how should the managing partner be compensated?
10 important factors to be taken into consideration.
by marc rosenberg
author of “cpa firm management and governance.”
leadership
ten things every firm needs to make clear firm-wide
the main categories of information for internal communications and management. by bruce w. marcus professional services marketing 3.0 while the substance of information varies from firm to firm, there are 10 categories that cannot go unconsidered:
21 questions for managing the managing partner
marc rosenberg, cpa and author of “cpa firm management and governance,” discusses essential criteria for an effective performance evaluation of the ceo. read more →
the competition for talent: it’s all about motivation
at microsoft, they worry about motivation, says bruce w. marcus, author of professional services marketing 3.0. when everybody who holds any kind of a responsible job is making more money than any of them ever dreamed they would, and when … continued
how to design your business around your strengths
in this report, sandi smith, cpa and creator of accountant’s accelerator, directs practitioners to an online psychology test from a top university and shows how to put it to work for yourself. she describes a process for identifying personal characteristics that can aid in building a practice. read more →
seven good reasons your firm administrator deserves the m.v.p. award this year
study identifies the value-adds of a coo.
by marc rosenberg
author of “cpa firm management and governance: the essential managing partner’s guide to running a cpa firm like a business.”
in baseball, the most valuable player award is conferred to superstars of the game. there is controversy over who should win the award: the player with prodigious individual production stats or the one player in all of baseball who was the most valuable player to his team, who was indispensable, without whom the team would not be a winner.
in a cpa firm, the nominees for the mvp award are:
- the managing partner.
- the rainmaker.
- a great client handler.
- the firm administrator.
both our experiences with cpa firms as well as the results of several surveys we’ve done of firm administrators show that firm administrators can build a very strong case for winning the mvp award.
a survey of firm administrators
in recent years, we have conducted several surveys of firm administrators across the country.
here is a summary of key firm admin roles that build the case for the admin being his/her firm’s mvp: read more →
tax and accounting firms’ net profit margins expand to 21.2% [pro member exclusive]
now second only to oil drilling as nation’s most profitable industry.
a new analysis of financial statements shows tax and accounting businesses are improving their net profit margins despite an otherwise harsh economy, according to new data obtained by 卡塔尔世界杯常规比赛时间. read more →
comp plans for the new managing partner
lessons from the best-managed firms.
by marc rosenberg
author of “cpa firm management and governance: the managing partner’s guide to running a cpa firm like a business.”
baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms.
in fact, 卡塔尔世界杯常规比赛时间 estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. and over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control. read more →
12 fast, low-cost tips for a stress-less tax season
stress management is critical to a successful season.
by sandi smith, cpa
accountant’s accelerator
i don’t want to stress you out, but we really do need to do something about our stress levels.
the american psychological association says our kids are getting headaches, having difficulty sleeping, and eating too little or too much due to pressure from school and household finances. the worst part is that most parents were not aware of the severity of their children’s stress.
many adults reported not knowing what to do to change their lifestyle so they could reduce their stress, so it just makes sense to talk about this a little.
here are the most common stress-reducing tasks that some people do, according to the survey: read more →
how managing partners spend their time [pro member exclusive]
by marc rosenberg
author of “cpa firm management and governance.”
managing the firm, rainmaking, client management. all vie for the managing partner’s time.
statistics from the rosenberg practice management survey show:
| firm size | annual billable hours | % mp to all | |
| managing partner | all equity partners | ||
| over $20m | 632 | 1,079 | 59% |
| $10-20m | 736 | 1,090 | 67% |
| $2-10m | 959 | 1,117 | 85% |
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armed with the above, my experience with firms would indicate that the managing partner’s time is spent as follows: read more →
who should earn more: the managing partner or the rainmaker?
that depends.
by marc rosenberg
author of “cpa firm management and governance.”
in allocating partner income, a firm needs to look at all performance attributes of each partner.
from a 35,000 foot altitude, firms should be reviewing these items for each partner:
- the partner’s role in the firm, the relative values of the various roles (mp, rainmaker, client handler, qc expert, niche specialist, administrator, etc.) and how well the role was performed.
- the extent that the partner achieved his/her goals.
more on cpa firm management and leadership: not every firm needs a general patton • overcoming the three biggest obstacles in succession planning at cpa firms • cpa firm merger “non-negotiables” • the “aha moment” in cpa firm leadership • leadership is overrated: it’s good management that makes successful firms • 40 great ways to improve firm profitability • four management metrics that fool even the best-run firms •
there are three different roles a partner can play: read more →
five new tax season tips to provide consistency in service, processes, and standards
by ed mendlowitz
adapted from the 2013 tax season opportunity guide
one way to guarantee extra work is to have everything always done differently each time it is done.
not establishing uniform procedures is bad business and unnecessarily consumes part of your life.
consistency in performance reduces work and review time and creates a greater reliance on the staff people.
checklist: read more →
show me the margins: six ways to take home more of what you earn this tax season
options to grow your profits besides raising revenue and lowering costs.
by sandi smith, cpa
accountant’s accelerator
many accountants these days are anxious to hit the golden $100,000 mark this year. others are interested in growing their revenues steadily and incrementally. still others are focused on lowering costs, raising profits from that side of the equation.
more for soloists and small firms: seven checklist secrets for turning tax season into opportunity season • how to stay energized, upbeat, and thinking bigger through busy season • seven ways to wow your prospect • rev up your revenue with these two daily rituals • 10 tips for creating more energy this tax season • take a cue from venture capitalists: your firm needs a brain trust trinity • five ideas to reduce client price-sensitivity • rise to the top with a fresh elevator speech
all of these approaches are well and good to help you keep more of what you make, but there are far more options to grow your take-home dollars besides raising revenue and lowering costs.
here are six more ways to get more profit out of your practice: read more →