Bye-Bye Big Office: CPAs Tell How to Do It

Whether working remotely or remotely working: 1,600 surveyed CPAs say mind your P’s & Q’s.

by Rick Telberg
At Large

With finance and accounting professionals increasingly working outside a normal office ? and outside normal office hours ? a new discipline and set of professional working standards appear to be taking shape.

In the networked, always-on, always-available world of work these days, time and space have been conquered. CPAs are working anywhere and everywhere. Unfortunately, many are also working too much.

But some tips from those who have done it may smooth the trail for those who follow. Whether you are working remotely (or remotely working) or supervising those who are (you think), the new world of work has a set of new rules. Successfully working from home or in small offices can require the same work rules and decorum that’s expected of the regular Rat Race CPAs working in big offices. By one measure, there are 80,000 tax and accounting practices in small or at-home offices, and another several hundred thousand employees working at home for firms and companies. READ MORE →

PREVIEW: Staff Management Do’s and Don’t's

DOWNLOAD HERE

Staffers Speak Out, Share Some Tips. But Are Managers Listening?

The finance and accounting profession, already facing a crisis in recruitment, is failing to utilize proper retention strategies, such as an enlightened system of mentoring, coaching, goal-setting and performance review and remediation.

45% percent of finance and accounting professionals surveyed would consider changing jobs because of the managerial atmosphere of their office.

The participants:
– 46% of participants represent public accounting firms, 32% business and industry.
– 42% work in offices of 11 to 50 persons.
– 45% are senior executives, owners or chief executives.

What Managers Are Doing Wrong:
1. Managers wait until problem is out of hand to confront it. And by then it?s too late to handle it productively or with sensitivity.
2. The feedback is not confined to the facts, but ranges further afield.
3. It feels like a verbal attack on the employee.
4. The feedback gets personal, instead of remaining business-like and professional.
5. There are comments on issues beyond the control of the employee.
6. Feedback is delivered without privacy.

INCLUDING: Verbatim comments from dozens of staffers.

Download the FREE Executive Preview.

READ MORE →

NEW STUDY: You Are What You Charge

GET THE FREE EXECUTIVE PREVIEW HERE.

GO TO THE DOWNLOAD PAGE.

TOP-LINE SURVEY DATA

Tax and accounting firms use a mix of strategies to price their services. But the billable hour still reigns supreme and most practitioners are getting increasingly frustrated with the method.

READ THE ARTICLE THAT INSPIRED THE STUDY.

KEY FINDINGS
– 35% of firms set pricing based on costs, usually as a multiple of the cost of labor.
– 27% set prices based on the client?s perceived value of the service.
– 26% set prices based on competitive market conditions.
– But most also say they consider all factors in setting prices
– 60% of firms set prices to retain clients, 36% to maximize revenue; and 27% to maximize profit.
– 75% of firms say their pricing strategy could be improved.
– The firms most dissatisfied with their pricing strategy tend to rely on a cost-based strategy.
– 60% of firms vary pricing by service line.
– In first 100 responses, the overwhelming majority bill by the hour.
– Based on verbatim answers, actual realized collections fall far short of wished-for billing rates

TABLE OF CONTENTS
TOP-LINE SURVEY DATA, KEY FINDINGS
METHODOLOGY, HOW TO USE THIS REPORT
BACKGROUND
TOP-LINE SURVEY DATA ? DETAIL
– Which pricing strategy is mainly used in your firm?
– What is the rationale behind your pricing strategy?
– How did your firm arrive at this pricing strategy? Would you change it in any way? Verbatim Responses
– How well do you think your pricing strategy is working?
– Does your firm use different pricing strategies for different products or services? (With verbatim Responses)
– What’s the average fee-per-billable-hour you earn or your firm charges?
DEMOGRAPHICS
– In what type of business do you work?
– How many people work in your office or location?
– Which best describes your position?
BONUS CROSSTAB
– How well do you think your current pricing strategy is working? vs. Type of Pricing Strategy in Use
APPENDIX
– About the AICPA, Bay Street Group LLC
– Information Request

GET THE FREE EXECUTIVE PREVIEW HERE.

