Monthly Archives: December 2013

6 Questions to Test Your Firm’s Partner Pay System

By

How to create a fair and effective comp plan that unites partners and pushes the firm forward.

By Robert J. Lees and August J. Aquila
Creating the Effective Partnership

The right partner performance bonus plan encourages and rewards partners for achieving firm, team and individual goals, enabling the partners to see a clear cause-and-effect relationship between what they do, what it means to the firm and how they get rewarded.

Unfortunately, in too many firms, partners can’t see these linkages. The compensation system is a failure.

Consider, for a moment, these six questions for your firm: READ MORE →

Billing Clients for Phone Calls

By

Ed Mendlowitz CPA The Practice Doctor Q and A

By Ed Mendlowitz
“Tax Season Opportunity Guide“

QUESTION: I have a tax and small business practice and seem to spend a lot of extra time I don’t get paid for. This includes fielding phone calls about personal issues, financial planning, retirement questions and tax notices. Most of my clients are on fixed or predetermined fees and don’t have room for extras. How can I get paid for some of this work? READ MORE →

Referral Fee to an Employee

By

Ed Mendlowitz CPA The Practice Doctor Q and ABy Ed Mendlowitz
“Tax Season Opportunity Guide“

QUESTION: I got a new client because of one of my employees. Do I have to give her anything?

RESPONSE: Wrong attitude! You should want to give her something. You should be happy that a staff person was able to bring in business.

Many firms offer referral fees, bonuses or commissions. I suggest paying 10% of collections for five years, as long as the employee continues to work for you.

READ MORE →