surveys & research

rewarding partners for seniority: pros and cons

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stressed person looking at graph.what best serves the firm?

by kristen rampe

in our work with cpa firms on partner compensation, we have asked countless partners what they think about various performance criteria and whether or not they should factor into a partner’s allocation of income. some examples of the performance criteria include firm management, business development, client service and billable hours. another criterion we ask about is seniority or tenure.

more: what if founders don’t want to buy each other out? | when cpa partner votes go wrong | when managing partners can’t | covid-19, adversity and innovation | is mandatory retirement a best practice?
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some partners respond to our questionnaire indicating that seniority or tenure should be a factor in income allocation. many partners believe it has no place. so, who’s right?
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four steps of stress testing

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check the bottom line.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

the everyone wins process is at the center of how you can maximize wealthy client relationships. most often, this is a function of aligning interests. the process is also core to generating new business from these clients and other professionals. the ability to add value often plays a significant role in being referred by other professionals to their best clients.

more: the smart way to handle financial products | three types of family offices for the wealthy | four ways to leverage your referral network | four qualities of the wealthy | it’s all about your wealthy clients
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at the same time, there are many different ways to frame your conversations based on the self-interests of the wealthy to optimize their financial worlds and accelerate results. stress testing is one of those ways.
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beyond bookkeeping: five value-add service areas

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smiling woman meeting with man in officebe an investment, not an expense.

by sandi leyva

every business needs to do some level of bookkeeping for a couple of reasons:

1) various government agencies require reporting and payments based on the company’s results.

2) the owner needs a certain amount of information to manage their business and keep it profitable.

more: beyond quickbooks: wowing your clients | five ways to get better clients | 11 kinds of wealth | 11 ways to boost billings and impress clients | how clients get underserved and accountants get underpaid
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many business owners hire us grudgingly for compliance work because they have to. and they consider what they pay us as an overhead expense that is a required cost.

but what if we could turn that perception around?
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five reasons not to make someone a partner

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businessman with hand extended in "no" gesturedon’t ignore the red flags.

by marc rosenberg
the rosenberg practice management library

mostly, you’d have to be a fool not to want to be a partner. but being a partner isn’t for everybody.

more: yes, you need another partner | six big mistakes in succession planning | what new partners should know about buyouts | making partner: do the math | a crash course in the business of public accounting | making partner: what managers need to know | the 17 rules for making partner at a cpa firm
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the reasons listed below exclude issues not germane to this discussion, such as a desire to change careers, opportunities to join one’s family business or boredom with accounting. read more →

the smart way to handle financial products

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accounting firms either do or don’t. but here’s how to do it right.unbalanced brass scales

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

accounting firms adopt one of two business models when it comes to offering financial products for fees or commissions.

either they do or they do not.

more: three types of family offices for the wealthy | virtual workshops guide clients through covid | high-net-worth business development in four steps | 16 questions to set your practice goals | conviction + process + expertise = your next $5 million
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a fancier way of saying this is that an accounting firm has adopted a product-neutral or product-inclusive financial product business model.

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when to start building your cas tech stack

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it doesn’t have to be that hard.

by hitendra patil
client accounting services: the definitive success guide

your firm’s current processes and procedures are adapted to your current technology stack, or vice versa.

more: stop derailing cas | show your priciest cas package first | how cas drives virtual cfo billings | the roi on identifying clients for cas | what clients need now, more than ever | how to launch cas in eight steps
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

trying to fit client accounting services into your existing technology stack may become a challenge for you – not just from a procedural point of view but also from a profitability point of view.

if your current technology stack is still mostly desktop software, it could be nearly impossible for you to offer cas as profitably as potentially possible with non-desktop solutions.

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how to build a standout team

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why everyone has to get on board.

by anthony zecca

“coming together is a beginning. keeping together is progress. working together is success.” – henry ford, inventor, founder and ceo of the ford motor company

more: five keys to becoming a high-performing firm | assessing your firm | incremental vs. exceptional success | is your leadership team at the edge? | leadership must drive culture
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let’s follow mary as she works through the first principle – creating a firmwide, standout team.
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do you really need another partner?

