today's features

10 questions to ask yourself before you decide to add financial services to your practice

an easy way to add new revenue? maybe. maybe not.

here at 卡塔尔世界杯常规比赛时间, ed mendlowitz answers some of the toughest questions practitioners can throw at him. he’s the right one to ask. after more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, withumsmith+brown, where he remains a senior partner and consultant to professional services clients – he has the answers. we’re happy to have him at 卡塔尔世界杯常规比赛时间. send your questions for ed here, or chime in with comments below.

meanwhile, browse more from ed here: preparing to sell your practice in a few years? 13 things you need to know today     |     what’s a tax practice worth today?    |   why selling your practice is not a retirement strategy   |    when a partner is unwilling to help | congratulations! you bought a tax practice. now what? | how accountants can keep the business when a client wants to sell theirs | 10 reasons clients don’t pay, and what to do about it | 13 reasons timesheets will never die |

— rick telberg
president / ceo

 

question: i am thinking of adding financial services to my practice. what are your thoughts? read more →

25 ways to grow your practice

in a tough economy, many firms go back to basics to find success.

here’s a list of 25 ideas for growing your practice from management consultant august aquila.

how many are you currently doing?

  1. start with current clients. look at clients that are only using one of your services. for example, a high income individual tax return client who is not using your wealth management services, an audit client that is using any of your consulting services. a client relationship services call is certainly due.
  2. compile a list of clients by sic codes and niches (e.g. not-for-profits, construction, manufacturing, professional services firms, etc.) read more →

accounting and bookkeeping jobs hit new all-time high for month of august

best august ever.

accounting and bookkeeping services, via www.g005e.com

by rick telberg

the u.s. accounting and bookkeeping sector of the economy added 3,500 new jobs in august bringing the full-time workforce in the industry to 955,000, a new all-time record high for the month, according to preliminary new data obtained by 卡塔尔世界杯常规比赛时间.

related
instant download – 2013 salary guide
 
join the survey, get the results – the cpa careers and hiring outlook: job satisfaction and retention benchmarks

join the survey, get the results – top talent strategies:  how to identify and develop professionals for management and leadership responsibilities

in addition, the 卡塔尔世界杯常规比赛时间 analysis shows: read more →

herding cats: change management for cpa firms

eight good tips for getting everyone on board when change is scary.

change is inevitable. but with a crashing a crashing economy, it is also treacherous, which makes these suggestion from august aquila all the more urgent.

1. know where you want to go. what are you trying to achieve as a firm and a partner group? while it’s always difficult to address the elephant in the room, now is the time to take advantage of the economic turmoil and bring all issues to the table.

2. get others involved. if you are the only one in the firm who is pushing for the change, you might as well forget about it. when others get involved they also get committed. they provide you with feedback so that you can develop the best steps in the change process. read more →

the ‘big three’ tax software packages lose market share as apps for smaller firms surge

taxact, atx, drake, proseries and turbotax surge in popularity.

market share of leading tax prep products, 2012 (source: aicpa)

by rick telberg

the three leading tax software packages may be losing ground to applications designed for smaller, younger firms, according to new trend data. the reasons may be several and connected, driven by smaller firms looking to spend less, according to 卡塔尔世界杯常规比赛时间 analysis. read more →

the tools of marketing are not a program – they are simply tools

and they can be no better than the minds that guide them and the hands that wield them.

by bruce w. marcus
professional services marketing 3.0

a marketing program – a professional-caliber marketing program – begins with a realistic understanding of the needs and opportunities of the markets you serve. it defines your abilities to meet those needs. it develops a strategy to persuade your market that you can serve its needs. and it formulates the tactics needed to make that strategy functional.

bruce w. marcus
bruce w. marcus

more on professional services marketing 3.0:  is your marketing program really a program?   |   how to formulate the right marketing goals for your firm | 15 questions for achievable growth | if you don’t know where you’re going, how do you know how to get there? | eight tips for staying one step ahead of the competition (and maybe the client, too)

by defining the target audience first, you can devise the strategy to address that audience, with eight tried-and-true techniques: read more →

don’t ask a cpa what profitability means

you’d think they could agree on a common definition for their firms. they can’t.

