today's features
outlook & analysis

10 real-world expectations for accounting firm marketing

by jean caragher
capstone marketing

clearly, over the past 15 years marketing professionals have elevated the sophistication and effectiveness of cpa firm marketing programs.

cpa firms employing marketing professionals are no longer news.  but too many partners still don’t understand what marketing can and cannot do. the discrepancies often lead to frustration and failure.

so, let’s get real. here are the top 10 expectations partners should have for their marketing departments: read more →

outlook & analysis

past due fees

by ed mendlowitz “tax season opportunity guide“ question: a client owes me a very large amount of money and seems to be giving me a runaround and i need to get the check quickly. the client has the cash, so … continued
outlook & analysis

this week in research update: billing rates

screen shot 2013-11-22 at 1.31.17 pm

in this week’s research update newsletter we bring you two views on value pricing and new data on billing rates.

bruce w. marcus explains how a law firm learns 14 steps to the right “value price…”   but frank stitely argues that any billing method that relies on client ignorance is certain to fail. can they both be right?

also, don’t miss the new bookkeeping billing rate survey.

on a related note, do you charge for travel time?

– rick telberg
president / ceo

outlook & analysis

seven emerging trends in structuring the buy-in for new partners

the old formulas don’t work anymore.

by marc rosenberg
author of how to bring in new partners

at one time, calculating and structuring the buy-in for a new cpa firm partner was fairly simple and uniform across the profession. but things have changed. until recently, you’d start with the total value of the firm, defined as accrual basis capital, and then add goodwill, commonly expressed as a percentage of fees.

so, let’s run the numbers and see why firms are looking for alternatives and what they’re finding. we’ll look at trends in personal risk profiles, ownership percentages, how the buy-in is paid, guarantees to banks, the number of years to pay the buy-in, who the buy-in is paid to, and last, but not least, sweat equity.

read more →

outlook & analysis

10 partner must-do’s in getting the most of your marketing director

by jean caragher
capstone marketing

capstone research reveals that two of the top three challenges that cpa firm marketing professionals face are “fighting fires” and “lack of partner support.”

but all that becomes a little more manageable if the partner and the marketing director share realistic expectations with each other.

here are the top 10 expectations marketers should have for their firm’s partners: read more →

outlook & analysis

value billing on the 19th hole

any billing method that relies on client ignorance is certain to fail.

by frank stitely, cpa
stitely & karstetter, pllc

value billing advocates exhort us to bill based on the benefit a client receives, but that’s just the demand side of the economic equation. competition is the supply side. here’s a little fable based on ed mendlowitz’s “value pricing: a lesson in applying judgment,” where a cpa asks for billing advice and then bills a client $7,000 for three hours’ work.

“great day, al.  have you ever shot an 80 before?”

“no, jay.  this is my first.  this round of drinks is on me.”

jay continued, “you’ve had quite a week.  first, you got your line of credit.  now the best golf round of your life.”

al had just finished a round of golf with his banker, jay; a neighbor, john; and john’s cpa, greg.

“jay, i am blessed with having great friends and advisors.  you did a marvelous job.  but, i should give some credit to my cpa, frank.  he put the entire package together for seven grand.  that seems like a great price.”

al saw the puzzled look in greg’s eyes. read more →

leadership

six questions to test your partner team’s performance management systems

goals alone won’t won’t get you there.

by robert j. lees
and august j. aquila
creating the effective partnership

many leaders believe that people remain focused and committed to their performance goals if the goals are clear and compelling. however, that’s not our experience with accounting firms.

according to franklin covey’s “the 4 disciplines of execution: achieving your wildly important goals,” team engagement and accountability are necessary to maintain commitment to goals and we are firmly in this camp. read more →