today's features
growth strategies

competitive economy weighs on work-life balance

cpas share some of their best time-management tips. how hard are you working?

by rick telberg

with the days of summer rapidly dwindling, accountants and finance managers across the nation are grabbing their last vacation days. but it’s not always easy.

many finance and accounting professionals are working harder than ever, doing more with less as their organizations cut back with the recession. balancing life and work becomes all the more difficult and all the more important. so we’ve been asking readers for their best time-management tips for a balanced life.

here are nine of the best we’ve received so far: read more →

leadership

the politics of an accounting firm partnership

how one managing partner learned the hard way.

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

while many managing partners understand the value of a vision statement to focus their partner team’s energies, too few get it right.

creating the effective partnership: two-volume set
creating the effective partnership

a vision is more than a simple statement. when we talk about having a compelling vision, we don’t mean just a well-crafted vision. we mean the vision with a clear destination, the strategies for getting there (the “how to”), the way progress will be measured and the benefits to the partners of going on the journey.

more on partnership management:  nine rules to creating highly effective partnership teams   |   audacious vision and grand purpose prove essential to cpa success | are you creating a sustainable firm? | the debilitating effects of denial at accounting firms | the five psychological hurdles that cpa firms must confront today

let’s look at an example of what can happen when all the elements (vision, journey, milestones and a positive answer to what’s in it for me) aren’t in place. read more →

management

3 steps to business clarity amid the sea change in accounting

by sandi smith leyva, cpa
accountant’s accelerator

with labor day closing in, it’s a good time to take stock of where we stand for the year, plus re-group as needed before the 2014 busy season is upon us.  with so many changes in software, politics, tax laws, and global standards, it’s pretty easy to feel a little disorganized.

more for soloists and small firms:  the five essential skills accountants need today  | the seven essential components of a simple marketing plan for accountants  | take six big steps to go beyond compliance services     |     when your business needs to be rebooted  |   two steps to easy cross-sells   |   the hot new tech product for automated data entry   |   five value-add service areas to take you beyond bookkeeping   |   six money-making strategies to take you beyond quickbooks   |   proactive ways to get more referrals   |   the three biggest money leaks in your practice   |   new client opportunities with mobile apps   |   six questions to launch your summer strategy sessions   |   what most accountants miss in the five simple steps to get more clients   |   accountants, do you know your opportunity number? | five ideas to reduce client price-sensitivity | rise to the top with a fresh elevator speech | four ways to practice entrepreneurial perseverance | 5 mistakes to avoid when seeking new clients  | the top 12 business card blunders accountants make | seven tips to keep the clients you have | how to attract clients like a magnet | eleven easy ways to deliver more value to clients

here are three steps to help us take stock of our foundational business goals, re-evaluate our big picture, and get us centered as we enter the next quarter. read more →

growth strategies

cpa career advice changes with age

“get along with people” is the wisdom of age. but apparently it takes a lifetime to learn that. retired cpas are virtually unanimous: the ability to relate to people, get along and communicate are the most important ingredients to a … continued
leadership

27 tough questions for evaluating the performance of a managing partner

including: managing partner evaluation forms, parts 1 and 2.

by marc rosenberg
cpa firm management & governance

this is really an upward evaluation.  like all upward evaluations, people evaluating the managing partner should be limited to those in a position to offer informed input.  this means that at firms of fewer than 10 to 15 partners all the partners will probably want to participate.  but once a firm gets beyond 10 to 15 partners, an increasing number of partners may not be in a position to respond to the evaluation factors listed in the form.

more cpa firm management & governance:  18 things partners owe their firms – and each other   |  17 ways to measure a partner  |  how the structure of an accounting firm changes through the years    |    congratulations! your firm needs a human resources director    |    the 19-point marketing director job description    |    checklist: how the best managing partners and firm admins work in concert     |    21 questions for managing the managing partner    |    no partner vote needed: 17 decisions best left to the managing partner alone    |    new rules: 13 items that should be in your managing partner’s job description    |    when is it time to shift your firm from partnership-style to corporate-style governance?    |    not every firm needs a general patton    |

firms with management or executive committees may wish to limit the evaluation to the partners on those committees.

