here’s what you’re looking for: edward mendlowitz

management

nine reasons not to specialize

young black woman sitting in front of laptop looking thoughtful

think about what you really want.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: can you recommend a specialty i can get involved in to generate more revenue for my practice?

more: when board service gets tricky | yes, you have to share work papers | should you merge? here’s how to chart your path | hold staff accountable if you want them to listen to you | how to raise your rates | higher fees to start: ten ways to make your tax season better | three ways to start an accounting practice | free consultation? not always | referral fee? forget it | how much is your tax practice worth?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: my discussion with the cpa indicated that his practice consisted of a large individual tax return practice and many monthly business clients. he thought financial planning or business valuations would be a way to expand his services and make more money. it did not seem he had an intellectual interest in these areas.
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client service opportunities

when board service gets tricky

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

keep the totality of the relationships in mind.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i am on the board of directors and am treasurer of a not-for-profit organization. one of the board members is an officer of a commercial bank where we have our accounts.

more: yes, you have to share work papers | hiring experience vs. training inexperience | a friendly chat or a billable discussion? | when selling a firm to staffers is tricky | courting a client? don’t give too much away for free | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the organization wants to get a one-year cd with some excess funds they have. it turns out that the interest rate is less than half of what we could get from a local savings bank. i suggested that we open the cd in the savings bank and the bank officer got very agitated and threatened to cut off the bank’s support of the organization if we did not keep the funds in his bank.
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management

yes, you have to share work papers

“we all get stuck like this.”

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: a longtime business client who owed me a large balance for unpaid fees sent a letter dropping me. he then wrote me a letter requesting me to send “his” papers to his new accountant.

more: hiring experience vs. training inexperience | eleven ways new staffers can help bring in business | busy season is over, so it’s time for some resolutions | want to merge? six steps to take | how to start providing family office services | every accounting firm needs quality control | no one listens to you? change how you talk | 47 types of business valuation to provide | thirteen things to consider before you sell your practice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

can i insist on being paid first or do i have to send the papers? i made some notes on a worksheet adjusting his numbers that went on the tax return. do i have to send this also and if so, do i have to write these up in proper journal entry form?
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pro member exclusive

hiring experience vs. training inexperience

young woman in job interview

invest your mentoring time where it matters most.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: we were looking for an additional experienced person since september and hired someone with five years experience in mid-november, but she said she couldn’t start until january. she said she had work she had to finish up.

more: eleven ways new staffers can help bring in business | should you merge? here’s how to chart your path | hold staff accountable if you want them to listen to you | how to raise your rates | higher fees to start: ten ways to make your tax season better | three ways to start an accounting practice | free consultation? not always | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

two days before christmas she called to tell me her firm made her a “better” offer and she decided to stay there. it meant we had to enter busy season short a person. this seems to happen a lot. what do you suggest?
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pro member exclusive

eleven ways new staffers can help bring in business

confident businesswoman handing man a business card in networking session

look for additional service areas as well.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: as a young staff accountant, how can i bring in new business and clients?

more: should you merge? here’s how to chart your path | hold staff accountable if you want them to listen to you | how to raise your rates | higher fees to start: ten ways to make your tax season better | three ways to start an accounting practice | free consultation? not always | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: you shouldn’t be as concerned about bringing in business as you should be about planting seeds to be able to bring in business in the future.

eleven points worth considering:
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mergers & acquisitions

should you merge? here’s how to chart your path

businesswoman at crossroads, facing two paths

lease renewals trigger this concern, but they’re not a good reason.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i signed up with a broker who introduces buyers and sellers of cpa practices, to find someone who would buy my practice when i want to retire. i don’t want to retire yet, but am starting to think about it. the broker suggested a merger now combined with a buyout deal when i am ready to retire. am i going about this in the right way?

more: a friendly chat or a billable discussion? | busy season is over, so it’s time for some resolutions | want to merge? six steps to take | how to start providing family office services | every accounting firm needs quality control | no one listens to you? change how you talk | 47 types of business valuation to provide | thirteen things to consider before you sell your practice | uncooperative partner might not be the problem
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: i get a lot of calls similar to this when lease renewals are coming up, or a tenant is lost and a merger could fill up the space, a key employee is lost or a major client is lost. in my opinion, these are not reasons to merge. merging is a major change of life and needs to be done with great care.
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advisory & consulting

a friendly chat or a billable discussion?

two older men pausing on golf course to talk, one has hand on other's shoulder

make your intentions clear at the outset.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i have a close friend who is also a client. he went through a rough time with his wife threatening a divorce and we spent a lot of time talking about it (out of office settings).

more: busy season is over, so it’s time for some resolutions | hold staff accountable if you want them to listen to you | how to raise your rates | three ways to start an accounting practice | how much is your tax practice worth? | merge in lower-priced work without losing out
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

i sent him a bill and he returned it with a notation that “we spoke as friends and not as a professional consultation, and the bill should be canceled.” what should i do?

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management

busy season is over, so it’s time for some resolutions

twelve things to do before you get busy again.

editor’s note: the end of every busy season means a new beginning for practitioners, which is why we thought this q-and-a was particularly timely.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: do you have any suggestions for the new year?

more: hold staff accountable if you want them to listen to you | when selling a firm to staffers is tricky | courting a client? don’t give too much away for free | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

answer: checklist of things to do in the new year:

  1. stop marking saly next to your new year’s resolutions. make one or two big-time life goals resolutions that you will do.
  2. check your personal insurance coverage. make sure you have adequate uninsured motorist, umbrella, workers compensation at your home and life insurance.

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