management

how a founding partner passes the baton to a new managing partner

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with 16 questions and 10 steps.

by august j. aquila

one of the most difficult events that a firm faces is the transition of power from one managing partner to another, especially when it’s the first time. knowing when to pass the baton and how to pass it are critical decisions every firm will have to make.

august j. aquila

more august aquila on 卡塔尔世界杯常规比赛时间:  six reasons not to plan for succession  |  how to apply sam walton’s 10 rules for success at your firm |   nine steps to effective succession planning for the small firm |  thinking merger? look before you leap  | four new checklists for succession planning  |   partner accountability: seven signs your firm may be in trouble | 25 ways to grow your practice  | herding cats: change management for cpa firms  | engaging partners in the firm’s future  | what it means to be a partner  | leadership at it’s strongest: what successful managing partners do | no alignment? no execution. | 12 steps to a foolproof merger  | seven steps to building a great partnership  | 5 success tips for tax season  | managing partner job #1: how to get buy-in  | the 10 basic ways to boost profits at an accounting firm | can you really change a partner?  | 11 weekly self-assessment questions for professionals  | seven keys to a successful merger |

for the managing partner who is thinking about succession, there are four primary goals that he or she should be working on during the next few years. each of these issues needs to be discussed with your founding partner: read more →

four management metrics that fool even the best-run firms

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how looking at realization, billables, utilization, and labor costs can lead you astray.

by marc rosenberg, cpa
author of “what really makes cpa firms profitable?”

if you’re striving to maximize profitably in your accounting firm (and who isn’t these days?), there a few important things you need to do.

marc rosenberg
marc rosenberg

卡塔尔世界杯常规比赛时间 pro members get more [go pro here]: 19 ways to improve accounting firm profitability  • de-bunking the myth about niche marketing for tax and accounting firms • practice development is no longer an optional activity • 10 good ways the achieve partner accountability • pick your partners right to begin with  •  the first nine questions your partner team needs to embrace for optimal profitability  • profitability and the value of strategic thinking  • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner  •

and then there are four things that are just a total waste of time. like these. read more →

why no one listens to you

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the new “listening deficiency epidemic.”

ed mendlowitz cpa the practice doctor q and aquestion: i notice that most of the time my staff doesn’t listen when i talk.  how can i make them listen?

more from ed mendlowitz, the practice doctor q&a: fun reads for busy season  |  when not to offer a free initial consultation | measuring growth in yourself, staff and partners  |  what do you think you’re doing?  | can you teach judgment?  |  clients’ calls at home  | what you need to know before expanding into business valuation |

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

read more →

how to create a no-equity partner position in your firm

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it may be the answer to keeping talented people.

by gary adamson, cpa

most firms are faced with the dilemma of keeping long term managers who are major contributors to the firm but for whatever reason are not ready to be equity partners (or who perhaps never will have what it takes to be equity partners).

here is a seven-point outline of what the no-equity position looks like, how it differs from the normal equity partner spot and some considerations to implement it in your firm.

read more →

how to apply sam walton’s 10 rules for success at your firm

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they work at walmart. here’s how to make them work for you.

by august j. aquila
aquila global advisers

if they were good enough for sam walton, shouldn’t they be good enough for you and me? is there anyone who wouldn’t want his or her firm to be as successful as walmart?

august aquila

more august aquila on 卡塔尔世界杯常规比赛时间:   nine steps to effective succession planning for the small firm |  thinking merger? look before you leap  | four new checklists for succession planning  |   partner accountability: seven signs your firm may be in trouble |

of course, we can’t guarantee your success, but you are more likely to achieve it if you follow walton’s ten rules. read more →

19 ways to improve accounting firm profitability

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 only 19?

by marc rosenberg, cpa
author of “what really makes cpa firms profitable?”

partners are generally paid a lot more than firm administrators. for good reasons.

the marketplace has determined that doing what a partner does (bringing in business, possessing high levels of technical expertise, managing client relationships and managing the firm) commands a higher level of compensation than doing what a firm administrator does.

related: de-bunking the myth about niche marketing for tax and accounting firms • practice development is no longer an optional activity • 10 good ways the achieve partner accountability • pick your partners right to begin with  •  the first nine questions your partner team needs to embrace for optimal profitability  • profitability and the value of strategic thinking  • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner  •

therefore, it makes no sense to pay a partner to do an administrator’s work. besides, most partners aren’t as good at administration as trained, experienced administrators are.

read more →

measuring growth in yourself, staff and partners

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“knowledge gap” method uses a client-centric approach.

ed mendlowitz answers some of the toughest questions practitioners can throw at him. he’s the right one to ask. after more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, withumsmith+brown, where he remains a senior partner and consultant to professional services clients – he has the answers.

more for 卡塔尔世界杯常规比赛时间 pro members: what do you think you’re doing?  | can you teach judgment?  |  clients’ calls at home  | what you need to know before expanding into business valuation | asking an attorney for a referral fee  |  are partner retreats really worth the cost? | audit reports without doing the work? | should i really spend the time making checklists? | what’s a tax practice worth today? |

question: i suspect that my partner has “maxed out” and cannot grow further which will retard our growth.  what can i do or how can i deal with this?

read more →

10 good ways to achieve partner accountability

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remember: strong levels of partner accountability lead directly to higher levels of firm profitability.

by marc rosenberg, cpa

accountability. a word that strikes fear (unnecessarily, i might add) in the hearts of partners.

we see this constantly in the free-agent age of professional sports. athletes sign a lucrative, long-term contract, and promptly start producing less. partners in firms are no different.

marc rosenberg
marc rosenberg

more marc: • pick your partners right to begin with  •  the first nine questions your partner team needs to embrace for optimal profitability  • profitability and the value of strategic thinking  • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner  • 20 decisions for your firm’s new partner compensation committee  • three ways to break partner gridlock in an accounting firm  • what partners are entitled to, and what they’re not entitled to | how to make partner?  • why accounting firm partners are “popping prozac like m&m’s” •

here are 10 good ways to achieve partner accountability. every one of these measures is time-tested and works well. some work better for some firms than for others. the key is not simply to provide for the accountability measure, but to do it well. read more →

what do you think you’re doing?

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effective management doesn’t just happen.

here at 卡塔尔世界杯常规比赛时间, ed mendlowitz answers some of the toughest questions practitioners can throw at him. he’s the right one to ask. after more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, withumsmith+brown, where he remains a senior partner and consultant to professional services clients – he has the answers. we’re happy to have him at 卡塔尔世界杯常规比赛时间. send your questions for ed here, or chime in with comments below.

browse more from ed here: are partner retreats really worth the cost? | audit reports without doing the work? | should i really spend the time making checklists? | what’s a tax practice worth today? | preparing to sell your practice in a few years? 13 things you need to know today | 10 questions to ask yourself before you decide to add financial services to your practice | why selling your practice is not a retirement strategy | congratulations! you bought a tax practice. now what? | how accountants can keep the business when a client wants to sell theirs | 10 reasons clients don’t pay, and what to do about it | 13 reasons timesheets will never die

question: sometimes i get stuck doing work that the client did not ask me to do, that is not chargeable and simply a waste of time, but i get trapped (by myself). any words of wisdom to avoid this? read more →

when is it best for partners to stay together and when is it best to part?

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making the partnership work seven ways to sunday.

by marc rosenberg, cpa

sometimes a parting of ways is best because the partners are simply incompatible. people change. their values change. their priorities change. when these changes become so huge as to produce constant conflict, it may be best to shake hands and part ways.

more marc: • pick your partners right to begin with  •  the first nine questions your partner team needs to embrace for optimal profitability  • profitability and the value of strategic thinking  • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner  • 20 decisions for your firm’s new partner compensation committee  • three ways to break partner gridlock in an accounting firm  • what partners are entitled to, and what they’re not entitled to | how to make partner?  • why accounting firm partners are “popping prozac like m&m’s” •

what does it take for partners to stay together?

here are seven critical requirements: read more →

can you teach judgment?

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empowering staff to make mistakes, safely.

here at 卡塔尔世界杯常规比赛时间, ed mendlowitz answers some of the toughest questions practitioners can throw at him. he’s the right one to ask. after more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, withumsmith+brown, where he remains a senior partner and consultant to professional services clients – he has the answers. we’re happy to have him at 卡塔尔世界杯常规比赛时间. send your questions for ed here, or chime in with comments below.

get more ed: clients’ calls at home  • what you need to know before expanding into business valuation  • asking an attorney for a referral fee  • are partner retreats really worth the cost? • audit reports without doing the work? • should i really spend the time making checklists? • what’s a tax practice worth today? • preparing to sell your practice in a few years? 13 things you need to know today • 10 questions to ask yourself before you decide to add financial services to your practice •  why selling your practice is not a retirement strategy •  congratulations! you bought a tax practice. now what? • how accountants can keep the business when a client wants to sell theirs • 10 reasons clients don’t pay, and what to do about it • 13 reasons timesheets will never die

question: recently a colleague asked me: “how do you teach judgment?” and before i could respond, he answered it himself with “you can’t teach judgment!” read more →

how to make an extra $72,000 by working smarter

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if you own or manage a small cpa firm, you can’t ignore effective workflow management.  if you do, you are losing money, clients, and your sanity. here’s one cpa’s story.

by frank stitely, cpa, cva

every year around the middle of tax season, the following telephone conversation happens in small cpa firms, probably yours as well.  you or one of your staff picks up the telephone to hear, “i’m calling to check on the status of my tax returns.  i dropped them off in february and haven’t heard from you since.”

read more →