leadership

how aging boomers impact the accounting profession

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businessman and the cloud computing conceptyour people are your biggest assets.

by steven e. sacks
the new fundamentals

there are about 80 million baby boomers today, and this cohort of 65 and older is projected by the us census bureau to reach 83.7 million in the year 2050.

more steven sacks: would you buy your own services? | the future of the accounting profession | avoid last-minute deal making | business is about relationships | can a cpa firm be different in a changing market? | a rapidly changing business environment requires flexibility | accounting is a profession, not an industry

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by 2030, more than 20 percent of u.s. residents are projected to be aged 65 and over, compared with 13 percent in 2010 and 9.8 percent in 1970.

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why remote workers need retreats

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happy business professionals giving high five hand slapinvest in face-to-face interaction.

by jody grunden
building the virtual cfo firm in the cloud

with a brick-and-mortar company, there are a number of standard costs that you would expect to have, such as rent or mortgage, utilities, building repairs, furniture, technology, etc. the total amount of these kinds of costs typically falls in the range of 3-4 percent of the company’s annualized revenue. that amount can be pretty significant for a lot of companies.

more: take the pain out of online meetings | leaders need time to lead | better understanding = better communication | why your firm’s core values matter | when value billing eliminates guesswork | make tech your ally in protecting clients | be more efficient with tech stacks
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some business owners may think they can save the company all of that money by going remote, but i personally believe that’s a terrible idea. while it’s true that a distributed company doesn’t have the costs that come with having a physical space, the very nature of a remote work environment results in a completely different and unique set of needs that should be considered in the company’s annual budget.
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top issues for millennial managing partners

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group of four young professionalsbonus: six ways to prepare for the role.

by kristen rampe
the role of the managing partner

the next wave of cpa firm leaders is here, and millennials are already making the best of this role as leaders in smaller firms.

more: 44 hard-earned tips from new managing partners | partner compensation: a potent weapon | how long should it take to make partner? | the managing partner’s role in mergers | five ways to evaluate partners | manage partners with goal setting
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to understand and share the perspective of this up-and-coming group, we interviewed eight millennials who are relatively new to the position of managing partner.

revenue for the firms averaged $2.3 million, with two equity partners and a total fte headcount of 15. some of their views on the role of the managing partner were traditional, while others were somewhat unconventional. this group is pioneering some interesting changes because they are less restrained by historical approaches.
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titles can make people happier

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but some people will never be happy enough.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: my top staff person wants a better title than manager, or senior manager. any suggestions?

more: help! key staffer refuses to supervise people | 44 key attributes for assessing staffers | make cpe worth your while | what to do with a lousy client? | but i am managing! | how to run a practice in 90 pages | how improv can help accountants
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answer: in larger firms, senior manager is one step below partner.
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44 hard-earned tips from new managing partners

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//m.g005e.com/2021/07/08/advice-from-new-managing-partners/

everything from gaining credibility to where to turn for help.

by marc rosenberg
the role of the managing partner

the toughest lessons for new managing partners have nothing to do with taxes, accounting, or even textbook management. it’s all about people – such as people issues and handling partners, according to our straw poll survey of a handful of top-flight firm leaders.

we gleaned comments from 10 relatively new managing partners. eight are from firms with revenues from $10 million to $30 million and two are from $5 million to $10 million firms.

more: partner compensation: a potent weapon | the managing partner’s secret weapon | how a good managing partner impacts profitability | how a great managing partner impacts firm growth | clarify partner expectations | exceptional managing partners offer their advice
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we posed three questions to the new managing partners:

  1. what advice would you give a new managing partner?
  2. what were your greatest challenges when you became a managing partner?
  3. if you had to do it over again, would you approach your ascension to the managing partner job differently? in what ways?

their responses tell us as much about how to do the job well as how to fail at it.

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when cpas leave to work for a client

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money tree growing in the middle of green meadoware you sure that grass is greener?

