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outlook & analysis

jim peterson: ‘the risk of catastrophic failure grows’

are the days of the big accounting firms numbered?

peterson thinks so. and he may know better than most, as a former general counsel at andersen. in his latest post at re:balance, jim suggests: “the bust-up figures would be as small as $560 million.”

he notes that seidman already has a $521-million verdict pending against it. and just three or four years of sub-par profits could push enough partners to the doors that a firm could simply dissolve.

read it all here…

outlook & analysis

art bowman: cpas must hold themselves “above the fray”

in his the latest edition of his newsletter, the veteran accounting journalist and commentator art bowman says…

we go through cycles of self-delusion, sometimes too giddy and sometimes too glum. the next recovery lies in the ruins of the last recession. free markets require rules. without laws and courts, the market wouldn’t be free, it’d be chaotic. these are among the institutions that help create and safeguard great corporations. measuring the success and failures of free markets often falls to cpas. we’ve heard the call before and here it is again: we must hold ourselves above the fray, do our jobs to the best of our professional abilities with little regard for our personal rewards. it is our duty, our contribution to stability when others seek to cause chaos.

subscribe today to the bowman accounting report

leadership

new survey results: cpas on leadership

take the survey; get the results.top management too often falls short.

many cpas are less than satisfied with the leadership in their organizations, a finding that may not be surprising. but it’s still disturbing.

roughly 8 in 10 cpas are reporting they are less than fully confident in the top management of their firms or finance organizations.

the study, “the qualities of leadership,” is part of the joint project between capstone marketing and bay street group llc into the “seven keys to success in cpa management.”

participants of the study automatically qualify to see the top-line results. you can join the survey here.

meanwhile, here are a few of the comments gleaned from early responses so far….

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management

guest post: econ 101 for the so-called “staffing shortage”

why do so many cpas seem to not grasp that the most basic economic concept of supply and demand applies to our practices?

joseph t. eckelkamp
president
eckelkamp & associates, cpas

instead of continually lamenting shortages of qualified staff, we should recognize that upward shifts in demand curves (client needs) when supply curves (qualified accounting staff) remain constant/fall; or supply curves drop while demand remains constant/grows means prices should increase!!!

profitability, not staff size, is the goal. if we don’t increase prices, we damage ourselves and the profession by chasing (and paying more for) staff to meet higher demand for our services. if your “factory” is operating at capacity, start charging more. price increases yield pure profit while increasing billings by hiring more staff only fractionally increases profit while adding organizational risk.

firms need to grow or they wither and die, but adding staff is not the only way to grow!!! i would much rather generate $200,000 of revenue using one person to serve 15 clients than i would using two people to serve 35 clients.

editor’s note: this post first appeared as a comment, but it seems so trenchant and important that we are highlighting it as a guest post. — rick telberg

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leadership

bob bunting on leadership: four crucial ideas

what you need to know to make your firm more effective.

what are today’s best leadership strategies? join the study; get the answers.

by rick telberg/at large

in these treacherous and tumultuous times, the difference between winners and losers – survivors and casualties — may well hinge on the qualities of leadership.

some firms and finance organizations are already falling by the wayside. others are clearly gaining new and powerful competitive advantages that could last for years. some will flourish; some will perish.

but how do you navigate this transformational era? and how do you insure your own success and survival?

we took our questions to bob bunting (pictured), one of the profession’s most respected authorities on leadership.
read more →

outlook & analysis

peer review faces “a real problem”

aicpa senior vice president sue coffey addresses another looming shortage, this time in peer reviewers.

liz gold reports from aicpa fall council:

“two years ago we had 11,000 peer reviews a year and only 1,700 peer reviewers, and that was a significant decrease from five years previous to that,” she said. “of those 1,700, 90 percent were over the age of 40, and 45 percent were over the age of 55. we have a real problem, just like the rest of the profession, with the pipeline and getting people involved in peer review, and we need to do something about it.”

new standards that go into effect in january will require only the team captain and review captain to have had training in peer review.

see original.

client service opportunities

paycycle finds 58% small business owners feel government not addressing needs

key findings at a glance:

  • 69% not impacted by credit squeeze.
  • 91% worried about economy.
  • 74% believe recovery will take 18 months or longer.

