management

it’s time to prune your clients

by

silhouette of man carrying briefcase, walking away

six ways your firm will benefit.

by caroline ready

in 2022, we declared the first friday after the fall busy season national fire some clients day and asked firm leaders to join us in right-sizing their client bases to increase capacity and provide relief for their team. we were blown away by the response to our client culling initiative and received wonderful feedback from many partners and firm leaders who took the leap and joined us on the inaugural holiday.

more: encourage desirable behaviors through metrics | five ways to head off reluctant leadership | you need capable successors for a seamless transition | generosity: the root of great leadership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

we are excited to declare may 16 the spring national fire some clients day and are encouraging leaders to make pruning clients a strategic, biannual priority moving forward.
read more →

encourage desirable behaviors through metrics

by

man's hands holding small keyboard with stylized metrics floating above

three leading indicators for your firm to move toward.

by samantha mansfield

the saying, “we manage what we measure” is a phrase we have heard many times, but how often do we reflect on the way we manage those measurements?

more: five ways to head off reluctant leadership | you need capable successors for a seamless transition | generosity: the root of great leadership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

we use measurements and metrics daily in our personal and professional lives to achieve results. we use them to track progress and success, but what we may not realize is how much these measures influence our behaviors. as much as metrics can foster positive actions, they can also create bad ones, or even bad habits.
read more →

twelve nuggets of advice for the new managing partner

by

seated man wearing suit looking straight ahead

plus some thoughts on compensation.

by marc rosenberg
the rosenberg practice management library

in an ideal world, a new managing partner will have been groomed and mentored by the existing managing partner for two or three years. a great way to do this is by executive committee participation. but alas, many things at firms under $30 million are not ideal. unfortunately, we have seen many firms anoint their new managing partner with relatively little training and mentoring.

more by marc rosenberg
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

so, our first piece of advice is to provide for a two- or three-year process of gradual transition from the current to the new managing partner. regardless of the effectiveness of the transition period, here is advice that we always give to prospective managing partners:
read more →

who does what in accounting firm management

by

confident businesswoman seated at desk

what’s the difference between a coo and an fa?

by marc rosenberg
the rosenberg practice management library

“shooting the ball is not an equal opportunity act.” – pat riley, nba head coach

who is on a firm’s management team?

more by marc rosenberg
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

of course, the answer varies from firm to firm and depends on its size. these are the most common members of a firm’s management team:

  • managing partner – the firm’s ceo, not necessarily a full-time position
  • executive committee or board

read more →

partnership vs. corporate styles of firm management

by

unbalanced brass scales

also: are you one firm or a bunch of solos under one roof?

by marc rosenberg
the rosenberg practice management library

“you get what you measure.” – peter drucker

in the context of this post, the terms “partnership style” and “corporate style” are used to describe a management style. these terms have nothing to do with the firm’s form of legal entity such as partnership, corporation, llc, etc.

more by marc rosenberg
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

partnership vs. corporate style

in our work with cpa firms, we have observed two distinct styles of management: partnership and corporate.

partnership style. democracy heavily impacts the way partnerships are governed. in a democracy, every partner has a vote and there is a “majority rules” mentality. checks and balances prevent leaders from becoming dictators. the “citizens” want a reasonable amount of input into decisions. the partners sometimes feel collegiality is more important than management discipline.
read more →

management vs. leadership

by

woman holding marker beside whiteboard, facing three colleagues

seven experts offer their insights.

by marc rosenberg
the rosenberg practice management library

“democracy is no way to run a company.” – marc rosenberg, paraphrased from pat riley, nba coach

during my 30-year career in the business world, i have read many books and articles on management and leadership. i’ve also heard countless speakers at map conferences wax eloquent on these two terms. here is a very short list of my favorite definitions of management and leadership.

more by marc rosenberg
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

management

management’s job is to:

  • decide what you want to be and make it happen.
  • hold others accountable for their performance.

read more →

the single biggest key to firm success

by

man looking at five giant keys on the ground

plus the three stages of evolution.

