By Ed Mendlowitz “Tax Season Opportunity Guide“ QUESTION: I do not belong to the NJSCPA and see no value in it. What are the benefits if I am a sole practitioner and just starting out? RESPONSE: I belong to the AICPA, NJSCPA and NYSSCPA, feel strongly about supporting these societies and believe it is a responsibility of professionals to do so. I am also active in these three organizations, in different ways and not always at the same time, although I have never been on the board of any of them.
Question: I am on the board of directors and am treasurer of a not for profit organization. One of the board members is an officer of a commercial bank where we have our accounts. The organization wants to get a one-year CD with some excess funds they have. It turns out that the interest rate is less than half of what we could get from a local savings bank. I suggested that we open the CD in the savings bank and the bank officer got very agitated and threatened to cut off the bank’s support of the organization if we did not keep the funds in his bank. The bank is a substantial contributor to the organization, and I […]
The dysfunctional partner team and three ways to get them back on track. You’ve tried management by committee. And by now, you know it doesn’t work. In a new analysis of CPA firm management practices, Marc Rosenberg finds, “Management by committee rarely works.” There must be a better way. And, yes, there are a few. Here is a five-point spectrum of approaches that firms use to make decisions. One of them may work for your firm. – Rick Telberg More strategies for growing firms: How The Structure of an Accounting Firm Changes through the Years | Non-Equity Partners: A Growing Trend | 12 Best Practices for a CPA Firm Compensation Committee | The 19-Point Marketing Director Job Description | Billable […]
The main categories of information for internal communications and management. By Bruce W. Marcus Professional Services Marketing 3.0 While the substance of information varies from firm to firm, there are 10 categories that cannot go unconsidered:
Lessons from the best-managed firms. By Marc Rosenberg Author of “CPA Firm Management and Governance: The Managing Partner’s Guide to Running a CPA Firm Like a Business.” Baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms. In fact, CPA Trendlines estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. And over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control.
Warning: This article will make you question your controls and audit procedures. by Gary Zeune, CPA Managing Director, The Pros & The Cons Most risk is not in the accounting records. Why not? Because the vast majority of our work as CPAs involves monetizing and measuring activities that have already occurred. The risk starts before we do our job. Think recording sales, not making sales. In manufacturing, think cost accounting, not making widgets. Because our work is historical, one of the major flaws, no matter the type and size of the entity, is that we usually react to change after fraud has occurred. When a new law, regulation or competition affects our employer or client, we fail to implement new […]
Options to grow your profits besides raising revenue and lowering costs. By Sandi Smith, CPA Accountant’s Accelerator Many accountants these days are anxious to hit the golden $100,000 mark this year. Others are interested in growing their revenues steadily and incrementally. Still others are focused on lowering costs, raising profits from that side of the equation. More for soloists and small firms: Seven Checklist Secrets for Turning Tax Season into Opportunity Season • How to Stay Energized, Upbeat, and Thinking Bigger through Busy Season • Seven Ways to Wow Your Prospect • Rev Up Your Revenue with These Two Daily Rituals • 10 Tips for Creating More Energy this Tax Season • Take a Cue from Venture Capitalists: Your Firm Needs a Brain Trust […]
Why some firms decide they don’t want a true managing partner. By Marc Rosenberg, CPA Author of “CPA Firm Management and Governance” Over the years, I have found that many firms lack a clear understanding of what a Managing Partner is. Often, it’s a negative conception, caused by a bad experience at their current firm or a previous one. So, to avoid a repeat of these bad experiences, the partners decide either not to have a MP or to provide for the MP position with greatly limited authority and responsibility. More on CPA firm leadership and management: When Is It Time to Shift Your Firm from Partnership-style to Corporate-style Governance? • De-Bunking the Myth about Niche Marketing for Tax and Accounting […]