paycycle, inc., the online payroll service, finds in a survey that found 58% of small business owners do not feel the government is addressing their needs. sixty-nine percent (69%) say they are not directly impacted by the credit squeeze because they don’t need more credit, but 91% are still worried about the economy.

read more →

client service opportunities

busy season outlook: 7 tips to survive the new money crunch

i found change to usually be a good thing for billings.

from gary jones
indigorilla inc.
via linkedin

however, even with good things there can be some red flags of caution. for example – receivables become an issue for some/many cpas in a credit crunch. this credit predicament is different than those i have lived through, we are uncertain as to how all of this is going to unravel and be reflected in practice economics.

imho practices should:

1. vigorously analyze the practice
2. develop a new plan for giving client credit for services rendered
3. have a definite plan in place if cash flow slows down
4. confirm bank line is available from lender (review terms of this line)
5. consider new opportunities prudently
6. when in doubt – turn business down
7. write a tax season business plan based on opportunity and risk

i know these sound like common since, but look where this economy has ended up; upside down.

outlook & analysis

barry melancon explains “the reliability project”

maybe it’s time to scrap “independence” for comps and reviews.

in this three-minute video, aicpa president and ceo barry melancon (pictured) explains the accounting and review services committee’s reliability project. the aicpa says the project

“aims to enable cpas to perform limited assurance engagements for clients when the external cpa performs certain control services. the accountant would still be precluded from providing any assurance service when he or she has a financial or relationship interest in the company. it is expected that current compilation and review standards will be maintained. the arsc plans to expose a new standard in late 2008 or in the spring of 2009.”

i first reported on the trend in january, february, march and april. and you can get a comprehensive view of the issue from my august post.

so, is independence dead?

growth strategies

inside public accounting names the 25 “best of the best” cpa firms

this is the 14th year inside public accounting has named the best-managed accounting firms.

two hundred fifty firms participated in this year’s ipa annual survey and analysis of firms. each of the firms is eligible for the ipa best of best honor, regardless of size.

“best of the best firms represent the top 25 accounting firms in the nation who each demonstrate the right combination of vision, planning, and execution to deliver superior performance,” said michael platt, principal of the platt consulting group and publisher of inside public accounting.

the 2008 best of the best firms range in size from $6 million to $275 million in revenue; represent nine states; have practice mixes ranging from audit specialists (as high as 93 percent of net fees) to tax specialists (71 percent of net fees) and everything in between. eleven of the 25 firms are from the west, and 10 of those 11 firms are based in california, primarily clustered around san francisco and los angeles.

with revenue growth of the group at 24.2 percent and income growth at 27.8 percent, best of the best firms turn in a scorecard that is the envy of their peers. they carefully weave together benefit packages, staff salaries, expense management, staff leverage, training, strategic planning, investments in their future, and the right feedback systems to accelerate growth of their firms. not only are their growth rates strong, but they are able to pay partners on average 75 percent more than their peers – with average partner compensation crossing the $700,000 threshold for the first time in ipa history.

the best of the best firms, in alphabetical order:

amper, politziner & mattia / edison, nj
argy, wiltse & robinson / mclean, va
armanino mckenna / san ramon, ca
aronson & company / rockville, md
beers + cutler / vienna, va
burr, pilger & mayer / san francisco
feeley & driscoll / boston
frazier & deeter / atlanta
gerson preston robinson & co. / miami beach
glenn m. gelman & associates / santa ana, ca
grassi & co., cpas / lake success, ny
greenstein, rogoff, olsen & co. / fremont, ca
hein & associates / denver
hmwc cpas & business advisors / tustin, ca
holthouse carlin & van trigt / santa monica, ca
johnson lambert & co. / raleigh, nc
kmj corbin & company / irvine, ca
marcum & kliegman / melville, ny
morrison, brown, argiz & farra / miami
novogradac & company / san francisco
reznick group / bethesda, md
sc&h group / sparks, md
seiler llp / redwood city, ca
squar, milner, peterson, miranda & williamson / newport beach, ca
the schonbraun mccann group / new york city

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busy season management

survey results: busy season outlook

pre-season jitters are spiking early this year.

worried by a sinking economy and swirling changes in code and regs, tax professionals are showing acute concerns about the oncoming busy season, with 28% registering at least a 7 on the 卡塔尔世界杯常规比赛时间 stress-o-meter.

nevertheless, 46% of practitioners are predicting a better overall season than last year’s, twice as many as those expecting a worse season.

