and two considerations for the working partners.
by marc rosenberg
retirements & buyouts
the vast majority of firms pay retirement benefits over a 10-year period. we occasionally see five to seven years at lower payout levels.
some firms under $10 million adopt five-year payouts for goodwill, reasoning that because five-year payouts are common for the purchase of a cpa firm, the same term should apply to their own buyouts.
two steps can set your firm on the right path.
by roman h. kepczyk
quantum of paperless
managing digital files is in many ways similar to managing paper files in that the firm must have standards for who can create a document, add to or edit a document, file it and eventually purge the file. unfortunately as digital files are on the network and “out of sight,” many firms are not really aware of: read more →
exclusive to 卡塔尔世界杯常规比赛时间
tax and accounting firms across the nation are projecting in the new “national map survey of cpa firm statistics” steady revenue gains through the end of 2014 and into the new year.
a big chunk of cpa firms are increasing their reliance on consulting services as a fee generator during the profession’s third year of steady expansion in 2013, according to the report, best known as “the rosenberg survey” for its founder, 卡塔尔世界杯常规比赛时间 contributor marc rosenberg. read more →
how firms decide the capital payable to a retiring partner.
by marc rosenberg
retirements & buyouts
we know there are two parts to retirement benefits:
more: how and why to hire a marketing director | marketing plans and why you need one | working business development into your day | how marketing systems produce business growth | 6 keys to developing new client prospects | protect and grow existing clients | 19 takeaways from the history of cpa firm practice development
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the issues involved in determining the capital are very few and straightforward compared with the goodwill determination, which is far more intricate and nuanced.
in fact, there are four main variables in calculating the capital. this compares to 25 variables for goodwill. read more →
cloud systems can ease the burden at upgrade time.
by roman h. kepczyk
quantum of paperless
the network drive in most firms is not very well organized and needs the most cleanup. this happens because it is usually managed with windows explorer, which allows almost anyone to create or access a file anywhere on the drive.
more on tech spending: 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 | the single best defense against computer viruses | when to adopt microsoft’s new office apps | how to choose the right backup system | how to know it’s time to scrap your old server | step 1 in building the paperless firm: scanners | how many computer monitors do you need?
unfortunately, there is seldom a firm standard that is adhered to, allowing users to create files with any name they want and store it anywhere they please. the result can be files that are hard to find and slow to search across the network. read more →
good news for small firms, too, but not as much.
for cpa firms, bigger is better and keeps getting better in terms of revenues and profits for the practices and income for their individual practitioners.
so say the results of one of the profession’s best-respected monitors of practice management trends and cpa firms’ financial performance, “the national map survey of cpa firm statistics: the rosenberg survey,” which is based on data from across the profession from solo practitioners to firms with more than $20 million in net fees.
the radical cpa: new rules for the future-ready firm…
forget “one times fees” for goodwill.
by marc rosenberg
retirements & buyouts
one of the first and most critical decisions in creating a partner retirement plan is the overall valuation of the firm.
more rosenberg: what smaller firms must do to become firms of the future | when managing partners can’t | covid-19, adversity and innovation | is mandatory retirement a best practice? | merging in sellers: what you need to know | take yoda’s advice on strategic planning
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the value of a cpa firm has two components: read more →
women are judged on their performance, men on their potential.
by ida o. abbott
sponsoring women: what men need to know
common patterns of gender bias include holding women to higher standards than men and expressing contradictory expectations (“double binds”) for women.
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
different standards: people expect more of women than of men and they hold women to higher standards. this sets the bar higher for women who aspire to leadership and makes it more difficult for them to prove their value to the organization, even though research shows that women outperform men in 17 of 67 critical leadership skills, while men outperform women in only four. read more →
intranets are the best way to capture and centralize firm knowledge.
by roman h. kepczyk
quantum of paperless
firm knowledge and information is usually stored in one of four “buckets.”
conflict of interest is one reason smaller firms shy away from rias.
the largest cpa firms are by far the leaders in providing investment advisory services, but the rest of the profession does not appear to be following their lead too closely.
fifty-eight percent of the profession’s largest firms, with more than $20 million in annual fees, offer investment advisory services, up from 51 percent in 2012, and another 9.1 percent were at least somewhat likely to add the services to their menus, according to the “the national map survey of cpa firm statistics: the rosenberg survey.”
by 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:
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 →