a: this is a recurring issue for most firms. every cpa practice needs quality control. the issue is whether a dedicated quality control (“qc”) person is needed, and if not, how the qc can be done without one. read more →
corporate, llc, partnership and not-for-profit organizations are usually required to have minutes memorializing certain actions taken by the board of directors or governing body. yet, many do not either because it has never been done, is a bother, is considered not necessary or overlooked through inaction or unawareness.
however, it is something that should be done as a best practice, as recognition that there are non-active stakeholders who need transparency, or as tangible evidence that the actions recorded took place timely. in some instances, the irs looks for minutes as a symbol that the affairs were handled on a businesslike basis or were not one-sided “secret” actions by those in control. read more →
as we focus on the leadership of accounting firms need to succeed in a future driven by seismic disruptors, we must address leadership’s responsibility, and impact on creating a culture that results in an environment that motivates every single team member to their highest level of performance.
there are two great quotes that i would like to start with to frame this discussion. the first is from bryan walker (partner and managing director at ideo), who stated that “culture is like the wind. it is invisible; yet its effect can be seen and felt” in every single organization that exists from the family to the biggest company on the planet. the second quote is from author tanya mann: “your organization’s culture is either an asset or a liability; either helping business performance or hurting it.” read more →
let’s talk about firing a client because sometimes you do need to fire your client. maybe they’re difficult to work with, or a guy is belligerent and loud and yells, and you don’t want to work for him. maybe there are ethical issues. read more →
cash is the lifeblood of a business. cash amounts. cash flows. cash changes. no matter what anyone tells you, cash is the bottom line you must watch and accumulate.
simplistically, knowing your cash balance gives you a sense of how you are doing. if it goes up, you are making money – if it goes down, you are losing money. read more →
employees are not keen about returning to their offices after an almost two-and-a-half year (for some) hiatus from the hassle of commuting and balancing child care and other personal responsibilities. what are company leaders to do?
employees want to strike a balance between their work life and their family life (or life outside the office). the common employee refrain has been, “i want to find my life’s passion, and i need work flexibility to accomplish this.”
i am a staff accountant with five years experience. i am having a lot of stress trying to manage everything i have to do. i am juggling supervising people i don’t know how to supervise, being managed less by those above me and having to figure out more for myself – including things i never did before or in industries i never worked on previously, keeping current with changes in accounting rules and taxes (since i am more like a generalist and clients ask me everything), never seeming to have any free time, juggling my schedule because most of my clients are never ready when they say they will be and being accountable to my boss for everything i do plus what the staff working under me does.
transformation talks: mike maksymiw, cpa, cgma, says the secret to success and transformation in accounting is to be willing to learn, believe there’s enough work for everyone…and allow yourself to be vulnerable.
after 16 years of working in firms, mike maksymiw, cpa, cgma, was done.
he went to his employer with his concerns about wanting to do something else. instead of encouragement to pursue another area in the firm, he was persuaded to remain on the partner track he was on. maksymiw decided he’d rather move on.
“i didn’t have anywhere to go when i left. i just knew i needed to go,” he said. “so, after, you know, a couple pandemic busy seasons, learning about the cares act, being a national leader at the firm at that, like i was toast. so, my family and i just went to hawaii stayed there for two weeks.”
when i was a junior accountant an eon ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller or bookkeeper.
then when i became a manager, i continued this practice of having lower-level staff perform these procedures. i now consult with many accounting firms and find it is still being done that way. i stopped it many years ago and wonder why it’s still widespread. read more →
improved communication can be achieved with many different approaches. some tactics may primarily affect intrafirm understanding and teamwork, while others focus more on increasing clarity and frequency of communications with clients. no matter where they are directed, when these efforts are successful, they benefit the firm and its clients.
when i begin to work with a new cpa firm client, one of the most common issues i encounter is the lack of open, honest, ongoing communication between firm leadership and team members. read more →
q: i was wondering what your thoughts are regarding initial consultation fees. currently, i do not charge a fee for an initial consultation, and it seems that most cpas do not charge either (at least not the sole practitioners that i know).
would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? if a fee is charged, then how much, and how long should the consultation last? should the fee be applied to any work that i am eventually engaged to do?
a: there seems to be a toss-up between two different philosophies:
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