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sponsorship might keep talent from exiting

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are your best people having to work too hard to fit in?

by mary l bennett

although most accounting firms think of their organizations as inclusive, this goal is rarely achieved in practice – at least through the eyes of diverse professionals. subtle, unconscious differences in behavior by current leaders and staff result in a significantly different experience for individual team members and often lead to widely divergent career trajectories.

more: what new leaders want in ownership | what’s the why? | marketing: not just for partners anymore | leadership growth is a two-way street | win with an intentional culture
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these differences in career navigation experience often contribute to attrition by diverse top talent firms seek to build. targeted sponsorship relationships can mitigate the challenge and help the firm achieve its goals for growth, sustainability and diversity.
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keep teams on task with project management apps

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no more excuses for missing deadlines.

by beth ziesenis
app of the week

the first thursday in november is international project management day, but isn’t every day a good day to discover new apps to streamline work?

the project management world is a crowded space, but a few companies stand out and are worthy of celebration. these tools are the most recommended by audience members in my sessions, and those folks are way smarter than i am.

more apps of the week: apps to put your affairs in order | app of the week: celebrate black business month | app of the week: cheap flights | help your clients save money | time to upgrade your spreadsheets | app of the week: secretly stash cash | easy apps for increasing client engagement with video | app of the week: grow your business knowledge and career skill sets | app of the week: upgrade your resume | app of the week: end procrastination | 

see all: apps of the week here |

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you’ll find many of the same characteristics in the top contenders.

in general, here are the features these tools contain: read more →

the three challenges on the road to partnership

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stylized photo of businessman running on a trackand why we need them.

by martin bissett
passport to partnership

now we move on to our sixth “c” in the passport to partnership – challenges.

more: prepare the next generation now | five ways to show commitment | selling isn’t hard | do you make your firm look good? | 4 top communication habits | making partner when competence isn’t enough
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again the heading has more than a single application, which we’ll explore here.
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how to plan a business-building machine

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businesswoman in orange shirt using laptop computer by white wall of windowswhen a lead comes in, what do you do?

by sandi smith leyva
the complete guide to marketing for tax & accounting firms

most accountants want a website that will bring them leads. many accountants have been very disappointed in past attempts to get this marketing channel working for them, and i’d like to give you some ideas why that might have happened.

more: five tests: how open are you to change? | 13 reasons to master consumption marketing | when to talk about fees | take a moment for appreciation | five things clients have taught me | why your social media is a flop | beyond quickbooks: wowing your clients
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the good news

the good news is that you can, indeed, get business from your accounting website. as a matter of fact, you can get big business. every week, clients tell us that they had someone fill out the contact form, call or email, or sign up for their newsletter. some leads have been really big, too: mid-market, franchises, multiple locations and many more.
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34 steps to implement a merger

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your staff will be much more comfortable.

by marc rosenberg
cpa firm mergers: your complete guide

most firms find that it takes three to four years to fully implement a merger. but during the first few months after the merger’s effective date, there are quite a few administrative and procedural issues that need to be attended to immediately.

more: m&a: the six types of due diligence | why solo cpas need pcas | mergers: one stage or two?
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most firms try to get as much of a head start as possible before the effective date.
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the full cost of terrible service

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this is not a question, but a story and comment.

by ed mendlowitz
202 questions and answers: managing an accounting practice

one sunday evening my wife and i went into a reasonably upscale restaurant and we had terrible service from everyone we interacted with.

more: how to offer family office services | why hiring out of school works | 15 tips for novice managers | what’s your ‘kg’ value? | when clients call you at home
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when we were seated, the table wobbled, and we asked if they could do something or move us to another table. ten minutes later, someone showed up with a wad of napkins that made it worse. five minutes later, they asked if we were ok and put us at another table. ten minutes after that, they took our order, but we asked for some drinks immediately, which we only got after complaining to the manager.
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outlook 2023: top five trends

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strategic thinking is at a premium.

by gale crosley
the rosenberg map survey: national study of cpa firm statistics

i suspect the next 12 months will bring four sizable developments.

more outlook: compensation gets creative |  the office is over | private equity comes for accounting firms
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this has been an unusual year of high uncertainty, unpredictability and sapped energy among our profession’s leaders. many are facing the most significant business issues and opportunities of their careers. the profession has experienced nearly a century of relative business model certainty and predictability in market conditions, punctuated by occasional disruptive blips.

however, it’s not just one dynamic, such as the dot-com bust, the events leading up to sarbanes-oxley or the great recession. rather we are seeing a confluence of four major thunderbolts – disruptive technologies, shifting economic conditions, non-traditional competition and fast-moving regulations. add to this extensive talent constraint, work-from-anywhere options, unexpected market demand and the relatively new enthusiasm of private equities to invest in our firms. and don’t forget continuing baby-boomer retirements. wow! i’m exhausted just writing about it.

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what accounting firm start-ups are doing right

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bar chartand why other firms should worry

by 卡塔尔世界杯常规比赛时间 research

if your firm is 10 tears old, its probably getting stale facing intense competition for talent and grade-a clients from newer firms, less than 10 years, according to new research

more: keep these tax clients while you have the chance | some clients just aren’t worth the ‘mishegoss’ | when should you drop a client? | what’s the most ridiculous thing you’ve heard in tax season? | back to basics with client service | 4 steps to firing a client | top 10 ways to fire the client from hell | survey: zoom, teams top meeting choices | the hazards of poor internal controls | plan for your client to exit their business | what new leaders want in ownership | find your cas team at your firm | six ways to fix your firm agreement

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it was the youngest firms – those in business for just one to two years – that scored highest. in hindsight, the reason is obvious: they began their firms during the pandemic. they didn’t have to change or adapt to the rigors of remote offices and limited client contact. they built their firms to fit the pandemic context.

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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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plan for your client to exit their business

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it takes a few years, so get started.

by anthony glomski

research from the family firm institute shows that only three in 10 (30%) closely held family businesses survive into the second generation. just one in eight (12%) are still viable into the third generation, and a mere 3 percent operate into the fourth generation or beyond. those statistics are even more disturbing because the same research shows that the vast majority of business families are overly optimistic – they believe they will be in control of their companies five years hence.

more: is your client’s umbrella big enough? | estate plans: can you ask clients these eight questions? | when clients don’t listen | do you know your client’s total picture? | the role of the personal cfo
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given this gloomy success record for family business transitions, it is no wonder that 60 to 70 percent of family wealth is lost by the second generation and that 90 percent is lost by the third generation. it does not have to be this way.
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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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find your cas team at your firm

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silhouettes of three business partners talking against a window in an officethen ask your client about their satisfaction.

by hitendra patil
client accounting services: the definitive success guide

“we do not have the staffing for cas.”

non-cas firms cite this as the topmost reason for not being able to offer client accounting services. nothing could be further from the truth.

more: matching your tech to your cas clients | the tech stack you need for cas | finding profits in cas | cas is an upgrade pitch | why you can be a virtual cfo | clients’ new expectations | what cas is and isn’t
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experience of firms that offer cas, including that of small firms with fewer than five staff members, proves beyond doubt that you do not need more staff to start offering cas. even solo practitioners provide cas. the only thing you need to begin your cas journey is to be ruthless, relentless and fearless to leverage newer and cloud technologies. automation, integration and even artificial intelligence make it easier, faster and cheaper to perform some repetitive, time-consuming work of accounting firms.
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