when each is most common.
by marc rosenberg
cpa firm mergers: your complete guide
after settling financial and operating issues, we turn to two-stage vs. one-stage mergers.
more: buying a solo | 23 questions for mergers of equals | selling your firm? what to expect | one times fees isn’t the only way | four reasons to fear a merger
exclusively for pro members. log in here or 2022世界杯足球排名 today.
in the end, it’s all about the math.
a fad or a movement?
by steven sacks
the new fundamentals: practical guidance for today’s accounting firms
employees are not keen about returning to their offices after an almost two-and-a-half year (for some) hiatus from the hassle of commuting and balancing child care and other personal responsibilities. what are company leaders to do?
employees want to strike a balance between their work life and their family life (or life outside the office). the common employee refrain has been, “i want to find my life’s passion, and i need work flexibility to accomplish this.”
hmm.
more: don’t overlook office relationships | how to deliver authentic value | making the jump from small to mid-sized firm | what sets your firm apart … if anything? | why deadlines get missed | too busy? you may need to reprioritize | is it time to outsource? | five reasons you’re not swot-ready | who needs another meeting? | 4 questions for cpa firm boards
what about creating value and finding purpose and meaning from work? more to the point: can meaning and purpose be derived from a job?
there are times to be silent.
by martin bissett
passport to partnership
how to prioritize instead of juggle.
by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set
q: my boss asked me to call you.
i am a staff accountant with five years experience. i am having a lot of stress trying to manage everything i have to do. i am juggling supervising people i don’t know how to supervise, being managed less by those above me and having to figure out more for myself – including things i never did before or in industries i never worked on previously, keeping current with changes in accounting rules and taxes (since i am more like a generalist and clients ask me everything), never seeming to have any free time, juggling my schedule because most of my clients are never ready when they say they will be and being accountable to my boss for everything i do plus what the staff working under me does.
more: when not to charge for an initial consultation | what’s your ‘kg’ value? | when clients call you at home | how to handle referrals with attorneys | why checklists? | thirteen things to know before selling your practice
so how do i do it all? how can i prioritize all my responsibilities?
read more →
more than 40% are less strict.
the accounting firm operations and technology survey
transformation talks: mike maksymiw, cpa, cgma, says the secret to success and transformation in accounting is to be willing to learn, believe there’s enough work for everyone…and allow yourself to be vulnerable.
transformation talks
with bill penczak
center for accounting transformation
after 16 years of working in firms, mike maksymiw, cpa, cgma, was done.
he went to his employer with his concerns about wanting to do something else. instead of encouragement to pursue another area in the firm, he was persuaded to remain on the partner track he was on. maksymiw decided he’d rather move on.
more on aprio: why tax work yearns to be free | the fintechflood: accounting will never be the same | top issues for 2022: talent, time and transformation | what’s in a (firm) name?
more: five lead generation mistakes to avoid | five post-tax season growth ideas | five better ways to say no | are you solving your clients’ problems? | five ways to grow: talent new service lines | business development and sales aren’t scary
“i didn’t have anywhere to go when i left. i just knew i needed to go,” he said. “so, after, you know, a couple pandemic busy seasons, learning about the cares act, being a national leader at the firm at that, like i was toast. so, my family and i just went to hawaii stayed there for two weeks.”
hard-charging entrepreneurs might need to flip their risk perspective.
by anthony glomski
after helping clients sell a business, it’s crucial to focus on preserving wealth. this may require them to adopt a new mindset about their money, investing and risk.
more: do you know your client’s total picture? | what level of advice do entrepreneurs need? | three approaches to investment consulting | the role of the personal cfo | three components of collaborative wealth management | 2022世界杯32强赛程表时间
in the old world, you could choose not to help your clients with their investments. now it’s expected that at a minimum you will understand their investment plan and overall retirement plan. you don’t have to be the expert in every aspect of their financial plan, but you do need to make sure that all the different parts of the plan are aligned – and that all the other specialists working on behalf of your clients are aligned in their efforts.
read more →
what is the worst thing that could happen?
by ed mendlowitz
call me before you do anything: the art of accounting
when i was a junior accountant an eon ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller or bookkeeper.
more: the seven-minute financial statement | when an audit is a great thing | how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs
then when i became a manager, i continued this practice of having lower-level staff perform these procedures. i now consult with many accounting firms and find it is still being done that way. i stopped it many years ago and wonder why it’s still widespread.
read more →
here are two suggestions for rescuing your old data.
by rick richardson
technology this week
attention, readers, this is your annual wake-up call!
all those cds and dvds you have burned over the last decade to back up your precious pictures, music and movies may have bit rot.
more: only 19% of firms host email | 52% of firms look outside for it support | firms battle disruptions in communications and workflows | pandemic changed work for 64% | pandemic? what pandemic? | m&a looms large for 30% of firms | today’s top 3 tech problems: security, client onboarding and workflow | today’s top 3 problems: staffing, workflow and tech
that’s right. they may be harmed by scratches or temperature and humidity variations. most commercial cds and dvds will survive better than custom discs, but they all are prone to damage after sitting for an extended period.
smart professionals have up-to-date resumes so they can capitalize on opportunities.
by beth ziesenis
even if you’re not looking for a job, your resume should be ready to respond quickly to an opportunity.
more: dell tops in accountant tech | tech vexes 58% of solos | firms on the brink of big spending
and because september is international update your resume month, now is a great time to dust off that document and give it a makeover.
these apps can make it a cinch.
how to implement design thinking.
by jody padar
say it with me now: “i am a change agent.”
before you consider adopting the cloud or any of the “new firm” mindset, you have to ask yourself if you are willing to be the change.
more: your client base is global
once you decide, first thing, first. own it! you have to commit. if you teeter, it will be harder. jump in feet first and feel the shock of the cold water. i’m not saying it won’t work if you wade in, i’m just saying it’ll be more of a challenge. when you change all your processes, it’s a lot of hard work, but part of what will get you there is commitment. if you are seriously considering uprooting your firm’s foundation, you need to ask the following questions:
bonus: a 19-point checklist for sellers.
by marc rosenberg
cpa firm mergers: your complete guide
note: this post was written in collaboration with attorney peter fontaine, the founder and managing partner of newgate law, a firm of lawyers that work with cpa firms exclusively. he served as legal counsel at arthur andersen and rsm for more than two decades. he can be reached at pfontaine@newgate.law or (617) 513-2440.
at the onset of the merger process, most sellers contact at least two to three potential buyers. this positions the seller to select one buyer to commence negotiations with, in earnest.
more: buying a solo | 23 questions for mergers of equals | 61 things buyers should explore with sellers | why merging in smaller firms is fabulous | selling your firm? what to expect | thirteen ways to woo potential firm buyers
after an exchange of financial and operating data and meetings to clarify the information, but before serious negotiations begin, it is customary for the qualified buyers to issue letters of intent (lois).
read more →
you need to know the four types of competition.
intensive price competition in most professional service industries is now a way of life, from hotels to airlines, from car rentals to telecommunications and from law firms to cpa firms.
more: how to leverage demand in your pricing | the four phases of service life | what we know about pricing strategies | make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
an important factor affecting a cpa firm’s pricing policies is competition. as clients and prospects become more educated about cpa firms in their market, more sophisticated about the services offered, and more cost-conscious, pricing becomes more important and more firms stress the price of their services, especially in competitive request-for-proposal situations. read more →