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number 9 created by gaps between many small green plastic 9'shere are nine reasons why.

by marc rosenberg
the rosenberg practice management library

before we get too far, we must answer a basic question: why would a cpa firm ever want to make someone a partner in the first place? why would it want to share profits with more people?

more: six big mistakes in succession planning | what a firm needs from its leaders | comp: what new partners don’t know | there are two kinds of accounting firms | how to get promoted to manager | the 17 rules for making partner at a cpa firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the short answer is that it must be beneficial to both the firm and the new partner. a win-win, as the saying goes.
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three types of family offices for the wealthy

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family of three using smartphones on couchalso: three drivers of exceptionalism.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

when it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. at the very high end, there is a strong preference to create a single-family office. for the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.

more: virtual workshops guide clients through covid | thought leadership is more precious than ever | there are 4 types of professionals | 6 steps to maximize referrals | a high-net-worth practice in four steps
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with the family office model, you are providing a broad array of expertise holistically. consequently, you can deliver substantial value to the wealthy. many accounting firms provide family office services. while family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. the services tend to comprise business management expertise and other accounting and tax-related capabilities.
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why founders balk at their buyouts

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blocking dominos from falling.solutions for when succession planning didn’t happen as it should have.

by marc rosenberg and kristen rampe

over the years, we have worked with a number of small firms that had the following dilemma: what to do when the partners are all in their 60s and none wishes to buy out the other?

more: when cpa partner votes go wrong | why billing less may mean earning more | don’t let exiting partners double dip | how covid impacts partner retirements |  covid-19: how your firm can respond
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this problem is particularly acute with two-partner firms, though can be troublesome for other firms with multiple partners wanting to retire on a similar timeframe.

we have distilled this dilemma into a case study to guide firms to a solution. this case is based on real facts.
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stop derailing cas

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industrial metal number 5how many of these five lies are you telling yourself?

by hitendra patil
the definitive success guide to client accounting services

why fall in the same trap that other firms have fallen into during their client accounting services journey? if you know what those traps are, you will save significant money and time in establishing your cas practice.

more: show your priciest cas package first | your firm needs a cas champion | your top six cas questions | financial statements are like masks | the 15 absolutely necessary services for cas clients | romeo, juliet, google and client accounting services | how cas makes firms better
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fortunately, the cpatrendlines cas survey identified which are the top five cas killers, for firms of different sizes, that the accounting profession has experienced.
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staffing shortage cripples growth at 40% of firms

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on the frontlines: about 64% of firms surveyed globally by 卡塔尔世界杯常规比赛时间 are scrambling for new hires.

in the u.s., tax and accounting firms are adding jobs at a robust 7% rate, but that’s still short of what’s needed.

by beth bellor

from arizona to zimbabwe, and dublin to cinncinatti, tax and accounting firms are telling 卡塔尔世界杯常规比赛时间 that they are so short of staff they’re turning away new business.

how to face down the covid talent crunch:
join the survey. get the answers.

the scramble for talent is global and it’s forcing fundamental changes in how accountants do business.

reports are coming into 卡塔尔世界杯常规比赛时间 from around the world and they are dismally similar:

  • tucson, ariz.: at r&a cpas, chief recruiter nancy allison says they’re turning to “hiring fully remote employees, making fully remote and hybrid work permanent for existing team members, and utilizing outsourced services for tax preparation assistance.”
  • marondera, zimbabwe: accountancy consultant billy ndlovu tells 卡塔尔世界杯常规比赛时间 they are turning away new clients even as they battle the covid upheavals that are “changing how we do things.”
  • dublin, ireland: anthony casey at noone casey is staying ahead of the curve by finding productivity gains in remote working and picking up new staffers with specialty skills.
  • cincinnatti: back in the u.s., rick kruse at kruse & crawford is turning to new technology even as they trim their headcount.

卡塔尔世界杯常规比赛时间 polling shows about 64 percent of firms are seeking to add additional staffers, even as 60 percent of firms are turning away new work due to the crippling shortage of new hands.

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are you under-pricing your client accounting services?

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cas revenues are surging 20 percent, but profits are lagging. discuss.

by 卡塔尔世界杯常规比赛时间

growth in client accounting services appears to be accelerating, but the expansion may underlie simultaneous growth in personnel turnover and trouble in the pipeline of professionals, according to new research.

more: show clients why they can’t say no | your firm needs a cas champion | how cas drives virtual cfo billings | lower your costs by 75% with cas | your top six cas questions | the roi on identifying clients for cas |

the new benchmarking study found a burgeoning median growth rate of 20 percent, nearly double the rate of 2018. net client fees per professional shot up by 17 percent to average $112,293 as cas practices continued to move toward fixed fee and value billing methods.

and apparently, profits could have been even higher.

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