how common management pitfalls hurt firms and employees.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
how do attitudes, misconceptions and bad habits get in the way of our learning to be better managers?
related: do cpa firms need management or leadership? | job 1 for the practice owner: client management
here are five common attitudes, practices and perceptions we find:
differentiating between the two, and the two most common styles of management.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
let’s start out with a straightforward question. what is the difference between management and leadership?
from one point of view, leadership is far different than management. for example, leadership might be all about developing a vision for the organization, being innovative, motivating others, empowering those around you, focusing on developing the people around you instead of just developing yourself, looking for positive ways to change, doing the right thing, and keeping the forest in view and not just see the trees.
when you’re weeding out, make sure you’re asking the right questions.
by august aquila
creating the effective partnership
if your partners are putting up a fight to keep clients who should be let go, take a look at your compensation system. it’s not just about billable hours.
more on leadership for pro members: 5 questions about your firm’s direction | 6 reasons to keep partners from retiring | 6 reasons why cpa firms fail in innovation | 6 steps to handle staffing problems in a merger | 7 signs your firm is headed for an implosion | eight key goal areas for partners | like herding cats: partners must ‘walk together’ | managing partners must remember partners’ needs | new times call for new cpa firm metrics | partners have love-hate relationship with leadership | six tips for leaders in tax and accounting | the 8-point financial tune-up for your accounting firm | three ways to run a firm: but only one is sustainable | what does being a partner mean?
here are 16 tweaks to your firm’s compensation system. while the list is not exhaustive, it does provide criteria that firms can consider beyond revenue. read more →
plus how to handle partners who want to opt out.
by marc rosenberg
retirements & buyouts
how do mergers impact a firm’s partner retirement plan?
more on buyouts: why 30% of cpa firm retirement plans are defective | are partner buyout plans just ponzi schemes? | clawback and how to handle it | can partners compete after they leave? | disability is far more complex than death | mandatory retirement? 4 reasons the firm comes first | how to transition clients from retiring partners | vesting can cover part-timers, too | eat what you kill? then maybe ‘book of business’ is for you | the multiple of compensation method, fully explained | 5 points to consider when paying out goodwill | how to set terms and limits for goodwill payouts | 4 ways to decide how to pay out capital
these suggestions propose verbiage that could be included in the firm’s partner agreement: read more →
make provisions, or state partnership laws may do it for you.
by marc rosenberg
retirements & buyouts
twenty to thirty percent of all accounting firm partnership agreements have no provision for goodwill-based retirement payments to partners departing due to death, disability, retirement or withdrawal.
more on retirement: the top 10 mistakes in partner retirement plans | 20 new, essential keys for today’s partner retirement plans | you want goodwill payments? give proper retirement notice | compromise is in order for some goodwill payouts | three ways to calculate goodwill payable in partner buyouts, none of them great | the ins and outs of aav for goodwill | 5 points to consider when paying out goodwill | how to set terms and limits for goodwill payouts
they’re in for a rude surprise. read more →
despite paying top dollar for top talent, old-line firms are losing gen y staffers with bigger ambitions.
derek davis, the shared economy cpa, talks about launching the first app-first cpa firm
by rick telberg
卡塔尔世界杯常规比赛时间 research
with cpa firms locked in a battle for top-level talent, wages are advancing at record rates in desperate efforts to both retain and recruit highly-prized professionals, according to 卡塔尔世界杯常规比赛时间 research.
partners and staffers alike, feeling stifled and underused at their current firms, are finding a broad array of new opportunities at other firms. and where they can’t find the right position at another firm, they are creating their own.
los angeles cpa derek davis, for example, left a career at a big four firm to start his own practice. but his first hire wasn’t an assistant. and his first partner wasn’t another cpa. instead, davis teamed with a software designer. and they didn’t open an office, they launched an iphone app.
is your firm guilty of any of these?
by marc rosenberg
mistakes abound in partner retirement plans. here are the top 10 we see:
more on retirement: are partner buyout plans just ponzi schemes? | 20 new, essential keys for today’s partner retirement plans | clawback and how to handle it | can partners compete after they leave? | how to juggle tax considerations for partner retirement benefits | retirement plan funding? what funding? | vesting can cover part-timers, too
new global study shows 43 percent of accountants are ready to jump ship. here’s why.
