management

3 ways to raise the bar for your business

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stop allowing your business bar to maintain the status quo – or worse, lower.

by seth fineberg
at large

as most accountants prepare to shake off the effects of yet another tax season, the question remains: what will take you and your firm to the next level?

more fineberg: make it ‘productive season’ | it’s time to do the uncomfortable | jeremy sulzmann: can intuit mend fences with accountants at qb connect? | meet basis, the new ai bookkeeper on the block | is this when accountants start taking freshbooks seriously? |you’re doing email wrong | careful … you may be advising! | when live events fail | getting real: accounting tech decisions you need to make today | accounting tech doesn’t have to be daunting |who’s in control? you? or your clients?

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

perhaps you’re not thinking about what’s next for your business, but you kind of should. if you’re frustrated with aspects of your business, you need to take a good, hard look at what is making it that way and ask yourself, “what is going to raise the bar?” staying the same is easy, but it gets harder as you look around you and see other practices making core changes to improve life-work balance and revenue and remove blockers through technology, service, or client mix.

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busy season is over, so it’s time for some resolutions

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twelve things to do before you get busy again.

editor’s note: the end of every busy season means a new beginning for practitioners, which is why we thought this q-and-a was particularly timely.

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

question: do you have any suggestions for the new year?

more: hold staff accountable if you want them to listen to you | when selling a firm to staffers is tricky | courting a client? don’t give too much away for free | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

answer: checklist of things to do in the new year:

  1. stop marking saly next to your new year’s resolutions. make one or two big-time life goals resolutions that you will do.
  2. check your personal insurance coverage. make sure you have adequate uninsured motorist, umbrella, workers compensation at your home and life insurance.

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hold staff accountable if you want them to listen to you

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woman speaking and giving direction to subordinate

concrete steps for effective staff management.

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

question: my staff doesn’t listen to me. to be able to manage and control my business, i need them to prepare a monthly schedule of what they plan on doing that month. i further need to know each morning if they did what they were supposed to do the previous day, and whether there was anything not done, or anything extra that wasn’t planned on.

more: when selling a firm to staffers is tricky | 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 | thirteen things to consider before you sell your practice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

my problem is that they don’t give me the schedule and then don’t call or email me to tell me what they did. i really need to know this stuff and can’t figure out how to get them to do it. what can you suggest?
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top performers lead in leverage, culling, outsourcing

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two hands on keyboard, two hands doing other work with calculator

the causative difference? look at the amount of work delegated downward.

by 卡塔尔世界杯常规比赛时间 research

the aicpa’s 2023 national management of an accounting practice (map) survey has detected some of what distinguishes firms that stand out as top performers.

the survey defines top performers as the top 25 percent of firms based on net remaining per partner.

more: business booming, but not as much as last year | busy season barometer offers clues for better business | end tax season meetings with clients … seriously | ftc nails turbotax for ‘free filing’ scam | can’t irs online accounts be more useful? | taxpayer assistance centers: a good idea that should be better | tax pros are expanding and earning more
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

more, more, more

what makes a cpa firm a top performer? in a nutshell, more:

  • more leverage of partner expertise
  • more culling of clients
  • more cpas in the firm

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six steps to battle cybersecurity risks

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what cost or time investment would you pay to protect your firm and your clients?

by donny shimamoto
cybersecurity for accountants

when it comes to cybersecurity, one risk aspect to consider is whether or not the steps you’ve taken to protect clients’ pii will stand up in court in the event of litigation related to a data breach or damages to a client because of a cybersecurity issue caused by your firm. during litigation, opposing counsel will often bring in cybersecurity experts to describe cybersecurity best practices—which are often a higher level of controls than just compliance.

more: understanding the full cost of a data breach | the 7 categories of of cybersecurity solutions firms need | future firm growth requires a mindshift | donny shimamoto explains how ‘agile’ applies to cpa firms | ai, ocr, nlp & cpas: oh my!   |  accounting nerds, unlock your super powers  | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms |  staff retention for remote workers | why the future is in risk advisory |  ready for non-cpa “cpa” firms?
goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

be sure to consult with both your cybersecurity advisor and legal counsel to determine which controls you may still want to implement even if you qualify for some of the exemptions. many controls, like the ones identified in the ftc exception, do not cost much to implement and can demonstrate that you still fulfilled your professional obligation to protect clients’ data—reducing your litigation risk.

