The Fool in the Room

Which employee is most valuable? You might be surprised.

By Frank Stitely
The Relentless CPA

We have been heavily in the numbers so far. Let’s take a break from that to discuss a factor that, while not heavily numeric, plays a big factor in managing WIP – employee productivity. Because capacity is the denominator in the Lean Six Sigma equation, and employee productivity is a big factor in capacity, employee productivity becomes a big factor in determining turnaround time.

MORE: Calculating and Cutting Turnaround Time | There Are No Easy Answers | How to Thrive as a 21st-Century Firm | Farm-Aid for Accountants? | Whittle Down WIP | The Tax Practice Traffic Cop | How to Coach Your Staff | How to Create Good Managers
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First, let’s dismiss from the room all the consultants, who tell us that time tracking and productivity metrics don’t matter. For the most part, these consultants have never managed or owned CPA firms. Rarely have they worked in firms for any length of time.
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Setting Financial and Practice Goals During COVID-19

Businessman pole vaulting toward his goal16 questions to consider.

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

The accounting business was changing even before the onset of the COVID-19 crisis.

MORE: 4 Components of a High-Net-Worth Practice | Life Insurance as Part of Wealth Management | Mistresses, Mister-esses and Accountants | The Coming Boom in Tax Services for the Super-Rich
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Three of the factors that are possibly impinging on your ability to be as successful as you want include:

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9 Must-Haves for Firm Growth

Number 9 created by gaps between many small green plastic 9'sPartners must be accountable.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: I am the managing partner and run a tight ship, however, some of my partners do not appear to be growing and on some level that is holding back the firm’s overall growth.

MORE: Collect More by Clearing Up Billing | Envision Your Future, Then Plan for It | 5 Ways to Build Teamwork
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Any suggestions or is this just the way it is?
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Envision Your Future, Then Plan for It

You need goals, not just a desire to get new business.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: We are a 20-person firm and are thinking of engaging a marketing consultant for training on how to get new business.

MORE: 5 Ways to Build Teamwork | Creating a Cross-Selling Culture5 Ways to Build Teamwork | When Time-Based Pricing Works | Start Marketing Now for Next Season | The Clients that Got Away  | 4 Reasons Not to Let Staff Go After Tax SeasonCross-Selling Beyond Your Comfort Zone
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Have you heard of anyone in particular for CPA leadership training? What does your firm do regarding this? An internal program or do you use outside consultants?
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Opportunities in Common and Uncommon Services

bar chartWhat do your clients want that your competition doesn’t offer?

By CPA Trendlines

Virtually every CPA firm faces two common challenges:

  • Get the work done.
  • Find more work.

MORE: Three Hidden Surprises in PPP Loan Forgiveness | Cloudy Forecasts Call for Rainmaking  |The Forecast: Partly Gloomy, Chance of Doom  |  Busy Season Benchmarks in Free Fall  | Say Hello to the New 24-Month Busy Season | Maybe the Pandemic Isn’t All BadCOVID Drives New M&A Trends  |  Re-Thinking Today’s Firm with Five Global Leaders|  Clients Want to Pay You More (Really!)

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Or, to put it another way:

  • Satisfy clients.
  • Find more clients.

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There Are No Easy Answers

Scrambled thoughts enter man's head, straightened ones come outBut we still can make more money, have happier clients and lead saner lives.

By Frank Stitely
The Relentless CPA

I’m back. Since writing the “Relentless CPA – The New 21st Century System for Driving Success at Tax and Accounting Firms,” I have spoken to dozens of CPAs and accountants, been called a dozen names (some of them deserved), and received a few death threats.

MORE: The 3 Biggest Tech Failures of Accounting Firms | Debunking the Demise of the CPA Firm | How Many Tax Preparers Do You Need? | How to Be the Chief Communicator | How to Teach Reviewing and Time Management | 4 Steps to Take Before Next Tax Season | Some Uncommon Advice on Hiring Full-Time Staff
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Actually, the death threats came from my wife, who said she’d kill me if I said “yes” to any new projects. She watches lots of crime shows, so the FBI regarded her threats as serious. I am writing this to buy a bulletproof vest for when she gets out of jail. Thank you for your contribution to saving my life.
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The No. 1 Reason Accountants Fail To Build Advisory Practices

Shift your mindset for COVID-era client services. Stop thinking about selling and start thinking about helping.

By Ty Hendrickson

What is the number one reason that accountants get stuck providing transactional services?

Mindset.

Now, I’m not one of those gurus that preaches mindset and how if you want something in your life, all you have to do is visualize it. That’s not the mindset I’m talking about here. I’m talking about the mentality that accountants “feel bad” for charging someone for their expertise and advice.

MORE: The REAL Problems Created in a Remote Workforce |  Can You Really Grow Without Adding Clients? | 4 Reasons to Welcome Rejection |

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While this is not a new problem, it has bubbled to the surface amidst the Covid-19 crisis. In the vast majority of my conversations with firm owners recently, I hear the same line over and over again, “I’ve spent so much time talking to my clients about loans and explaining their options that I’ve hardly gotten any tax work completed. Now, I have to charge them $1,000 for those conversations, and I just don’t feel like I can do that because I know the financial situation they are in right now. I feel bad.”

What?!?!

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The Seven Simple Steps to Thrive in the COVID Crisis

https://cpatrendlines.com/2020/07/21/thriving-during-the-covid-19-crisis-and-beyond/Leveraging the relationships you already have. Step 1: Make a list.

By Anthony Glomski and Russ Alan Prince
Your $5 Million High-Net-Worth Practice

The COVID-19 crisis has put a lot of financial pressure on many businesses, including many accounting firms. At the same time, a percentage of professionals, such as accountants, lawyers, and wealth managers, are strategically taking action to deal with the economic pressures.

See also: The Three New Business Models Delivering Significant Profits for Accounting Firms | The 5 Meetings of the (True) Wealth Management Process | Collaborative Wealth Management: Defining the Framework | Protect Your Clients’ Assets | Even Entrepreneurs Must Diversify | When Clients Cash Out: Four Smart Financial Moves |

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The result is that they are doing well as the crisis progresses and are smartly positioned to do exceptionally well as the crisis abates.

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