MANAGEMENT

How to Get Organization Minutes in Order

By

A 34-point checklist.

By Ed Mendlowitz
77 Ways to Wow! The Checklist Handbook for Advisory Services.

Corporate, LLC, partnership and not-for-profit organizations are usually required to have minutes memorializing certain actions taken by the board of directors or governing body. Yet, many do not either because it has never been done, is a bother, is considered not necessary or overlooked through inaction or unawareness.

MORE by Ed Mendlowitz
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

However, it is something that should be done as a best practice, as recognition that there are non-active stakeholders who need transparency, or as tangible evidence that the actions recorded took place timely. In some instances, the IRS looks for minutes as a symbol that the affairs were handled on a businesslike basis or were not one-sided “secret” actions by those in control.
READ MORE →

Back to Basics: Where Is the Cash?

By

person on roof wielding fire hose spewing out paper currency

Profits don’t mean anything if they’re not backed.

By Ed Mendlowitz
77 Ways to Wow!

Cash is the lifeblood of a business. Cash amounts. Cash flows. Cash changes. No matter what anyone tells you, cash is the bottom line you must watch and accumulate.

MORE by Ed Mendlowitz
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Simplistically, knowing your cash balance gives you a sense of how you are doing. If it goes up, you are making money – if it goes down, you are losing money.
READ MORE →

Five Fixes for Floundering Firms

By

Plant seedlings growing out of coin stacks , both increasing in size

Taking steps “little and often” works, but only once you get started.

By Martin Bissett
Passport to Partnership

A big concern in recent years has been how the incoming partners will purchase equity or fund the capital account and exit of a retiring partner.

Much has been written that examines the mathematical complexities of this topic but the bottom line is simple. Would-be partners in the age demographic of 28-42 are part of a generation who are already heavily borrowed in the form of credit card debt, mortgage debt and other forms of personal loans.

MORE by Martin Bissett
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

Their capacity to borrow in the current economy is extremely limited and it would appear that this will be the environment for the foreseeable future. In turn, banks’ willingness to lend has also been largely withdrawn in recent years.
READ MORE →

How DiSC Profiles Help Remote Teams

By

Overhead view of five people in a meeting

Work together effectively with better understanding. 

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Working in a remote environment can be great, and it can also have its challenges. Communication is one of the biggest hurdles distributed companies have to overcome. To tackle this issue head on, Summit CPA has implemented many initiatives.

MORE by Jody Grunden
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

One of our favorites is the DiSC profiles. Let me start off by telling you a little bit of the background on the DiSC profiles.
READ MORE →

How to Disengage Clients

By

woman speaking and giving direction to subordinate

BONUS: Two sample letters.

By August Aquila
MAX: Maximize Productivity, Profitability and Client Retention

Disengaging clients in a professional services firm is a sensitive process that requires careful consideration to maintain positive relationships and uphold your firm’s reputation. Here’s a step-by-step guide on how to do it professionally:

MORE by August J. Aquila
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

  1. Review Contracts and Agreements: Begin by reviewing the terms of your engagement contracts or agreements with the client. Understand any clauses related to termination or disengagement and follow those guidelines.

READ MORE →

When ‘the Way It’s Always Been Done’ Makes No Sense

By

businessman reading documents

Are your priorities backward?

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

When I was a junior accountant an eon ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller or bookkeeper.

MORE by Ed Mendlowitz
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

Then when I became a manager, I continued this practice of having lower-level staff perform these procedures. I now consult with many accounting firms and find it is still being done that way. I stopped it many years ago and wonder why it’s still widespread.
READ MORE →

Sixteen Steps for Maximizing Firm Resources

By

Businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women present

Productivity and profitability will benefit.

By August Aquila
MAX: Maximize Productivity, Profitability and Client Retention

If you understand your client base you can better allocate resources and effectively manage your human, financial, technological and other assets to maximize efficiency, productivity and profitability. Here are steps you can take to allocate resources effectively:

MORE by August J. Aquila
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

  1. Set Clear Objectives: Define your firm’s short-term and long-term goals. Understand what projects, clients and services are a priority for you, and then, align resource allocation accordingly.

