16 ways to tweak your compensation systems to get and keep the right clients.
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.
august aquila, creating the effective partnership, suggests 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 →
the compensation trap that turns winners into losers.
by august aquila
creating the effective partnership
the focus on most cpa firms is on billable hours. while there is nothing inherently wrong with this focus, it has become the overriding focus of firms.
there is nothing wrong with making money today, but what about building for the future? with “today” being the dominant focus, what is the encouragement to cpas to innovate? in most firms there is no alignment with innovation and compensation.
you will never have innovation unless you allocate some time and reward to making it happen. read more →
readers’ forum: hours worked. firing clients. setting prices.
the 9 essential elements for a successful partner comp plan.
by robert j. lees and august j. aquila
creating the effective partnership
every compensation plan should be constructed to help the firm achieve its strategic goals, including servicing its clients and attracting and retaining the right people. read more →
the u.s. tax, accounting and bookkeeping industries are turning out to be one of the brightest spots in the nation’s economy, adding jobs faster than all but a handful of sectors, according to 卡塔尔世界杯常规比赛时间 sources.
here 卡塔尔世界杯常规比赛时间 reports on:
how to create a fair and effective comp plan that unites partners and pushes the firm forward.
by robert j. lees and august j. aquila
creating the effective partnership
the right partner performance bonus plan encourages and rewards partners for achieving firm, team and individual goals, enabling the partners to see a clear cause-and-effect relationship between what they do, what it means to the firm and how they get rewarded.
unfortunately, in too many firms, partners can’t see these linkages. the compensation system is a failure.
consider, for a moment, these six questions for your firm: read more →
卡塔尔世界杯常规比赛时间 finds tight cost controls, slow wage increases and an influx of women workers.
by rick telberg
卡塔尔世界杯常规比赛时间
lifted by a steadily recovering economy and aggressive retooling, the nation’s cpa firms are adding staff at a 2.3% annualized rate, the strongest advance in a year, according to a new 卡塔尔世界杯常规比赛时间 study. but hours are unpredictable, wage growth is stalled and firms are trading higher-paid professionals for cheaper labor.
the study goes on to report new data, trends and analysis regarding:
– the total cpa firm workforce
– leverage ratios
– productivity efforts
– cost controls
– wages and hours
– women in the workforce
how to become and remain competitive in the marketplace.
by robert j. lees and august j. aquila
creating the effective partnership
the challenge in designing the right system for the firm’s context is ensuring it motivates the partners to deliver the initiatives the firm needs to be successful.
if compensation is supposed to motivate and reward productive behavior and outcomes, and discourage non-productive behavior and outcomes, then you must ask yourself, “how well are we doing?”
we don’t claim that our recommended system is perfect since we know that the perfect compensation system does not exist. we do feel, though, that it encompasses the critical elements needed for leaders to better engage and reward partners.
we believe that if a firm wants to maximize its performance and keep its partners motivated and engaged, then it needs to design a compensation plan, which includes the following elements: read more →
what 80% of firms agree on.
by marc rosenberg
the rosenberg survey
if partner compensation is the single most critical and sensitive aspect of cpa firm practice management today, then a close second is partner retirements and buyouts – the money partners receive for the purchase of their ownership in the firm when they retire or leave the firm due to death, disability, withdrawal or expulsion.
the amount of money involved is quite significant. roughly 80% of all firms consider the value of the firm to include: read more →
start with this 20-item checklist.
by marc rosenberg
author of “cpa firm management & governance“
if you ask the partners, they will tell you that the most critical and sensitive aspect of cpa firm practice management is the allocation of partner income.
because of the sensitivity of partner compensation, firms change various aspects of their allocation system quite often. for this reason, the smart firms include wording in their partnership agreements on partner compensation that is very short and quite general. this way, the firm doesn’t have to revise the partnership agreement every time a change is made.
it’s a complicated task. there are seven different systems in use today, three basic tiers, a couple ways firms are calculating bonuses, and at least a dozen other items to ponder and work through.
here is a checklist of decisions that the best firms are making to determine the compensation of each partner:
firms are hiring, and many staffers are thinking about a job change.
get more details, join the survey.
by rick telberg
卡塔尔世界杯常规比赛时间
now five years since the banking crash that forced record layoffs at tax and accounting firms, new survey results from 卡塔尔世界杯常规比赛时间 research show intensifying competition for talent, with more than 42% of accountants reporting that their firms are hiring and about half of all staffers ready to make a move.
“there’s a labor shortage out there,” according to chris hatcher, a partner at louisville, ky., baldwin cpas. “finding good talent is hard.” hatcher says baldwin cpas is looking for professionals with ambition, which he defines as an “owners mentality.”
in this report, 卡塔尔世界杯常规比赛时间 research:
– reports the percentage of firms hiring, cutting or holding steady on headcount in the next six to 12 months;
– gathers comment from a representative sample of professionals on key economic and business trends; and
– analyzes latent discontent in the ranks of staffers,
– propensity to seek a job change, and
– overall confidence in the job market. read more →
finance sector jobless rate falls to 4.7% from recession high 7.7% with the job market strengthening, career opportunities for finance, tax and accounting professionals are widening to places like seattle and phoenix, beyond traditional financial industry centers like new york according … continued
but cpas lag behind non-cpas.
get the accountants’ business outlook: join the survey; see the results.
by rick telberg
卡塔尔世界杯常规比赛时间
the tax and accounting industry is extending a two-year expansion by adding 2,500 new jobs in the latest month, according to 卡塔尔世界杯常规比赛时间 research.
in this report: