management

the priorities were backward

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businessman sitting in office and reading documentswhat is the worst thing that could happen?

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

when i was a junior accountant an eon ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller or bookkeeper.

more: the seven-minute financial statement | when an audit is a great thing | how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs
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then when i became a manager, i continued this practice of having lower-level staff perform these procedures. i now consult with many accounting firms and find it is still being done that way. i stopped it many years ago and wonder why it’s still widespread.
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eliminate mystery through communication

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what could be shared that isn’t?

by rita keller

improved communication can be achieved with many different approaches. some tactics may primarily affect intrafirm understanding and teamwork, while others focus more on increasing clarity and frequency of communications with clients. no matter where they are directed, when these efforts are successful, they benefit the firm and its clients.

more: leadership growth is a two-way street | how to encourage firm ownership | change when? continuously | win with an intentional culture | each generation must change
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when i begin to work with a new cpa firm client, one of the most common issues i encounter is the lack of open, honest, ongoing communication between firm leadership and team members.
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why no one listens to you

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how long are you talking?

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: i notice that most of the time my staff doesn’t listen when i talk. how can i make them listen?

more: when not to charge for an initial consultation | what’s your ‘kg’ value? | when clients call you at home | why partner retreats are worth the cost | selling your practice is not a retirement strategy
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a: err, what did you say?

just kidding! i find this issue very widespread. i believe there is an epidemic of people not listening, not just staff.
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when not to charge for an initial consultation

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bonus: a sample initial business valuation consultation engagement proposal.

by ed mendlowitz
202 questions and answers: the complete 2-volume set

q: i was wondering what your thoughts are regarding initial consultation fees. currently, i do not charge a fee for an initial consultation, and it seems that most cpas do not charge either (at least not the sole practitioners that i know).

more: what’s your ‘kg’ value? | how to stop yourself | how to handle referrals with attorneys | why checklists? | thirteen things to know before selling your practice
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would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? if a fee is charged, then how much, and how long should the consultation last? should the fee be applied to any work that i am eventually engaged to do?

a: there seems to be a toss-up between two different philosophies:

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the seven-minute financial statement

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young businessman staring at laptop computer in officedon’t skip the notes.

by ed mendlowitz
77 ways to wow!

how do you start reviewing a financial statement? like any good book, you must start at the beginning.

more on advisory: when an audit is a great thing | how to read a financial statement | the kpi an absentee manager needs | which kpis do you need? | 77 thoughts about client needs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but where is the beginning? and how can you do it in only seven minutes? here is how …
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how to stop yourself

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or not! but be conscientious about it.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: sometimes i get stuck doing work that the client did not ask me to do, that is not chargeable and simply a waste of time, but i get trapped (by myself).

more: what good managers know about bad judgment | when clients call you at home | why partner retreats are worth the cost | selling your practice is not a retirement strategy
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any words of wisdom to avoid this?

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penny breslin: how to face hiring challenges head-on

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the disruptors: penny breslin says don’t blame robots.

^ click to play video | > play the podcast and follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.


with liz farr
for 卡塔尔世界杯常规比赛时间

the accounting profession has faced staffing issues for years now and, especially post-pandemic, the problem has compounded. penny breslin, 卡塔尔世界杯常规比赛时间 contributor and the founder of moneypenny, talks about how firms are facing the hiring challenges and popular solutions that seem to be working, including using predominantly cloud-based apps for collaboration and engagement and taking a true evaluation of the talents and skills needed for each position.

more disruptors: blake oliver: why tax work yearns to be free | private equity explodes in u.k. | brannon poe: the status quo must go  |  accounting nerds, unlock your super powers  | private equity vs. the cpa firm partnership the fintech flood: accounting will never be the same  |  think small to think big with matt wilkinson | your sales tax headaches are only just beginning | when financial statements go extinct with corey schmidt  |  can geraldine carter save accountants from themselves? |  re-inventing accounting with tyler anderson |  turning client service into new revenue

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

breslin says firms need to look at the talent they have and realize that not everyone has to be “a duplicate of yourself.”

