strategy

how summit cpa group is pioneering virtual cfo services

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grunden and hale, as pictured on their firm’s website, summitcpa.net

 

summit cpa group goes from local to global by breaking the traditional cpa business model.

by ian welham
the accounting success podcast

in fort wayne, ind., jody grunden and adam hale of summit cpa group are carving out a niche in virtual cfo services. since 2002 the firm has grown from one accountant to 16 and reached $3 million in annual revenue (projecting $4 million in 2017) – adding two to four new clients a month.

more grunden: misconceptions and truths about remote work 

all this is achieved with staff members who never come into the office, working with clients they’ve never met in person.

the firm operates on a flat fee model, with all fees paid in advance. various members of the staff meet with every client (virtually) 2-3 times every week. and they never have to write a help wanted ad, because their work-from-home model attracts so many job applicants.

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why choose a marketplace orientation?

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smiling businesswoman offering a handshake5 basic principles to follow.

by august j. aquila

let’s look at the different focuses or orientations that firms can take toward managing and running their practices and see which ones the traditional pricing methods encourage.

more on great partnerships: how traditional fee methods hurt firms | price to get the maximum fee | 7 issues in partner retirement planning | is it time for a partner compensation checkup? | 13 points of a good compensation plan | 5 ways to keep your edge | the toughest job in the world: managing an accounting practice | how to become the firm of choice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

any organization, whether an accounting firm or not, usually tends to have one of four focuses. they are either selling-oriented, product-oriented, production-oriented or marketing-oriented.
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the bizarre habits of accountants

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percentage signs on round hanging tagseight crazy assumptions destroying tax and accounting firms.

by rob nixon

i am convinced that the inventor of the current profit model of an accounting practice was not very good at strategy or business development.

more on strategy: the final critical traits: how do your tires look? | 4 more critical traits: be your best you | 12 traits of a better you | why old pricing models are unethical | 8 ways to improve firm profits | 17 killer questions for prospects
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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the final critical traits: how do your tires look?

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12-trait "spider wheel" diagramplus 7 ways to practice discipline in an accounting firm.

by rob nixon

it’s time to focus on the final four of the 12 critical traits on you becoming a better you and the best business leader you can be, including having fun and leaving a legacy.

more on strategy: 4 more critical traits: be your best you | 12 traits of a better you | 8 ways to become super-efficient | sales is like workflow management | sales is about trust | how to dominate the internet | marketing objectives determine marketing amount | what products should you create? | keep a watchful eye on clients | rewards go far beyond money

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

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4 more critical traits: be your best you

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12-trait "spider wheel" diagramincluding 10 steps to boosting your self-belief, or “mana.”

by rob nixon

i’m continuing with the 12 critical traits on you becoming a better you, including self-belief … and failure. yes, failure!

more on strategy: 12 traits of a better you | how to calculate a value price | boost efficiency and your bottom line | 4 sales systems and some secret sauce | marketing must generate leads | be an ‘object of interest’ | marketing must be about sales | turn your knowledge into products | why clients really stay | 8 ways to build team engagement | how to create 4 new billable hours per day
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

these are the next four traits that when implemented fully will serve you well on your quest to become the best business leader you can be.
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12 traits of a better you

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man facing mirror that has bursting out of it a hand holding a red question markplus a 12-step annual goal-setting process.

by rob nixon

i’ve said that you should design your business by your rules and the way you want it to be. you’re taking all the risk so you should have all the spoils.

more on strategy: how to calculate a value price | why old pricing models are unethical | 8 ways to improve firm profits | 17 killer questions for prospects | growing your client database | niche markets are your best buyers | is your business by design or default?

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

many partners of accounting firms get the concept and they agree with the theory. what i find is that they often lack the personal development to pull it off.
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what a value proposition truly is (and isn’t)

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words "customer" and "value" on interlocking gearsdo it right and win in 4 key areas.

by domenick j. esposito

it is a myth that pricing is the main reason a cpa firm loses clients or proposals.

more on strategic planning: the importance of m&a culture due diligence | get your money’s worth from non-billable time | stay independent but keep looking upward | ineffective partners and how to address them | the dangers of low-hanging fruit | 10 common leadership traps | expand your national and global geographic reach
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

price is a one-dimensional sales pitch – your firm is either the lowest price or you’re not – end of the story and end of the sales pitch.
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how to calculate a value price

