by rick telberg as technology moves to the cloud and goes mobile, traditional accounting software sales and support businesses will be left behind by new business models built for subscriptions and high-end services. this could be bad news for the … continued
many cpa firms may be on the path to extinction.
by gale crosley, cpa
the world’s population is becoming increasingly aware of the importance of sustainability. for several decades we’ve developed an understanding of preserving our planet’s resources. the recent sustainability conversation has amped up the focus among corporate executives on their social responsibility to insure our world’s future.
it’s an especially relevant time, therefore, to discuss the sustainability of our firms. and that’s what this book is about. managing partners spend significant time pondering their firm’s strategy. one of their greatest challenges is engaging their partners to be as committed as they are.
adapted from the preface to “how to engage partners in the firm’s future: the secrets every leader needs to know,” by august j. aquila and robert j. lees
there are lots of reasons for the challenge. these include a “nose to the grindstone versus up to the wind” mentality, partners not spending enough time dedicated to the task, abdicating their leadership role, putting their own interests before the firm’s, or just plain apathy. it’s easy for a partner group to sit around a table and discuss their future. but talk is cheap. after the strategic planning is done, leaders actually have to do something. it takes significant effort to develop as a leader, work as a team, subjugate one’s own interests for the greater good, learn new competencies, solve complex problems, and exhibit leadership behaviors. read more →
four steps when things aren’t turning out the way you dreamed.
by sandi smith, cpa
accountant’s accelerator
how does your current business look compared to the one you dreamed about before you started your entrepreneurial journey? do you now have clients you love, a dream team, the financial rewards you are comfortable with, and plenty of free time?
more for soloists and small firms: two steps to easy cross-sells | the hot new tech product for automated data entry | five value-add service areas to take you beyond bookkeeping | six money-making strategies to take you beyond quickbooks | proactive ways to get more referrals | the three biggest money leaks in your practice | new client opportunities with mobile apps | six questions to launch your summer strategy sessions | what most accountants miss in the five simple steps to get more clients | accountants, do you know your opportunity number? | five ideas to reduce client price-sensitivity | rise to the top with a fresh elevator speech | four ways to practice entrepreneurial perseverance | 5 mistakes to avoid when seeking new clients | the top 12 business card blunders accountants make | seven tips to keep the clients you have | how to attract clients like a magnet | eleven easy ways to deliver more value to clients
if not, don’t give up. you can still get there, and a little business clarity may help you get there even faster.
here are four steps: read more →
“people don’t buy what you do, they buy why you do it.”
by hitendra patil
pransform, inc.
we are used to getting asked “what do you do for living?” but when someone asks “why,”we have to dig deeper to answer that question.
celebrity author simon sinek wrote a revolutionary book called “start with why.” he says, based on complex research results, “people don’t buy what you do, they buy why you do it.” he further adds – “those who know their why are the ones who lead.”
question: i am on the board of directors and am treasurer of a not for profit organization. one of the board members is an officer of a commercial bank where we have our accounts. the organization wants to get … continued
nine questions cpas need to ask before hiring a public relations agency. by bruce w. marcus professional services marketing 3.0 there was a time when all you needed was a roll of nickels and a phone booth, and you were … continued
with 18 key clauses and 24 essential ingredients.
by marc rosenberg
cpa firm management & governance
a partnership agreement contains clearly defined terms and conditions of the firm including, but not limited to, each partners’ responsibilities, their pay and their roles within the business. it also includes rules and regulations that are to be followed by the partners in the business. it is essential for a cpa firm to have a partnership agreement, regardless of how collegial and friendly the partners are with each other.
more cpa firm management & governance: how the structure of an accounting firm changes through the years | congratulations! your firm needs a human resources director | the 19-point marketing director job description | checklist: how the best managing partners and firm admins work in concert | 21 questions for managing the managing partner | no partner vote needed: 17 decisions best left to the managing partner alone | new rules: 13 items that should be in your managing partner’s job description | when is it time to shift your firm from partnership-style to corporate-style governance? | not every firm needs a general patton |
a partnership agreement can prevent potential future disagreements that could occur pertaining to the objectives and responsibilities of the firm.
a number of years ago, i was engaged by the managing partner of a firm to draft their first-ever partnership agreement. the firm had three partners: the 57 year old founder, who was a dominant, rainmaking managing partner, and two other younger partners who performed at a much lower level than the founder. read more →
or, so say their own colleagues.
more than half of all professionals in the financial services industry say they know of crooks and cheaters in their business.
but what are they doing about it? or, a better question: why should they do anything about it?
“wall street needs to take the first step toward recovery and admit that it has a corporate ethics problem, or main street should brace itself for more scandals,” says jordan thomas, partner at the law firm that conducted the study.
see the 13 key findings, and get the full report in an instant download: read more →
essential duties currently missing from most job descriptions.
most of the usual responsibilities of a managing partner can be captured in two paragraphs:
these are, without doubt, all good and necessary functions. but are they the ones managing partners should focus on?
august aquila, doesn’t think so.
his studies, documented in “leadership at its strongest” and “how to engage partners in the firm’s future,” show there are at least eight other areas that can make or break a managing partner and the firm.
– rick telberg
more for partnerships: the six challenges crippling progress in today’s multi-partner firms | the debilitating effects of denial at accounting firms | the five psychological hurdles that cpa firms must confront today | the managing partner’s secret weapon in change management | the 10 basic ways to boost profits at an accounting firm | 12 must-do items for your partner retreat agenda | seven signs you’re working in a firm where the partners don’t trust each other | seven tactics to stand out from the crowd | achieving partner unity: the competitive advantage |
in this report: see how you or your managing partner might compare on a new eight-point questionnaire.
when is it required?
question:
a long time business client that owed me a large balance for unpaid fees sent a letter dropping me. he then wrote me a letter requesting me to send “his” papers to his new accountant. can i insist on being paid first or do i have to send the papers? i made some notes on a worksheet adjusting his numbers that went on the tax return. do i have to send this also and if so, do i have to write these up in proper journal entry form?
more from ed mendlowitz, the practice doctor: 11 business-getting tips for the young staffer | how to get started in family office services | three and a half ways to get your own cpa practice | novice manager needs to know: how to do it all? | why no one listens to you | 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 | seven ways to increase fees | 10 best practices for tax season | nine healthy things to do during tax season | 12 reasons to love tax season | free instant download: sample fee schedule for 1040s | also: “implementing fee increases” and “the tax season opportunity guide.”
answer:
start with a spreadsheet.
by sandi smith, cpa
accountant’s accelerator
here’s a great spreadsheet exercise you can do to identify what i call “low-hanging fruit,” which means added revenue that will not take too much time or money to go after.
open excel, and start a worksheet from the sales numbers in your accounting system.
more at 卡塔尔世界杯常规比赛时间 for soloists and small firms: the hot new tech product for automated data entry | five value-add service areas to take you beyond bookkeeping | six money-making strategies to take you beyond quickbooks | 10 ways to add a “money maker” hour to your day | 11 sources of wealth we can celebrate | nine value-adds to command a higher fee | how to design your business around your strengths
the myth of ‘spin control.’ by bruce w. marcus professional services marketing 3.0 every election campaign produces, among other things, media myths and bad language. during the elections of the last two decades, the language was infected by a new … continued
the dysfunctional partner team and three ways to get them back on track.
you’ve tried management by committee. and by now, you know it doesn’t work. in a new analysis of cpa firm management practices, marc rosenberg finds, “management by committee rarely works.”
there must be a better way. and, yes, there are a few. here is a five-point spectrum of approaches that firms use to make decisions. one of them may work for your firm.