Practice Management news July 2013

Practice

How to Nurture Young Talent in Your Firm

There once was a time when young CPAs got in line at a firm and “waited their turn” to become partner. Today, a number of factors are challenging this apprenticeship model. According to the AICPA’s 2012 PCPS Succession Survey, less than half of multi-owner practices have succession plans in place, and 42 percent point to a lack of confidence in the leadership ability of junior partners as the single largest succession issue.
Practice

Buying Out Retiring Partners: What Does It Take?

Does your firm's partner agreement contain the necessary elements to buy out retiring partners in the near future? Perhaps you haven't looked at the agreement in several years, or maybe your firm doesn't even have one. Here are tips on what it takes to make partner buyouts successful.
Practice

The Inverted Pyramid - Does This Look Like Your Firm?

There's no question that the most profitable firms (defined as high-per-partner income) in our profession have figured out that leverage and a well-managed pyramid are key ingredients. Why is it then that so many firms are struggling with just the opposite?
Practice

Managing the Rise of Baseless Whistleblower Retaliation Claims

In fiscal 2012, the US Department of Labor's Occupational Safety and Health Administration (OSHA) reported that employees filed almost 2,787 whistleblower retaliation claims.
Practice

How Entrepreneurs Should Use Their Accountants

While "big data" has become a buzzword and the ability to readily capture data to inform business decisions has significantly increased in recent years, overlooked in this data grab is the importance of financial data and accountants, specifically.
Practice

Tips for Productive Partner Retreats

Partner retreats, while often taking place in relaxing atmospheres, typically are anything but relaxing. However, the importance they have to the firm and for those invested in the future of the firm cannot be underestimated.
Practice

October 1 Deadline Looms for Obamacare Notices

The common perception is that most of the key provisions included in the Patient Protection and Affordable Care Act take effect in 2014. But employers should be advised that other responsibilities and rights kick in before then.