Practice Management news

Practice

Mandating Flu Vaccines: What Employers Should Know

Seasonal flu is not only unpleasant, it's expensive. Each flu season, nearly 111 million workdays are lost because of the flu, which represents approximately $7 billion per year in sick days and lost productivity.
Practice

Learning Beyond Technical Training

Most accountants possess a similar level of technical training as their peers, but the most successful firms are those creating a true learning culture in which business processes, soft skills, and the art of running a company are all taught and viewed as crucially important.
Practice

NSA Offers Tips for Successful Succession Planning

One of the most complex business decisions an accounting practice will face is putting together a succession plan, but a recent survey conducted by the National Society of Accountants revealed that many firms do not have a plan in place.
Practice

I Want to Retire, so What's Next?

More than two thirds of accounting firms have no plan for succession. Before you dust off your fishing gear or head for the warmth and sunshine, read about taking those important next steps and by all means offer your insights and advice in today's discussion, I want to retire, so what's next?.
Practice

Modern Technology Lacking in Most Small Businesses

Although a little more than half of small business owners who were recently surveyed use technology for accounting, only a minority use automated technology for other key business operations, such as appointment booking and scheduling, CRM, and acquisition marketing.
Practice

What Gives the Next Generation an E.D.G.E.?

The implication to today’s senior leaders is clear: to be the best version of itself in the future, the firm must start today by understanding, nurturing and involving their next generation. The firms that get this right will be the benefactors of growth, sustainability and meaning.
Practice

Key Considerations When Buying a Firm

Thinking of buying a firm but not sure where to start? That question is being contemplated more and more every day with more mergers, acquisitions and consolidation taking place across the accounting and wealth management industry today.
Practice

HR Corner Q&A: Can I Force a Sick Employee to Go Home?

Question: Can you force an employee to go home who is coughing, sneezing, hacking and has a runny nose? The employee is out of sick leave but has vacation leave available to use. The employee is exempt.
Practice

Loss Prevention for Accountants: Avoiding Malpractice, Litigation while Keeping Your Clients Happy

The accounting profession first became a lucrative target for plaintiffs' lawyers after the savings and loan industry collapsed in the mid-1980s, and little has changed since then.
Practice

Finding Skilled Professionals Remains a Challenge for Small Businesses

What's the greatest challenge for small business owners when it comes to hiring and managing staff? Sixty percent of business owners who were recently surveyed said finding skilled professionals is the biggest hurdle.
Practice

Thanks to the Supreme Court: Narrower Definition of "Supervisor" Provides Opportunities for Employers

On June 24, 2013, the US Supreme Court narrowed the definition of who qualifies as a "supervisor" for the purposes of harassment cases. This holding is a significant win for employers.
Practice

Heart Smart: Firm's Giving Is Grassroots Employee Effort

For many accounting firms today, charitable giving is simply a daily part of doing business, as CPAs increasingly look to firm leadership to provide an outlet for their natural inclination to give back.
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.
Practice

Top Priorities for CPA Firms: Retaining and Training Staff

Staffing is among the top management issues facing CPA firms, according to a recent survey by Sageworks. That's not surprising, considering many firms are experiencing a staffing crisis as they lose significant percentages of top staff.

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