leadership

ineffective management is hazardous to your firm’s health

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red warning sign9 warning signs, plus 4 things a managing partner should not be.

by domenick j. esposito
8 steps to great

hard to believe but every year there are a number of small and midsized cpa firms that either “die on the vine,” break up or merge up as “damaged goods” if a well-run firm is willing to take them on.

more on strategic planning: why do we accept poor new business results? | is it time to manage your receivables like a real business? | mine vs. yours vs. ours | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting | ai likely to accelerate merger mania
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

why is it that so many firms continue to spiral into a slow death? it’s because they are aware of the danger signals but little, if anything, is done about them or because they are not paying attention to the warning signs including the following:
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the do’s and don’ts for a happy accounting office

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the knack of feedback doesn’t always come naturally.

by rick telberg

if the finance and accounting people in your office work together like a well-oiled machine, then consider yourself lucky.

let me suggest you take them all out to lunch and raise a toast to their attitudes … because without their skills and goodwill, you are no longer working in a firm or company. you are a solo practitioner.

even if you’re not working in a traditional command-and-control hierarchical organization, you are, in the end, a professional. and you work with fellow professionals. understanding how to trade feedback honestly, openly and without rancor is an essential ingredient to your successful work life.

personnel who fall short on skills can usually be brought up to speed. all it takes is a little coaching and training.

but personnel who fall short on attitude are a big problem. you need to talk with them, and you need to do it the right way. while a few words might suffice for the wise, you need carefully chosen words for the attitudinally challenged.

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duty: a tough hurdle to overcome

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businessman crossing finish line after leaping hurdlesonce again, you may be your own biggest obstacle.

by bill reeb

in my opinion, most people are rarely driven by just their own desires. rather, they are influenced heavily by the desires and expectations of those around them as well as by the roles they fill.

more: fear stifles you in every way | being judgmental is self-destructive | 3 ‘letting go’ actions to help you get unstuck | get better, work better, right now | constantly build on the basics | from martial arts to business: 5 steps of evolution | expect and embrace failure anytime you do new work
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

duty is synonymous with words like responsibility and obligation – and the thesaurus offers the phrase “what you have to do.” duty has intellectual and emotional ties to your value systems, too. therefore, to defy one’s duty is to default on one’s values.
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fear stifles you in every way

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young businessman standing on edge of rock mountain and looking across“it is as though fear is a virus, constantly coursing through our veins and waiting for the first sign of weakness so that it can instantly activate and take over.”

by bill reeb

fear is an important topic to me. i believe fear is often one of the greatest offenders interfering with behavior, skill development, success, satisfaction with yourself, and happiness in your life.

more: being judgmental is self-destructive | you are right where you are supposed to be | become your mind’s lead programmer | stay in the present | how ‘take what’s given’ works in business | learn to work ‘better’ instead of ‘harder’ | be realistic regarding expectations
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i am not just talking about fear as it would manifest in feelings of terror, but rather the entire range of fear, from being afraid of dying on one extreme through a simple negative thought wafting through your brain on the other.
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a cpa looks back across the generations

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why the profession is so great.

by ed mendlowitz
call me before you do anything

when i became a partner emeritus, it meant that it was time to slow down and work less.

more ed mendlowitz: how many hours should staff work? | is this a rut?  | taking over poorly done work | when to offer profit sharing | what’s in a title? | managing partners should drop their book of business | what’s lousy, the client or your approach? | checklist for running a practice | why credentials are worthwhile
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i started working only two days a week. i thought i would have more time to pursue many of the things i had always wanted to do but never had the time. since that point, i seem to be busier than i ever was and still have many projects i want to do, but can’t seem to get to.
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running on passion, or running on empty?