.

selected comments

key causes of stress at this time:

  1. much new work and understaffed.
  2. i don’t know were we are heading with the current financial crisis. which makes it very hard to advise clients.
  3. pressure to meet deadlines, complaints about fees.
  4. the sense of not being able to get everything done.
  5. clients that wait until the last minute, even though they have had plenty of time to get their information together and clients that think that they are your only client.
  6. never enough hours in the day.
  7. there is always more to get done than time to do it.
  8. everything is late, we are rushing and delivering returns closed to deadline
  9. clients are much more slow in responding to questions in relationship to dead lines and required filings.
  10. the tax law changes are too overwhelming to keep up with every year, the stress of dealing with deadlines that never end.
  11. we are finding that our clients needs continue to expand–beyond the stimulus payments.
  12. staffing issues during tax season, current economic indicators
  13. senior management encourages economic units to pilfer clients from one another, pitting partner against partner in all transactions.
  14. it is after october 15th and there is still a lot of work to be done.
  15. too much work, not enough staff.
  16. we’re very busy but work hard every day and don’t let clients interfere with the process of getting our work done — telephone calls are screened and limited.
  17. i get more than 60% of my clients from the same source. when they need something, i must instantly respond.
  18. too much work to provide the level of service i would like to provide.
  19. processes help workload, but workload still more than staff can handle; last 3 weeks crazy!
  20. not enough experienced staff with good people skills, leaving a great deal of the workload for management (me).
  21. plenty of work, significantly fewer co-workers with experience.
  22. work and personal situations always seem to bottleneck during tax season.
  23. i have learned to manage my stress more effectively.
  24. intense demands and limited number of hours in each day.
  25. i am a sole practitioner, enuff sed.
  26. i changed jobs this summer and the partners at my new firm say the most i will be working is about 48 hrs/week, v 70+hrs/wk at my old firm
  27. this will just be my sixth year, so i am still building the business.

why this year will be better than last year:

  1. addt’l manager, new office administrator, addt’l bookeeping staff
  2. i may purchase another practice
  3. i taught a college course at our local college last year. i won’t be doing that again.
  4. i am going to be tougher on my rude clients and move up my deadline for information.
  5. we were learning a paperless system in 2007.
  6. expansion of staff and moving into a larger office, that is being renovated for us.
  7. more staff
  8. increased clients. i’ve been in business since last tax season, my first after a long time.
  9. more marketing of profitable services
  10. better trained employees, we had three new employees last year (our total employees), and now they all have one year under their belts.
  11. better staff and better practices in place.
  12. i have more clients this year.
  13. i won’t be doing everything myself. i also have a new office that is much more conducive to client meetings.
  14. we have substantially increased fees, staffed up early and purged bad clients.
  15. i’ll have my full staff back this season.
  16. new office location and hopefully new clients without a great loss of existing clients
  17. i had pnuemonia and was out most of jan 08…started behind and never caught up
  18. start earlier.
  19. i will be trying to promote my business to reach more clients
  20. more volume, but hopefully same result
  21. we should be better staffed
  22. more clients
  23. already have trained additional help; last tax season, my mother was very ill
  24. i bought a practice last year. a lot of new clients. this year i’m better prepared.
  25. i have merged my firm–looking forward to the new working conditions.
  26. higher revenues
  27. better staff
  28. more experienced staff
  29. less clients.
  30. have higher level staff
  31. another year’s experience on some very good staff plus a couple of new staff.
  32. 2nd year on software
  33. more delegation
  34. i have gotten rid of 2 very high maintenance clients and have replaced them with new clients that are better.
  35. weeded out bad clients and am more focus
  36. higher revenues
  37. we have retained our staff and will add two additional people.
  38. better/more staff in place.
  39. i have hired some help, plus i’ve gotten a couple of years under my belt with the same clients.

