management

what new leaders want in ownership

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is your firm ready to pass the baton?

by terrence e. putney

buying into a firm as a new owner involves great opportunity, but also significant risk. it is reasonable for ownership candidates to evaluate the potential for professional and financial rewards before taking such a step. therefore, firms must be willing to honestly assess the potential risks and benefits for candidates as they seek to attract new partner-owners who can contribute meaningfully to the firm’s continued success.

more: what’s the why? | learn how to let go and let someone else step up | how to close the generation gap | how to encourage firm ownership | each generation must change
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most of the firms we work with on succession planning start off with a strong preference to remain independent. they want to avoid having to sell or merge in order to address the need to pay off and replace retiring owners. the common reasons we hear cited are:
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six ways to fix your firm agreement

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schedule an annual review.

by steven e. sacks
the new fundamentals

earlier i discussed that engaging in what is considered conflict avoidance can undo the progress a firm has made. this can be because of complacency, frustration, intimidation or a host of other issues.

more: the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
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some things are intuitively understood, but it’s those occasional sticky matters that tend to make situations unravel. establishing and keeping agreements helps to avoid confrontation: the one typically arising from someone promising to do something in a timely and complete manner and within a specified budget. even if the firm’s board casually agreed on a matter, something can go awry and threaten the direction of the firm.
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pick your favorite clients

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happy business professionals giving high five hand slapthen get more work from those clients.

by penny breslin
it’s not just the numbers

you cannot do everything all at once for everyone. this group exercise calls on your team to be an integral part of selecting the best clients to approach for back-office support services.

more: top ten types of clients (and 24 more reader suggestions) | eight things to stop doing now | you don’t have to do everything | why ai is not the enemy
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sit down with your team members and identify those clients you like working with now. get their experience of working with these clients. because your team’s collaboration is critical to success, getting their input is vital. the changes that occur will affect them as much as it will your clients.
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seth fineberg: your classic business model won’t allow growth

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the disruptors: billable hours – demeaning and demoralizing or useful measurement?

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

anyone who has been in the accounting profession–or legal profession–for any length of time knows how revered the billable hour is. however, plenty of firms are ditching the billable hour–a move that many professionals say is long overdue.

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

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

seth fineberg, a business journalist specializing in the accounting profession, says the billable hour can’t be a significant part of the business model of the future.

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how to explain internal controls to clients

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man writing in notebookthen you have to use them.

by ed mendlowitz
77 ways to wow!

what are internal controls? auditors widely use this term. it also appears multiple times in engagement letters for audits of businesses and not-for-profits, but i do not believe many outside of the accounting profession really know or understand what internal controls are. i will try to explain it here.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
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internal controls refer to an organization’s system of deterrence, oversight, checks and balances. an illustration is where someone in a business writes and mails the checks to pay a bill. if this same person then receives the bank statement and performs the reconciliation of that account, there would not be any control or oversight on that person and whether the payment was proper and not misdirected. they are checking their own work. this is how many frauds occur.
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top ten types of clients (and 24 more reader suggestions)

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two women in office shake handsbonus: how verticals and the gig economy can help you.

by penny breslin
it’s not just the numbers

taking on a client’s internal accounting work requires a level of comfort for both the business owner and the accounting firm. a client that has already provided you with access to sensitive financial data is easier to work with than a new business with no previous relationship. once you have done it well with current clients a few times, then you are ready to do this with prospects.

more: eight things to stop doing now | keep the accountants focused on accounting | which kind of team do you have? | you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy

reader favorite: the 24 personalities of individual tax returns (and the clients behind them)
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understand that to be able to effectively in-source your client’s internal accounting work to your accounting firm, you need on-demand access to your client’s information. it doesn’t work if you have to wait for someone to send you the information you need. understand that the processes you use today for write-up and compliance work will not transfer well to this level of client collaboration.
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the great resignation or a reshuffling?

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how many in-person days make sense for your firm… and who decides?

by steven e. sacks

the concept of “quiet quitting” is now mainstream thought. summer 2022 is over, and with it, for many companies and their workers, their remote work arrangements.

more: four accountability steps for firm success | how to build a standout team | five keys to becoming a high-performing firm | assessing your firm | the 4 traits of great cpa leaders | why leaders must ensure clarity | incremental vs. exceptional success
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many recognizable companies have sought to get back to some normality. some want workers to return to the office full-time, some have asked for a two- to three-day in-office arrangement, and some have viewed remote work as successful and see no reason to change anything for the foreseeable future.

workers will not easily accept these changes.

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learn how to let go and let someone else step up

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young businesswoman talking to her client and using tabletthree ways for leaders to draw in more.

by sarah johnson dobek

encouraging new leaders and creating smooth transitions are easy goals to identify. honing in on specific tactics to accomplish these broad objectives can be much more difficult. this post offers practical suggestions from current leaders at firms that are finding success at developing the leadership capabilities of younger team members.

more: three strategies to keep emerging leaders energized | marketing: not just for partners anymore | leadership growth is a two-way street | win with an intentional culture
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leadership is one of the top issues facing accounting firms today. we often hear firms say they can’t find or don’t have good leaders in their organization.
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prepare the next generation now

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group of four young professionalsthey will look to you for an example.

by martin bissett
business development on a budget

if you are a partner in your firm, you may already have asked yourself the all-important question: how can i successfully retire and have someone else take over the firm?

more: five ways to show commitment | comfort vs. complacency | how are you showing your commitment? | five questions about your network | seven things that good advisors skip | internal communication can’t be overlooked | the seven levels of communication management | make firm culture work for you
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the partner who has a satisfactory answer to that question is the one who is committed not only to developing business and building the firm on a regular basis, but also to developing and preparing the next generation of professionals in the firm.
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the ten financial controls that’ll make you a hero

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what clients need to know.

by ed mendlowitz
77 ways to wow!

if you want your business to grow, don’t focus on only the easy financial controls where you can see quick results – such as holding down petty cash expenditures or checking expense accounts for accuracy.

more: rule #1: start with cash | organization minutes too often overlooked | the seven-minute financial statement | the kpi an absentee manager needs
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instead, go for the tough steps that affect long-term profits and facilitate growth.

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eight things to stop doing now

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superhero businesswoman wearing shadow capesometimes work belongs in other hands.

by penny breslin
it’s not just the numbers

a firm we worked with in philadelphia has a dedicated administrative assistant for their teams.

more: keep the accountants focused on accounting | which kind of team do you have? | you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy
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she is not a bookkeeper. however, she is very organized and a dedicated team player. after she had been doing it for a while, i asked her what she now saw her function to be. her answer is: read more →

telling prospects too much

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know when to stop.

by ed mendlowitz
202 questions and answers

q. i usually give away too much info at a meeting to get a new client. we simply answer too many of their questions during the initial meeting.

more: how to improve quality control | how to get into your own cpa practice | when not to charge for an initial consultation | what good managers know about bad judgment
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we don’t know how much info to give away, so the possible new client will get hooked and not take the information and run to somebody else. usually, somebody else is cheaper.

how do i find the right balance?

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