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in our work with cpa firms on partner compensation, we have asked countless partners what they think about various performance criteria and whether or not they should factor into a partner’s allocation of income. some examples of the performance criteria include firm management, business development, client service and billable hours. another criterion we ask about is seniority or tenure.
some partners respond to our questionnaire indicating that seniority or tenure should be a factor in income allocation. many partners believe it has no place. so, who’s right? read more →
eisneramper ceo charly weinstein calls the firm’s deal to take on private equity a new wrinkle in the profession’s decades-old struggle to secure fresh capital for expansion in an increasingly competitive marketplace.
on the frontlines: about 64% of firms surveyed globally by 卡塔尔世界杯常规比赛时间 are scrambling for new hires.
in the u.s., tax and accounting firms are adding jobs at a robust 7% rate, but that’s still short of what’s needed.
by beth bellor
from arizona to zimbabwe, and dublin to cinncinatti, tax and accounting firms are telling 卡塔尔世界杯常规比赛时间 that they are so short of staff they’re turning away new business.
the scramble for talent is global and it’s forcing fundamental changes in how accountants do business.
reports are coming into 卡塔尔世界杯常规比赛时间 from around the world and they are dismally similar:
tucson, ariz.: at r&a cpas, chief recruiter nancy allison says they’re turning to “hiring fully remote employees, making fully remote and hybrid work permanent for existing team members, and utilizing outsourced services for tax preparation assistance.”
marondera, zimbabwe: accountancy consultant billy ndlovu tells 卡塔尔世界杯常规比赛时间 they are turning away new clients even as they battle the covid upheavals that are “changing how we do things.”
dublin, ireland: anthony casey at noone casey is staying ahead of the curve by finding productivity gains in remote working and picking up new staffers with specialty skills.
cincinnatti: back in the u.s., rick kruse at kruse & crawford is turning to new technology even as they trim their headcount.
卡塔尔世界杯常规比赛时间 polling shows about 64 percent of firms are seeking to add additional staffers, even as 60 percent of firms are turning away new work due to the crippling shortage of new hands.
we have all heard the term, “working in the business” instead of “working on the business.” i would suggest that most managing partners and senior leadership fall more into the “in” than the “on,” given staff turnover, busy season deadlines, exhaustion, and advancing years of many managing partners.
i’ve endured enough management committee meetings during which the course of conversation leans more heavily towards rat-holes than addressing key firm issues of people, technology, quality, risk management, and growth. at the end of the day, every decision you make as managing partner foots back to one of those areas. deciding on the venue of the holiday party does not fall into that category.
peter drucker, the famous management consultant, summed it up succinctly: management is doing things right; leadership is doing the right things.
here are six ideas that managing partners should contemplate when it comes to running an effective and engaged firm: read more →
firms are getting nervous and with good cause. as they plan for the 2022 busy season, audit and tax departments are realizing they may not have the resources to staff their jobs already on the books, much less any new work that comes about in the fourth quarter of 2021.
there’s been a lot written in the past few months about the great resignation, but the turnover problem in cpa firms has been endemic before the pandemic. one recent report finds that turnover in the top 50 firms is 17%, and one in every six firms experiences an annual turnover of 20 percent or more. that means that one out of five people who attend the busy season kickoff event won’t be around for the next one.
here are five reasons your people are quitting your firm for other firms, for a job in industry, or to become a citizen of the gig economy and work virtually from a beach in thailand:
according to nolo.com, “a partner agreement spells out the rights and responsibilities of the firm’s owners. without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. a partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs, and preferences.” read more →
this article summarizes key points that new partners should know about cpa firm partner buyout plans. if you want greater detail, you’re in luck. we devoted an entire book to the subject, cpa firm partner retirement/buyout plans.
one of the benefits that new partners receive in exchange for their buy-in is that they will receive a buyout when they retire. this amount can be in excess of a million dollars at many firms. receiving a retirement buyout is one of the major reasons becoming a partner is so lucrative. read more →
the pandemic has placed new strains on most cpa firms, with a paucity of events other than zoom meetings and many clients hunkering down and not making any changes to anything – least of which their accounting firm relationships, under some semblance of normal.
so when it comes to preserving your original profit goals – or at least salvaging them – firms have an opportunity to seek better processes or staffing options, or both to pivot to the times. as a cfo i once worked with used to say, “you can either raise the bridge or lower the water.”
here are five options for lowering the water (labor cost) as a short- and long-term strategy for greater firm success: read more →
question: i have a small practice and have a staff person with me for eight years (who had nine years of experience before coming to me), and i want to offer him some profit-sharing percentage.
it would take a book much longer than this post to properly explain the finer points of partner compensation, especially how each of the major compensation systems works.
accepting a partnership invitation offers two terrific, lifetime benefits to new partners that, for most people, cannot possibly be matched in any other career pursuit.
across the tax and accounting industry, almost all the jobs relinquished by men in the coronavirus layoffs have been regained by men. the jobs given up by women, on the other hand, are still largely vacant.
overall, the tax, accounting, tax prep, payroll, and bookkeeping sectors employed 1.02 million full-time equivalents in march 2020, before 70,000 layoffs hit in april. so far, the industry has re-filled all but 17,600 positions.
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by bill penczak