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price and value balanced on scale above a tablet computer3 areas of focus.

by rob nixon

the problem with pricing by the hour is that the assumption is that the price per hour is correct (often calculated by a salary multiple) and the time to do the task was correct. the assumption is that time multiplied by the rate equals the correct price.

more on strategy: why old pricing models are unethical | 8 ways to become super-efficient | sales is like workflow management | sales is about trust | how to dominate the internet | marketing objectives determine marketing amount | what products should you create? | keep a watchful eye on clients | rewards go far beyond money | people still needed, but in different ways
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in my view, nothing could be further from the truth.
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the importance of m&a culture due diligence

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woman and man shaking hands in office conference rooma 6-point blueprint.

by domenick j. esposito

over the last several years, there have been over 200 merger, acquisition, alliance and joint venture announcements by the top 100 and other fast-growing cpa firms. every indication is that these combinations will continue at a very rapid rate as cpa firms are:

  • facing an aging partner group that usually includes the most effective relationship and business development partners. baby boomers have been a home run for cpa firms.
  • finding organic growth very difficult to attain with little prospect that business is going to dramatically improve in the foreseeable future.
  • realizing an inability to attract an adequate supply of high-quality talent to help perpetuate the firm.

more on strategic planning: get your money’s worth from non-billable time | stay independent but keep looking upward | ineffective partners and how to address them
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

cpa firm ceos and other senior management are very effective at financial and operational due diligence, tracking results and holding partners accountable for hitting timely targets. on its face, an observer would tend to conclude that these 200+ combinations are very accretive to partner profitability after an integration period of 18 to 24 months.
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why old pricing models are unethical

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listen to the marketplace.

by rob nixon

i am using the ethics card right up front to get your attention.

more on strategy: 8 ways to become super-efficient | boost efficiency and your bottom line | 4 sales systems and some secret sauce | marketing must generate leads | be an ‘object of interest’ | marketing must be about sales | turn your knowledge into products | why clients really stay | 8 ways to build team engagement | how to create 4 new billable hours per day | do you know what clients want? | is your business by design or default? | the world is flat | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i personally feel that pricing by the hour in arrears is an unethical way to price. here’s why:
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get your money’s worth from non-billable time

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time is money : clock hands on $100 billsbusiness development must be part of the firm dna.

by domenick j. esposito
8 steps to great

today, at many smaller firms, client service partners (defined as partners who devote 100 percent of their time on clients with no firm administration responsibilities), generate, on average, about 1,500 to 1,600 billable hours per annum.

more on strategic planning: does your firm need an independent executive committee member? | are you attracting the new breed of equity partners? | quality work, quality service not the same thing | who will be the next category killer? | why is strategy execution so difficult? | time running out for succession planning | the benefits of a client situation review | capital markets 101 | how to implement industry practice groups
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

at most of the top 100 cpa firms, client service partners generate about 1,200 billable hours per annum. that should be the absolute minimum at the top 100 firms. without breaking much of a sweat, client service partner billable hours at the top 100 could and should easily reach 1,300 to 1,400 billable hours per annum.
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8 ways to become super-efficient

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how many open jobs do you have right now? why?

by rob nixon

how do you get efficient and take time out of every single client job?

more on strategy: boost efficiency and your bottom line | 8 ways to improve firm profits | 17 killer questions for prospects | growing your client database | niche markets are your best buyers | 8 questions for product creation | how to deliver wow! every day | communicate until it hurts | why a virtual team makes sense | 14 ways to leverage client data for new billings | what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

after many years helping accounting firms to be more efficient, i have observed that there are eight key ways to get super-efficient with any accounting or advisory project. the premise on this list is that you have a good team of people so i am not covering that here.
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boost efficiency and your bottom line

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hand watering small plant in pot shaped like upward arrowvalue pricing lets you be super-efficient and still make money.

by rob nixon

when a partner of an accounting firm says to a colleague or team member:

“i want more billable hours out of you” or

“i need you to get more time on the clock” or

“your utilization/productivity is low – fix it”

…what are they saying?

more on strategy: 8 ways to improve firm profits | sales is like workflow management | sales is about trust | how to dominate the internet
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

they are basically saying that the individual is not performing, when in actual fact they may be. the individual you are “performance managing” may actually be super-efficient, however, the traditional business model says that he or she is not.
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