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19 ways to improve accounting firm profitability

november 24, 2012

only 19?

by marc rosenberg, cpa
author of “what really makes cpa firms profitable?”

partners are generally paid a lot more than firm administrators. for good reasons.

the marketplace has determined that doing what a partner does (bringing in business, possessing high levels of technical expertise, managing client relationships and managing the firm) commands a higher level of compensation than doing what a firm administrator does.

related: de-bunking the myth about niche marketing for tax and accounting firms • practice development is no longer an optional activity • 10 good ways the achieve partner accountability • pick your partners right to begin with • the first nine questions your partner team needs to embrace for optimal profitability • profitability and the value of strategic thinking • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner •

therefore, it makes no sense to pay a partner to do an administrator’s work. besides, most partners aren’t as good at administration as trained, experienced administrators are.

de-bunking the myth about niche marketing for tax and accounting firms

november 17, 2012

by marc rosenberg

plus, five more essential pieces to the profit puzzle.

by marc rosenberg, cpa
author of “what really makes cpa firms profitable?”

i want to de-bunk a myth about niche marketing. many cpas that i have talked to think that niche marketing means that most, or all of their business, needs to be in their niche.

they think they will have to stop being generalists or will have to give up all their clients outside the niche. this is absolutely not the case. read more →

practice development is no longer optional

november 8, 2012

by marc rosenberg

“you can’t not try.”

by marc rosenberg, cpa
author of what really makes cpa firms profitable?

certainly, one of the most obvious ways to increase revenues is by bringing in more business. firms usually find that most or all of this additional business falls directly to the bottom line. so why don’t so many firms at least try to do it?

more marc: 10 good ways the achieve partner accountability • pick your partners right to begin with • the first nine questions your partner team needs to embrace for optimal profitability • profitability and the value of strategic thinking • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner •

marketing is certainly one of the biggest, if not the biggest, ways the cpa industry has changed over the past 30 years. many years ago, a client of mine told me that all that is needed to be successful is to hang out your shingle and have good technical skills and reasonably good interpersonal skills. sooner or later, clients would come. read more →

10 good ways to achieve partner accountability

november 1, 2012

by marc rosenberg

remember: strong levels of partner accountability lead directly to higher levels of firm profitability.

by marc rosenberg, cpa

accountability. a word that strikes fear (unnecessarily, i might add) in the hearts of partners.

we see this constantly in the free-agent age of professional sports. athletes sign a lucrative, long-term contract, and promptly start producing less. partners in firms are no different.

more marc: • pick your partners right to begin with • the first nine questions your partner team needs to embrace for optimal profitability • profitability and the value of strategic thinking • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner • 20 decisions for your firm’s new partner compensation committee • three ways to break partner gridlock in an accounting firm • what partners are entitled to, and what they’re not entitled to | how to make partner? • why accounting firm partners are “popping prozac like m&m’s” •

here are 10 good ways to achieve partner accountability. every one of these measures is time-tested and works well. some work better for some firms than for others. the key is not simply to provide for the accountability measure, but to do it well. read more →

when is it best for partners to stay together and when is it best to part?

october 25, 2012

by marc rosenberg

making the partnership work seven ways to sunday.

by marc rosenberg, cpa

sometimes a parting of ways is best because the partners are simply incompatible. people change. their values change. their priorities change. when these changes become so huge as to produce constant conflict, it may be best to shake hands and part ways.

what does it take for partners to stay together?

here are seven critical requirements: read more →

pick your partners right to begin with

october 18, 2012

by marc rosenberg

choose intelligently and avoid problems later.

by marc rosenberg, cpa

what characteristics do you want someone to possess before you invite them to be a partner?

leading firms across the country generally choose from the following:

the first nine questions your partner team needs to embrace for optimal profitability

october 13, 2012

by marc rosenberg

and six rules for keeping partners happy and productive.

by marc rosenberg, cpa
special to 卡塔尔世界杯常规比赛时间

“when a corporation says move left, everybody takes a step left. in a partnership, when you say move left, three people go to the bathroom, four people move right, and five people leave the firm.” — richard ungaretti, ungaretti & harris

related: compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | more…

in cpa firms, as the partners go, so goes the firm. the partners bring in most of the business, manage most of the client relationships and engagements, develop and mentor the staff and manage the firm. if the partners don’t perform these functions effectively, it is virtually impossible to be profitable and successful. read more →

profitability and the value of strategic thinking

october 6, 2012

by marc rosenberg

“to succeed, we have to disturb the present.”