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are accountants charging too little?

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pensive woman staring while surrounded by various denominations of floating currency

size matters in partner income. (aicpa map)

hourly billing on the decline but still holding on.

by 卡塔尔世界杯常规比赛时间 research

by all indications,  cpa firms are outperforming the general economy by a very satisfying margin.

but are they charging enough?

more: chatgpt for the reluctant cpa | cpas needed to help small biz adopt ai | revenue growth is top priority for small firms | survey shows challenges, priorities shifting | survey shows that tech remains the great divide | is the cpa business model the clog in the pipeline? | can big data spot financial fraud? | will unclogging the accounting pro pipeline kill mobility? | accountants cozy up to clients with cas | accountants torn over 2024 economy, offer advice | accountants bullish on income
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

all categories of median net fees show substantial increases from 2021 to 2023 in the latest aicpa national management of an accounting practice survey:

  • net client fees leaped up 24 percent.
  • net client fees earned since prior year: up 15 percent.

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courting a client? don’t give too much away for free

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businesswoman shakes client's hand across desk, both seated

what to say instead.

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

question: i usually give away too much info at a meeting to get a new client.

more: how to start providing family office services | higher fees to start: ten ways to make your tax season better | three ways to start an accounting practice | free consultation? not always | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we simply answer too many of their questions during the initial meeting. we don’t know how much info to give away so the possible new client will get hooked and not take the information and run to somebody else.
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make it ‘productive season’

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don’t be busy. be productive.

by seth fineberg
at large

at this time of year, most accountants are considered to be mired in an annual waterboarding-like ritual known as “busy season.” while the moniker has long stirred ire, one way to rally against its implication is to take a good look at what being “busy” means. moreover, why not make it more productive?

more fineberg: it’s time to do the uncomfortable | jeremy sulzmann: can intuit mend fences with accountants at qb connect? | meet basis, the new ai bookkeeper on the block | is this when accountants start taking freshbooks seriously? |you’re doing email wrong | careful … you may be advising! | when live events fail | getting real: accounting tech decisions you need to make today | accounting tech doesn’t have to be daunting |who’s in control? you? or your clients?

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

perspective is everything. and while i’ve noticed more accounting professionals making concerted efforts to have more of a life/work balance, it is apparent that much of the work that contributes to being “busy” could evolve into productivity.

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why strategic thinking impacts your firm’s future

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what do “disturbing the present” and “paradigm shift” really mean?

by marc rosenberg
the rosenberg practice management library

roberto goizueta, the late chairman of coca-cola, and certainly one of the top two or three ceos of the last 30 years, said it best: “challenging the status quo when you have been successful is difficult. if you think you will be successful running your business in the next 10 years the way you did the last 10 years, you’re out of your mind. to succeed, we have to disturb the present.”

more: seven things good firms must do | five ways to separate accounting winners from losers | core values: why your firm needs them | voting on ownership basis? three better methods | fifteen big questions for your next strategy session
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

compared to most vocations, cpa partners make a pretty good living. their success has been attributable primarily to a combination of the following:

  1. bringing in business
  2. providing great service to clients, which results in client retention and moving clients upscale in terms of services
  3. strong technical skills
  4. developing staff into leaders
  5. strong interpersonal skills

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seven things good firms must do

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six people meeting around office conference table

good management gets them there.

by marc rosenberg
the rosenberg practice management library

if partners of firms across the country were asked what the key was to the success of legendary fortune 500 companies such as general electric, coca-cola, ibm and countless others, i’m sure that the words “strong management” and “strong leadership” would dominate their responses. yet, ask those same partners to evaluate their own firms’ management, and if they are honest, their responses would not be very flattering.

more: five ways to separate accounting winners from losers | two factors determine firm profitability | five keys in compensating new managing partners | what partners do and don’t deserve | five steps to transition to partnership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

of all of the techniques for improving cpa firm profitability, none is more effective than strong management and leadership. yet, nothing is more elusive. why is this?
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