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win with an intentional culture

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it is the most important factor in attracting and retaining talent.

by tamera loerzel
bridging the gap

firm culture is a term that is frequently used and often taken for granted. assuming that your culture matches the firm’s stated goals isn’t wise, nor is considering the culture to be static and unchanging.

more: each generation must change
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

to create and maintain a firm culture that delivers positive results and brings team members together to work toward a common cause, you must take action to ensure that the many elements contributing to an engaging, positive firm culture are all working to create concrete manifestations of the culture you desire to see.  
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fine-tuning the subscription fee model

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how cpa jamie lopiccolo’s subscription pricing models manage client expectations and the firm’s cash flow.
^ click to play video | > play the podcast and follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.

with steven sacks
the new fundamentals: thriving in disruption

james (jamie) n. lopiccolo, cpa, cgma
lopiccolo

jamie lopiccolo, the managing member of a small midwest firm, has been employing a subscription-based model for more than four years to invoice clients for services rendered. in addition to positioning the cpa as the client’s partner for success, it also encourages those who employ the system to provide maximum value in each client interaction, rather than focusing on getting as much money or billable hours as possible. catch another conversation with lopiccolo here: sell service, not hours.

more: blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  |  accounting nerds, unlock your super powers  | private equity vs. the cpa firm partnership the fintech flood: accounting will never be the same  |  think small to think big with matt wilkinson | your sales tax headaches are only just beginning | when financial statements go extinct with corey schmidt  |  can geraldine carter save accountants from themselves? |  re-inventing accounting with tyler anderson |  turning client service into new revenue

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

the approach is to both manage expectations by the client and ensure a normalized cash flow for the firm. additional benefits include a more strategic approach to dealing with new clients because they are getting the full picture of their business’s needs.

more takeaways:

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listen to learn

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four people meeting for business luncheffective networking is an art.

by steven e. sacks
the new fundamentals: thriving in disruption

there is no one right way to effectively network. you can join boards, attend conferences and sign onto various electronic forums, among other ways. no matter how you decide to get yourself out there, the critical factor is the approach you take. asking others, “how may i help you?” is the positive, proactive way to establish relationships.

more: build the framework to a solution with five answers | try for success, not a win
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you as the networker are seeking to build a relationship. if the other person or group benefits from your effort, think of it as an investment for the future. if you are looking for an immediate quid pro quo, it will become transparent to the other party. when you offer assistance, be authentic and sincere in your words and actions. follow through on your promises.
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your tax season success plan starts here, now

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hayden

now that everyone has (hopefully) had time to recover, there are four important steps to take to help next tax season go as smooth as possible

by christopher hayden
managing partner, hayden nelson & yoder

christopher hayden, cpa, cma, cgma is the managing partner of hayden nelson & yoder, a cpa firm based in pennsylvania, at hnycpas.com.

to avoid sugar-coating it, tax season is stressful. long work hours, back-and-forth with clients and mountains of documents can keep accounting professionals in the office for 20 or more additional hours each week. and this tax season felt extra-stressful with all the tax law changes, not to mention explaining to clients who had huge capital gains why they owed taxes.

but once the busy tax season is over, it’s time to review processes and take action to help the remainder of the year go smoothly.

more: civility goes a long way | don’t overlook office relationships | how to deliver authentic value | why deadlines get missed | five reasons you’re not swot-ready | are you productive or just busy? | accounting is a profession, not an industry
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before that, allow a few weeks to:

  • rest
  • relax
  • recover

make sure to give team members a pat on the back, especially if it’s their first time going through the madness of tax season or they went above and beyond this year.

however, once everyone has recovered enough, it’s time to go through the following steps: read more →

build the framework to a solution with five answers

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woman and man shaking hands across a deskavoid last-minute decision-making.

by steven e. sacks
the new fundamentals

cpa firms often believe the most crucial part of negotiations to close a deal happens at the final stage of talks. but in order to have a satisfactory conclusion, you must set the tone at the beginning stage with an honest and forthcoming discussion based on mutual benefit – with an underpinning of respect and trust.

more: try for success, not a win
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

for young professionals, it is never too early to evaluate your negotiation aptitude. think about this as a process with key milestones. this gives you the chance to make modifications along the way and to avoid the last-minute pressures of bargaining that can remove the advantages you have created. adhering to a game plan will reduce the chances of objections from the other party, or even worse, the backing out of an arrangement that you considered to be a “lock.” this can be applied to discussions involving a promotion or a pay increase.
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five tips for virtual team member happiness

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businesswoman with piggy bankfind ways to challenge them.

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

it’s not uncommon for even the smallest of businesses to have employees and contractors all over the world. at one point i had an employee in ukraine, two employees in san jose, a virtual admin in orange county, a warehouse team in indiana, a transcriptionist in las vegas, partners in new york, chicago, missouri and atlanta, and a coach in sydney, australia.

more: three thoughts for a quiet morning | take a moment for appreciation | five skills that spell success | the seven-step plan for marketing by spreadsheet | five things clients have taught me
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i moved from san jose, calif., to plano, texas, while my team stayed put. and it didn’t hurt my business one tiny bit. here are five tips to help your virtual team play at their best.
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