Today's Features

A Startling Revelation: 1 Times Fees is a Steal

Click for free report
Click for free report

Do the math and don't be afraid to pay more or ask for more.

By Marc Rosenberg, CPA

Partners in accounting firms are familiar with the rule of thumb that a CPA firm’s goodwill is worth one times fees; however, like many other “rules of thumb,” this notion is often incorrect.

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When buyers begin to think about how much they will pay for a smaller firm, they often have the “1 x fees” concept in mind. Then, when sellers are bold enough to ask for a price in excess of one times fees, buyers often balk because they feel that the asking price is too rich.

Use this white paper to make your case.

When Silence Is Golden … and Not

Businesswoman with hand to foreheadA cautionary tale about commitment for partners-to-be.

By Martin Bissett
Passport to Partnership

Ask yourself and answer these questions when considering the current and future "commitment" behaviors that you’ll employ.

MORE ON THE PASSPORT TO PARTNERSHIP: What Commitment Means Now | 13 Steps to True Commitment | When to Ignore a White Lie: A Cautionary Tale | Communicate Your Worth and Value | Best Practices for One-on-One Communication | Learn to Read Your Firm’s Culture | Experts Advise What Partnership Takes
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1 – What is my first reaction to being asked to work outside of my normal hours?


Capital Markets 101

Money and Business SuccessThis could be an exciting opportunity for your high performers.

By Domenick J. Esposito
8 Steps to Great

Technical specialization is also a key to attracting, developing and retaining marquee clients. Examples are international tax, state and local taxes, stock-based compensation and SEC/capital markets skills.

MORE ON STRATEGIC PLANNING: Do You Belong In Cybersecurity? | Why You Need Marquee Clients | Net Profits: How Much to Whom? | How to Drive Partner Performance with a Smart Compensation Plan | 3 Tools to Boost Your Metrics | Start with Sound Firm Governance, Economics | As Tax Season Ends, Strategic Planning Seasons Begins
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Presented below is a granular look at the private and public capital markets and the opportunity it presents in securing marquee clients.

Best Practices for Growth: Network, Specialize, Share

Businessman explaining something on laptop to another manWhat are you doing that your clients might want to implement?

By Sandi Leyva and Michelle Long
The Ultimate Accounting Virtual Conference

How do we grow and advance in the practice? How do we excel in the accounting profession?

MORE SMALL FIRM GROWTH STRATEGIES: Reconnect with Your Why | 5 Steps to Get Clients to Say ‘Yes’ to Cloud Applications  | When You Should Answer Questions for Free | When to Turn Over Client Data Files | The Dreaded ‘Quick Question’ | How to Handle Referrals – And How Not To | Why Clients Need Dashboards | 3 Ways to Raise Your Prices | Your Existing Clients Are Your Best Leads | Need More Business? Focus on Referrals
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I think one of the most important things you can do to help yourself excel in this profession is to network with your peers. I know some people think, really aren’t they my competition? Why would I want to network with them we’re all after the same clients?

Marketing for Mobile

Becky Livingston: The more precisely you state your goal, the more likely you are to end up where you want to be.Best practices for reaching people on the go, including goal setting, advertising, tailoring ads and KPIs.

By Becky Livingston
The Accountant’s Social Media Handbook
With the rapid increase in mobile use, it can be challenging for CPA firm owners to reach their audience.

MORE ON SOCIAL MEDIA: How to Use Social Media Analytics | What ‘Social Sentiment’ Is and Why You Should Care | What a ‘Community Manager’ Does | How to Build a Strong Landing Page for an Accounting Firm | How to Set Up a Social Media Plan | DIY Design for Social Media | Tailor Content to Social Media Platform | How to Track Who’s Clicking Your Links | Which Social Media Should You Use? | How Social Media Works with Accountants’ Top 5 Marketing Goals
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The first step any firm needs to take is to make sure their website is mobile-ready and responsive. In doing so, your search on mobile will be easier to find and will state it’s a “mobile-friendly” site, which encourages mobile and tablet searchers to click.

The 16 Biggest #FAILs in Delegation

Angry businessman with document shouting at somebodyDo you expect your direct reports to read your mind?

How some firms are beating the staffing crisis:
Join the survey. Get the results.

By Kristen Rampe
Talent Retention & Development

We’ve all been there. Trying to make our work lives more efficient, transfer knowledge to newer team members and leverage our practice.

MORE FROM THE SURVEY: Work-Life Balance: According to Whom?  | NEW SURVEY RESULTS: Two Ways Your Strategic Plan Can Reduce Turnover
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Sometimes it works and, well, sometimes the result is embarrassing at best.

Turn to Portal Encryption

Padlock with key that has word "security" instead of teethSecure external file transfer is easy to implement.

By Roman H. Kepczyk
Quantum of Paperless

When dealing with digital files, the most effective way to transfer them is electronically over the Internet either with email or through a portal. Many firms have emailed clients copies of tax returns and financial statements over the years.

MORE ON TECH SPENDING: Is Your AP Digital Yet? | Remote Deposit Saves in Several Ways  | How Efficient Are Your Audits? | Going Digital: How to Train a Client | Hit ‘Delete,’ But Only When It’s Time | Unified Messaging Offers Benefits | Remote Access: Giving Workers What They Want | Why Use Windows 10? | Desktops vs. Laptops
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Unfortunately, this is not the most secure method as the firm does not have control of the various Internet service providers and the relay servers between the firm’s email server and the client’s email account.

The Two Most Common Management Styles

Senior businessman with his team at officeDo CPA firms need management or leadership?

By Bill Reeb and Dominic Cingoranelli
CPA Trendlines / Succession Institute

Let’s start out with a straightforward question. What is the difference between management and leadership?

MORE ON PERFORMANCE MANAGEMENT: 8 Ways to Manage Clients | The Limitations of Rainmakers | Firms Only Grow When Partners Play Their Roles | The Four Basic Parts of CPA Firm Partner Agreements | Younger Partners See Succession Differently | How to Compensate Your Managing Partner | The Job of Managing Partner: Empowered or Emasculated? | How the Best Managing Partners Turn Ideas into Reality
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From one point of view, leadership is far different than management.

Is This a Rut?

Ed Mendlowitz CPA The Practice Doctor Q and AWhat about five years from now?

QUESTION: My practice seems to be in a rut.

MORE PRACTICE DOCTOR Q&A: Taking Over Poorly Done Work | When Staff Won’t Use Checklists | How Can We Keep New Staff Longer? | Rule #1 for How to Get Everything Done | Too Much Paper, Too Many Drives | Why Credentials Are Worthwhile | How to Sell Your Practice | Why Your Clients Need Annual Minutes – And How You Can Help | When Partners Stop Growing | Clear Billing Procedures Make Collecting Easier
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We are not growing, our services haven’t changed and our client turnover is almost nonexistent.  Any suggestions of what we can do?

Do You Know What Clients Want?

Rob Nixon: We’re all busy and time allocation is a priority, not a resource.For starters, they'd like to hear from you more often.

By Rob Nixon

There are two schools of thought on finding out what a customer wants and what they are prepared to pay for.

MORE ON STRATEGY: What It Means to Be a Real-Time Accountant | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting | The Profession Disrupted: Compliance Commoditized
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The first I’ll call the Henry Ford way. Mr. Ford (who founded the Ford Motor Company) famously said that if he asked his customers what they wanted they would have said "a faster horse." He didn’t ask his customers what they wanted – instead, he designed something that they needed. However, the customer didn’t know that they needed it yet.