five keys in compensating new managing partners
plus five things the other partners should expect from their leader.
by marc rosenberg
the rosenberg practice management library
by marc rosenberg
the rosenberg practice management library
today's features
bissett bullet: the tortoise will always beat the hare
today’s bissett bullet: “when times are tough, choose short-term lifestyle changes over sacrificing long-term investments.”
by martin bissett
the temptation will always be to cash in an investment in order to enjoy the spoils of your previous discipline and maintain the lifestyle to which you have become accustomed. before you sacrifice your future with no guarantee that you’ll ever catch up on that lost income, have you considered cutting back?
play the long game for your future. run a budget at home and in your business that ensures that you spend less than you earn and that allows you to invest even when times are hard. stay the course slowly but surely and resist the urge to keep up with the joneses.
today’s to-do:
where could you cut back if you had to in order to avoid sacrificing an investment you’ve worked hard toward? make a list of unnecessary outgoings that could be canceled in the event of a reduction in income.
see more bissett bullets here
give to receive, and eight more ways to boost sales
these tips work for referrals, too.
by sandi leyva
the complete guide to marketing for tax & accounting firms
networking is an essential part of building your business.
whether you network locally, nationally or internationally, there are some tips that are common to all businesses:
more: five ways to target the low-hanging fruit | eight ways to build busy-season stamina | make your prospect kit stand out | six ways to beat the competition | grow your revenue with three marketing strategies | what can chatgpt do for accounting professionals? | generative ai: should you avoid it or adopt it? | want better clients? here’s how | get your name in the news
exclusively for pro members. log in here or 2022世界杯足球排名 today.
1. be crystal clear about what you do and how people can use you. also know exactly who your ideal client is in case you’re asked. if you don’t do this, you’ll leave people scratching their heads about you and they won’t know how to connect with you even if they want to.
read more →
2024 outlook: ‘specialization is the future’
audit troubles meet staffing shortages; uh-oh.
by carrie steffen
the rosenberg map survey
editor’s note: every year, the rosenberg map survey asks the industry’s top consultants to share their observations from cpa firms across the country. how do you think the next 12 months will unfold? also, how would you assess the last 12 months?
there are a couple of interesting stories on the horizon. first is the public company accounting oversight board’s crackdown on audit deficiencies and how that will play out vs. a push to ease some of the requirements to become a cpa.
more: remote work will see cuts; pe will trickle down | three ways firms can succeed in 2024 | new energy comes from new ways of doing business | ai for accounting automation will be significant | a 40-hour workweek is feasible | it’s time for a new business model
with a perception of the quality of audits declining and the number of cpa candidates dropping, how will the profession reconcile the pressure to improve quality with fewer people to do the work and the proposed solution of lowering the threshold to become a cpa?
read more →
accountants cozy up to clients with cas
survey respondents tell us what their clients want from cas that they don’t get from other services.
by 卡塔尔世界杯常规比赛时间 research
accountants are using client accounting services (cas) to get closer to their clients, according to early results from the 卡塔尔世界杯常规比赛时间 outlook 2024: emerging issues, opportunities and trends survey.
more: accountants torn over 2024 economy, offer advice | accountants bullish on income | cpas culling clients for better work-life balance | are you offering the right services? | which niche’s the best niche? | 42% of accountants turn away work over staff shortages
the survey doesn’t exactly ask about cas leading to a closer relationship with clients, but responses to various questions indicate just such a result.
read more →
best practices for source doc permissions and handling
four steps to asserting control.
by penny breslin
it’s not just the numbers
permissions are key. in our company only three people have a connection to their local c drive from our managed server. also, we can track who is logged in, from where, how long and what they accessed.
more: sixteen guidelines for naming conventions | revisit your back office support procedures | federated search: what it is, why it matters | accounting tech tools to minimize your pain | do your apps play well with others? | it’s ok to have favorite clients
if documents are in our cloud storage, the permissions to download them can be turned off. viewing is done from within the document storage app. nothing is perfect. they can still take a screenshot but we attempt to keep things as closed as possible while still allowing for work and efficiency.
read more →
two steps toward mastering selling
it’s a new skill. you have to practice.
by martin bissett
business development on a budget
if winning new clients is simply a matter of being yourself, why is selling so difficult for accountants? well, it’s a combination of several factors, but there are two main reasons.
