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bigger firm, bigger thinking

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businessman reading and reclining on part of red arrow trending upwardseven steps for newly formed midsize firms.

by steven e. sacks
the new fundamentals

there has been talk about consolidation within the accounting profession for the last several years. will the big 4 become the big 2, or will there be the big one?

more: can a cpa firm be different in a changing market? | deadlines? ha! don’t make me laugh | organizational change starts and ends with people | busyness isn’t the same as productivity | staff orientation: a little investment goes a long way
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or, on the other hand, will there be a combination of regional firms whose size will be in the neighborhood of the top 10 or top 15 firms that are considered super-regional firms – and who may consider themselves direct competitors to the big 4?
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technology and your cas clients

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smiling businesswoman working at desktwo different approaches.

by hitendra patil
the definitive success guide to client accounting services

client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients. in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savviness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.

more: will 2021 be your cash-flow year? | the technology stack you need for cas | communicating cas to clients and prospects | how to communicate the value of cas | don’t wear a mask
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when clients do part of the work

in such cases, you want the technology stack to be as standardized as possible to avoid costly, error-prone and time-consuming need to deal with a variety of software. at the same time, when clients do part of the work, you must seek to implement collaborative technology on the cloud to eliminate duplication of data entry and mailing/emailing information back and forth between your firm and clients.
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22 predictions for 2021

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business hand holding hot chart in crystal ballit’s not the time for minding and grinding.

by joseph tarasco

during these unprecedented times, it is difficult to predict the future. thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. this type of planning explores plausible potential business models and implementation processes for impending unknowns.

 

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however, consider the following predictions and trends in your strategic planning for 2021 and beyond:

  1. covid-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.

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4 big issues that firms face

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purple no. 4 billiard ballplus: how the merger picture hasn’t changed.

by marc rosenberg
the rosenberg map survey

an extraordinarily perfect storm was experienced by cpa firms in 2020: the endless tax season plus the virus. in mid-july, five months after the virus’s onset, no one knew anything for sure going forward – neither the science of the virus and people’s health nor the economic impact of the virus on the business world.

more: pandemic highlights value of digital files | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | we adapted to remote work … now what?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here is data from a survey we took of 61 cpa firms in mid-june. virtually all firms had annual revenue of $35 million or less, with the average being about $10 million. it is important to understand these firm sizes because the top 25-50 firms were making more drastic operational moves (mainly layoffs and partner draw reductions) than typical local cpa firms.
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make sure partners focus on two things

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mentor showing project presentation to mentee9 ways to help partners manage their clients.

by marc rosenberg
the role of the managing partner

cpa firm partners have a tendency to get sucked in to many activities. there is a macho aspect to their personalities that says, “bring it on, i can handle it.”

more: manage partners with goal setting | clarify partner expectations | how the managing partner manages the partners | overarching authority that managing partners must have | exceptional managing partners offer their advice | why management is the #1 key to the firm’s success
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no. no. no. they cannot handle it well. the notion that multitasking is an efficient, desirable mode of conduct is pure myth and has been debunked by numerous studies.
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how to recoup staff training costs

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young businesswoman working at laptop while businessman looks onit might sound crazy. just try it.

by ed mendlowitz
call me before you do anything: the art of accounting

almost every staff person will eventually leave you, unless they become a partner.

more: granting unconventional request pays off | why annual staff evaluations fall short | why create an accounting firm business model? | the clients that keep you awake at night | creating a cross-selling culture | cross-selling beyond your comfort zone
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because of this reality, and also because you must have staff, training methods must be developed that do not take excessive time and allow the staff person to immediately become productive. i think i have done this with my 30:30 training method.
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pandemic highlights value of digital files

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post with two signs, "same" and "change"cpe and training needs are evolving.

by roman kepczyk

last year’s extension to july 15 made for a very drawn-out busy season but did allow firms to shift resources to assist clients with ppp loans and other compliance. second, the move to remote/cloud was forced rapidly and pointed out the advantage of firms already utilizing cloud vendors and hosting providers as their transition was seamless.

more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | firms face business realities | more complex work = higher fees, right? | you like being remote, but what about your clients? | remote work is more productive
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third, the difficulty and caution in physically meeting firm members and clients face to face forced adoption of virtual solutions such as zoom and microsoft teams and pointed out the value of having a digital workflow tool as well as the importance of having all files in a digital format accessible remotely.
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will 2021 be your cash-flow year?

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your cas offering must include a cash-flow management component.

by hitendra patil
accountaneur: the entrepreneurial accountant

if 2020 put businesses in financial icu, 2021 will be a year of rehabilitation. before one gets there, the road to recovery is often long and arduous.

more: the technology stack you need for cas | top five cas killers and how to overcome them | 21 ways to adjust your practice in 2021 | how to become an outsourced/virtual cfo | the services that cas clients want | six reasons cas is king
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business owners who are masters of their craft are not necessarily the experts of accounting and financial management. that is your expertise, professional accountants.
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stop trying to get ‘back to normal’

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you’ll be missing opportunities if you do.

by art kuesel

the thirst for knowledge about how to manage and lead a firm in difficult times has gone through the roof, as has the focus from important to urgent. firms took a while to adjust to a fully remote work force, but many of the related challenges such as productivity and team development were met with creative and effective solutions.

more: pandemic lesson: innovate faster | more complex work = higher fees, right? | advisory services: real commitment or just talk? | 2021: you’ll never see ‘normal’ again | covid brought us more and better client communication
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it’s my opinion that several challenges have yet to be tackled, including managing 100 percent remote client engagements effectively, virtual business development and achieving a sustainable and less disruptive approach to “daily” life within the firm. everyone is dealing with so much change, and it is nearly impossible to plan long-term. we are still very much dealing with urgent issues daily, leaving important ones for another day.
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how to prosper in a pandemic

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crisis brings needed change and new opportunity.

by allan koltin

the most significant changes our profession have seen so far are remote workplaces and, not surprisingly, remote client service. i think the dust has settled at this point and firms understand that these are not flavors of the month, but rather permanent changes to the landscape of our profession.

more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | survey: we adapted to remote work … now what?
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it’s fascinating that the covid pandemic was responsible for speeding up what otherwise would have taken 5-10 years into 5-10 weeks.
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what your auditors need in the field

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three partners, one male and two female, walking and smiling outside a buildingtwain compliance dictates some choices.

by roman h. kepczyk

the advent of today’s audit “document container” applications has transitioned every aspect of audit production into a digital format. the key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally.

more: the value of firm procedures manuals | teach your clients to send info digitally | the 4 buckets of firm knowledge | internet bandwidth: how much is enough? | why you need windows 10 with automatic updates | laptops vs. desktops
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this includes

  • multiple monitors,
  • image capture equipment and
  • remote communications capabilities.

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