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feinberg

‘passion is nice. but passion with positive cash flow is so much nicer.’

by andrea feinberg

hey, new business owner: congratulations on making a huge leap. your choice to risk it all (and i’d say a predictable income, resources and benefits are pretty huge to leave behind) takes enormous courage, persistence, and a plan. and, many would say it takes a strong devotion – some call it ‘passion’ – to the service or product you plan to deliver.

well, i have a suggestion and i hope you’ll take this personally (not a typo: i want you to take it personally because your business will be among the most personal relationships and responsibilities you’ll ever have.)

i’m going to suggest you shift your thinking: don’t start a business; solve a problem. unless your product or service can solve a specific problem (or, secondarily, expand on an opportunity) for a recognizable category of customer, you’ll never make a penny. read more →

let’s talk about the fiscal close

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portrait of chris doxey
doxey

who has time for metrics and analytics?

by chris doxey
doxey inc.

if your finance and accounting organization is bogged down by a fiscal closing process that never seems to end, it has little time to focus on enhanced reporting or analytics. visibility to accurate financial information and underlying operating metrics are critical to your management team in any economic environment.

many factors place the spotlight on the fiscal closing process, which is usually led by a team of individuals in the corporate finance and accounting department and managed by the corporate controller. the complexity of the process is driven by the nature of the company – private, public, nonprofit (tax-exempt or mission-based) or government – and the type of industry or industries for which the company is responsible.

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tomorrow’s leader in 9 bullet points

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number 9 created by gaps between many small green plastic 9'sdon’t have them all? pick one and get started.

by august j. aquila
price it right

everything the firm does from this moment on flows from this decision, including the firm’s strategy, reputation, the ability to attract critical talent and how well it will execute its plans.

more: checklist: 18 essential steps to effective billing | 6 steps to making your new pricing happen | preparing to change pricing philosophy | ethical issues in pricing | how utility and value affect pricing | understanding the product pricing life cycle | 4 ways a production orientation can harm a firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

selecting the strongest rainmaker or the longest tenured partner, no matter how well liked, can quickly send the firm in the wrong direction if the candidate is underprepared or an inadequate leader.
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a crash course in partner retirement/buyout plans

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3 issues to decide and 25 main provisions to include.

by marc rosenberg

when firms call me for help on their partner agreement, i immediately ask this question: “do you want help with your entire partner agreement or just the retirement/buyout part?” two-thirds of the time, they want to address only the retirement plan.

more: 5 key reasons to have a partner agreement | protect your business with a solid partner agreement
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my practice in the area of cpa firm partner agreements consists of two parts:

  • the partner retirement/buyout plan.
  • everything else. i often refer to this as the general partner agreement.

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5 key reasons to have a partner agreement

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plus what can happen if you don’t.

by marc rosenberg
partner agreement essentials

what is a partner agreement?

according to nolo.com, “a partner agreement spells out the rights and responsibilities of the firm’s owners.  without one, firms will be ill equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. a partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs and preferences.”

more on partnership: protect your business with a solid partner agreement | how business entity type affects partner income | equity vs. non-equity partners | partner pay in retirement transition period | buyout: the flip side of buying in
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but most readers probably knew this definition, so it might not be very illuminating. let’s try this one.
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protect your business with a solid partner agreement

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number 6plus 6 ways they’ve changed over the years.

by marc rosenberg
partner agreement essentials

buying a family home is one of the the biggest investment most people make in their lives. and because most of us are not real estate experts, we protect ourselves by engaging an attorney to ensure that the purchase is handled correctly.  we don’t hesitate for a moment to invest a few thousand dollars of attorney fees to hire an expert.

more on partnership: how business entity type affects partner income | what partnership gets you (and doesn’t) | 5 cautionary tales in partner compensation | partner pay in retirement transition period | 23 key provisions in a partner buyout | management stipends: who, how and why | when a firm tanks while a partner soars | research results: how firms pay new partners | what does buy-in buy? | how profitability affects income allocation | keys to bringing in new partners
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

being a partner in a cpa firm should be no different.
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mine vs. yours vs. ours

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businessman tightly holding briefcase with dollar sign on it15 ways to take an entrepreneurial approach instead.

by domenick j. esposito
8 steps to great

it is a very prevalent view that midsized law firms are not particularly well led and well managed.

more on strategic planning: pitching vs. pursuing | focus on an enhanced client experience | new year’s resolution: solve the partner comp problem | 6 rocks in the path to growth | use compensation to shape partner behavior | the importance of m&a culture due diligence | are you attracting the new breed of equity partners?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many of their partners operate as silos and refer to clients as “my clients” and “my book of business.” sure, they share space and other overheads but they do not institutionalize clients for the long-term benefit of the firm.
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