more: rate your personal purpose | nine checkpoints before every prospect meeting | three questions about conversion | six keys to turning prospects into clients | don’t overlook internal communication | why firm culture matters for partners | competence is step one of seven
first, accountants have not traditionally been required to sell. maybe your practice has grown by referral – business has come to you and you haven’t had to do much to win that business. unfortunately, however, business doesn’t always walk through the door; you don’t know how often it will, or what caliber it will be when it does.
read more →
is your client’s wealth truly protected?
many policies are too small. here’s another option.
by anthony glomski
no matter where your client grew up or how they accumulated their wealth, they can be a target for a host of unscrupulous people. many affluent investors, including entrepreneurs, are worried about keeping their assets safe from potential creditors, litigants, children’s spouses, ex-spouses, and disgruntled former employees and partners. they also want to protect their assets from catastrophic losses that could cripple them financially. as a cpa, you have an important role here.
more: eight questions for estate planning | check tax effects before liquifying | why you should function as a fiduciary | your entrepreneurs need advice, but which kind? | how to implement collaborative wealth management
wealth protection involves strategies you can use to ensure that your wealth is not unjustly taken from you by potential creditors, litigants, ex-spouses and children’s spouses. wealth protection is also designed to protect you against catastrophic loss. identity theft is another emerging threat to wealth protection that should be addressed carefully with your clients.
read more →
empower staff to make mistakes (safely)
think of it as teaching judgment.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: recently a colleague asked me: “how do you teach judgment?” and before i could respond, he answered it himself with “you can’t teach judgment!”
more: 47 types of business valuation to provide | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
response: everyone working for you has and uses judgment – they have homes, families, organizations they belong to and they manage their career. each of these requires their exercising judgment many times a day. they all have judgment.
read more →
seven things you must know about ai
be serious, not amused.
by hitendra patil
rise of the aiccountants
unless you live under a stone, you would have heard about all the craze chatgpt has created recently. and most likely, you, too, are amused by it.
an artificial intelligence-powered tool, it is one of the first that allowed people to directly interact with ai in a familiar way how we use chat functions on mobile phones and websites. this ease of access and usage gave it a huge fan following. moreover, it triggered a tsunami of new ai tools emerging all over the internet.
read more →
remote work will see cuts; pe will trickle down
corporate form of governance is seeing more acceptance.
by marc rosenberg
the rosenberg map survey
editor’s note: every year, the rosenberg map survey asks the industry’s top consultants to share their observations from cpa firms across the country. how do you think the next 12 months will unfold? also, how would you assess the last 12 months?
- private equity shows signs of trickling down to sizeable local firms (say $15-30 million firms).
- the aging of baby boomers – ages 57-75 – continues but at some time in the next five years or so, their tremendous wave of retirements will abate somewhat and there may be fewer sellers.
more: three ways firms can succeed in 2024 | firms must choose best workplace model | outsourcing, remote work will help firms grow capacity, revenue | private equity leading to corporate-style cpa firms | five ways staff shortages are changing firms forever | partner incomes surge 11.4%
- artificial intelligence has ramped up its awareness in the cpa firm market. though many have warned of the negative impact of ai, its upward trend is relentless and knows no bounds.
why you need progress billing
seven steps to setting it up and four benefits.
by august j. aquila
price it right: how to value accounting services
there are many things that are critical for a successful client service engagement. in my mind, there are two that should be at the top of your list.
more: sixteen marketing activities to try | make your practice better | eleven marketing strategies for smaller firms | five questions for developing your marketing plan | you only have four strategies | the damage that traditional fee methods do
number one is providing the client with a progress report or reports. number two is making sure that you progress bill and provide a change order if the scope of the engagement changes. doing both ensures that you will have a happy client and get paid promptly for your services.
read more →
four things to know about social media
talking to prospects when prospects can talk back.
by bruce marcus
professional services marketing 3.0
editor’s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert’s evergreen work, which retains wisdom for the present.
there are four things to know about what we now call the social media.
first, it’s media – a means of communication, a medium, not of itself a magic carpet. which means that its value lies in its ability to convey ideas and facts to a vast world of viewers. which means, as well, that we’re back to the old computer nostrum of “garbage in, garbage out.” or to paraphrase another (if contrarian) view, it’s not the medium, it’s the message.
more: how and why client service teams work | when clients think they know marketing | how to put target marketing into context | everyone in your firm is marketing | accountants vs. lawyers: who wins the marketing battle? | professional services marketing requires flexibility | how to set marketing objectives
second, it substantially changes the world of marketing. in the old marketing, we talked to people who couldn’t really talk back (other than by buying or not buying what we were selling). very primitive and cumbersome.
read more →