Practice Management news

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.
Practice

Three Indicators of Creditworthiness for Your Business Clients

Are your business clients applying for a loan? Sageworks Research Specialist Mary Ellen Biery outlines three indicators of creditworthiness and how your clients can improve them.
Practice

Maintaining Wage and Hour Compliance in 2013

Over the past six years or so, wage and hour lawsuits have become, if not commonplace, extremely prevalent. This trend, fueled by a large number of workers displaced following the financial crisis and stoked by successful settlements and court rulings over the past several years, is unlikely to end anytime soon.
Practice

Twelve Voice Mail Greetings That Will Make You Laugh

Jeff Davidson, "The Work-Life Balance Expert," had some extra time on his hands this week and had probably heard one too many voice mail greetings. Here's his solution to run-of-the-mill recorded greetings.
Practice

Tips for Running a Productive Meeting with Small Business Clients

Handling a client meeting with professional efficiency does not mean ticking through agenda items with military precision. The meeting needs to be handled with efficiency and finesse. Preplanning ensures the meeting will be productive and efficiently managed.
Practice

The Myth of "I Can't"

What you believe is the most important thing about you. To accomplish something you never accomplished before, you need to challenge those beliefs.
Practice

Due Diligence Found Lacking in Recent Case

Exercising due diligence is a big deal to the IRS. CPA Tim W. Kaskey discovered that the hard way. He was disbarred for failing to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.
Practice

How a Firm Makes the Vault Accounting 50

This is the fourth year that Vault has released its top fifty rankings. During the summer and fall of each year, Vault determines which firms should be included in its initial pool of candidates.
Practice

Are You At Risk of Losing Clients?

Knowing just how satisfied clients are with your services might be difficult if not impossible to gauge on a daily basis. For accountants, recognizing whether clients are considering shifting to another service provider is not always blatantly obvious.
Practice

Auditors Must Make a Positive First Impression

The majority of our society is familiar with the phrase "You never get a second chance to make a first impression." While the inherent logic of the phrase is apparent, our minds typically associate the phrase only with an initial face-to-face encounter between individuals.
Practice Management

Keep on Trekkin' – Accounting Pro Still Using TrekDesk

Last January, AccountingWEB had the pleasure of meeting Cindy Mayhak – a fitness pioneer in the accounting profession who decided to break away from her desk without breaking away from the office by using a TrekDesk.
Practice

Financial Outsourcing Services Seen Growing 8 Percent Annually Through 2017

Global spending on finance and accounting business process outsourcing (F&A BPO) services will exceed $25 billion in 2013 and rise at an annual compound growth rate of 8 percent through 2017, according to research by accounting firm KPMG and HfS Research.
Practice

Minimizing the Risk of Background Checks

Hiring is an expensive, time-consuming process – employers want to make sure they get it right the first time. For many employers, background checks represent a key tool in ensuring the people they hire are trustworthy and have the skills, experience, and education they claim to possess.
Practice

The Case for Mandatory Partner Retirement

Almost every firm that I work with has a succession issue in the near term. Baby boomers are retiring at an accelerating rate, and firms are coping (or not) with transition issues surrounding those exits.

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