READ MORE →

Is the Next Generation Ready to Take Over Your Firm?

By

Group of four young professionals

Three business development tasks to help prepare them.

By Martin Bissett
Business Development On a Budget

If you are a partner in your firm, you may already have asked yourself the all-important question: how can I successfully retire and have someone else take over the firm?

MORE by Martin Bissett
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The partner who has a satisfactory answer to that question is the one who is committed not only to developing business and building the firm on a regular basis, but also to developing and preparing the next generation of professionals in the firm.
READ MORE →

Kapilovich: Treat People Like People | The Disruptors

By

Accounting must abandon toxic traditions, prioritize people over profits, and rebuild its mentoring culture—or risk losing the next generation entirely.

This is a preview. The complete 1-hour video episode, with commentary and transcript, is first available exclusively to PRO Members | Go PRO here
Sponsored by “It’s Not Just the Numbers: How to Move Beyond the Numbers and Deliver Real Value for Your Clients” by Penny Breslin
and Damien Greathead – See Today’s Special Offer

Subscribe to CPA Trendlines podcasts anywhere: Apple, Google/YouTube, Spotify, iHeart, Deezer, Amazon Music, Audible, Player FM, Audacy, RSS

 

The Disruptors
With Liz Farr

Yuri Kapilovich didn’t set out to become #TheFunCPA. It started as a casual hashtag when he shared photos from buses and bikes, but it stuck—especially after a networking event where attendees misread his booth sign and started calling him “The Funk PA.” The nickname became a brand, but it also reflects his deeper mission: bringing humanity and humor back to a profession that’s burning out its best talent.

CPA TRENDLINES CELEBRATES: The 100th Episode of The Disruptors

MORE STREAMING: Martha Yasso: From Wall Street to Main Street | Jackie Meyer: Tax Plans in 90 Seconds? Believe It  | Erica Goode: Build a $200K Firm in 15hrs/Week | Randy Crabtree: Live at the Intersection of Passion & Skill |McClelland and Telka: Women Ready to Rewrite the Rules of Accounting | Jacob Schroeder: AI Won’t Replace Accountants—But It Will Reveal Who’s Replaceable | Ditching Corporate America: The Bold Story Behind PBS Accounting’s Rapid Rise | Jean Zick: Happy Team = Happy Clients | Breslin & Greathead: Be a Client Advocate | Dominic Piscopo: Clear Pay=Bargaining Power | Debbie Kilsheimer: Stop Thinking Small |

GoProCPA.com Exclusively for PRO Members. Log in here or upgrade to PRO today.

Kapilovich, founder of Kapilovich & Associates, believes the root of accounting’s talent shortage is simple: misplaced priorities. “We, as a profession—especially in the larger firms—have lost sight of the fact that the number one asset we have is our people,” he says. “It’s not the clients.”

READ MORE →

Chris Vanover: Audit, Now with 100% Less Misery | The Disruptors

By

CPAClub is doing what few dared: killing the billable hour, shrinking the workweek, and proving that audit doesn’t have to suck.

Originally published Oct. 4, 2023.

Subscribe to CPA Trendlines podcasts anywhere: Apple, Google, Spotify, iHeart, Deezer, Amazon Music and Audible, Player FM, Audacy, Gaana (India), and Boomplay (Africa).
See The Disruptors

The Disruptors
With Liz Farr

Public accounting has long had a reputation for being slow to change, but in the world of audit, that pace has been glacial. Chris Vanover, CPA, founder and president of CPAClub (formerly AuditClub), is here to challenge that status quo. In this episode of The Disruptors, Vanover shares how he’s rebuilding audit from the ground up—ditching billable hours, crushing burnout, and making accounting cool (and flexible) again.

