Partners persuade their people to join them on the journey and to play a part in building a better firm. By Robert J. Lees and August J. Aquila Creating the Effective Partnership Just as the partners need to engage with the firm’s vision so do the firm’s people. But, like everyone, they actually engage with people not words. So, effective partners continually engage with their people, regardless of their level and role. They go out of their way to create a personal bond, sharing personal information and operating with honesty and integrity in all of their interactions. Creating the Effective Partnership: Every Partner’s First Question: ‘What’s in It for Me?’ | The 9 Building Blocks of a Winning Vision that […]
16 ways to tweak your compensation systems to get and keep the right clients. If your partners are putting up a fight to keep clients who should be let go, take a look at your compensation system. It’s not just about billable hours. August Aquila, Creating the Effective Partnership, suggests 16 tweaks to your firm’s compensation system. While the list is not exhaustive, it does provide criteria that firms can consider beyond revenue.
QUESTION: I am the managing partner of my accounting firm by default. No one else wanted to do it. I am trying to manage things but I have a full schedule, am shorthanded on staff and continue to do a reasonable amount of marketing. I am overwhelmed. How do others do it? RESPONSE: I purposely left off the size of the firm because my response applies to every size firm – those with two partners on up to large firms with upward of 50 partners. No matter the size of your practice, it is a business and needs someone dedicated to running it. Smaller firms need less time, possibly less skills and perhaps one of the partners can fill in […]
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:
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:
By Sandi Smith Leyva, CPA Accountant’s Accelerator With Labor Day closing in, it’s a good time to take stock of where we stand for the year, plus re-group as needed before the 2014 busy season is upon us. With so many changes in software, politics, tax laws, and global standards, it’s pretty easy to feel a little disorganized. More for soloists and small firms: The Five Essential Skills Accountants Need Today | The Seven Essential Components of a Simple Marketing Plan for Accountants | Take Six Big Steps to Go Beyond Compliance Services | When Your Business Needs to Be Rebooted | Two Steps to Easy Cross-sells | The Hot New Tech Product for Automated Data Entry | Five Value-Add Service Areas to Take You […]
Including: Managing Partner Evaluation Forms, Parts 1 and 2. By Marc Rosenberg CPA Firm Management & Governance This is really an upward evaluation. Like all upward evaluations, people evaluating the managing partner should be limited to those in a position to offer informed input. This means that at firms of fewer than 10 to 15 partners all the partners will probably want to participate. But once a firm gets beyond 10 to 15 partners, an increasing number of partners may not be in a position to respond to the evaluation factors listed in the form. More CPA Firm Management & Governance: 18 Things Partners Owe their Firms – And Each Other | 17 Ways to Measure a Partner | How […]
Ed Mendlowitz, CPA, ABV, PFS Author of “Implementing Fee Increases“ Question: Client didn’t pay his bills to me, doesn’t return my phone calls, and his secretary keeps sending me the tax notices he gets with notes of “when are you going to take care of them?” I tell her that I need the client to call me before I can do any more work and she ignores this and keeps sending me the notices and other tax correspondence he gets. I don’t want to tell him I am dropping him because then I don’t think I’ll ever be paid. Every year he goes on extension and he usually pays me half of what he owes when he sends me his […]
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 […]
A sign of economic recovery and increased competition. Bringing in new business and finding top-notch staffers to handle anticipated growth are emerging as the new, most pressing challenges for CPA firms today. With a rebounding economy, the AICPA says in its new PCPS “Top Issues Survey” that client retention, which had been a significant concern for firms in the 2009 survey, has been overtaken by a tilt toward growth issues. “Finding qualified staff” was a top issue from 1997 to 2007 for all but the smallest firms, but disappeared entirely from Top 5 lists in 2009. Now it’s back.
Start with a clean spreadsheet. By Sandi Smith, CPA Accountant’s Accelerator There are dozens (and maybe hundreds) of ways your practice can leak money. Here are three ideas that are fairly simple to implement and may be some great goals for you to consider. More for soloists and small firms: New Client Opportunities with Mobile Apps / Six Questions to Launch Your Strategy Sessions / What Most Accountants Miss in the Five Simple Steps to Get More Clients / 10 Ways to Add a “Money Maker” Hour to Your Day / 11 Sources of Wealth We Can Celebrate / Nine Value-Adds to Command a Higher Fee / How to Design Your Business Around Your Strengths / How to Make It Easy […]