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10 Steps to a Superior Tax Department

Number 10Share knowledge, don’t hoard it.

By Ira Rosenbloom

Running a CPA firm tax department may be a dream role for many professionals or a nightmare.

MORE: 10 Ways to Protect Your Best Clients from Your Competitors | Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession | How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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If it is your dream or your responsibility, here are 10 imperatives to be a successful tax department director at a CPA firm. READ MORE →

CLIENT SERVICE OPPORTUNITIES

10 Ways to Protect Your Best Clients from Your Competitors

Two businessmen shaking hands in front of tall office buildingsDo they know how valuable they are … and why?

By Ira Rosenbloom

In every market, CPA firms have a wish list of clients they would like to have. Clients will change accountants for all kinds of reasons. Some changes are natural, like new decision makers, new owners and new lenders. Others change because of service.

MORE: Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession | How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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To keep your competitors from poaching your business, remember to always treat your best clients as your best clients! Here are 10 recommendations to keep in mind.
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Are You Overthinking an M&A Deal?

Two businessmen holding giant puzzle pieces in silhouette against a sunriseFive areas of focus.

By Ira Rosenbloom

This year so far has been a hot time for CPA firm mergers and acquisitions. Firms in the M&A mindset and process may be in turbulent times as they confront many hurdles.

MORE: How to Put the ‘Success’ in Succession
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Unfortunately, some of these hurdles are self-created, especially for those seeking to merge into another firm or establish an exit. Rather than waste mental and emotional energy overthinking – and risk walking away from a good deal for the wrong reasons – this is the time to turn that energy into smart thinking.
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How to Put the ‘Success’ in Succession

“The optimal approach for transition is to have in place a real-time written, approved succession plan that includes a process for periodically reviewing and updating it.”

By Ira Rosenbloom

CPA firms are constantly changing. Technology advances. Legislation gets rewritten. Client services are added or removed. And, of course, team members join and leave.

MORE: How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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With all of the change, the dependence on quality talent to lead and sustain the firm remains. Hiring and retaining quality staff members usually ranks as one of the top 10 critical factors firm leaders face when they are asked about challenges.
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How COVID Changes Succession Planning

Overhead view of people solving a large jigsaw puzzleLarger firms want to drive scale; smaller firms want more distribution and leverage.

By Ira Rosenbloom

Even as the pandemic rips through the world with horrific tragedy, it is also spawning some new ideas, some critical imperatives, and some unforeseen opportunities, especially in the area of CPA firm succession.

MORE: Top 10 Steps to Maximizing Profitability
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We are witnessing a heightened interest in firms committing sincerely to mergers and other practice combinations, and there is now a shifting business culture that aligns better with internal practice succession than we have seen in a long while.

These shifts in succession potential are largely a function of technology, quality of life, client needs (and demands), and resources.

Let’s break it down:

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