Five ways to improve operating margin.
By Bill Penczak
The pandemic has placed new strains on most CPA firms, with a paucity of events other than Zoom meetings and many clients hunkering down and not making any changes to anything – least of which their accounting firm relationships, under some semblance of normal.
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So when it comes to preserving your original profit goals – or at least salvaging them – firms have an opportunity to seek better processes or staffing options, or both to pivot to the times. As a CFO I once worked with used to say, “You can either raise the bridge or lower the water.”
Here are five options for lowering the water (labor cost) as a short- and long-term strategy for greater firm success:
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