acknowledgements
we gratefully acknowledge the responses and comments from the participants who agreed to be quoted by name: tom ribb, robert kowalewski, maggie mayer, steve tilley, david dollar, steve mazur cpa, beth pitt, phillip kirby, roxann, del chmielewski cpa, david hogan, donna bordeaux, mark albertz, barbara heyliger, richard a. reynolds cpa, sherry robertson cpa mtx.
thank you!

get all the answers: join the survey.

busy season management

five must-do’s for the new busy season

are you ready? how savvy cpas plan to cope: click here, get the answers.

by rick telberg/at large

just as cpas were hitting their stride toward the october 15 final tax filing deadline, the world changed. add in a hotly contested presidential election season, and all bets are off.

the new emergency economic stabilization act of 2008, signed into law on october 3, makes more than 290 changes to the tax code.  it includes more than $150 billion in tax breaks for individuals and businesses. “with most of the tax relief available immediately in 2008 and 2009, year-end tax planning takes on added urgency this year to maximize taxpayer use of these new tax breaks,” according to cch.

the tax code changes are dizzying. to name a few:

  • the 2008 amt patch;
  • extended mortgage foreclosure tax relief;
  • individual taxpayer incentives;
  • disaster area tax relief;
  • new energy tax incentives;
  • revised preparer penalty standard;
  • business tax incentives;
  • the enhanced child tax credit; and
  • broker basis reporting.

with the late-breaking complications, it could be difficult for many practitioners to improve upon last year’s busy season. about two in three practitioners enjoyed revenue and profit gains last season compared with the season before.

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growth strategies

q&a with rene lacerte: the cpa world, post-meltdown

serial accounting software entrepreneur sees opportunity amid the market chaos.

q: how concerned should cpas be?

lacerte: cpas should be concerned. but, this is an incredible opportunity for cpas to step in and be positive change agents with businesses — to help them understand how the economy could effect their plans in terms of risk and opportunity, and help them streamline their operations like never before. cpas that don’t take the leadership role in proactively improving their client’s strategy and operations at every level, with new ideas and new technologies, will find that their services are less valuable and their practices will suffer.

q: what are the key issues cpas should be thinking about?

lacerte: cpas must focus on new ways for their clients to strengthen customer relationships and grow their businesses, while eliminating non-core processes and activities. their clients are being bombarded every day, at home and in the office, by new approaches and technologies that can add tremendous value when deployed in a thoughtful way. cpas are in a unique position to help their clients sort through this plethora of offerings. the latest web and “software-as-a-service” offerings for crm, accounting, bill payment, accounts receivable, and financial document management are proven to lower costs and drive new levels of efficiency and business insight. and, they can be deployed more rapidly and inexpensively than most people realize. cpas should understand these services and be at the forefront of using them to add value to their clients and to their own practices.

q: how will the terrain (financial world, cpa community, etc.) be different for cpas going forward?

lacerte: clients will expect more from cpas. and cpa accountability as both financial advisors and change agents will increase. as a trusted advisor, cpas will be asked to assess a client’s complete business picture and drive positive change. they will be expected to highlight areas of a business plan that are more risky than others and recommend alternatives. but beyond that, business owners will be looking to their cpas to deliver new, innovative services that help make mundane, costly, and time consuming activities simply go away.

bio: rené lacerte, ceo and founder. bill.com — rené founded bill.com in april 2006, bringing with him more than 18 years experience in the finance, software and payments industries. built from a legacy of four generations of entrepreneurs, rené developed the concept for bill.com based on personal experience growing new businesses. he realized the tremendous need to simplify and automate the way businesses manage bills, invoices, payments, contracts and other important financial documents; and the challenge of not having control and intelligence into daily spending and cash flow. bill.com solves these issues and also puts all valuable financial documents in one place for secure access anywhere/anytime.

prior to bill.com, rené co-founded online payroll service paycycle, which now employs over 100 people and serves over 75,000 customers. paycycle has received multiple 5-star awards from pc magazine and numerous accountant trade publications. both at paycycle and intuit, rené developed industry leading customer service organizations to provide an unparalleled customer experience to build loyalty.

rené spent five years at intuit, creating and managing the company’s bill presentment team and growing its bill payment and credit card businesses 30% in one year. he also launched intuit’s first connected payroll product, growing the team from two employees to 300 in 18 months.

rené received a masters of science degree and business administration degree in economics and quantitative economics from stanford university.