by marc rosenberg
the rosenberg practice management library

“wisdom is the reward you get for a lifetime of listening when you’d have preferred to talk.” – doug larson

when i began my cpa consulting career, our industry used one word – management – to describe similar but different terms: management of the firm, leadership and governance. but our profession has grown more sophisticated. today, firms understand the important differences between these three terms:

more by marc rosenberg
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

management: the execution of strategies, decisions, policies and procedures to operate the firm. this includes implementation of strategies and goals, planning, managing people and improving their performance, holding them accountable and ensuring continuous increases in growth and profitability. management is the process of making sure everyone knows what to do and managing them to make sure it gets done. my thanks to charles hylan, cpa, a partner of st. louis-based the growth partnership, for the bulk of this paragraph.
read more →

do i owe my employee a referral fee?

by

young woman seated at laptop counting money

new business should be rewarded.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i got a new client because of one of my employees. do i have to give her anything?

more: why you shouldn’t sue a client | what to do when a partner becomes disabled | i’m just starting out; why join an association? | i’m 76. should i slow down? how? | ask for what you’re worth | two options for collecting past due fees | when board service gets tricky | eleven ways new staffers can help bring in business | busy season is over, so it’s time for some resolutions | want to merge? six steps to take | how to start providing family office services | every accounting firm needs quality control
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: wrong attitude! you should want to give her something. you should be happy that a staff person was able to bring in business.
read more →

why you shouldn’t sue a client

by

statue of scales of justice

there’s more to consider than you may realize.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: a former client owes me a lot of money and will not pay or even discuss a settlement. i want to sue him. what can you tell me about this?

more: what to do when a partner becomes disabled | do as little as possible | want to merge? here are 23 things to request | i’m just starting out; why join an association? | don’t blame the client for your location | realign partners with monthly meetings | i’m 76. should i slow down? how? | who to hire when it’s time to grow | hourly billing doesn’t cover the value; now what? | ask for what you’re worth | the top tip for reviewing tax returns | you have to start somewhere | two options for collecting past due fees | you can’t win with lowballing
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

response: i don’t know the details so cannot address your specific situation. however, i have some comments about suing that i would like to share with you.
read more →

is your practice leaking money?

by

money coming out of sink faucet and going down drain

there’s a spreadsheet for that. three ways to recapture lost revenue.

by sandi leyva
the complete guide to marketing for tax & accounting firms

there are dozens (and maybe hundreds) of ways your practice can leak money.

here are three ideas that are fairly simple to implement and may be some great goals for you to consider.

more: boost your value, boost your fees | three ways to make it easier for prospects to say yes | make your next busy season easier now | how to put your strengths to work for you | implement these two daily rituals | three ways to follow up with prospects | are you throwing away profits? | want to close a deal? set a deadline | how mindset affects your marketing | three steps to becoming a millionaire | five business development mistakes to avoid | twelve ways your business card can hurt you | how to use chatgpt to create images | how to leverage chatgpt during this crazy tax season | got fomo when it comes to ai and chatgpt? you should: here’s what you’re missing
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

1. lost customer opportunities.

in just about every business i’ve worked with, there are opportunities within your current customer base that have not been harvested. when you offer multiple services or products, it may even be that some of your clients do not know everything you do.
read more →

don’t blame the client for your location

by

vehicles on both sides of a divided highway

charge for travel time and expenses at the risk of alienating clients.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: my practice is in central new jersey and i have a client about 2-1/2 hours away in pennsylvania. the mileage and tolls cost us $200 each month. can i bill for this?

more: realign partners with monthly meetings | i’m 76. should i slow down? how? | ask for what you’re worth | two options for collecting past due fees | when board service gets tricky | eleven ways new staffers can help bring in business | busy season is over, so it’s time for some resolutions | want to merge? six steps to take | how to start providing family office services | every accounting firm needs quality control | no one listens to you? change how you talk | 47 types of business valuation to provide
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

answer: are you crazy? you will lose the client. you would be “penalizing” the client for you not being local to their business.

read more →