do you really need another partner?

number 9 created by gaps between many small green plastic 9'shere are nine reasons why.

by marc rosenberg
the rosenberg practice management library

before we get too far, we must answer a basic question: why would a cpa firm ever want to make someone a partner in the first place? why would it want to share profits with more people?

more: six big mistakes in succession planning | what a firm needs from its leaders | comp: what new partners don’t know | there are two kinds of accounting firms | how to get promoted to manager | the 17 rules for making partner at a cpa firm
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the short answer is that it must be beneficial to both the firm and the new partner. a win-win, as the saying goes.
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12 ways to squeeze fun into tax season

four young happy office employeeswhy not?

by ed mendlowitz
tax season opportunity guide

tax season presents exciting opportunities for accounting firms and their staffs. every moment should be enjoyed and appreciated.

more: 6 ways to get paid faster in tax season

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following are 12 reasons:

1. tax season is profitable and accounting is a business where we try to maximize our earnings. sure, there is a great concentration of work in a short period with occasional pressure, but if handled properly, the work can be managed sensibly with tensions at reasonable levels. i also believe much of the pressure is self-induced by poor scheduling, inadequate quality control and the lack of uniform systems that are followed by everyone in the firm, particularly the partners.

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three types of family offices for the wealthy

family of three using smartphones on couchalso: three drivers of exceptionalism.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

when it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. at the very high end, there is a strong preference to create a single-family office. for the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.

more: virtual workshops guide clients through covid | thought leadership is more precious than ever | there are 4 types of professionals | 6 steps to maximize referrals | a high-net-worth practice in four steps
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with the family office model, you are providing a broad array of expertise holistically. consequently, you can deliver substantial value to the wealthy. many accounting firms provide family office services. while family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. the services tend to comprise business management expertise and other accounting and tax-related capabilities.
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accounting will never be the same

jim boomer

next up: creating capacity.

by jim boomer, boomer consulting
for the rosenberg map survey

while we don’t know for sure what the profession will look like post-pandemic, i’m confident it won’t look the same as it did prior.

more: ramping up for the year ahead
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some of the primary areas that i think will be different going forward:
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why founders balk at their buyouts

blocking dominos from falling.solutions for when succession planning didn’t happen as it should have.

by marc rosenberg and kristen rampe

over the years, we have worked with a number of small firms that had the following dilemma: what to do when the partners are all in their 60s and none wishes to buy out the other?

more: when cpa partner votes go wrong | why billing less may mean earning more | don’t let exiting partners double dip | how covid impacts partner retirementscovid-19: how your firm can respond
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this problem is particularly acute with two-partner firms, though can be troublesome for other firms with multiple partners wanting to retire on a similar timeframe.

we have distilled this dilemma into a case study to guide firms to a solution. this case is based on real facts.
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too busy? you may need to reprioritize

young businessman punching and breaking clock with fistfive steps to better time management.

by steven e. sacks
the new fundamentals

some firms encourage expanding workloads, creating questionable tasks or keeping people occupied under the pretense that their actual activities provide real value. what is the meaning of busy, really? and how are outcomes from efforts measured for value?

more: is it time to outsource? | five reasons you’re not swot-ready | who needs another meeting? | 4 questions for cpa firm boards | are you productive or just busy? | the five big rules for powerpoint presentations | how aging boomers impact the accounting profession | accounting is a profession, not an industry
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part of the illusion of being busy is that you can master many things at the same time. it certainly would keep you busy (or occupied) but you won’t nurture new skills and discover what your real aptitude is to help yourself and/or your firm.
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stop derailing cas

industrial metal number 5how many of these five lies are you telling yourself?

by hitendra patil
the definitive success guide to client accounting services

why fall in the same trap that other firms have fallen into during their client accounting services journey? if you know what those traps are, you will save significant money and time in establishing your cas practice.

more: show your priciest cas package first | your firm needs a cas champion | your top six cas questions | financial statements are like masks | the 15 absolutely necessary services for cas clients | romeo, juliet, google and client accounting services | how cas makes firms better
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fortunately, the cpatrendlines cas survey identified which are the top five cas killers, for firms of different sizes, that the accounting profession has experienced.
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check the roi of new tools

roi illustrationinnovation is great when it’s for the right reasons.

by jody grunden
building the virtual cfo firm in the cloud

depending on your age, you may or may not remember lotus 1-2-3. it was a hugely popular spreadsheet program back in the ’80s and early ’90s that was eventually taken over by excel. if we had been “married” to lotus 1-2-3 at that time, we may have gone out of business because we wouldn’t have been able to react fast enough.

more: is that shiny new software your best choice? | distributed firms need different tech suites | staffing: 10 key interview questions | leaders need time to lead | when value billing eliminates guesswork | put bots to work for you
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this is the world of technology today. we have to operate under the mindset that what we’re currently using may or may not be around in five years.
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10 ways to protect your best clients from your competitors

two businessmen shaking hands in front of tall office buildingsdo they know how valuable they are … and why?

by ira rosenbloom

in every market, cpa firms have a wish list of clients they would like to have. clients will change accountants for all kinds of reasons. some changes are natural, like new decision makers, new owners and new lenders. others change because of service.

more: are you overthinking an m&a deal? | how to put the ‘success’ in succession | how covid-19 has changed succession planning | top 10 steps to maximizing profitability
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to keep your competitors from poaching your business, remember to always treat your best clients as your best clients! here are 10 recommendations to keep in mind.
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five ways to get better clients

number 5 drawn in sandpsst… it works for finding new hires, too.

by sandi leyva

there are many great things about getting better client referrals. first, referrals have a built-in trust that helps you move through the sales process faster. second, there’s almost no marketing cost involved. third, they tend to make a better long-term client.

more: 11 ways to boost billings and impress clients | how clients get underserved and accountants get underpaid
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unfortunately, many accountants take a reactive approach to referrals, waiting until they come to them, rather than a more profitable approach, which is to proactively maximize referrals.

here are five proactive ways to boost referrals and get the kind of client you want most:
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making sure the son got proper credit

businessman holding word "success" and upward arrow in handsthe difference a graph can make.

by ed mendlowitz
call me before you do anything: the art of accounting

i have a client who owns considerable real estate that her son manages. the son actually does a very good job maintaining the property, growing rents and keeping vacancies to a minimum.

more: yes, shirt logos can matter | 10 more reasons cpas quit public accounting | the 10 best movie accountants | when cpas leave to work for a client | when parents, children hit an impasse | wealth is a state of mind
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my client’s husband was the builder and driving force behind this mini empire, but he passed on a few years ago. he was a dynamic self-made person who amassed quite a fortune and turned over daily operations to his son about 10 years before he died to spend considerable time golfing and traveling.
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