Topic: firms

Ten Things Every Firm Needs to Make Clear Firmwide

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:

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NEW SURVEY RESULTS: CPA Firms Turn in Best Revenue and Profit Growth Since the Recession

Revenue gains accelerate; partner incomes hit new highs; staff turnover at worrying levels. By Rick Telberg CPA Trendlines Revenues and profits are surging faster at CPA firms than at any time since the banking crash of 2007, according to the profession’s leading MAP survey. The new 2013-2014 edition of The Rosenberg Survey (full report here) shows CPA firms posting “their first respectable results since before the recession,” according to the authors of the 194-page study of more than 100 benchmarks at 390 firms, including 19 sole proprietors, all grossing more than $2 million.

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Why Good Accounting Firms Make Bad Decisions

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 […]

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Ten Things Every Firm Needs to Make Clear Firm-wide

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:

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Comp Plans for the New Managing Partner

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.

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What a Managing Partner Is… and Is Not

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 […]

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10 Best Practices for Tax Season

First: Are your fees high enough? by Ed Mendlowitz, CPA Author of “Implementing Fee Increases” and “The Tax Season Opportunity Guide.” Increase your fees 3-5% at a minimum – to offset your increased costs. Deliver your bill with the return. Call clients before return is sent to explain and give a heads up for unexpected results.

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Big Four Set for Fresh Growth in 2013

Get the full report in an instant download. [Free to PRO members.] Driven by  improving economic circumstances, the Big Four are geared for revenue growth of 5% to 8% in 2013, with particularly good performances expected in advisory,  Asia and even North America.

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Pick Your Partners Right to Begin With

Choose intelligently and avoid problems later. by Marc Rosenberg, CPA What characteristics do you want someone to possess before you invite them to be a partner? Related: Compensation Issues for the New Managing Partner | 20 Decisions for Your Firm’s New Partner Compensation Committee | Three Ways to Break Partner Gridlock in an Accounting Firm | What Partners Are Entitled To, and What They’re NOT Entitled To | How to Make Partner? | Why Accounting Firm Partners Are “Popping Prozac like M&M’s” | More…. Leading firms across the country generally choose from the following:

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Accounting Business Rebounds Globally

Top 40 firm networks show gains worldwide. via http://www.vrl-financial-news.com LONDON — A new world accounting survey reports that there has been a marked improvement in the performance of firms and firm networks since 2009, and Deloitte superseded PwC as the world’s largest professional services network for the first time. “This year’s survey shows definite improvement, with only four networks failing to grow revenue, which is a complete turnaround in fortunes from last year,” says Arvind Hickman, editor of the International Accounting Bulletin, which compiled he survey. “Revenue growth for networks increased 2 percent. However the revenue growth of associations contracted 2 percent.”

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If You’re Not Getting Margins Like These…

…then your CPA firm may be below average. Sageworks, a Raleigh, N.C.-based business analytics software provider, reports in Forbes that CPA firms may just be the most profitable business an entrepreneur can choose. The offices of CPAs tops a list of 20 other industries, with an average pretax margin of 17.1%. Wired communication carriers (transmission-line operators and the like), with a 10.1% margin, rank 20th. “Industries which provide need-to-have solutions rather than nice-to-have solutions tend to do better,” says Sageworks founder Brian Hamilton. The data are drawn from financial statements on nearly 300,000 companies, most with under $10 million in annual revenue, and bucketed by five- and six-digit North American Industry Classification System codes. The figures were gathered between 2000 […]

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Can Wesley Middleton Grow MaloneBailey into the Next “Top 100” Firm?

10 tips from one of Houston’s fastest-growing firms. by Rick Telberg While some other CPA firms have been immobilized by fear and uncertainty in this economy, Houston, Texas-based MaloneBailey has been charging ahead with a new managing partner, a new marketing manager, a daring acquisition on the other side of the country and new growth on the other side of the globe. “We’ve taken this time to become more focused on our strategic plan and our marketing plan so that we are better prepared to rebound as the economy improves,” according to Managing Partner Wesley Middleton. But there’s more to Middleton’s plans for MaloneBailey than that. The firm is unusual in several ways. MaloneBailey garners about 80 percent of its […]

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How to Find Opportunity in ‘The New Normal’ [VIDEO]

Is today the right time to invest in new processes and grab some good talent? While some accounting firms struggle in the economic downturn, others are finding new opportunity for growth, profit and investment, according to Teresa Mackintosh, senior vice president in charge of the tax and accounting software unit at Thomson Reuters. Local accounting firms, she says, are “the fabric of America.” They’ve been through as much uncertainty and turmoil as many of their clients. But Mackintosh says some savvy firms can seize this period as “an opportunity to double down on process and to hire staff.” More video from Mackintosh: The Client of the Future for Accounting Firms: Demographics Shifts Aren’t Just about Staffing. Clients Are Changing Too. […]

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