By Marc Rosenberg
In today's CPA firms, six critical trends are emerging clearly.
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They are some of the toughest questions any firm can face. Get them right, and you can avoid a lot of trouble. Get them wrong, and, well, you may never need worry about them again.
The top six trends are:
- More compensation committees; fewer formulas.
- Linking compensation with strategic planning.
- Recognizing the value of intangible performance attributes.
- Less emphasis on book of business because other factors such as intangibles must be rewarded.
- Less emphasis on billable hour It’s more important what partners do with their non-billable hours (practice development, managing the firm, mentoring staff) than their billable hours.
- More firms are changing from open to closed systems, though the vast majority of firms under $15 million are still open.
But that's not all. Within firms, sometimes heated discussions are taking place over another 10 topics. Here they are in point/counter-point form:
Which side of the argument is your firm on? And, is it the right for your firm's future?