Today's Features

Steve Yoss: The Big Tech Issues Accountants Need to Follow Today | Quick Tech Talks

Staying ahead requires adaptability and a focus on delivering value beyond the tasks that traditionally defined accounting.

Quick Tech Talk
With Steve Yoss
CPE Today

As technology advances at a breakneck speed, accountants must rethink how they add value to their clients and organizations.

MORE STEVE YOSS | MORE TECH
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“Back in the 50s, accounting was incredibly manual, requiring a virtual army to produce records,” Yoss explains, highlighting the drastic evolution of the field. By the 80s, spreadsheets like VisiCalc and Excel began to ease the burden. The 90s brought us small business accounting systems like QuickBooks. Today, automation and AI-driven solutions can perform low-value tasks—such as general bookkeeping, accounts payable, and more—with little oversight and near error-free execution.

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Six Tips for Setting Compensation

young woman holding giant dollar sign in modern office

Plus 17 extraordinary benefits to consider offering.

By Marc Rosenberg
CPA Firm Staff: Managing Your #1 Asset

“If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it, you almost don’t have to manage them.” – Jack Welch

“Pay your people the least possible and you’ll get from them the same.” – Malcolm Forbes

Every CPA industry survey we’ve seen for decades shows that compensation is either No. 1 in importance to staff or close to it.

MORE: Staff Crave Advancement and Challenge | What Leadership Looks and Feels at CPA Firms | Eleven Things That Good Mentors Do | Give the Recognition Your Staff Needs | The Importance of Great Bosses | How Remote Work Is Impacting Accounting Firms | Make Work Flexibility Work for Everyone | Why Staff Leave CPA Firms … and How to Stop Them | How to Solve the Big Disconnect in Talent Management | What Relevance Means for Staffing in Accounting | How Accounting Staffing Has Changed
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Our feeling is that compensation is the ante to enter or stay in the game. Put another way, according to Jeremy Wortman:

If college graduates are looking for their first job, or if a young person with a little experience is job hunting, compensation is huge. If a person has two offers, one for $60,000 and the other for $65,000, the higher offer will get the person almost every time. But if the offers are $500 apart and the person likes the firm offering the lower salary better, it’s likely that the lower-paying firm will get the nod.
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Bissett Bullet: Be the Bigger Person

Today’s Bissett Bullet: “As you progress throughout your career, you may find yourself in situations where those who are on the same level as you in terms of earnings or seniority are suddenly your subordinates. How you handle that situation is critical.”

By Martin Bissett

Exercise humility in leadership and if you come up against staff who resent your seniority, try to spend time with them away from the office in a more informal setting. Help them get to know you and understand that you are in the position you are based on merit. Gently let them know that you hold the keys to their own career progression, but rise above the politics and invite them to work collaboratively with you.

Ultimately, you will manage these people up or you will manage them out, but the partners in your firm will be watching to see how you respond to this sort of situation and what sort of leader you might have the potential to become.

Today’s To-Do:

Think about how you would like to be treated if roles were reversed and how you would feel encouraged by a boss who used to be a colleague.

See more Bissett Bullets here

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What to Do When a Partner Becomes Disabled

man seated at desk in front of empty chair

What does the partnership agreement say? Oops …

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

QUESTION: My partner has been out sick for the past 3½ months, and he has been continuing to get his draw. It looks like he will be out for some time more, but not sure how long.

MORE: Do As Little As Possible | Want to Merge? Here Are 23 Things to Request | I’m Just Starting Out; Why Join an Association? | Don’t Blame the Client for Your Location | Realign Partners with Monthly Meetings | I’m 76. Should I Slow Down? How? | Who to Hire When It’s Time to Grow | Hourly Billing Doesn’t Cover the Value; Now What? | Ask for What You’re Worth | The Top Tip for Reviewing Tax Returns | You Have to Start Somewhere | Two Options for Collecting Past Due Fees | You Can’t Win with Lowballing | Nine Reasons Not to Specialize | When Board Service Gets Tricky
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He does make some calls from home, but isn’t really doing any work. Is there anything I can do?
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Do Others Think You’re Ready to be Partner?

confident businesswoman seated at desk

Three questions about your competence.

By Martin Bissett
Passport to Partnership

The Passport to Partnership study collated a number of responses in a conversational style.

MORE: Competence Is Just the Beginning | What Rich Accountants Do | Attract Clients, Don’t Sell to Them | How to Attract Clients | Four Reasons Accountants Struggle with Selling | Think of It as Service, not Selling | Eight Questions for Personal Preparation | Perception, Even Your Own, Is Reality | Eight Questions That Target Personal Accountability | How to Prepare for Partnership | Stop Waiting for Business to Come to You | Are You Projecting Confidence? | Five Questions to Help Forecast Your Firm Growth | Four Key Questions About Leadership
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But two brief but succinct examples on the realities of how a firm assesses an individual’s “competence” for leadership are showcased really stood out:

  1. They need to explain technical data to me in a way that I know they understand.
  2. What kind of lifestyle does this person have outside of work? We’ll be looking at Facebook, X and Google to find out.

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