management

the best tech for your team and clients

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blue glowing new technology background with particlesbonus: what all these acronyms mean.

by penny breslin
it’s not just the numbers

with accounting software and add-ons, from the standpoint of the person maintaining the “books,” the accounting program is the focal point. however, consider the focus of your business-owning client.

more: choose your little black dress of technology | going viral: today’s top marketing strategies | top ten types of clients (and 24 more reader suggestions) | meet the new bos | why ai is not the enemy

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their focus is operational. so, consider that for the business owner, the add-on is the accounting program. having the correct package of cloud-based programs turns the accounting program into a basic general journal that you, in your accounting hat, use to find any inconsistencies.

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do you know your turnaround time?

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cutting it is the shortest route to happier clients.

by frank stitely
the relentless cpa

todd rundgren sang, “i don’t want to work. i just wanna bang on the drum all day.”

i agree with half of that. i don’t want to work. however, i want someone else to bang on the drum all day for me. i’m not that ambitious.

the key to achieving hall of fame-level laziness is delegation.

more: tax season client meetings: kill them now | leadership growth is a two-way street | 12 subjective factors for pricing your next engagement | the six pillars for finance transformation | three strategies to keep emerging leaders engaged
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if i have no ambition to do anything, but want things to get done, someone else must do them. similarly, effective practice management is putting the right people in the right places accomplishing the right tasks at the right times. that’s a pretty damn good definition of effective laziness as well. there’s a subtle genius in that.

for example, our firm was looking at acquiring a really nice firm, where the two partners were working 100-hour weeks during tax season. as a result of the acquisition, they wanted to work fewer hours. they were preparing the vast majority of tax returns themselves, so we suggested having them act as reviewers instead. that would also transfer knowledge of the clients from them to us – a central objective of any successful acquisition.
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five ways to put success into succession planning

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a robust mentoring program can be critical.

three climbers helping each other up a hill

by bill penczak

legendary general electric ceo jack welch is reported to have lamented the choice he’d made in his successor, choosing someone based on their personality and ability to navigate the politics of the position instead of someone who could successfully lead the company into a brighter future. welch was correct. today, ge is a shell of its former self because of its leadership choice.

more: o.d. lanier: stepping into advisory | secret to success? a growth and abundance mindset | future firm growth requires a mindshift |the great resignation: five reasons accountants are quitting | five global cpa leaders: four survival strategies | planning for success in 2021 | do you have the guts to beat the covid crisis?
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welch’s one gaping failure as an otherwise stellar executive started me thinking about the current state of baby boomer-led and owned cpa firms, and how many of them are likely to commit the succession errors of ge. or worse, do nothing at all in terms of creating and sustaining a cpa firm into its next iteration.

as firms are giddy with the prospect of a new year and with covid in our rear-view mirrors, here are five considerations for generational succession of a middle market firm:

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the 12 big questions for 2023

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accounting leaders say these are the issues firms must face.

by 卡塔尔世界杯常规比赛时间 research

as gale crosley of crosley+consulting notes in the 2022 rosenberg survey, we are in the midst of “an unusual year of high uncertainty, unpredictability and sapped energy among our profession’s leaders.”

more trends & outlook for 2023: the biggest change in accounting? personnel | look who’s making money now | merger minded? go out on top! |  capacity strategies drive change | who wants to be partner? not enough | private equity heats up m&a | top five trends |  compensation gets creative | cpa partners rejoice on surging fee growth | the office is over | accounting firms face up to private equity | irs hires will add pressures | consolidation brings challenges, opportunities |

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yes, indeed. the profession, once characterized as staid and stable, has been hit by a confluence of what crosley calls “four major thunderbolts,” to wit:

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what bogs down accountants

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and how to get unstuck.

by seth fineberg
special for 卡塔尔世界杯常规比赛时间

“what gets scheduled, gets done” is something i recently heard an accountant say. when it comes to feeling bogged down, there are no truer words in my opinion, but how many practitioners actually carve out time to just get unstuck?

more fineberg: your classic business model won’t allow growth |  accounting tech decisions you need to make today | you’re doing email wrong | when live events fail | who’s in control? you? or your clients? | time management rule #1 for accountants

more tech: major websites blocking content from ai crawlers | ai and the future of advisory | how much a data breach will cost you – directly and indirectly | strengthen client ties with workflow tools | the art of prompt engineering for a.i. accountants

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through all of my years covering the profession, year in and year out the largest blocker for most firms (which happen to be of the smaller variety) is time. not just the construct, but actually using time in the best possible way, which is a practice that seems to elude most accountants.

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mike whitmire: re-think your hiring and training practices

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the disruptors: training can triumph over textbooks in the talent wars. 

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

mike whitmire wants to transform the role of accountants in industry from mere counting beans (though that’s not a bad skill to have) to an operational role that leverages accountant’s knowledge of company finances and operations to drive efficiency throughout an entire organization.

more:  hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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whitmire, ceo, and co-founder of accounting software company floqast, inc., knows a thing or two about talent acquisition and development. before founding floqast, he managed the accounting team at cornerstone ondemand, a saas company in los angeles.

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outlook 2023: capacity strategies drive change

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clients benefit, but so do small firms and next gen staff.

by jennifer wilson
the rosenberg map survey: national study of cpa firm statistics

unless there’s another round of vaccines, we’ll see more covid-19 disruption as colder weather forces more firm activities indoors. more consolidation will happen as more firm leaders feel pressure to move their problems to a larger firm and the mega firms feel more pressure to keep up with the joneses and absorb more.

more: outlook 2023: top five trends | outlook 2023: compensation gets creative | outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
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at some point, perhaps longer than 12 months from now, one or more of the super consolidators is going to falter, more than likely is some significant service failures as their lack of integration and acculturation drives turnover and a talent shortage beyond what they’re able to rescue. i hope this doesn’t happen, but it feels like some of these firms are facing a perfect storm of financial performance and growth expectations, high client demand, capacity issues and a less unified, disorganized leadership apparatus unable to respond to these challenges.
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the hazards of poor internal controls

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businessman is analyzing through magnifying glass contract and prices

it doesn’t matter how great the system is.

by ed mendlowitz
77 ways to wow!

my last column addressed the importance of controls when trying to get a client. but it is also important to retain the client. a good system that is not monitored is a sure way to not only lose the client but be kept awake at night.

more: how to explain internal controls to clients | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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if you have been around long enough, you’ve experienced a theft at a business or not-for-profit organization. for nearly ever fraud i have seen, the slightest effort would have thwarted those frauds. nowadays the only frauds i encounter are new engagements, where i try to quantify what was taken.
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