management

how to stay energized, upbeat, and thinking bigger through busy season

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five motivation tips from the masters.

by sandi smith, cpa
accountant’s accelerator

here are a few of the best lessons i’ve received from the masters. although tried and true, their stories and hardships keep me energized, upbeat, and thinking bigger.

1. don’t give up

  • thomas edison performed 10,000 experiments before he discovered the light bulb. friends asked him what he would carry on after getting no results. edison said, “i got lots of results. i haven’t failed. i’ve just found 10,000 ways that don’t work.”
sandi smith

more for soloists and small firms: 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    •   accountants, do you know your opportunity number?    •  five ideas to overcome client price-sensitivity   •    5 mistakes to avoid when seeking new clients  •  3 steps to start running on millionaire time   •  the missing ingredient in your marketing that will make all the difference   •  on the road to a stress-free life: identify your character strengths  •

  • beethoven had his share of critics during his time and was in constant conflict with the royalty that hired him to write his works. his response: “a few fly bites cannot stop a spirited horse.” 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 →

get paid faster this tax season: six good reasons to send the bill with the return

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it’s good for business and considerate to clients.

by ed mendlowitz
tax season opportunity guide

ed mendlowitz

tax season is a business and businesses need to be paid.  it is harder to justify prices when providing services rather than products.  products are usually priced before delivery while many times services are priced after delivery, i.e. performance.

more on busy season management: tax season trends, issues and opportunities 

many accountants price returns before they are worked on, usually basing the fee on last year, or a rate schedule.  sending a bill with the return establishes the relationship that you should be paid promptly for the work done. 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

19 easy ways to cut costs, find more cash in time for tax season

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start the new year with the resources you need. by sandi smith, cpa accountant’s accelerator could you use a bit of extra cash each month? i think most people would say yes.here are several tips to start your new year with a little more green in your pocket.

sandi smith

more for soloists and small firms from at 卡塔尔世界杯常规比赛时间: more for soloists and small firms:   •    10 tips for creating more energy this tax season  •   take a cue from venture capitalists: your firm needs a brain trust trinity    •   accountants, do you know your opportunity number?    •  five ideas to overcome client price-sensitivity   •    5 mistakes to avoid when seeking new clients  •  3 steps to start running on millionaire time   •  the missing ingredient in your marketing that will make all the difference 

  1. if you bill your time by the hour and sometimes forget to write your time down (i know i’m guilty), put in some extra procedures to capture that time. that’s a big cash drain in your business that needs plugging in 2013. read more →

practice doctor q&a: how to get started in family office services

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ed mendlowitz cpa the practice doctor q and aincluding a sample engagement letter.

question: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them.  what is involved and how do i charge for it?

ed mendlowitz, vpa, pfs, abv, responds: many large firms provide “family office” services.  this is a complete one stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.

more from ed: seven ways to increase fees in 2013 | 10 best practices for tax season  | nine healthy things to do during tax season  |  12 reasons to love tax season | free instant download: sample fee schedule for 1040s | ask the geek: a couple great gadgets for saving money on all your other gadgets | three and a half ways to get your own cpa practice |  also: “implementing fee increases” and “the tax season opportunity guide.”

following is a sample engagement letter that i use with clients needing such services. also, this letter provides a detailed description of what the service involves. read more →

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 →

management philosophy of a cpa firm

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what many firms get backwards.

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

i have used the flowchart you see here for nearly 20 years and it has not lost one iota of relevance in demonstrating how to effectively manage a cpa firm. its message is simple yet powerful.

most firms make the mistake of managing from the bottom of the chart, and try to work their way up. the firm is primarily managed by:

  • appointing a managing partner who usually is the guy with the biggest book of business but often is a lousy manager.
  • allocating income based on an “eat what you kill” mentality. the partners reason that altering the size of one’s paycheck is the best way to provide feedback to a partner which will, in turn, lead to improved performance.

there are many flaws to this management approach, a couple of which are: 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 →