management

accounting firms run on more than checklists alone

by

business man pointing the text: duplicate successhow savvy firms capture their best practices and foster continuous improvement.

by roman h. kepczyk
quantum of paperless

every firm has accountants who are 10 percent, 20 percent or even 50 percent more productive in their departments than other personnel because they have simply “figured it out.”

more on tech spending: going paperless means convincing clients first | how to cut tax prep costs with scanners | making digital tax process easier is all about the workflow | why firms need document retention standards | intranet is the best place for firm knowledge | digital fax has benefits you may be ignoring | wireless is hot, and here’s how to handle it | how safe is your internet lifeline? | new tech tools for the 24/7 accounting firm | when to adopt microsoft’s new office apps

unfortunately, when these people leave the firm, their unique knowledge of specific processes and shortcuts goes with them. read more →

why i became a consultant

by

by ed mendlowitz the 卡塔尔世界杯常规比赛时间 practice doctor while i was working full-time early in my accounting career, i was also picking up clients that i did on the side, also known as moonlighting. one of the clients was a … continued

should you buy a practice from an estate?

by

ed mendlowitz cpa the practice doctor q and aby ed mendlowitz
author of “implementing fee increases”

question: a widow called me to ask if i wanted to buy her husband’s practice. he died suddenly a month ago. what should i offer and how should i handle this?

response: it is always hard to buy a practice from a widow or estate when the accountant did not make arrangements.

more practice doctor q&a: no more printouts at cpe programs? | how to apply value pricing to bundled services | 6 ways to take a client beyond tax prep | 18 ways to blow a partnership opportunity | when experience doesn’t add up | 8 times when hourly billing trumps value pricing | 6 ways to know what you don’t know | 10 do’s and don’ts for making small business clients happy | client’s difficult daughter balks at bill | 6 simple steps to impress a prospect

the expectations of the seller are usually greater than reality, and the buyer is getting something that already has declined in value, with clients leaving as they hear of the death, and the information about client servicing is likely not too organized, if it exists at all. this also applies to a sudden complete disability. this should be a “lesson” to get your own affairs in order.

read more →

no more printouts at cpe programs?

by

ed mendlowitz cpa the practice doctor q and atech advice for everyday use.

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

question: i always like to take notes on the handouts when i attend cpe programs. now all the handouts are provided digitally and it forces me to sometimes print out as much as 400 or 500 pages before i go to the program. how can i get the sponsors to provide printed copies?

response: things change. what worked yesterday doesn’t always work today. read more →

how to apply value pricing to bundled services

by

ed mendlowitz cpa the practice doctor q and adon’t confuse it with value billing.

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

question: i tried value billing and it didn’t work. i would rather bill my business clients on a fixed fee for my services.

response: actually, you are value pricing when you do the fixed fees. you confused value pricing with value billing. value pricing is where you sit down with the client and you jointly determine the price before any work is done.

more practice doctor q&a: 18 ways to blow a partnership opportunity | 8 times when hourly billing trumps value pricing | 10 do’s and don’ts for making small business clients happy | 10 (nearly) painless ways to keep up to date with technology | 23 reasons clients really need you for taxes | running an accounting business | 14 ways to switch to value pricing | pricing, billing, costing: don’t blame clients

value billing is where you try to get an extra payment after the work is done. i believe the best way to determine a fee for recurring services is to set the fee with the client in advance of performing any work. i’ll explain. read more →

women must see politics as leadership to get ahead

by

leadership skills and womenfour reasons women hold themselves back.

by ida o. abbott
sponsoring women: what men need to know

many women are uncomfortable calling attention to their achievements and ambitions, dislike politics, have difficulty asking others for a career boost or underestimate the importance of powerful backers. this makes it harder for potential sponsors to recognize how worthy these women are of their support.