by marc rosenberg, cpa
author of what really makes cpa firms profitable

if you asked the president of a fortune 500 company or the owner of a restaurant to define profitability, they would be able to give a quick, definitive answer. not so with cpas. surely, you’ve heard the story, perhaps apocryphal, of the company that was interviewing for a new cpa firm. only one question was asked of each candidate: “how much is two plus two?” the firm that won the bid gave the answer, “how much would you like it to be?”

related: compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | more…

the same can be true of cpa firm profitability. how do we measure it? you would think that the uncontested champions of measuring financial data, cpas, would have this down to a science. but such is not the case. read more →

preparing to sell your practice in a few years? 13 things you need to know today

what to do before you put your practice on the market.

here at 卡塔尔世界杯常规比赛时间, ed mendlowitz answers some of the toughest questions practitioners can throw at him. he’s the right one to ask. after more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, withumsmith+brown, where he remains a senior partner and consultant to professional services clients – he has the answers. we’re happy to have him at 卡塔尔世界杯常规比赛时间. send your questions for ed here, or chime in with comments below.

meanwhile, browse more from ed here:  what’s a tax practice worth today?  /  congratulations! you bought a tax practice. now what? | how accountants can keep the business when a client wants to sell theirs | 10 reasons clients don’t pay, and what to do about it | 13 reasons timesheets will never die

— rick telberg
president / ceo

question: i am getting older and want to continue working at least five more years.  should i merge now to anticipate and facilitate a buyout?

read more →

‘there is no such thing as a time problem’

it’s a management problem and here are three solutions.

by sandi smith, cpa
accountant’s accelerator

i know it’s a bold statement and a lot of you will disagree. but please have an open mind and hear me out.

time is the great equalizer. we all have the same number of hours in a day, yet some entrepreneurs, many of them self-made, become wildly successful, while others languish. only one in twenty business owners in the u.s. (2002 numbers) make it past $1 million in annual revenues. i believe the way they use their time is a big factor in their success or failure.

more from sandi smith at 卡塔尔世界杯常规比赛时间:   15 off-the-hook ideas for accountants to dream big   eleven easy ways to deliver more value to clients   five things accountants take for granted that costs them revenue  • what’s in your new client funnel?  • what’s in your welcome kit for new prospects?  • five fun and easy ways to wow your clients  • six ways to give yourself a raise • strategies to stop losing business to competitors  • five tips to manage your ‘overwhelm’ level  • easy ideas for a quick business boost  • four new mega-trend marketing strategies  • how to stop leaving money on the table

here are three better explanations of your time problem:

read more →

卡塔尔世界杯常规比赛时间 identifies five habits of highly successful accounting firms

a startling statistic about the effectiveness of marketing planning.

the most successful tax and accounting firms – large, small and in between – are 14 times more likely than laggard firms to work from a written marketing plan, according to 卡塔尔世界杯常规比赛时间 research.

coincidence? we think not. the real question is why so few firms make the effort to create and follow a practice development plan when the payoff is so significant and assured.

that’s why 卡塔尔世界杯常规比赛时间 has teamed with capstone marketing in the seven keys to successful cpa firm management program to produce a one-hour crash course on how to build a marketing plan.

the webinar on creating a marketing plan in only 90 days is scheduled for thursday, sept. 20, at 12 noon et (11 am central, 10 am rocky mountain, and 9 am pacific). it’s the first in a new set of webinars deigned to give firms a headstart on new strategies for 2013.

the 卡塔尔世界杯常规比赛时间 research for the sevenkeys cpa program also shows:

  • leaders are 5 times more likely than laggards to have marketing strategies that achieve their goals, and
  • leaders are 11 times more likely to be satisfied with their firm’s performance in marketing and business development.

how do they do it? sevenkeys leaders consistently display five traits:

  1. get most or all partners and professionals to regularly generate new business leads.
  2. make business development activities part of routine performance evaluations.
  3. reward people for winning new business.
  4. get everyone involved and accountable for new business development efforts.
  5. meet regularly to check progress against their plan.

the series also includes one-hour webinars on new lead generation, client service and teamwork. click here for more on the complete four-part turbocharge series.