strategy

why you need marquee clients

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"bell curve" plot of client typesbuild your credibility, not just your bank account.

by domenick j. esposito
8 steps to great

every ceo i have interacted with over the years looks at the partner complement as those with basic accounting, auditing and tax skills and for brand extension and diversification into higher margin lines of business with advisory and consulting skills.

more on strategic planning: how to drive consistent partner behavior | what is ‘acceptable’ performance? | 6 measures of partner performance | is hr ready for your partner pipeline? | is your pyramid upside down? | taking a balanced scorecard to your partners | seizing the $10 trillion opportunity
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the best way for a firm to obtain maximum advantage of their relationships with clients and with attorneys, investment banks, private equity groups and industry peer groups is to have access to all of the firm’s capabilities.
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$26 billion worth of strategic insights for accountants

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https://cpatwpe.s3.amazonaws.com/cpatrendlines/wp-content/uploads/2016/09/microsoft-linkedin-conference-call-announcement-2016-06-13.pdf
download microsoft’s pitch deck on the linkedin deal (pdf)

this isn’t just news. it’s a business lesson in three parts. 

by hitendra patil
accountaneur

microsoft announced that it is buying linkedin for a colossal $26.2 billion—cash. what’s the message to the accounting profession? the value of the “professional network” isn’t in the number of its members, but the combination of the buying and the influencing power of linkedin members. the whole is greater than the sum of its parts.

more for the entrepreneurial accountant: the three gears that drive success in the accounting business   |  the words that will change your future  |  a declaration of independence for accountants  |  brexit worries?  worry more about cexits, texits and pexits  |  linkedin launches accountant-for-hire service  |  4 pillars of future firm foundation  |  ‘uberizing’ means more than technology  |  you don’t think technology helps get new clients?

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

take a look at how microsoft and linkedin look at the deal (pdf). while microsoft is paying $26.2 billion (including net cash) to buy linkedin, it believes the total addressable market of its linkedin purchase is $315 billion. read more →

how to drive consistent partner behavior

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older businesswoman pondering, seated by windowbonus: partner performance evaluation balanced scorecard.

by domenick j. esposito
8 steps to great

presented below are excerpts, including some illustrations, of two forms to be used to drive consistent partner behavior:

more on strategic planning: what is ‘acceptable’ performance? | net profits: how much to whom? | how to drive partner performance with a smart compensation plan | 3 tools to boost your metrics | how many partners do you need? | how to develop tactics for your strategic plan | taking a balanced scorecard to your partners

  1. individual partner balanced scoreboard
  2. individual partner goal achievement form

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new findings: the three gears that drive success in the accounting business

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gears-in-head
essential success traits: join the survey; get the results

top drivers found in new 卡塔尔世界杯常规比赛时间 research.

by hitendra patil
accountaneur

a new study of 卡塔尔世界杯常规比赛时间 survey research shows that the most successful accountants in the business share three particular personality traits that, when combined, create a powerful force for growth and profits.

卡塔尔世界杯常规比赛时间 is studying “the essential traits for success as an entrepreneurial accountant.” nearly 400 accountants have participated in the survey and about 80 percent of the respondents are managing partners, owners or ceos of their firms.  join the survey, get all the updates.

findings from the survey have already shown that “decisiveness” is the top trait for success in accounting business. but when matched with two other traits, the three together form a powerful and integrated success-cycle for accountants.

the research is finding answers for questions like:

  • which traits separate successful firms from others?
  • how do high-performing firms thinking differently from others?
  • which traits determine how big your firm can grow?

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firms only grow when partners play their roles

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money tree growing in the middle of green meadowhow often are you seeing your clients?

by bill reeb and dominic cingoranelli

whether you simply desire to improve your firm’s operations, or identify and implement a new long-term strategy, you need to be clear about the role that the owner(s), partners or shareholders should be playing in your firm.

more on performance management: how big ‘books’ hurt firms | how small ‘books’ hurt firms | why the partner agreement matters | merging for the wrong reasons | accountability includes partners | 7 succession questions to ignore for now | develop your employees or suffer the consequences
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the roles and responsibilities we’ve suggested are based on the best practices we’ve had the opportunity to observe and be involved with in our work with cpa firms throughout north america.
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12 predictions on the future of accounting

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business hand holding hot chart in crystal ballwhen the market changes, what will be left for you?

by rob nixon

the last time i made 12 predictions on the future of the accounting profession was in 2010. they were bold predictions and i am happy to report that 66 percent (eight) are done and the other four are a work in progress but happening.

more on strategy: finding new opportunity in compliance services | the world is flat | will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the profession has changed a lot mainly due to the new threat and opportunity with cloud computing. so it’s time to make another 12 predictions…
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how big ‘books’ hurt firms

