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What Young Accounting Pros Need to Make Partner

older woman showing young woman something on office computer screen

Four experts provide their insights.

By Martin Bissett
Passport to Partnership

The skill in producing financial reports is limited by the quality of the information presented to the CPA by the client. The motivation of the client to influence that financial information comes in many forms, some intentional and some unintentional. Competence comes first in being able to resist pressure and present a true and accurate position of the client’s organization.

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Sounds obvious, doesn’t it? But there’s a twist.

Competence didn’t actually rank highly in the majority of partner requirements when interviewed in our study at all.
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MARKETING & SALES

Four Ways to Identify Candidates for Cross-Selling

https://cpatrendlines.com/2016/06/11/adopt-a-marketing-mindset/

Adopt a marketing mindset.

By Ed Mendlowitz

The average tax return client thinks of accountants as being mainly involved in taxes. Also, an accounting firm’s largest volume of clients is usually for tax return services. Therefore, a good part of the public image of your firm must come from the tax department.

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The tax department must be involved in:

  • strengthening the firm’s brand and name recognition,
  • getting publicity and
  • introducing tax return clients to additional services.

Unfortunately, many accounting firms provide very little guidance or training in this area.

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MERGERS & ACQUISITIONS

Is Bigger Better? Yes.

businessman hand holding puzzle pieces

Size sells, like it or not.

By Domenick J. Esposito
8 Steps to Great

While conventional wisdom tells us that better is better, it’s plain and simple nonsense when it comes to midsized CPA firms and a convenient excuse for a less than stellar growth by a firm’s partner group.

MORE by Domenick J. Esposito
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Just look at “better” through the lens of the marketplace for both existing and prospective clients and talent.

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ADVISORY & CONSULTING

Your Advisory Offering Needs a Focus Statement

Young businessman standing on edge of rock mountain and looking across

The CAAS-Chasm is the distance between what you are doing and how it impacts your clients.

By Hitendra Patil

One in two accountants stated that advisory services is the top new growth opportunity for their firm. According to the CPA Trendlines Accountants Outlook 2024 research, many accountants also expressed that advisory is the most attractive (profitable) opportunity.

But there is a catch.

It requires accountants to cross the CAAS-Chasm.
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BONUS DOWNLOAD

The 45-Minute Problem Scaling Across Tax Teams

These workflows quietly erode firm margins.

By CPA Trendlines

The biggest cost of K-1 inefficiency isn’t always visible on a timesheet. It shows up in missed opportunities, compressed timelines, and rising pressure on already stretched teams.

WEBINAR June 3: From K-1 Chaos to K-1 Capital: Turning Compliance Bottlenecks into Advisory Opportunities

FREE EBOOK Break the K-1 Bottleneck

Consider this: Manual extraction of a single K-1 takes an average of 45 minutes. Multiply that across dozens—or hundreds—of K-1s, and the impact becomes clear. But the real issue goes deeper.

Because K-1 data often arrives late and in inconsistent formats, firms are forced to: reassign senior staff to low-value tasks, rework data multiple times, and delay higher-level analysis and planning

In many cases, the most experienced (and expensive) professionals end up doing manual, administrative work simply because timelines leave no alternative. That dynamic doesn’t just affect efficiency. It affects profitability. Budgets stretch. Margins shrink. And the ability to deliver proactive advisory services disappears under the weight of compliance demands.