Dealing with dysfunctional partners: The six-step process. By August Aquila Creating the Effective Partnership As much as you would like to, you cannot ignore them; nor can you accept them as they are. Doing that would be unfaithful to your core principles and ultimately cause more harm to the firm than any one of them are worth. That leaves us with three options: rehabilitate them, fire them or place them outside of the firm. But first, be sure it’s not you.
Four quick fixes and a magic bullet. By August Aquila The fact of the situation is that too much time is wasted in meetings that don’t accomplish anything. We meet, we talk and we leave. No one takes minutes, there is no follow-up and we are all glad that another meeting is over. Don’t get me wrong; I am not a meeting basher. A meeting can be an effective way to make sure you are on course to achieve firm and departmental objectives and use your “bully pulpit power” as the managing partner.
Six guesses. Only one right answer. By Marc Rosenberg The Rosenberg Survey Of the 45,000 CPA firms in the U.S., an elite group of these firms, referred to as The Top 100 (in terms of annual revenues), is publicized by several media groups. What do they have in common? What are they doing right?
Reading a lot of magazines keeps thinking fresh. By Ed Mendlowitz “Tax Season Opportunity Guide“ Question: Why do you read so many magazines that have nothing to do with accounting? I noticed this from your blogs and references you make in your speeches. Answer: I read a lot because I like to, and because I view it as part of my job of bringing ideas to clients to help them in their businesses and because I am always looking for ideas to help my business grow. Ideas are not specific to an industry.
And 12 elements essential for success. By Marc Rosenberg Rosenberg MAP Survey, 2013-2014 Edition There are many ways to improve profitability in most CPA firms. But there are only four, time and time again, that have the highest impact: Drive top-line revenues and stop worrying about expenses. Increased revenues drop directly to the bottom line, whereas costs in a CPA firm are mostly fixed and difficult to trim back.
And one more that too often gets overlooked. By Marc Rosenberg CPA Firm Management & Governance A CPA firm’s management and system of governance is comprised of several critical elements today. Firms across the nation are making some tough choices on at least six issues:
What 80% of firms agree on. By Marc Rosenberg The Rosenberg Survey If partner compensation is the single most critical and sensitive aspect of CPA firm practice management today, then a close second is partner retirements and buyouts – the money partners receive for the purchase of their ownership in the firm when they retire or leave the firm due to death, disability, withdrawal or expulsion. The amount of money involved is quite significant. Roughly 80% of all firms consider the value of the firm to include:
Start with this 20-item checklist. By Marc Rosenberg Author of “CPA Firm Management & Governance“ If you ask the partners, they will tell you that the most critical and sensitive aspect of CPA firm practice management is the allocation of partner income. Because of the sensitivity of partner compensation, firms change various aspects of their allocation system quite often. For this reason, the smart firms include wording in their partnership agreements on partner compensation that is very short and quite general. This way, the firm doesn’t have to revise the partnership agreement every time a change is made. It’s a complicated task. There are seven different systems in use today, three basic tiers, a couple ways firms are calculating bonuses, […]
Ed Mendlowitz, CPA, ABV, PFS Author of “The 30:30 Training Method” Question: A CPA sole practitioner with a few part time staff told me that he has come to realize that he no longer had a practice, but a business, and wanted to hire a person for “growth,” not just someone to help him get through the day. He wanted some suggestions of what type of person he should hire.