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

i know many cpas who left public accountancy to take a “better” job. for many of them this was a mistake. for some it worked out, so if you are one of the lucky few, you can stop reading what i have to say.

more: when siblings battle over the family business | readers rip: ‘she wanted her shoebox back’ | ceos don’t always know numbers | finding new business in sustainability | how to recoup staff training costs
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

there are basically three types of companies the accountant could work for – a small client that does not have an in-house controller or cfo, one whose controller will be replaced by the departing cpa, or a large company that has an entire accounting staff already in place. let’s talk about working for the small companies that do not have a controller.
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help! key staffer refuses to supervise people

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businessman with hand extended in "no" gesture4 ways to deal with it.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i have a key staff person who does not like supervising people. he says he can do everything faster and better than anyone else and doesn’t want to take the time to teach someone who, he says, won’t do it as well. he is a workhorse and spends anywhere from 50 to 60 hours a week all year round. what do i do?

more: 44 key attributes for assessing staffers | reasons to drop your book of business | are you marketing for 2022 yet? | stop drowning in client documents | make more money starting now | the wrong way to look for staff | strategic planning for the small firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

answer: he told me his firm consists of 10 staff and one owner and this person is indispensible to him, but he (the owner)
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drive your profits with only four metrics

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accounting firm econ. 101, including a sample income statement.

by marc rosenberg
the rosenberg practice management library

all businesses have economic structures unique to their industries:

  • grocery stores are high volume, low-profit margin.
  • real estate ventures use accelerated depreciation and other tax angles to generate cash flow and healthy rois.
  • professional sports teams focus on increasing the value of the franchise so it can eventually be sold for a gigantic profit.

more: a crash course in the business of public accounting | how to get promoted to manager | how to create a path to partner | making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the typical cpa firm is a low-volume, high-priced business, with a relatively high-profit margin (generally 30-45 percent of revenue).

44 key attributes for assessing staffers

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green checks being made on checklistthey’re in no order. what are your priorities?

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: do you have a staff evaluation checklist?

more: reasons to drop your book of business | get more done by saying no | don’t fire that staffer on may 18! | employee demands a raise she doesn’t deserve | how are you spending the next five years? | how to get the most from cpe | does your staff know all the services you provide? | price your practice by gross
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

answer: i did not have a checklist of attributes that are looked at in evaluating staff performance, so i prepared one.
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why your billings are ruining your firm

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businessman sitting on scales with stack of coins in other traydo you see managing partner as a part-time role? if not, don’t treat it like one.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: about a year ago i became the managing partner of my 50-person, six-partner firm. we gross about $7 million. i still maintain my book of business, which is about $1 million, and have 1,000 chargeable hours.

more: get more done by saying no | make cpe worth your while | are you marketing for 2022 yet? | don’t fire that staffer on may 18! | what to do with a lousy client? | stop drowning in client documents | employee demands a raise she doesn’t deserve | but i am managing! | make more money starting now
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

needless to say, i have been working very hard, about 2,700 total hours, yet my partners are complaining i do not have enough chargeable time and i tend to agree with them. how i can increase my chargeable hours?
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you have the right people, but are they in the right seats?

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blank organizational charttry an accountability chart.

by jody grunden
building the virtual cfo firm in the cloud

“getting the right people on the bus, the wrong people off the bus, and the right people in the right seats – these are all crucial steps in the early stages of buildup…” – jim collins, “good to great”

more: leaders need time to lead | better understanding = better communication | why your firm’s core values matter | when value billing eliminates guesswork | make tech your ally in protecting clients | be more efficient with tech stacks | put bots to work for you | not all employees want the same perks
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when adam and i first started the company, we didn’t have much organizational structure. we didn’t need it. but as the company grew, it became necessary to develop an organizational structure. there’s a great quote by michael e. gerber in his book “the e-myth revisited” that says, “without the organization chart, confusion, discord and conflict become the order of the day.”
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get more done by saying no

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businessman in dark gray suit raise his hand in action of stop and word "stop" on his red palmwho sets your priorities? you.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i do not seem to be able to get everything done that needs to be done and still have time for extras, which i like to do, like marketing and doing new things for clients. any tips?

more: make cpe worth your while | are you marketing for 2022 yet? | stop drowning in client documents | make more money starting now | the wrong way to look for staff | strategic planning for the small firm | before you sell your practice | work the client needs … but won’t pay for
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

answer: this is a recurring theme, and an issue we all have. it seems that we all have the same amount of time but some use it more wisely than others.
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