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12 shifts to ensure firm success

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plus six ways the pandemic impacted the profession.

by jennifer wilson

every year, the rosenberg map survey asks the industry’s top consultants to share their observations of what they are seeing at cpa firms across the country.

more: how to reinvent the firm for the covid age | why it’s time for an acquisition | three ways the accounting profession has changed | ramping up for the year ahead
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now that we are more than a year from the start of the pandemic, what do you feel are the long-term ramifications to the accounting industry?

there are many, but the most important impacts of the pandemic to the profession are: read more →

two tech approaches to cas

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smiling businesswoman working at deskand one fundamental requirement.

by hitendra patil
the definitive success guide to client accounting services

client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients.

more: when to start building your cas tech stack | stop derailing cas | lower your costs by 75% with cas | cas drives up demand for virtual cfos | turn client wants into needs | a job description for client accounting services
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in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savviness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.
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rewarding partners for seniority: pros and cons

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stressed person looking at graph.what best serves the firm?

by kristen rampe

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.

more: what if founders don’t want to buy each other out? | when cpa partner votes go wrong | when managing partners can’t | covid-19, adversity and innovation | is mandatory retirement a best practice?
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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?
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what sets your firm apart … if anything?

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red rocket rising above white hot air balloonshow to be different in a changing market.

by steven e. sacks
the new fundamentals

your firm conducts audits, prepares tax returns and offers some consulting services. yours is one of 42,000 non-big 4 firms in this country, a large majority of which offer the same three packages. firms in the same geographic market may not serve the same slate of industries, but through hiring niche expertise or merging in a firm can make inroads into the same markets.

more: why deadlines get missed | too busy? you may need to reprioritize | who needs another meeting? | the five big rules for powerpoint presentations
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this happens frequently, making a competitive market even more crowded. the challenge that your firm faces is how do you show a real value-added distinction from the firms you compete against? differentiation does not mean a relaxed dress-code policy.
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do you ask the right questions to deepen client relationships?

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uncover a client’s needs with good questions and even better listening.
by sarah johnson dobek

if you’re having the right conversations with your clients, new opportunities naturally come up where you can help them solve their issues beyond compliance.

related: eat that frog: asking for a prospect meeting | growing revenue through client service | business development and sales aren’t scary |

but while you may think you’re having excellent conversations; they’re probably just scratching the surface.

read more →