CPA TRENDLINES CELEBRATES: The 100th Episode of The Disruptors

MORE STREAMING: Erica Goode: Build a $200K Firm in 15 Hours a Week | Randy Crabtree: Live at the Intersection of Passion & Skill | McClelland and Telka: Women Ready to Rewrite the Rules of Accounting | Jacob Schroeder: AI Won’t Replace Accountants—But It Will Reveal Who’s Replaceable | Ditching Corporate America: The Bold Story Behind PBS Accounting’s Rapid Rise | Jean Zick: Happy Team = Happy Clients | Breslin & Greathead: Be a Client Advocate | Dominic Piscopo: Clear Pay=Bargaining Power | Debbie Kilsheimer: Stop Thinking Small |

GoProCPA.com Exclusively for PRO Members. Log in here or upgrade to PRO today.

And the transformation doesn’t stop with audit. CPAClub has expanded into tax and advisory, now offering a broader array of subscription-based solutions for CPA firms.

READ MORE →

Jean Zick: Happy Team = Happy Clients | The Disruptors

By

Flexible schedules, remote culture, and ‘durable skills’ are reshaping the accounting profession.

This is a preview. The complete 1-hour video episode, with commentary and transcript, is first available exclusively to PRO Members | Go PRO here
Sponsored by CPA Trendlines Pro Membership  – See Today’s Special Offer

Subscribe to CPA Trendlines podcasts anywhere: Apple, Google/Youtube, Spotify, iHeart, Deezer, Amazon Music, Audible, Player FM, Audacy, RSS

The Disruptors
With Liz Farr

The traditional accounting firm model is under pressure—and The Disruptors podcast is highlighting the pioneers who are rewriting the rules. In this episode, host Liz Farr talks with Jean Zick, CEO and co-founder of Juna Financial, about how she’s building a different kind of accounting firm: remote, people-first, and future-ready.

MORE PODCASTS and VIDEOS: Breslin & Greathead: Be a Client Advocate | Dominic Piscopo: Clear Pay=Bargaining Power | Debbie Kilsheimer: Stop Thinking Small | Dave Kersting: Collaborate with Co-Firming | Ashley Francis: AI’s a Partner, Not a Replacement | Richard Roppa-Roberts: Collaboration Over Competition | Ira Rosenbloom: M&A Numbers Are Easy – Culture Fit Is Hard | Roman Villard: Ditch the Suit & Shine | Monique Swansen: Align Firm Values with Services | Tina McGill: How to Create Lasting Client Impact | Stefan van Duyvendijk: Develop Operational Mindset | Steve Evans: Why Traditional Hiring Methods Fail | Roger Knecht: Can You Be an Accountrepreneur? | Beth Whitworth: Focus on Outcomes Not Hours |Mike Sylvester: Learn to Say No | Salim Omar: Identify Your Client’s $100,000 Problem | Jackie Meyer: Earn More with Fewer Clients | Jack Fleherty: Don’t Be a ‘Yes’ Person |

GoProCPA.com Exclusively for PRO Members. Log in here or upgrade to PRO today.

“We wanted to create a company we would have wanted to work for earlier in our careers,” says Zick, who launched Juna in 2016 to fill what she saw as a gap in the market: companies paying CFO-level fees for basic bookkeeping tasks. “Every company deserves great accounting, no matter their size.”

READ MORE →

It’s Time to Prune Your Clients

By

silhouette of man carrying briefcase, walking away

Six ways your firm will benefit.

By Caroline Ready

In 2022, we declared the first Friday after the fall busy season National Fire Some Clients Day and asked firm leaders to join us in right-sizing their client bases to increase capacity and provide relief for their team. We were blown away by the response to our client culling initiative and received wonderful feedback from many partners and firm leaders who took the leap and joined us on the inaugural holiday.

MORE: Encourage Desirable Behaviors Through Metrics | Five Ways to Head Off Reluctant Leadership | You Need Capable Successors for a Seamless Transition | Generosity: The Root of Great Leadership
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

 

We are excited to declare May 16 the Spring National Fire Some Clients Day and are encouraging leaders to make pruning clients a strategic, biannual priority moving forward.
READ MORE →