Why Hiring Out of School Works
“Experience” can be overrated.
By Ed Mendlowitz
101 Questions and Answers: Managing an Accounting Practice, The Complete 2-Volume Set
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The Ten Financial Controls That’ll Make You a Hero
What clients need to know.
By Ed Mendlowitz
77 Ways to Wow!
If you want your business to grow, don’t focus on only the easy financial controls where you can see quick results – such as holding down petty cash expenditures or checking expense accounts for accuracy.
MORE: Rule #1: Start with Cash | Organization Minutes Too Often Overlooked | The Seven-Minute Financial Statement | The KPI an Absentee Manager Needs
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Instead, go for the tough steps that affect long-term profits and facilitate growth.
Telling Prospects Too Much
Know when to stop.
By Ed Mendlowitz
202 Questions and Answers
Q. I usually give away too much info at a meeting to get a new client. We simply answer too many of their questions during the initial meeting.
MORE: How to Improve Quality Control | How to Get Into Your Own CPA Practice | When Not to Charge for an Initial Consultation | What Good Managers Know about Bad Judgment
We don’t know how much info to give away, so the possible new client will get hooked and not take the information and run to somebody else. Usually, somebody else is cheaper.
How do I find the right balance?
Rule #1: Start with Cash
Lots of information is lurking there.
By Ed Mendlowitz
77 Ways to Wow! The Checklist Handbook for Small-Business Advisory Services.
One time I was asked to audit a hotel in Florida that was going to be foreclosed on by the mortgagor and for which I was paid in advance. The audit was planned and scheduled, and it looked like we had everything under control from our end as much as we could.
MORE: Organization Minutes Too Often Overlooked | Five Cash Reports You Can’t Live Without | When an Audit Is a Great Thing | Which KPIs Do You Need?
I received a call on a Friday morning that the foreclosure was going to take place sooner than expected, and I had to either do my work Monday through Wednesday or return the retainer because the foreclosure was going to take place on Thursday. I took a Sunday evening flight with a senior accountant. When I walked into the hotel, I got really nervous. This was not a small motel but a big Hilton hotel – not what I anticipated.
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How to Improve Quality Control
Your reviewer should be adding value.
By Ed Mendlowitz
101 Questions and Answers: Managing an Accounting Practice, The Complete 2-Volume Set
Q. I want to improve my firm’s review and quality control. Do you have any suggestions?
MORE: How to Get Into Your Own CPA Practice | 15 Tips for Novice Managers | What’s Your ‘KG’ Value? | When Clients Call You at Home | Why Partner Retreats Are Worth the Cost | Selling Your Practice Is Not a Retirement Strategy
A: This is a recurring issue for most firms. Every CPA practice needs quality control. The issue is whether a dedicated quality control (“QC”) person is needed, and if not, how the QC can be done without one.
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