marc rosenberg, author at 卡塔尔世界杯常规比赛时间 - page 9 of 41

the 14 trends crushing today’s accountants

plus: nine fatal flaws in the accounting firm business model.

by marc rosenberg
the role of the managing partner

one purpose of strategic planning is to address trends taking place in the profession to ensure that the firm isn’t caught flat-footed when major changes or opportunities present themselves.

more: 13 traits of the best managing partners | top issues for millennial managing partners | the managing partner’s secret weapon | how a good managing partner impacts profitability | how a great managing partner impacts firm growth | compensation is no way to manage partners
exclusively for pro members. log in here or 2022世界杯足球排名 today.

believe it or not, most of these trends have not changed much over the past decade or so. and the global pandemic only served to disrupt the status quo and accelerate long-standing trends.
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13 traits of the best managing partners

that smile, that teamwork? genuine.

by marc rosenberg
the role of the managing partner

i have worked with over a thousand cpa firms during my 20-plus years of consulting. i’ve worked closely with hundreds of them. the 80/20 pareto principle certainly applies here: 20 percent shine brightly and are worthy of adulation. (managing partners, please, please, don’t call me to ask if you are in the 20 percent or the 80 percent group. i’ll plead the fifth!)

more: top issues for millennial managing partners | 44 hard-earned tips from new managing partners | how to enforce the partner agreement | the 9 biggest merger pitfalls | 10 ways to hold partners accountable | make sure partners focus on two things
exclusively for pro members. log in here or 2022世界杯足球排名 today.

today, i’ll share with you the traits of those managing partners who, in my opinion, were the best.
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checklist

comp: what new partners don’t know

best practices: top firms use these seven systems for allocating income.

by marc rosenberg
the rosenberg practice management library

it would take a book much longer than this post to properly explain the finer points of partner compensation, especially how each of the major compensation systems works.

(oh, did i forget? we wrote such a book, cpa firm partner compensation: the art and science.)

more: making partner: 15 steps to the buy-in | making partner: do the math | a crash course in the business of public accounting | making partner: what managers need to know | nine reasons people are promoted to partner
exclusively for pro members. log in here or 2022世界杯足球排名 today.

as is the case with all of my lists, no one firm incorporates all of these practices in its partner compensation policy.

but i have observed all of the practices below in one or more of the best firms i’ve worked with over 20 years.
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making partner: 15 steps to the buy-in

also: common practices, impact of ownership percentage and alternate buy-in methods.

by marc rosenberg
the rosenberg practice management library

let’s go over structuring a new partner buy-in step by step.

more: making partner: do the math | there are two kinds of accounting firms | how to get promoted to manager | the 17 rules for making partner at a cpa firm
exclusively for pro members. log in here or 2022世界杯足球排名 today.

we’ll start by calculating goodwill. and we’ll finish with signatures. read more →

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making partner: do the math

five times when ownership percentages shouldn’t come into play… and alternatives.

by marc rosenberg
the rosenberg practice management library

accepting a partnership invitation offers two terrific, lifetime benefits to new partners that, for most people, cannot possibly be matched in any other career pursuit.

more: there are two kinds of accounting firms | drive your profits with only four metrics | a crash course in the business of public accounting | how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
exclusively for pro members. log in here or 2022世界杯足球排名 today.

if they don’t see this and agree with it, then perhaps it would be unwise for them to accept the partnership offer.

let’s do the math.
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checklist

44 hard-earned tips from new managing partners

everything from gaining credibility to where to turn for help.

by marc rosenberg
the role of the managing partner

the toughest lessons for new managing partners have nothing to do with taxes, accounting, or even textbook management. it’s all about people – such as people issues and handling partners, according to our straw poll survey of a handful of top-flight firm leaders.

we gleaned comments from 10 relatively new managing partners. eight are from firms with revenues from $10 million to $30 million and two are from $5 million to $10 million firms.

more: partner compensation: a potent weapon | the managing partner’s secret weapon | how a good managing partner impacts profitability | how a great managing partner impacts firm growth | clarify partner expectations | exceptional managing partners offer their advice
exclusively for pro members. log in here or 2022世界杯足球排名 today.

we posed three questions to the new managing partners:

what advice would you give a new managing partner?
what were your greatest challenges when you became a managing partner?
if you had to do it over again, would you approach your ascension to the managing partner job differently? in what ways?

their responses tell us as much about how to do the job well as how to fail at it.

checklist

there are two kinds of accounting firms

which one is yours? bonus: the 25 best practices of the most successful firms.

by marc rosenberg
the rosenberg practice management library

there are two kinds of cpa firms.

