the new formula for an accounting business

productivity isn’t the same as putting in the hours.

by alan anderson, cpa
transforming audit for the future

getting the right clients and projects goes a long way toward building a profitable and successful firm. but that’s only part of being business-minded about your firm. cpa firms have followed the same overall business model for generations, based on billing clients for the hours worked on a file. while that has been successful and has allowed many partners to achieve great wealth, a few forward-thinking firms are successfully challenging that model.

more: how to upgrade c and d clients | eleven types of audit clients and which to fire | don’t take on audits in an industry you don’t understand | how ‘business expert cpas’ get their own business wrong | exceptional audit client service demands effective communication | five ways to prevent audit bottlenecks | how do we drive relevance in audit? | lack of relevance drives audit commoditization | four basic understandings every auditor must master | wanted: great audit mentors | closing the audit expectations gap
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many firm owners obsess about chargeability and realization rates. but that’s missing the big picture: the only thing your revenue model needs to accomplish is bringing in enough cash to cover your expenses with leftover profit. we know how much we’re paying the staff working on the audit, and we need to collect two to three times their salaries for that work. that will give us the cash we need to pay them and all our other expenses, plus a return to the partner, and make up for the weeks when they’re not as busy or are in cpe or taking pto.

that’s why, instead of obsessing about chargeability and realization rates, a better way to measure success for your firm is by looking at your collected rate. read more →

make work flexibility work for everyone

woman working on laptop at home while cat looks out nearby window

bonus: a sample flexible work arrangement policy.

by marc rosenberg
cpa firm staff: managing your #1 asset

this post originally by convergencecoaching, cofounded and led by jennifer wilson; updated by rosenberg associates

what is work flexibility?

convergence coaching uses the terms “anytime, anywhere work” and “work flexibility” very similarly. both refer to increased flexibility around timing and location, around one’s work schedule and the place where work is done, while simultaneously meeting the needs of its staff and the goals of the firm.

more: why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
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“we like to give people the freedom to work where they want, safe in the knowledge that they have the drive and expertise to perform excellently, whether they (are) at their desk or in their kitchen. yours truly has never worked out of an office and never will.” – richard branson

“be stubborn about your goals and flexible about your methods.” – anonymous
read more →

who to hire when it’s time to grow

young businesswoman speaking with client

management and review still will be needed.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: a cpa sole practitioner with a few part-time staff told me that he has come to realize that he no longer had a practice, but a business, and wanted to hire a person for “growth,” not just someone to help him get through the day.

more: hourly billing doesn’t cover the value; now what? | ask for what you’re worth | two options for collecting past due fees | when board service gets tricky | eleven ways new staffers can help bring in business | busy season is over, so it’s time for some resolutions | want to merge? six steps to take | how to start providing family office services | every accounting firm needs quality control
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

he wanted some suggestions of what type of person he should hire. read more →

why staff leave cpa firms… and how to keep them

five young business people at work in an office setting.

the 14 top reasons they depart, plus insights from young employees.

by marc rosenberg
cpa firm staff: managing your #1 asset

the following data is from recent rosenberg surveys.

more: how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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