leadership

the hazards of poor internal controls

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businessman is analyzing through magnifying glass contract and prices

it doesn’t matter how great the system is.

by ed mendlowitz
77 ways to wow!

my last column addressed the importance of controls when trying to get a client. but it is also important to retain the client. a good system that is not monitored is a sure way to not only lose the client but be kept awake at night.

more: how to explain internal controls to clients | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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if you have been around long enough, you’ve experienced a theft at a business or not-for-profit organization. for nearly ever fraud i have seen, the slightest effort would have thwarted those frauds. nowadays the only frauds i encounter are new engagements, where i try to quantify what was taken.
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what new leaders want in ownership

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is your firm ready to pass the baton?

by terrence e. putney

buying into a firm as a new owner involves great opportunity, but also significant risk. it is reasonable for ownership candidates to evaluate the potential for professional and financial rewards before taking such a step. therefore, firms must be willing to honestly assess the potential risks and benefits for candidates as they seek to attract new partner-owners who can contribute meaningfully to the firm’s continued success.

more: what’s the why? | learn how to let go and let someone else step up | how to close the generation gap | how to encourage firm ownership | each generation must change
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most of the firms we work with on succession planning start off with a strong preference to remain independent. they want to avoid having to sell or merge in order to address the need to pay off and replace retiring owners. the common reasons we hear cited are:
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six ways to fix your firm agreement

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schedule an annual review.

by steven e. sacks
the new fundamentals

earlier i discussed that engaging in what is considered conflict avoidance can undo the progress a firm has made. this can be because of complacency, frustration, intimidation or a host of other issues.

more: the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
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some things are intuitively understood, but it’s those occasional sticky matters that tend to make situations unravel. establishing and keeping agreements helps to avoid confrontation: the one typically arising from someone promising to do something in a timely and complete manner and within a specified budget. even if the firm’s board casually agreed on a matter, something can go awry and threaten the direction of the firm.
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pick your favorite clients

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happy business professionals giving high five hand slapthen get more work from those clients.

by penny breslin
it’s not just the numbers

you cannot do everything all at once for everyone. this group exercise calls on your team to be an integral part of selecting the best clients to approach for back-office support services.

more: top ten types of clients (and 24 more reader suggestions) | eight things to stop doing now | you don’t have to do everything | why ai is not the enemy
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sit down with your team members and identify those clients you like working with now. get their experience of working with these clients. because your team’s collaboration is critical to success, getting their input is vital. the changes that occur will affect them as much as it will your clients.
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seth fineberg: your classic business model won’t allow growth

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the disruptors: billable hours – demeaning and demoralizing or useful measurement?

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

anyone who has been in the accounting profession–or legal profession–for any length of time knows how revered the billable hour is. however, plenty of firms are ditching the billable hour–a move that many professionals say is long overdue.

more:  hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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seth fineberg, a business journalist specializing in the accounting profession, says the billable hour can’t be a significant part of the business model of the future.

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