more on sponsoring women for leadership: 5 ways gender bias plays out at cpa firms | 3 reasons why men don’t pick women protégées | men advance 2 to 1 over women without sponsors | 18 ways sponsors can help their protegees | the 6 market advantages of women-led firms | beyond mentoring: why sponsoring women for leadership matters

some women hurt their own chances for sponsorship by failing to let sponsors know what they want and why they merit it. sponsors are drawn to star performers who display confidence and a drive to succeed. where a man might insist he is the right person for a job and ask to be promoted, a woman who is equally or even better qualified may downplay her qualifications for the job. instead of aggressively pursuing promotions and opportunities, she waits to be asked, and then, when asked, may turn the offer down. why? read more →

6 ways to take a client beyond tax prep

by

ed mendlowitz cpa the practice doctor q and aset an agenda; call a meeting.

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

question: i have many small business tax clients and seem to lose them as they grow. i provide good service, never have extensions and call the clients in july to see if i can update their books and in december if they want any year-end tax planning. what else can i do?

response: based on our conversation, you are their tax preparer and they do not think of you as their “accountant” or business advisor. and based on what you told me, you aren’t, although you obviously have the skills. read more →

how to tell a client how the fee was set

by

ed mendlowitz cpa the practice doctor q and aby ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i performed some additional services for a client and gave her a bill that she questioned and wanted to know how much time i had spent. i billed more than the time charges, but this client never gets time bills – everything i do is on a fixed fee so i never account for my time with her. what should i say now?

more practice doctor q&a: 18 ways to blow a partnership opportunity | when experience doesn’t add up | 8 times when hourly billing trumps value pricing | 6 simple steps to impress a prospect | making meetings more productive | 5 time management tips for an overworked accountant | running an accounting business | 14 ways to switch to value pricing | pricing, billing, costing: don’t blame clients

response: if a client is on a strict time basis, they are entitled to a breakdown of the hours and person performing the services.

otherwise, when clients ask me how i arrived at a bill i tell them something similar to this:

read more →

18 ways to blow a partnership opportunity

by

by ed mendlowitz

question: i have been working for a one-owner cpa firm for the past eight years and want a partnership, but it hasn’t been offered. how should i approach it?

response: i had a couple of rather long discussions with this practitioner. why, i don’t know. i suppose i was being polite to the person who told him to call me.

here is some additional information before i give my response: read more →

early data exchange vital to evaluate a merger

by

three possible outcomes from trading numbers early.

by marc rosenberg
cpa firm mergers

i have always been a big believer in the buyer and seller exchanging financial and operating information as early in the process as possible.

more on cpa firm mergers: deciphering the current state of the cpa firm merger market | the law of attraction: 15 ways to romance a merger partner | the 14 keys to a successful merger | mergers: 11 lessons from done deals | the 21 steps in every merger deal | today’s 15 essential deal points in accounting firm mergers

numbers aren’t everything, but they do speak volumes. the data enable each firm to gain an understanding of the other in a manner that is not always possible in conversation.

the data is also a good way to corroborate things that are said verbally. here are some examples: read more →

when experience doesn’t add up

by

ed mendlowitz cpa the practice doctor q and aby ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i need to hire an experienced person and am looking for someone with two to three years’ experience. i know you don’t think this is advisable. why not?

response: if you hire people who already had their first job, the chances are they were not trained your way, and something happened that made them want to leave that is still in them and will be duplicated in some form in your firm.

read more →

before negotiations begin: 18-item checklist for a first meeting

by

the “getting-to-know-you” stage for prospective buyer and seller

by marc rosenberg
cpa firm mergers

all merger discussions have to begin somewhere. after merger candidates have been identified, there obviously needs to be an initial meeting for the two firms to get acquainted.

everything is confidential and informal. no exchange of financial statements.  the two parties simply spend an hour or two – you guessed it – getting to know each other.

many firms like to convene this meeting over breakfast or lunch because meeting at a restaurant gives the encounter an air of informality and sociability.  other firms like to do this in the larger firm’s office so that the smaller firm can get a “house tour.” read more →