leadership

seven signs you’re working in a firm where the partners don’t trust each other

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especially in these trying times, partners must show leadership by accepting the consequences of their actions – or their inaction.

aquila

accountability is the essence of your success, according to management consultant august aquila, author of “leadership at its strongest: what successful managing partners do.”

“i don’t think that the average partner takes accountability seriously,” aquila says. “if they did, they would take their individual goals more seriously and not let their fellow partners down.” read more →

achieving partner unity: the competitive advantage

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august j. aquila
august j. aquila

by august j. aquila
author of “leadership at its strongest”

everyone knows that partner unity is one of the keys for success. and we know the benefits of having greater partner unity than the next firm – better client service, less employee turnover, superior profitability.

the problem that many firms face is this: they don’t know how to create partner unity.

this article shows you:

  • ways to create partner unity.
  • what it is and what it isn’t.
  • five steps to take.

read more →

show me the margins: six ways to take home more of what you earn this tax season

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options to grow your profits besides raising revenue and lowering costs.

by sandi smith, cpa
 accountant’s accelerator

many accountants these days are anxious to hit the golden $100,000 mark this year.  others are interested in growing their revenues steadily and incrementally.   still others are focused on lowering costs, raising profits from that side of the equation.

sandi smith

more for soloists and small firms:  seven checklist secrets for turning tax season into opportunity season  •  how to stay energized, upbeat, and thinking bigger through busy season • seven ways to wow your prospect • rev up your revenue with these two daily rituals • 10 tips for creating more energy this tax season  • take a cue from venture capitalists: your firm needs a brain trust trinity   •   five ideas to reduce client price-sensitivity • rise to the top with a fresh elevator speech

all of these approaches are well and good to help you keep more of what you make, but there are far more options to grow your take-home dollars besides raising revenue and lowering costs.

here are six more ways to get more profit out of your practice: read more →

no partner vote needed: 17 decisions best left to the managing partner alone

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a lesson in leadership from the front lines.

tony kendall

by marc rosenberg, cpa
author of “cpa firm management and governance.”

tony kendall is the ceo of mitchell & titus, a firm of over 170 professionals, 19 partners and locations in new york city, chicago, philadelphia, newark, baltimore, and washington, d.c.

shortly after taking over the reins from the firm’s founder, he orchestrated changes in the firm’s management structure, saying this: “i can’t manage this firm if i have to take a vote every time i want to make a decision.”

more on cpa firm leadership and management:  what a managing partner is… and is not   •  when is it time to shift your firm from partnership-style to corporate-style governance?  •  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 • not every firm needs a general patton • overcoming the three biggest obstacles in succession planning at cpa firms • cpa firm merger “non-negotiables” • the “aha moment” in cpa firm leadership • leadership is overrated: it’s good management that makes successful firms • 40 great ways to improve firm profitability • four management metrics that fool even the best-run firms • 19 ways to improve accounting firm profitability•

marc rosenberg
marc rosenberg

all partners usually vote on major decisions, such as:

  • admitting or dismissing a partner.
  • mergers and lateral partner hires.
  • changes to the partnership agreement.
  • expenditures in excess of a dollar amount.
  • annual budget approval.

beyond that, most well-managed firms with a strong managing partner allow him or her to make at least 17 types of decisions without any approval process: read more →

new rules: 13 items that should be in your managing partner’s job description

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and 25 best practices to make a merely good managing partner into a great managing partner.

by marc rosenberg, cpa
author of “cpa firm management and governance.”

an increasing number of firms are asking:  do we want the firm managed by a leader, which for a cpa firm is the managing partner, or managed by one or more committees of partners? the fact is, most firms are choosing a strong leader – the managing partner.

marc rosenberg
marc rosenberg

more on cpa firm leadership and management:  what a managing partner is… and is not   •  when is it time to shift your firm from partnership-style to corporate-style governance?  •  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

but too many firms still lack a clear understanding of what a managing partner is.  based on years of research, we have compiled a comprehensive managing partner job description. and we’re including the 25 best practices that make today’s best managing partners great.

managing partner job description read more →

what a managing partner is… and is not

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why some firms decide they don’t want a true managing partner.

by marc rosenberg, cpa
author of “cpa firm management and governance”

over the years, i have found that many firms lack a clear understanding of what a managing partner is.  often, it’s a negative conception, caused by a bad experience at their current firm or a previous one.  so, to avoid a repeat of these bad experiences, the partners decide either not to have a mp or to provide for the mp position with greatly limited authority and responsibility.

marc rosenberg
marc rosenberg

more on cpa firm leadership and management: when is it time to shift your firm from partnership-style to corporate-style governance?  •  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 points below clarify what a managing partner is and is not. read more →

when is it time to shift your firm from partnership-style to corporate-style governance?

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which is best for your firm?

by marc rosenberg
author of “cpa firm management and governance.” 

cpa firm management styles generally fall into two categories:  partnership and corporate. for the sake of argument, let’s use the terms “partnership” and “corporate” to describe management styles, rather than legal entities such as partnership, corporation, llc, etc.

marc rosenberg
marc rosenberg

more on cpa firm management and leadership for pro members [go pro here]:   not every firm needs a general patton  • overcoming the three biggest obstacles in succession planning at cpa firms  •  cpa firm merger “non-negotiables”   •   the “aha moment” in cpa firm leadership   •  leadership is overrated: it’s good management that makes successful firms •  40 great ways to improve firm profitability  •  four management metrics that fool even the best-run firms  •  19 ways to improve accounting firm profitability • de-bunking the myth about niche marketing for tax and accounting firms •

in this article, we’ll:

  • define each style
  • compare the two styles’ pro’s and con’s
  • explain the concept of “rights”
  • explain the key duties of a partner in a corporate-style firm
  • when a firm needs to think about shifting from partnership to corporate

read more →

not every firm needs a general patton

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but leadership remains crucial to making things happen. by marc rosenberg, cpa the author of “cpa firm management and governance.” every firm asks the question, at one time or another:  do we want the firm managed by a leader, which … continued

when’s the right time for a full-time quality control reviewer?

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not when, but how?

question: i want to improve my firm’s review and quality control. do you have any suggestions?

ed mendlowitz responds: this is a recurring issue for most firms. every cpa practice needs quality control. the issue is whether a dedicated quality control (“qc”) person is needed and, if not, how the qc can be done without one.

a practice is a business and every business must be run efficiently and profitably. qc is an area that i have found many firms getting tied up in and either spending nothing or much more than they should.

more ed mendlowitz:  free instant download: sample fee schedule for 1040s    |  tax season opportunity guide 2013   |  12 reasons to love tax season   |   implementing fee increases for 2013

a firm needs a dedicated qc person when the work load volume warrants it, especially where there are bottlenecks and backlogs because the supervisor or partner who would review the work is not readily or easily available; the scheduling becomes exceedingly difficult; and the expertise and training becomes more specialized and wider in scope. read more →

five ways for partners to lead by example this busy season

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dustin hostetler

this busy season will test new processes – and a firm’s leadership. [how are accountants feeling about about busy season? join the survey; get the answers.]

by dustin hostetler
flowtivity

as many firms get ready to implement and leverage new and improved processes as busy season ramps up, i thought it’d be worth considering a few pointers for the partner leadership group to keep in mind over the next several months.

related: the coming storm in staff turnover (video)  | three strategies to improve buy-in for change

and i should probably add a disclaimer to take the accounting hats off for a minute and realize this isn’t an exhaustive list nor is it literal in every example.  there are always going to be exceptions, but the more you can abide by the following ideas the better off your firms will be and you’ll be providing better client service as well. read more →