by 卡塔尔世界杯常规比赛时间 research
the war for top talent in the u.s. accountancy profession is spreading worldwide, fueled by growth and increased confidence, according to a new global study obtained by 卡塔尔世界杯常规比赛时间.
some 43 percent of accountants at multinational firms say they’ll probably leave their jobs within the next year or two, seeking more pay, better opportunities or both. the figures closely follow those found by 卡塔尔世界杯常规比赛时间 in u.s.-focused studies (cpa firms paying top dollar for talent in nationwide hiring binge).
get the instant download of the full-size infographic:
apply this test to your firm’s succession plan.
by marc rosenberg
retirements & buyouts
most multi-partner cpa firms have partner buyout plans that enable partners who leave the firm via retirement, death, disability or withdrawal to redeem their share of the firm’s value.
more on buyouts: 20 new, essential keys for today’s partner retirement plans | clawback and how to handle it | can partners compete after they leave? | retirement plan funding? what funding? | why you’ll get less from your partners in a buyout than you might by selling the whole firm | partners may balk at guaranteeing retirement obligations
over the last 10-20 years, retirement plans have come under more scrutiny as younger partners question whether departing partners are worth the payments due them and whether the firm can afford those payments. staff with near-term partner potential also question whether to commit themselves to making these payments. both of these groups fear that the firm will not be able to survive the retirement of dynamic, rainmaking partners who have tight relationships with their clients.
a lot is changing fast. here’s what your partner agreement needs today.
by marc rosenberg
retirements & buyouts
let’s take a moment to simply summarize the many critical aspects of a well written partner retirement/buyout plan.
at first glance, those unfamiliar with how a proper plan should be written may find the 20-plus key provisions listed below to be daunting. but i would caution against such thinking. in my 20 years of consulting to cpa firms in this area, i have been asked to resolve messy disputes regarding every item listed below.
more on retirement: clawback and how to handle it | can partners compete after they leave? | disability is far more complex than death | even partner agreements must face death | 6 ways to leave a cpa firm (retirement’s just 1) | how to juggle tax considerations for partner retirement benefits | two ways to retire, and one’s not pretty | how to transition clients from retiring partners | compromise is in order for some goodwill payouts | why you’ll get less from your partners in a buyout than you might by selling the whole firm | the multiple of compensation method, fully explained
wages hit new high; hourly rates at cpa firms up nearly 10 percent.
by 卡塔尔世界杯常规比赛时间 research
as the economy adds jobs, the accounting industry is grabbing its share and sometimes more, according to 卡塔尔世界杯常规比赛时间 sources. at the same time, respondents to the 卡塔尔世界杯常规比赛时间 careers and hiring outlook tracking polls show nearly 60 percent ready to jump ship if the right offer comes along.
join the survey. get the results.
in this report, 卡塔尔世界杯常规比赛时间 covers:
it’s not all about the money.
higher wages aren’t everything, as clearly indicated in the 卡塔尔世界杯常规比赛时间 careers and hiring outlook tracking polls. read more →
five-year adjustments may ease partners’ minds.
by marc rosenberg
retirements & buyouts
some firms struggle to agree on the details of a partner retirement plan.
more on retirement: can partners compete after they leave? | disability is far more complex than death | how to juggle tax considerations for partner retirement benefits | mandatory retirement? 4 reasons the firm comes first | you want goodwill payments? give proper retirement notice | vesting can cover part-timers, too | why you’ll get less from your partners in a buyout than you might by selling the whole firm | the multiple of compensation method, fully explained
one of the biggest items of contention is the valuation of their goodwill for internal retirement purposes. in these cases, the partners are anxious about obligating themselves to pay huge buyout benefits.
the willingness to return to work may outstrip ability – then what?
by marc rosenberg
retirements & buyouts
you’ve probably heard the saying “disability is worse than death.” the point is that both death and disability are horrendous, catastrophic events.
more on buyouts: even partner agreements must face death | 6 ways to leave a cpa firm (retirement’s just 1) | how to juggle tax considerations for partner retirement benefits | two ways to retire, and one’s not pretty | mandatory retirement varies by firm size | mandatory retirement? 4 reasons the firm comes first | how to transition clients from retiring partners | you want goodwill payments? give proper retirement notice | retirement plan funding? what funding? | retirement vesting: the devil’s in the details | compromise is in order for some goodwill payouts
but the handling of issues related to death – for all parties concerned – are more straightforward, both personally and financially, than in the case of a disability. read more →