the first kind of firm argues that there is not much that needs to be managed at a cpa firm. these cynics might say: “come on. running a cpa firm isn’t rocket science. you hang out your shingle. you get clients. you hire staff. you do the work. bill and collect. what needs to be managed?”

more: drive your profits with only four metrics | a crash course in the business of public accounting | how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
exclusively for pro members. log in here or 2022世界杯足球排名 today.

unfortunately, many cpa firm partners think this way – maybe not consciously, but it has the same effect.

when firms learn that the lack of commitment to firm management shown by this attitude creates problems, they often hire consultants like me to help them address these types of issues:
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drive your profits with only four metrics

accounting firm econ. 101, including a sample income statement.

by marc rosenberg
the rosenberg practice management library

all businesses have economic structures unique to their industries:

grocery stores are high volume, low-profit margin.
real estate ventures use accelerated depreciation and other tax angles to generate cash flow and healthy rois.
professional sports teams focus on increasing the value of the franchise so it can eventually be sold for a gigantic profit.

more: a crash course in the business of public accounting | how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the typical cpa firm is a low-volume, high-priced business, with a relatively high-profit margin (generally 30-45 percent of revenue).

featured

a crash course in the business of public accounting

common services, practice areas, and position titles.

by marc rosenberg
the rosenberg practice management library

personnel in any organization, from widget manufacturers to hospitals to baseball teams to charities, work with more enthusiasm and commitment when they genuinely feel part of the organization.

more: how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
exclusively for pro members. log in here or 2022世界杯足球排名 today.

when people understand how they fit into the overall scheme and what their role is and grasp the essentials of how the organization operates, they produce higher quality work and are more energized.

cpa firms are no exception.

and it starts with the partners:

featured

partner compensation: a potent weapon

if the executive and compensation committees aren’t one and the same, they at least should have heavy overlap.

by marc rosenberg
the role of the managing partner

does compensation motivate partner performance?

i’ve done a lot of research on this over many years. the short answer: yes, money motivates performance, but it’s often not the best motivator.

more: the managing partner’s secret weapon | how to enforce the partner agreement | the 9 biggest merger pitfalls | 10 ways to hold partners accountable | make sure partners focus on two things | how the managing partner manages the partners
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the managing partner can best impact partner performance by the following:
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the managing partner’s secret weapon

the right people in the right positions will help you stay out of the weeds.

by marc rosenberg
the role of the managing partner

to be a great managing partner, you need a great team – a team that keeps you focused and out of the weeds.

the managing partner position is a big job. the high-level ceo of a complex, growing, highly profitable organization such as a cpa firm must be able to focus on the most important parts of the job, none of which is easy.

more: how to enforce the partner agreement | how long should it take to make partner? | the managing partner’s role in mergers | five ways to evaluate partners | manage partners with goal setting | overarching authority that managing partners must have | herding cats: advice for managing partners
exclusively for pro members. log in here or 2022世界杯足球排名 today.

let’s drill down for a moment on the word “focus.” it means:

having the time to do the job properly. for this to happen, managing partners must avoid (a) having too many client responsibilities, which would preclude them from making the firm their #1 client most of the time and (b) spending time on matters that can be delegated to others, such as the coo/firm administrator and department/team leaders.

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why job #1 for new partners must be staff development

what do they want most? challenging work. surely you must have some.

by marc rosenberg
the rosenberg practice management library

firms have two levels of expectations of new partners. many firms aren’t consciously aware of these alternatives, but they exist nonetheless, and they are quite different from each other.

more: how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner
exclusively for pro members. log in here or 2022世界杯足球排名 today.

expectation 1: the new partner is qualified for the job.

new partners must drive the firm by

increasing revenue by bringing in new clients
retaining clients and expanding services to them
developing staff, helping them learn and grow
providing proactive, world-class service to clients
having the leadership skills to take over the firm from existing partners

if new partners don’t do these things, then they don’t fully perform like partners.
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featured

how to enforce the partner agreement

partners should be allowed to work past mandatory retirement age only if they continue adding value to the firm. also: six agreement provisions that often are outdated.

by marc rosenberg
the role of the managing partner

when the managing partner’s job is discussed, their role in the firm’s partner agreement is rarely mentioned. perhaps in the overall scheme of things, it’s not as important as revenue growth, profitability and staff development, among many others. but it’s still critically important.

more: how long should it take to make partner? | how a good managing partner impacts profitability | how a great managing partner impacts firm growth | compensation is no way to manage partners | clarify partner expectations | exceptional managing partners offer their advice
exclusively for pro members. log in here or 2022世界杯足球排名 today.

if there is one person in the firm responsible for safeguarding the firm’s assets – its clients, people, proprietary data and practices, reputation and value – it’s the managing partner. and the most important way he or she does that is by enforcing a solid partner agreement.
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