.

the disruptors: brannon poe
with liz farr for 卡塔尔世界杯常规比赛时间

brannon poe is the founder of poe group advisors and the creator of accounting practice academy. he began facilitating successful accounting practice transitions in 2003. today he is pioneering a consulting-based approach to transitioning accounting firms, culminating in poe group advisors’ proprietary process for a “seamless “succession.”

in this episode, poe tells 卡塔尔世界杯常规比赛时间:

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how to deliver authentic value

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female executive greeting coupleconsider it from the client’s perspective.

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: what sets your firm apart … if anything? | why deadlines get missed | five reasons you’re not swot-ready | are you productive or just busy? | accounting is a profession, not an industry
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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making the jump from small to mid-sized firm

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businessman reading and reclining on part of red arrow trending upwardbigger firms require bigger thinking.

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: 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.

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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the secret to remote work: checklists

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woman leading meeting, flipchart in backgroundperfecting processes assures that clients benefit, and so does your team.

by jody grunden
building the virtual cfo firm in the cloud

with the right people in place, empowered to work independently, and proper access to the tools that are necessary to get the work done, process comes next.

more: turn process into profit | three keys to client file security | cybersecurity poses challenges for virtual firms | check the roi of new tools | is that shiny new software your best choice?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

creating process is important in any business if you want to scale, but it is imperative when it comes to remote work. process helps streamline things, reduces confusion and makes your team more efficient and productive.
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