by marc rosenberg, cpa / exclusive to 卡塔尔世界杯常规比赛时间
author of what really makes cpa firms profitable

roberto goizueta, the late chairman of coca-cola, and certainly one of the top two or three ceos of the last 20 years, said it best: “challenging the status quo when you have been successful is difficult. if you think you will be successful running your business in the next 10 years the way you did the last 10 years, you’re out of your mind. to succeed, we have to disturb the present.”

more accounting firm management strategies: the five essential building blocks for creating a strong accounting firm | the seven signs of great leadership in a cpa firm | the 10 biggest mistakes cpa firms make in reading map statistics | new rosenberg map survey says cpa firm revenue growth re-accelerating | five skills that separate winners from losers in the accounting business | don’t ask a cpa what profitability means | the essence of cpa firm profitability | compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” |

compared to most vocations, cpa partners make a pretty good living. their success has been attributable primarily to a combination of the following: read more →

the five essential building blocks for creating a strong accounting firm

september 28, 2012

by marc rosenberg

the ideal management structure for a profitable cpa firm.

by marc rosenberg, cpa
author of what really makes cpa firms profitable

the vast majority of cpa firms are well under 100 people and therefore don’t need the kind of formalized structure that larger firms need. but virtually all firms, regardless of size, need some minimum form of structure.

more like this: the seven signs of great leadership in a cpa firm | the 10 biggest mistakes cpa firms make in reading map statistics | new rosenberg map survey says cpa firm revenue growth re-accelerating | five skills that separate winners from losers in the accounting business | don’t ask a cpa what profitability means | the essence of cpa firm profitability | compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | more…

there is a natural tendency for firms to minimize the role of management. there are several reasons for this: read more →

the seven signs of great leadership in a cpa firm

september 20, 2012

by marc rosenberg

how strong management spells the most reliable path to profits.

by marc rosenberg, cpa

if partners of firms across the country were asked what the key was to the success of legendary fortune 500 companies such as general electric, coca-cola, ibm and countless others, i’m sure that the words “strong management” and “strong leadership” would dominate their responses. yet, ask those same partners to evaluate their own firms’ management, and if they are honest, their responses would not be very flattering.

of all of the techniques for improving cpa firm profitability, none is more effective than strong management and leadership. yet, nothing is more elusive. why is this?

the 10 biggest mistakes cpa firms make in reading map statistics

september 18, 2012

by marc rosenberg

do the math. by marc rosenberg, cpa author of the rosenberg map survey reading map surveys and analyzing the statistics they contain can be challenging, but when used properly these…

five skills that separate winners from losers in the accounting business

september 11, 2012

by marc rosenberg

super-successful firms are experts at achieving one or more these…

by marc rosenberg, cpa
the rosenberg map survey

if cpa firms did everything “right,” they could easily double or triple their income. doing things right includes effectively bringing in clients, charging high billing rates, maintaining strong realization, high leverage of staff to partners and keeping expenses down. it’s the rare firm that does well in all of these categories.

more practice management strategy: compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | more…

the path to profitability is different for every firm. but the truly profitable firms are successful at achieving one or more of the following: read more →

don’t ask a cpa what profitability means

september 3, 2012

by marc rosenberg

you’d think they could agree on a common definition for their firms. they can’t.

by marc rosenberg, cpa
author of what really makes cpa firms profitable

if you asked the president of a fortune 500 company or the owner of a restaurant to define profitability, they would be able to give a quick, definitive answer. not so with cpas. surely, you’ve heard the story, perhaps apocryphal, of the company that was interviewing for a new cpa firm. only one question was asked of each candidate: “how much is two plus two?” the firm that won the bid gave the answer, “how much would you like it to be?”

the same can be true of cpa firm profitability. how do we measure it? you would think that the uncontested champions of measuring financial data, cpas, would have this down to a science. but such is not the case. read more →