Get the Details in an Instant Download. via CCH With President Obama and Congress reaching an agreement to raise the federal debt limit. Along with spending cuts, sweeping changes to the Tax Code have been part of the negotiations. CCH … Continued
With small, but consistent, upticks in corporate earnings, the employment outlook may be improving. And that means accounting firms should be preparing for the next talent shortage. U.S. employers rank among the tops in complaining about a shortage of the … Continued
The new practice management discipline.
by August Aquila
aquilaadvisors.com
No profits no mission, as one of my partners is fond of saying.
While leadership, balanced life, outstanding client service and efficient processes are critical for success, they mean nothing if the firm is not sufficiently profitable to make investments for the future and compensate performers. I want to focus on ten ways to make your practice more profitable.
These ten areas form the basis of my Practice Operational Review. READ MORE →
A framework for action.
If trust has been broken in your accounting firm—and given the Great Recession, odds are, it has been—you must start now to rebuild it.
Michelle and Dennis Reina, authors of “Rebuilding Trust in the Workplace: Seven Steps to Renew Confidence, Commitment, and Energy” (Berrett-Koehler, 2010), recommend a seven-step process, drawn from two decades of research, for healing and rebuilding trust.
To be sure, the seven-step process isn’t a silver bullet. But it may provide a framework for leaders to demonstrate courage and to take concrete, constructive, and compassionate action. READ MORE →
You can’t do it alone. Too many CPA firms fail to adequately understand the broad range of services required to properly service their high-net-worth personal financial planning clients, according to a longtime leader in the field. “I have long been … Continued
Work/life balance proves essential to recruiting, retaining staff.
by Rick Telberg
If that CPA working next to you appears stressed out by the job, take a long, hard look because you may not see him or her again in the future.
While CPAs in all walks of the profession are strained and face tough workloads, those feeling the greatest stress and workplace demands are more likely to be seriously in the market for another job. At any given moment, according to my studies, about one on three CPAs would consider changing jobs, even it meant a pay cut, in exchange for better working conditions. Among the most stressed-out CPAs, the ratio of job seekers jumps to about half.
So it’s imperative for managers of CPAs to offer state-of-the-art workplaces if they want to retain hard-to-find staff. READ MORE →
Signs of resignation among sellers.
In what may come as mixed news for tax and accounting professionals, the pace of small businesses sold accelerated 8 percent in the second quarter of 2011, but it may be because owners are accepting that their businesses aren’t as valuable as they used to be.
Warning: Your clients’ answers may differ. By Jean Caragher and Rick Telberg SevenKeys CPA New studies conducted by The Bay Street Group and the Capstone Marketing Group illuminate several very significant gaps between the opinions of clients and their CPAs. … Continued
Mid-Sized Accounting Firms Step Up Competition for the Heart of the Market.
by Rick Telberg
No one is fighting harder for every new client and every new dollar than the accounting firms in the middle of the market, according to new CPA Trendlines research.
Nationwide, an astonishing 86% of mid-sized firms (those with five to 15 partners or about 51 to 100 employees) have been stepping up their marketing efforts, according to the new study.
To be sure, firms of all sizes are increasing their marketing activities — from solosists (about 47%), to 2-to-10-person offices (55%), through 11-to-50-person offices (73%), and the more-than-100-persons offices (77%). But it’s in the 51-to-100-person category that the battle seems most heated these days.
CPAs must provide wisdom. [This was submitted by a director-level professional at a mid-sized West Coast CPA firm.] In our experience, it’s all about niches and specialized expertise. The deeper and the broader our knowledge in the industry/services/critical issues that … Continued
Hint: The answer is closer than you think by Jean Caragher and Rick Telberg SevenKeys CPA
by Jean Caragher and Rick Telberg SevenKeys CPA According to the AICPA’s latest CPA Firm Top Issues Survey, the most significant challenge facing CPA firms of all sizes across the nation today is gaining new clients. But too many firms … Continued
They fail to understand differentiation and value. by Chris Zdunich Porte Brown LLC The New War for Clients is compounded by the fact that: 1) most markets have multiple accounting firms that are high quality, mature and have a difficult … Continued