Today's Features

5 Other Systems for Paying Partners

Money falling from the sky; moneyon whiteWhy Balanced Scorecard is MBO in new clothing.

By Marc Rosenberg
Partner Comp: Art & Science

There are many partner compensation formulas, some performance-based and some not, some more subjective than others.

MORE ON PARTNER COMPENSATION: 3 Non-Performance-Based Comp Systems | The 3 Best Partner Compensation Formulas | 11 Points in Designing a Partner Comp System | What Partners Earn and How They Earn It | Partner Compensation: An Art, Not a Science | How Partners View Compensation: It’s Not All about the Money | Why Most Partner Comp Systems Are Performance-Based

The systems below are less common than others, but some firms are attracted to them, especially small firms.
READ MORE →

5 Ways Tech Makes Your Work Easier

tech finger blueYour clients may be asking about these already.

By Sandi Leyva
The Accountant’s Accelerator

After over 30 years in this profession, accounting has never been more promising and more exciting. The main reason is technology is driving data entry costs so low that it’s just about to disappear. That means we can finally focus on helping small businesses get more out of their accounting dollars through more analysis and better tools.

MORE ON SMALL-FIRM GROWTH STRATEGIES: Take the Focus Off Price | 3 Ways to Save Time During Busy Season | Stress Less This Tax Season | Prospects Like a Little Wooing | Is It Time to Reboot Your Practice? | 9 Ways to Boost Your Value (and Your Fees) | Design Your Business Around Your Strengths

Here are five areas that I believe are essential to serving clients best:
READ MORE →

Tax Filing Season 2016 Ends on Positive Notes

Chart of IRS statistics for week ending April 22, 2016.
[Click for larger image]
Pros handled 58 percent of e-filings.

By CPA Trendlines

After weeks of falling statistics, the 2016 filing season closed on positives in every category but one – .

MORE ON TAX SEASON: Most Tax Season Filing Stats Down | Tax Pros Preparing 58 Percent of E-Filings | Tax Filing Trends Remain Steady | Refunds Top $200 Billion Mark | Tax Filings, Processing Remain Slower | Pros Lose Ground in E-Filing | Tax Questions Up, Filings Down

There were 136.53 million individual income tax returns filed by April 22, with the April 18 deadline falling within that week. The total returns received were up 1.7 percent from 2015. Total returns processed numbered 129.46 million, up 0.9 percent. That puts the processing rate to date at 94.8 percent.

E-filing receipts totaled 122.55 million, up 2.6 percent. Tax professionals prepared 70.86 million, up 0.5 percent, and 51.68 million were self-prepared, up 5.7 percent.

READ MORE →

The Big Eight: Harsh Realities for Firms Today

banana peelThe times call for bold plans and determined management.

By Domenick J. Esposito
8 Steps to Great

Most CPA firms are good at planning but poor in implementation and accountability. I say – no pain, no gain. Let’s stop talking about doing it, let’s do it. Hope is not a strategy.

MORE from DOMENICK J. ESPOSITO:  The Coming Battle below The Big Four  |  Seizing the $10 Trillion Opportunity | Learning to ‘Run with the Big Dogs’ | The CPA Success Formula: Ties that Bind  |  8 Steps to Great: The Vast New Opportunities for Smart, Aggressive Firms | More...

Here are the eight realities and key challenges facing all CPA firms today, and particularly those that are striving to become mid-market sustainable brands: READ MORE →

9 Things to Stop Doing Now

Businessman in dark gray suit raise his hand in action of stop and word "stop" on his red palmStop devaluing yourself and the profession.

By Martin Bissett
Passport to Partnership

The thing about accountants is that they occupy, should they wish to, a unique position in the minds of their clients. We know it as most trusted advisor.

MORE ON THE PASSPORT TO PARTNERSHIP: How to Create an Upward Spiral | It’s Not the Challenge, It’s Your Response | What Challenges Really Mean for Partners | Commitment: Your View and Your Firm’s | Businesses Place Value on Expertise | What Conversion Really Means for Partners | Communication: It’s Not About You

Simply put, if you are a trusted advisor, you’re supposed to
READ MORE →

Which Social Media Should You Use?

Social media words on cubesDon't pick a platform at random. Make an informed choice.

By Becky Livingston
The Accountant’s Social Media Handbook

According to Quicksprout research, 75 percent of people are somewhat likely to share content they like online with friends, co-workers and/or family members. Forty-nine percent do it at least weekly.

MORE ON SOCIAL MEDIA: What Is Social Media? | How Social Media Works with Accountants’ Top 5 Marketing Goals

In the same study, 86 percent of marketers stated that social media is important for their business, while 89 percent stated that increased exposure was the number one benefit of social media marketing.
READ MORE →

How to Merge Sole Practitioners

Two businessmen shaking hands21 issues to consider.

By Marc Rosenberg
CPA Firm Mergers: Your Complete Guide

When considering a merger of sole practitioners, there are numerous critical issues to negotiate. Twenty-one, in fact.

MORE ON MERGERS: Merging in Smaller: What to Ask | 12 Reasons to Merge In a Smaller Firm | 3 Factors That Always Affect Negotiations | Mergers: Assessing Compatibility | Case Studies Reveal Potential LOI Issues | Merger Prep: Getting to Know You | Plant Seeds to Turn Up Merger Candidates | 15 Can’t-Skip Merger Terms to Decide | Mergers 101: When Negotiations Aren’t Really Negotiations

1. Method/system for splitting the profits. Keep in mind that if you devise a system that essentially revolves around making each solo a profit center, as if they still had their own firms, it will tend to discourage the two of you working together as one firm.
READ MORE →

Pay Varies When Performance Varies

Closeup shot of a caliper measuring the word "Goals"Plus ways to measure both objective and subjective performance criteria (yes, it can be done).

By Bill Reeb and Dominic Cingoranelli
CPA Trendlines / Succession Institute

An important point to keep in mind is that we, as human beings, have good months and bad ones, good years and bad ones.

MORE ON PERFORMANCE MANAGEMENT: Accountability Requires Clear Expectations | Accountability Is for Everyone | Succession Plan Requirements | Base Retirement on Today’s Operations | Who Decides What? | How Retired Partners Are Robbing their Own Firms | How Involved Should Retired Owners Be? | Firms Say What Would Change Retirement Pay

What is going on in our personal lives has a lot to do with how we perform in our professional ones. Therefore, if someone is going through a difficult time, such as a divorce, death in the family, major conflicts with extended family, etc., we can expect those events to spill over into our work life.
READ MORE →