Monthly Archives: February 2015

The First 3 Questions I Should Have Asked Before Starting My Own Practice

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And the 3 questions you should be asking yourself today.

By Jody Padar
The Radical CPA

I had just come off a really bad tax season.

This was about eight years ago now, and I knew there had to be a better way. I left a mid-sized firm, with seven partners and about 50 other employ­ees and I joined my dad’s firm — literally and figuratively. Figu­ratively, because many of his technology and processes were “old school.” READ MORE →

Consistency Simplifies Tax Season

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Man talking to woman with checklistApply it to service, processes and standards.

By Ed Mendlowitz
Tax Season Opportunity Guide

One way to guarantee extra work is to have everything always done differently each time it is done.

MORE ON TAX SEASON: 11 Clear Client Instructions to Make Your Tax Season Easier | 3 Ways to Build a Tax Season Team | Have Fun This Tax Season | How to Get Paid Faster This Tax Season

Not establishing uniform procedures is bad business and unnecessarily consumes part of your life. Consistency in performance reduces work and review time and creates a greater reliance on the staff people. READ MORE →

Walking the Walk with a Radical CPA

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broken chainGet real. Get up from your desk. Go for a ‘gemba’ walk.

By Tom Hood
The Radical CPA

I remember sending a video intro to Jody Padar’s first meeting of IC Opportunities where I read a quote from the February 2012 edition of Fast Company magazine in which the editor, Robert Safian, intro­duced the concept of “Generation Flux” and it reminded me of Jody and her tribe:

Tom Hood
Hood

“In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt and iterate, in a disciplined, unsen­timental way… Generation Flux is a term that describes all of this — the chaotic business era that we have moved into — as well as the people who are poised to thrive in this environment.”

So what is a “gemba walk,” you might be thinking? READ MORE →

Retirement Vesting: The Devil’s In the Details

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Money rollAnd two common methods fully illustrated.

By Marc Rosenberg
Retirements & Buyouts

Vesting of retirement benefits is not unique to CPA firms. But vesting concepts for accounting firms are somewhat unique and are important to understand.

MORE ON BUYOUTS: Compromise Is In Order for Some Goodwill Payouts | When Retiring Partners Take a Specialty With Them | If Clients Leave, Do You Reduce Retirement Benefits? | Why You’ll Get Less from Your Partners in a Buyout than You Might by Selling the Whole Firm | Three Ways to Calculate Goodwill Payable in Partner Buyouts, None of Them Great | Eat What You Kill? Then Maybe ‘Book of Business’ Is for You | The Multiple of Compensation Method, Fully Explained | The Ins and Outs of AAV for Goodwill | 5 Points to Consider When Paying Out Goodwill | Clients Leaving? Time to Reduce Retirement Benefits | How to Set Terms and Limits for Goodwill Payouts | 4 Ways to Decide How to Pay Out Capital | Partners May Balk at Guaranteeing Retirement Obligations

Employee retirement plans are intended essentially as “savings programs” that people can take with them when they leave the firm, even if they depart well in advance of a normal retirement age. When there is employer matching, vesting provisions are common, and vesting is fairly rapid. In contrast, vesting in partner retirement plans is intentionally slow.

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Is Sponsorship Right for Your Firm?

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Man in striped shirt holding spiral binder and talking to woman at laptop6 steps to help you get started.

By Ida O. Abbott
Sponsoring Women: What Men Need to Know

Sponsorship is a personal undertaking. A man who sponsors a woman takes it upon himself to advance her career. He puts his reputation on the line for her and tells the world she is worth it.

She still has to earn that promotion, but his solid, public vote of confidence – and the power he puts behind it – at least gives her a fair chance to get it.

 MORE ON SPONSORING WOMEN FOR LEADERSHIP: And Now, a Few Words About Sex (and 14 Tips) | Make Flexible Scheduling Work for Everyone | Your Protégée Needs Your Feedback |  9 Ways to Promote Your Protégée to Others | 8 Ways to Help Your Protégée Focus on Career Opportunities | How to Start an Effective Sponsorship … and Follow Through | 3 Ways to Initiate Informal Sponsorship | How to Establish a Sponsor-Protégée Relationship | 3 Roadblocks to Women and Men Working Together Well | Fear of Sex and Rumors Inhibits Sponsorship | Why Women Resist Networking and Powerful Role Models | Women Must See Politics as Leadership to Get Ahead | Mommy Bias Persists | Different Standards, Double Binds Challenge Women | 5 Ways Gender Bias Plays Out at CPA Firms | 3 Reasons Why Men Don’t Pick Women Protégées | Men Advance 2 to 1 over Women without Sponsors | 18 Ways Sponsors Can Help Their Protegees | The 6 Market Advantages of Women-Led Firms | Beyond Mentoring: Why Sponsoring Women for Leadership Matters

In return, sponsors receive personal satisfaction and capable and loyal leaders who help them achieve their business goals and build their legacy. READ MORE →

The 3 Hallmarks of the ‘New Accounting’ Business

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News flash – the business model has changed.

By Gale Crosley
Crosley+Co.

When we think of innovation we typically think of a new product or service – something that didn’t exist yesterday that will make tomorrow better. Innovative offerings are essential to the portfolio of any growth-minded CPA firm.

MORE from CROSLEY: The Three Elements of Growth Strategy [VIDEO] | Defining the New Business Model [VIDEO] | The New Growth Evolution [VIDEO] | At the Best Firms, Growth is No Accident | Jody Padar’s New Vision for the ‘New Accounting’ | Reality Check: Achieving World-Class Growth Requires Real-World Intelligence | No Shortcuts to Sustainable Growth | Expand Your Vision and Expand Your Business | Leveraging Leadership: A New Way of Looking at Growth | Are You Creating a Sustainable Firm? | Don’t Confuse Marketing with a True Growth Strategy  | Overcoming Four Imaginary Barriers that Limit CPA Firm Growth | How Firms Unleash the Power of Diamonds, Cash Cows and Fat Cats | How Smart Firms Use Market Research | Got Leads? Get Real. Learn How to Qualify Big Opportunities | It’s a New Generation in Lead Generation | Four Keys to Success at Seiler CPAs | How Accounting Firms Are Re-Building Their Sales Pipelines | How to Get Started on IFRS in One Easy Step | 9 Big Ideas for Turbulent Times

However, long-term sustainable growth requires a far more comprehensive innovation in your growth model, the strategic blueprint that helps you get from Point A to Point B.

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