once you have decided who will be allowed to participate in the evaluation, each partner should complete the evaluation forms.  read more →

outlook & analysis

the five essential skills accountants need today

above and beyond accounting, you need business know-how.

by sandi smith leyva, cpa
accountant’s accelerator

we’ve worked super-hard on gaining our accounting, tax, and auditing skills.  those skills alone will keep us working as employees for someone else, but what if we want to go out on our own or grow our business beyond what we have now?

more for soloists and small firms: the seven essential components of a simple marketing plan for accountants  | take six big steps to go beyond compliance services     |     when your business needs to be rebooted  |   two steps to easy cross-sells   |   the hot new tech product for automated data entry   |   five value-add service areas to take you beyond bookkeeping   |   six money-making strategies to take you beyond quickbooks   |   proactive ways to get more referrals   |   the three biggest money leaks in your practice   |   new client opportunities with mobile apps   |   six questions to launch your summer strategy sessions   |   what most accountants miss in the five simple steps to get more clients   |   accountants, do you know your opportunity number? | five ideas to reduce client price-sensitivity | rise to the top with a fresh elevator speech | four ways to practice entrepreneurial perseverance | 5 mistakes to avoid when seeking new clients  | the top 12 business card blunders accountants make | seven tips to keep the clients you have | how to attract clients like a magnet | eleven easy ways to deliver more value to clients

here are five skills to consider adding to your toolbox so you can get ahead faster. how do you rate in each of these areas?

read more →

management

collecting past due fees

ed mendlowitz, cpa, abv, pfs
author of “implementing fee increases“

question: client didn’t pay his bills to me, doesn’t return my phone calls, and his secretary keeps sending me the tax notices he gets with notes of “when are you going to take care of them?”  i tell her that i need the client to call me before i can do any more work and she ignores this and keeps sending me the notices and other tax correspondence he gets. i don’t want to tell him i am dropping him because then i don’t think i’ll ever be paid.  every year he goes on extension and he usually pays me half of what he owes when he sends me his tax info, but the past due amount has really accumulated to about three year’s fees.  what should i do about getting paid? read more →

outlook & analysis

unready, unwilling and unable? practicing client disservice

screen shot 2013-08-14 at 10.57.35 amsee this week’s research update newsletter

clients – especially small business clients – need and want their accountants’ help on more issues than ever before. so why are do so many accountants seem unready, unwilling and unable to help?

there’s no mystery in clients’ needs. we’ve been reporting, for instance, on “why accountants need to embrace obamacare.” and it’s one of our most-read reports. politics aside, “the patient protection and affordable care act” isn’t going away and clients are turning first to their accountants for answers.

and this week, we’re reporting on the new “expectations gap: what clients really want,” detailing the results of a study conducted by the sleeter group.

the mystery is why so few accountants are taking their clients seriously. that’s not exactly malpractice. but it’s not good for the client, either. on the other hand, it’s a huge opportunity for the accountants who are ready, willing and able to help.

– rick telberg
president / ceo

p.s.: “the profession needs to hear what clients are saying,” says doug sleeter. and we couldn’t agree more. that’s why we’re supporting the sleeter group’s accounting solutions conference, nov. 3-6 in las vegas. cpa trendlines readers can save $100 at registration with code rtasc100.

leadership

building a bridge or welding girders together?

building a bridge to somewhere…

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

screen shot 2013-08-07 at 3.13.01 pm
buy the report – $165. free shipping.

the more that partners are engaged with the firm’s future the better they perform. so, the picture of the firm’s future has to be compelling. it has to persuade people that they want to play a part in making it a reality.

more on partnership management:  nine rules to creating highly effective partnership teams  |   audacious vision and grand purpose prove essential to cpa success | are you creating a sustainable firm? | the debilitating effects of denial at accounting firms | the five psychological hurdles that cpa firms must confront today

nearly all of the firms we know agree with the sentiment but getting the partners engaged isn’t always easy. so, how do firms go about engaging the partners and making sure they remain that way? read more →