READ MORE →

Things You Can Measure

1. The number of new clients in a given time period.
2. The number of new matters from existing clients in a given time period.
3. The number of new matters in new practice areas from existing clients in a given time period.
4. Any revenue increases or decreases by client in a given time period.
5. The regularity o f billing (by lawyer).
6. Any revenue increase or decreases in a particular practice area in a given time period.
7. Difference in profitability for clients who pay retainers vs. those who don?t.
8. The number of new clients or new matters that have been opened as a result of a specific event and follow-up efforts.
9. The amount of time posted currently, and the impact of timely billing on A/R and write-offs.
10. What position your firm occupies in the marketplace (determined by professional market research) and how that changes over time. If you do advertising, measure the firm?s name recognition prior to and after the ad campaign.
11. The number of proposals/beauty contests in which the firm is asked to compete; the percentage of beauty contests won; and revenues from these new clients.
12. The percentage of proposals won that received assistance from the marketing department versus the percentage of winning proposals that did not receive assistance from the marketing department.
13. The way a lawyer?s non-billable time is used.
14. The percentage of clients who remain with the firm for longer than X years.
15. Changes in the level of client satisfaction ? use information gathered during an initial client satisfaction meeting to compare against future surveys.

? LFDG Publications
READ MORE →

Accenture Sees IT Spending Uptick

Despite Increased Spending in Recent Years, Executives Believe Their IT Budgets Are Still Too Small

NEW YORK –(Business Wire) — The majority of business and information technology (IT) executives in the United States anticipate increases in IT expenditures over the next three years, according to results of an annual study released today by Accenture. READ MORE →

ads


READ MORE →

Pearson

ZYMAN GROUP APPOINTS TIM R. PEARSON AS CHIEF EXECUTIVE OFFICER. SERGIO ZYMAN, FOUNDER, TO CONTINUE AS CHAIRMAN.
Press Release, Feb. 9, 2006
ATLANTA, February 9, 2006 ? Zyman Group, the international management consulting firm that leverages the proven business principles codified in the best-selling book The End Of Marketing As We Know It, today announced the appointment of Tim R. Pearson as Chief Executive Officer, effective February 1, 2006. In this position, Pearson will team with Sergio Zyman, who as Chairman will actively focus on clients? strategic issues, new business development, and acquisitions in the U.S., Europe and Asia.

?Tim Pearson is a recognized leader in the marketing and brand management fields with an unrivaled record of achievement in driving profitable growth, strengthening and building teams, and managing large multi-country marketing operations. Zyman Group?s exceptional growth over the past seven years will benefit greatly from Tim?s well-known leadership skills and global experience as we continue to rapidly grow nationally and internationally,? said Sergio Zyman, Chairman of Zyman Group.

?It?s an unprecedented time at Zyman Group,? Pearson said. ?Working with the Zyman team of pre-eminent marketing practitioners who put into action proprietary and proven principles to create growth is unique in management consulting. And, actively partnering with Sergio ? the first global chief marketing officer and the industry?s standard setter ? is an once-in-a-lifetime opportunity. I look forward to ensuring Zyman Group fulfills its mission of helping its clients ?sell more stuff to more people more often for more money more efficiently?.?

Zyman added, ?Tim and I are passionate. We believe that marketing is business and that growth is the only imperative. We share the same vision, beliefs, and principles that built Zyman Group into the fastest-growing consulting firm in 2005 as ranked by Inc. Magazine. Our results-oriented point of view will continue to raise the benchmark for premiere, undervalued and emerging brands and businesses — and their pursuit of profitable growth. My role will continue to point out where and how traditional marketing is broken, and Tim?s role will be to ensure we apply the right solutions to fix it.?

?At Zyman Group, every one of our seasoned business practitioners believes in, and successfully implements, the principles set forth in The End Of Marketing As We Know It. These principles have attracted a large number of Fortune 500 companies to Zyman in the B2B, B2C and Industrial areas. Putting these tenets into practice transforms our clients into smarter, more efficient organizations capable of achieving growth at an accelerated rate,? says Sergio Zyman.

?Tim is absolutely the right person to help the world-class management team at Zyman Group accelerate their ability to capitalize on new opportunities in management and marketing strategy,? according to Miles Nadal, Chairman and CEO of MDC Partners. ?The expanded capabilities of the Zyman Group will further enhance the expertise of the MDC Partners Network.?

