management

seven good reasons your firm administrator deserves the m.v.p. award this year

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study identifies the value-adds of a coo.

by marc rosenberg
author of “cpa firm management and governance: the essential managing partner’s guide to running a cpa firm like a business.”

in baseball, the most valuable player award is conferred to superstars of the game.  there is controversy over who should win the award:  the player with prodigious individual production stats or the one player in all of baseball who was the most valuable player to his team, who was indispensable, without whom the team would not be a winner.

in a cpa firm, the nominees for the mvp award are:

  • the managing partner.
  • the rainmaker.
  • a great client handler.
  • the firm administrator.

both our experiences with cpa firms as well as the results of several surveys we’ve done of firm administrators show that firm administrators can build a very strong case for winning the mvp award.

a survey of firm administrators

in recent years, we have conducted several surveys of firm administrators across the country.

here is a summary of key firm admin roles that build the case for the admin being his/her firm’s mvp: read more →

comp plans for the new managing partner

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lessons from the best-managed firms.

by marc rosenberg
author of “cpa firm management and governance: the managing partner’s guide to running a cpa firm like a business.”

baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms.

in fact, 卡塔尔世界杯常规比赛时间 estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. and over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control. read more →

how managing partners spend their time [pro member exclusive]

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

managing the firm, rainmaking, client management. all vie for the managing partner’s time.

marc rosenberg
marc rosenberg

statistics from the rosenberg practice management survey show:

firm size annual billable hours % mp to all
managing partner all equity partners
over $20m 632 1,079 59%
$10-20m 736 1,090 67%
$2-10m 959 1,117 85%

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armed with the above, my experience with firms would indicate that the managing partner’s time is spent as follows: read more →

who should earn more: the managing partner or the rainmaker?

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that depends.

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

in allocating partner income, a firm needs to look at all performance attributes of each partner.

from a 35,000 foot altitude, firms should be reviewing these items for each partner:

  1. the partner’s role in the firm, the relative values of the various roles (mp, rainmaker, client handler, qc expert, niche specialist, administrator, etc.) and how well the role was performed.
  2. the extent that the partner achieved his/her goals.

more on cpa firm management and leadership: 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 •

there are three different roles a partner can play: read more →

five new tax season tips to provide consistency in service, processes, and standards

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ed mendlowitz

by ed mendlowitz
adapted from the 2013 tax season opportunity guide

one way to guarantee extra work is to have everything always done differently each time it is done.

not establishing uniform procedures is bad business and unnecessarily consumes part of your life.

consistency in performance reduces work and review time and creates a greater reliance on the staff people.

checklist: 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 →

the 10-step recipe for engagement disaster

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tasty tips from a lousy cook.

by drew west
@deltekdrew

drew west
drew west

you know why i like writing articles?  it keeps me out of the kitchen, where from bachelorhood through fatherhood, i still make any culinary task a bumbling trip down a path of missed ingredients and inaccurate measurements – right to the doorstep of “didn’t-turn-out-like-i-expected.”

why is our local pizzeria on the speed-dial? for those (thankfully infrequent) times when my wife is traveling, and i’m on the hook to keep my two youngsters relatively nourished.

unlike my cooking endeavors, yours in public accounting surely go beyond the simplicity of cold cereal or the occasional peanut-butter sandwich.

today’s modern engagements require delicate management of people, their work, the client’s demands and the firm’s expectations.

read more →

the 9 biggest billing mistakes that cost accountants their hard-earned profits

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. . . and what you can do about it.

by sandi smith, cpa
accountant’s accelerator

a critical measure for accountants – whether they bill either by the hour or a fixed price – is the amount they bill clients each month.  as anxious as many accountants are to raise their revenues, their daily activity often sabotages that goal with the same common billing mistakes.

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    •   

in this article, i present you with a checklist so you can compare your behavior with the list.  i’ll give some tips on how to break the bad habit, and the rest will be up to you. 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 →

can you hear me now?

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eight reasons why accounting firms need to work on internal communications first. by bruce w. marcus professional services marketing 3.0 a terrific definition of chaos is when a client asks two different people in your firm the same question — … continued

putting the “no jerks” rule to work in tax season

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and a couple more ideas for high performing firms.

by ed mendlowitz
tax season opportunity guide

ed mendlowitz
ed mendlowitz

if you have staff, have happy, cheerful, helpful people. don’t surround yourself with downers and nay-sayers.  make sure they are team players.

part of this is your firm’s culture.  it takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely.  everyone working together gets it done.  you need to create that atmosphere.

here are three things that might help:

read more →