Today's Features —

5 Time Management Tips for an Overworked Accountant

5 Time Management Tips for an Overworked Accountant

QUESTION: I am sure you heard this before, but I just can’t seem to get on top of my work – I […]

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When Accountants Don’t Know They Don’t Know

blindfolded at computer

By Sandi Smith Leyva The Accountant’s Accelerator Early in my career, one of my favorite things to teach was Maslow’s four stages […]

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Complaining Client? No Wonder!

Ed Mendlowitz CPA The Practice Doctor Q and A

“I have had a client for 12 years and until recently he has been a pleasure…”

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Are Bad Clients Driving You Crazy?

Aquila

Aquila

16 ways to tweak your compensation systems to get and keep the right clients.

If your partners are putting up a fight to keep clients who should be let go, take a look at your compensation system. It’s not just about billable hours.

August Aquila, Creating the Effective Partnership, suggests 16 tweaks to your firm’s compensation system. While the list is not exhaustive, it does provide criteria that firms can consider beyond revenue. READ MORE →

Why I Don’t Hire on Experience

Ed Mendlowitz CPA The Practice Doctor Q and AQUESTION: I know you advocate for hiring entry-level staff, but is there a situation when an experienced person should be hired?

ANSWER: Obviously there are exceptions – but I believe they are few and far between and not worth the overall effort of only hiring experienced staff, which many small firms only hire, and occasionally larger firms do when they think a “gem” is available.

The main reason of the whys and wherefores of the exception and hiring experienced people is that the experienced person you interview has worked for only one firm and you believe that firm has the same quality standards for training and development as you have and the person is leaving because of: READ MORE →

Can You Hear Me Now?

Eight reasons why accounting firms need to work on internal communications first.

By Bruce W. Marcus
Professional Services Marketing 3.0

A terrific definition of chaos is when a client asks two different people in your firm the same question – and gets two different and conflicting answers.

Bruce W. Marcus

Bruce W. Marcus

More for PRO members: Managing Knowledge as a Growth and Management Tool The Secret Formula for Getting New ClientsWhat We’ve Learned Since Accounting Marketing Was LegalizedDo Accounting Firms Really Want an ‘Image’?What Accounting Firms Need to Learn from Personal Financial Planning Specialists The Delicate Art of Positioning Your Firm in the Mind of the Prospect

Another form of it is when there’s a crisis, and the press calls and gets somebody on the phone who hasn’t been briefed – but who answers the questions anyway. There’s real horror for you. READ MORE →

Your Clients Love You? What If You’re Wrong?

A short discourse on random and statistical risk.

By Bruce W. Marcus
Professional Services Marketing 3.0

Risks are different in context and magnitude. A good mathematician can often statistically quantify the boundaries of risk, such as telling you that one in every hundred people will slip in the bathtub and break a bone, but that depersonalizes it and tells you nothing to help you avoid it. And that’s only halfway to understanding it.

More for CPA Trendlines PRO members:   The Three Degrees of Risk  • Four Essential Habits for Building Client Trust   •  The Nine Hallmarks of a Marketing Culture  •  The Four Cornerstones to Building A Marketing Culture   •   Getting the Client is Only Half the Battle  • Practice Development: It’s Not Rocket Science  •  Nine Fundamentals for a Healthy Marketing Culture in an Accounting Firm  •

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Are Accountants Newsworthy? You Bet!

10 triggers for free publicity.

By Sandi Smith Leyva
The Accountant’s Accelerator

As a marketing channel, public relations is one of my personal favorites. It includes getting mentioned in news or trade media and publications, having an article you wrote published or reprinted, applying for and winning awards, or otherwise being in the public eye for one reason or another. READ MORE →

A Startling Revelation: 1 Times Fees is a Steal

cat-and-goldfishDo the math and don’t be afraid to pay more or ask for more.

By Marc Rosenberg, CPA
CPA Firm Mergers

Partners in accounting firms are familiar with the rule of thumb that a CPA firm’s goodwill is worth one times fees; however, like many other “rules of thumb,” this notion is often incorrect.

When buyers begin to think about how much they will pay for a smaller firm, they often have the “1 x fees” concept in mind. Then, when sellers are bold enough to ask for a price in excess of one times fees, buyers often balk because they feel that the asking price is too rich.

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Survey: How Accountants Keep Up with Tech Trends

Top strategy: Compare with peers.

CPA Trendlines Exclusive

The pace of change in technology is leaving accountants so dazed and confused that about half of all practitioners say merely “keeping up” is one of their biggest technology-related problems. Cost comes second.

Accountants are so fed up with the staggering pace of developments that you couldn’t pay them enough to try a new software product “while drinking umbrella drinks on a beach at vendor expense,” according to Randy Johnston and Leslie Garrett, writing in the new Accounting Firm Operations and Technology Survey. They caution, however, that “If you dislike change, you’re going to dislike irrelevance even more.”

The survey reveals the top tactics accountants are employing to stay up to date and make informed decisions – starting with keeping close tabs on their colleagues and competitors. READ MORE →

6 Steps to Handle Staffing Problems in a Merger

And the top 8 questions every staffer will ask.

Aquila

Aquila

By August Aquila
Creating the Effective Partnership

To get your employees’ commitment to the merger, they must understand how it impacts them personally and see the opportunities for themselves.

Let’s assume that the announcement for the upcoming merger or sale is handled properly. In other words, it was not leaked or there were no rumors on the street. You can be sure that once the announcement is made, employees start thinking about one thing — How does this event affect me? This is about self-preservation; it’s an emotional and psychological question that everyone will ask themselves. READ MORE →

Managing Knowledge as a Marketing and Management Tool

What do we really know when we say we know?

by Bruce W. Marcus
Professional Services Marketing 3.0

The road to knowledge management, now well-traveled, seems to end with the science of acquiring and retrieving data. The end of that road, which was built mostly by the brilliance of computer scientists, stops where a clear understanding of the meaning of useful knowledge begins.

Bruce W. Marcus

Bruce W. Marcus

More for CPA Trendlines PRO members: The Secret Formula for Getting New Clients What We’ve Learned Since Accounting Marketing Was LegalizedDo Accounting Firms Really Want an ‘Image’?What Accounting Firms Need to Learn from Personal Financial Planning Specialists The Delicate Art of Positioning Your Firm in the Mind of the ProspectEven a Random Disaster Can Be Controlled with Risk Management

But with the growth of knowledge management as a discipline in many aspects of professional practice, some definitions may help forge a new direction for knowledge management that not only move the subject to a new realm of discovery, but may help find ways to make knowledge more useful as a management and marketing tool. We now seem to know a lot about gathering data, and are learning to turn data into knowledge. Knowledge must now be adapted to work for the firm, and especially for the firm’s leaders. READ MORE →