Prior to joining Zyman Group, Pearson was Vice Chair and Global Managing Partner, Marketing and Communications for KPMG, one of the Big Four audit, tax and advisory firms. Pearson was responsible for KPMG International?s global brand management, marketing and communications for member firms in 717 cities in 148 countries. During his tenure, which began in 1997, KPMG LLP became the industry revenue growth leader for eight consecutive years. Pearson also served as Managing Partner of KPMG LLP?s 1,800-person Montvale, NJ, National Support Services complex (Audit and Advisory Center of Excellence, Finance & Administration, Human Resources, Information Technology Services and Operations).

Pearson also has expertise in emerging technology applications. He has been awarded interactive technology process patents in 18 countries and has developed leading-edge business and enterprise-wide solutions. Additionally, he has won numerous awards including The Wall Street Journal?s Best, Belding, Cables, Golden Phone, Protos, PRSA, Sunny Awards and Advertising Age?s Best, among others.

Tim also serves on the Advisory Board of The Nobel Peace Center, Oslo, Norway, and on the Harvard Business School?s Dean?s Research Society. A graduate of DePauw University with a B.A. in English Literature with Honors, cum laude, Pearson currently serves on DePauw University?s Board of Visitors.

About Zyman Group

Zyman Group is an international management consulting firm dedicated to helping companies accelerate growth profitably. The firm delivers actionable solutions that reflect the depth of its practical experience, scientific approach, and provocative points of view. These solutions are based on proprietary methodologies codified in the best-selling book The End Of Marketing As We Know It, and incorporate best practices from leading global companies. Headquartered in Atlanta with offices in Chicago, Miami and Mexico City, Zyman Group was founded in 1999 by Sergio Zyman, former Chief Marketing Officer at The Coca-Cola Company. Zyman Group is a member of the MDC Partners Network.

About MDC Partners

MDC Partners is a leading provider of marketing and communications services, and secure transaction products and services, to clients in the United States, Canada, Australia and the United Kingdom. Through its partnership of entrepreneurial firms, its Marketing Communications group provides advertising, and specialized communication and consulting services to leading brands and businesses. MDC Partners Class A shares are publicly traded on the NASDAQ under the symbol ?MDCA? and on the Toronto Stock exchange under the symbol ?MDZ.SV.A?.

READ MORE →

Accenture and Savista: ‘The cultural revolution gathers pace’

“What’s interesting about Savista is that it illustrates a major change in direction and culture going on right now in Accenture. … The company is pursuing an ambitious, clever, but tricky strategy of supplementing its traditional (and expensive) sales channels with a series of lower-end offerings that reach new audiences, or at least block new competitors (such as those from India) from reaching established customers. It’s a classic piece of market segmentation. Accenture realises that its traditional “client partner” sales channel – which sells expensive bundles of consulting, systems integration and outsourcing to big companies – simply can’t reach the mid-market, where much of the new growth is expected to emerge over the next few years. Hence the acquisition of Savista, which will operate independently of the established partner sales channel.”

More at: http://www.ovum.com/news/euronews.asp?id=4049

RELATED: Accenture Sees IT Spending Uptick READ MORE →

Accenture Moves into BPO Mid-Market

(Accenture news release)
Accenture has agreed to acquire key assets of Savista, expanding the range of bundled, back office business process outsourcing (BPO) capabilities the company offers to include those designed specifically for the middle market – organizations with fewer than 12,000 employees.

The market for these services is estimated by industry analysts to approach $17 billion and is expected to grow to more than $25 billion by 2009. READ MORE →

Why Clients Switch CPA Firms

Depends on who you ask.

by Rick Telberg
At Large

Do CPAs really know what clients want? Do clients themselves know?The answer may be a harsh “not really.”

To find out more, we contacted several hundred CPAs in public practice and in business and industry. While their values about character, integrity, and technical competence align closely, their views about what it takes to land or lose a client reveal a disquieting gulf. And if there’s a gap between CPAs in public practice and CPAs in private practice, one can only envision an even broader gap between CPA firms and business-owner clients. READ MORE →