checklist: the 16 big responsibilities for any partner.
by marc rosenberg
when managers become new partners, they face numerous changes.
more: 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.
those include some things they’re entitled to … and not. read more →
can you follow the same advice you’d give your clients?
by art kuesel
over the past few weeks, i have been working on some thoughts that i wanted to share with you. they have finally been penned with a clear mind mostly free of distractions. like many of you, i am inspired by the amazing clients i have the privilege to serve.
more outlook 2022: survey: tech is the path to a better tax season | private equity at the gates | 20 predictions for the year ahead | 12 shifts to ensure firm success | why it’s time for an acquisition | how to reinvent the firm for the covid age | accounting will never be the same | 10-point plan for the year ahead | competing for talent in a private-equity world | your best advice: get smart, get tech, get moving | survey: worries for small business clients |
while i see considerable fatigue out there, i also see brilliance, resilience, and optimism. while some of you need a pep talk, some of you need an “atta boy” or “atta girl.”
please take a moment to read and reflect on the five factors that will dominate our future in 2022.
you need to know your options.
by joe tarasco
accountants advisory group, llc
during these unprecedented times, it is difficult to predict the future.
thus, the leaders of today’s cpa firms should focus on planning for various options based upon as many possible scenarios as possible.
this type of planning explores plausible potential business models and implementation processes for impending unknowns.
as you develop your strategic plans for 2022 and beyond, consider the following predictions and trends.
proper planning prevents poor performance.
by bill penczak
we have all heard the term, “working in the business” instead of “working on the business.” i would suggest that most managing partners and senior leadership fall more into the “in” than the “on,” given staff turnover, busy season deadlines, exhaustion, and advancing years of many managing partners.
more: the great resignation: five reasons accountants are quitting | five tips for better decision-making | your marketing sucks: six reasons why | five global cpa leaders: four survival strategies | are you too generous with your write-offs? | it’s time to herd your highly compensated cats | nine smooth moves to build client satisfaction | five tough questions for these tough times | i started a consulting practice the first week of march 2020
i’ve endured enough management committee meetings during which the course of conversation leans more heavily towards rat-holes than addressing key firm issues of people, technology, quality, risk management, and growth. at the end of the day, every decision you make as managing partner foots back to one of those areas. deciding on the venue of the holiday party does not fall into that category.
peter drucker, the famous management consultant, summed it up succinctly: management is doing things right; leadership is doing the right things.
here are six ideas that managing partners should contemplate when it comes to running an effective and engaged firm: read more →
why your firm’s compensation and ownership model just became obsolete.
by anthony zecca
leading from the edge
talent has been one of – if not the – biggest bottlenecks blocking growth at accounting firms.
more on private equity for cpa firms: analysis: private equity the new source of growth capital for cpa firms? | analysis: how outside capital will remake cpa firms | exclusive: ceo charly weinstein explains the private equity deal | flash briefing webinar: a “call to arms” after eisner private equity deal | eisneramper gets private equity backing |
in my strategy work with accounting firms, i hear over and over how firms can’t attract talent, how talented individuals are being recruited away to other firms or other industries with significant salary increases. i hear managing partners telling me that their marketing teams and partners are afraid to bring in new clients since the staff they have are already stretched beyond what is reasonable to expect.
now with private-equity investments in accounting firms, this fight for talent will only get more intense.
and five strategies for addressing attrition – before it strikes.
gauging the staff shortage:
how are accounting firms adapting?
join the six-minute survey. get the answers.
by bill penczak
firms are getting nervous and with good cause. as they plan for the 2022 busy season, audit and tax departments are realizing they may not have the resources to staff their jobs already on the books, much less any new work that comes about in the fourth quarter of 2021.
more on the staffing crisis: the digital toolset for hiring at a small accounting firm | learning how to hire amid covid | how covid rewrites the rules for recruiting | new covid strategies for staff recruiting and retention | irs has recruiting problems, too | 12 signs it’s time to outsource | how aging boomers impact the accounting profession | why remote workers need retreats |
there’s been a lot written in the past few months about the great resignation, but the turnover problem in cpa firms has been endemic before the pandemic. one recent report finds that turnover in the top 50 firms is 17%, and one in every six firms experiences an annual turnover of 20 percent or more. that means that one out of five people who attend the busy season kickoff event won’t be around for the next one.
here are five reasons your people are quitting your firm for other firms, for a job in industry, or to become a citizen of the gig economy and work virtually from a beach in thailand:
instant download: the practice continuation toolkit
by ed mendlowitz
call me before you do anything: the art of accounting
checklist: the 24 steps to prevent and, if necessary, respond to breaches.
by amy welch
last year, there were nearly 90,000 reports of tax identity theft, according to the federal trade commission.
in fact, in june, an irs agent admitted to stealing someone’s identity. law360.com reported special agent bryan cho, 49, pled guilty to aggravated identity theft and wire fraud in a brooklyn district court. it appears anyone can be a criminal!
join donny shimamoto, cpa, citp, cgma, for “hybrid work: holistic approach to customer, employee & cybersecurity risks,” aug. 26, 3:30 pm et. register here | learn more
it’s also important to note that protecting taxpayer data is the law. according to the ftc safeguards rule, “tax return preparers must create and enact security plans to protect client data. failure to do so may result in an ftc investigation.” additionally, any “failures that lead to an unauthorized disclosure may subject you to penalties under sections 7216 and/or 6713 of the internal revenue code. read more →
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
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.
read more →
plus three guidelines for setting financial targets.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
the accounting business was changing even before the onset of the covid-19 crisis.
more: 6 steps to maximize referrals | it’s all about your wealthy clients | conviction + process + expertise = your next $5 million | a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
three of the factors that are possibly impinging on your ability to be as successful as you want include:
to uncover potential fast and early.
by jody grunden
building the virtual cfo firm in the cloud
before our firm became a distributed company with a remote workforce, our hiring was naturally limited to a small geographical location – fort wayne, indiana.
more: why remote workers need retreats | take the pain out of online meetings | why your firm’s core values matter | be more efficient with tech stacks | not all employees will work out
when we really started to grow, we knew we needed to bring in more senior-level accountants to be able to handle the clients we were bringing in at such a rapid pace.
read more →
six questions to ask yourself about partner accountability.
by bill penczak
the managing partner was trying to contain his frustration, but it was evident, even on a zoom call. we had been reviewing the status of a focused market blitz, in which each of the partners was to come up with only three targets on which they would focus development efforts. when we reviewed the aggregated list, one-third of the partners had not responded to the request.
more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | don’t buy a rolodex, buy a process | the three r’s for beating the corona crisis | 6 reasons why your marketing sucks
he was pissed, and i felt bad for him. neither the carrot nor the stick approach had worked. and he was facing another example of lack of partner accountability, which i’m finding is one of the most common frustrations of firm management, regardless of size or specialty.
no firm runs perfectly, and partners, for the most part, have the right intention of supporting firm initiatives and improvements. but they get enveloped in client deliverables, dealing with unplanned people issues, and trying to keep up with billing, collections and wip management.
how many do you already offer?
by hitendra patil
the definitive success guide to client accounting services
client accounting services generally constitutes three key service segments:
more: a job description for client accounting services | how to launch cas in eight steps | romeo, juliet, google and client accounting services | why cas is great for revenue growth | survey: why some firms fall behind in cas | how cas makes firms better | cas: finding the why behind the why | how to lead clients into client accounting services | cas begins with a mindset
tax planning/tax strategy services may also become part of your cas offering if you have interest/expertise in that segment.
read more →