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young businessman with forehead resting on handsthe invisible hazards of book of business.

by bill reeb and dominic cingoranelli

as we stated in our last column, balancing “book of business” is one of the largest stumbling blocks for cpa firms.

more on performance management: how small ‘books’ hurt firms | the four basic parts of cpa firm partner agreements | younger partners see succession differently | how to compensate your managing partner | the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality | make accountability a process | accountability requires clear expectations | base retirement on today’s operations | how involved should retired owners be? | how to find a partner’s replacement
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it is difficult to resolve because it is symptomatic, for most firms, of some real trouble brewing.
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finding new opportunity in compliance services

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a new recipe for the secret sauce of success.

by rob nixon

statutory compliance or “have to” annual accounting is mandated by the government as a task you need to do with your clients.

more on strategy: the world is flat | will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the main reason the government agencies want you to do this task is so you can accurately (or thereabouts) collect the right amount of money for them. the government agencies are not that interested in the accounting profession.

the secondary reason is to check that your clients are complying with their rules. the government is using you as an intermediary. they are outsourcing their job to you. read more →

the words that will change your future

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future informationdistilling the thoughts of thought leaders for emerging trends.

by hitendra patil
accountaneur: the entrepreneurial accountant

with accounting today’s new directory of the “top 100 most influential people in accounting,” we can glean a few clues about the future of the accounting profession.

more accountaneur: brexit worries?  worry more about cexits, texits and pexits  |  linkedin launches accountant-for-hire service  |  4 pillars of future firm foundation  |  ‘uberizing’ means more than technology  |  you don’t think technology helps get new clients?  |  do you want a practice … or a business?  |  ‘decisiveness’ rated top trait for   success in accounting business  |  tax season management: multi-tasking is a myth  |  3 apps to automate business networking  |

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

but before going further, take a moment to jot down a few words that come to mind when you think about your own future and the future of your business.

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what is ‘acceptable’ performance?

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esposito_ch5no3arrow1and how does it translate into base pay adjustments?

by domenick j. esposito
8 steps to great

once you’ve decided to measure performance, you need to set the standards.

more on strategic planning: net profits: how much to whom? | cpa firm partner performance: different activities, different metrics | 6 measures of partner performance | how to drive partner performance with a smart compensation plan | develop the partners you already have | is hr ready for your partner pipeline? | 3 tools to boost your metrics | how many partners do you need? | is your pyramid upside down? | start with sound firm governance, economics | how to develop tactics for your strategic plan | taking a balanced scorecard to your partners | as tax season ends, strategic planning seasons begins | the big eight: harsh realities for firms today | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

an example of identifying the range of acceptable performance is presented here:
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how small ‘books’ hurt firms

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businessman sitting at desk, looking forward and smilingleverage, capacity and overservice are just some of the issues.

by bill reeb and dominic cingoranelli

balancing “book of business” is one of the largest stumbling blocks for cpa firms. it is difficult to resolve because it is symptomatic, for most firms, of some real trouble brewing.

more on performance management: the four basic parts of cpa firm partner agreements | developing a three-year vision [video] | mps: how to elect them … and fire them | managing the managing partner | accountability is for everyone | firms say what would change retirement pay | how retirement issues affect succession planning | develop your employees or suffer the consequences | job 1 for the practice owner: client management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

optimal book size

the optimum condition for firms to flourish is for books of business to be balanced throughout the firm. from the largest book to the smallest, the percentage gap between them should be fairly small (about 20-25 percent or less than a couple hundred thousand in fees).
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the world is flat

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montage of a pretty eye with the world continentsthe cloud changes everything, even the way of the dinosaur.

by rob nixon

i have a theory as to why most clients of an accounting firm are within a driving radius of the firm.

more on strategy: will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

my theory is that way back when(ever) the clients used to travel to the accountant’s office with their “stuff” (cashbooks, receipts, livestock headcount, paperwork, etc.). they’d get dressed up in their sunday best for the occasion, have a pleasant conversation about the year that was and then leave.
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net profits: how much to whom?

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chart listing example profits of business unitsand the 5 steps to take to get started.

by domenick j. esposito
8 steps to great

let’s say your firm has five offices that handle audit/tax compliance services and two advisory and consulting lines of business (tax consulting and management consulting). let’s refer to them as business units and let’s also say that net profits were generated as in the chart at right:

more on strategic planning: cpa firm partner performance: different activities, different metrics | 6 measures of partner performance | is hr ready for your partner pipeline? | is your pyramid upside down? | seizing the $10 trillion opportunity | learning to ‘run with the big dogs’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

let’s keep the example simple. let’s assume that each of the seven business units is self-sustaining, and that certain high-performing business units do not have to “give” profits to others and that lower-performing business units do not have to “take” profit from others.
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