Monthly Archives: February 2013

What a Managing Partner Is… and Is Not

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Why some firms decide they don’t want a true managing partner.

By Marc Rosenberg, CPA
Author of “CPA Firm Management and Governance”

Over the years, I have found that many firms lack a clear understanding of what a Managing Partner is.  Often, it’s a negative conception, caused by a bad experience at their current firm or a previous one.  So, to avoid a repeat of these bad experiences, the partners decide either not to have a MP or to provide for the MP position with greatly limited authority and responsibility.

Marc Rosenberg
Marc Rosenberg

More on CPA firm leadership and management: When Is It Time to Shift Your Firm from Partnership-style to Corporate-style Governance?  •  De-Bunking the Myth about Niche Marketing for Tax and Accounting Firms • Practice Development Is No Longer an Optional Activity • 10 Good Ways the Achieve Partner Accountability • Pick Your Partners Right to Begin With • 

The points below clarify what a Managing Partner IS and IS NOT. READ MORE →

Get Paid Faster this Tax Season: Six Good Reasons to Send the Bill with the Return

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It’s good for business and considerate to clients.

by Ed Mendlowitz
Tax Season Opportunity Guide

Ed Mendlowitz

Tax season is a business and businesses need to be paid.  It is harder to justify prices when providing services rather than products.  Products are usually priced before delivery while many times services are priced after delivery, i.e. performance.

More on busy season management: Tax Season Trends, Issues and Opportunities 

Many accountants price returns before they are worked on, usually basing the fee on last year, or a rate schedule.  Sending a bill with the return establishes the relationship that you should be paid promptly for the work done. READ MORE →

Seven Ways to Wow Your Prospect

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And stand apart from the competition.

By Sandi Smith, CPA
Accountant’s Accelerator

As the competition for clients heats up, it’s time to pull out all the stops and make your prospect feel like you’ve rolled out the red carpet.

Sandi Smith

More for soloists and small firms: • Rev Up Your Revenue with These Two Daily Rituals •  10 Tips for Creating More Energy this Tax Season  • Take a Cue from Venture Capitalists: Your Firm Needs a Brain Trust Trinity    •   Accountants, Do You Know Your Opportunity Number?    •  Five Ideas to Overcome Client Price-Sensitivity   •    5 Mistakes to Avoid When Seeking New Clients  •  3 Steps to Start Running on Millionaire Time   •  The Missing Ingredient in Your Marketing That Will Make All the Difference   •  On the Road to a Stress-Free Life: Identify Your Character Strengths  •

How can you do that? Here are seven ways to wow your prospect and help them decide you’re the perfect vendor for them. READ MORE →

FASB Issues ASU 2013-02 [FASB ASC 220]

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New comprehensive income display guidance.

by Thomas A. Ratcliffe, Ph.D, CPA
Plain-English Accounting

Tom Ratcliffe
Ratcliffe

The FASB has issued Accounting Standards Update [ASU] 2013-02, entitled Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.

The ASU amends the guidance in the FASB Accounting Standards Codification [FASB ASC] Topic 220, entitled Comprehensive Income. The goal behind development of the ASU 2013-02 amendments is to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.

The amendments to FASB ASC 220 do not change current requirements for reporting net income or other comprehensive income in the financial statements. Essentially, all of the information required to be displayed or disclosed in financial statements already are required to be disclosed in the financial statements.

The amendments require reporting entities subject to comprehensive income display requirements to: READ MORE →