Every firm is working through the succession maze and dealing with the exit of key partners in the firm. It's the Baby Boomer bubble up close and personal, which I have written about and which every firm that I work with is dealing with.
What's your most powerful new business tool? For almost every accountant I talk to, it's word of mouth. But when I ask them what they're doing to grow their referrals, I'm often met with an uncomfortable silence.
Michael Bohinc, CPA, is a baseball nut, the son of a plumber, and the owner of Keeping Score, Inc., an accounting, tax, and business management advisory services firm. So he combined his background as he developed an industry niche focused on plumbing and HVAC contractors.
Most top US accounting firms report that common sources of firm revenue growth include niche services, such as business valuations, litigation support, strategic planning, and business advisory services.
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.
Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right.
According to an investigation by the U.S. Government Accountability Office (GAO), “Retirement plan providers are offering misleading or even false information about 401(k) rollovers that can cost participants thousands of dollars in additional fees.”
It's possible that at the times we find ourselves operating at our best, we are not actually helping clients solve problems, but instead helping them achieve their ideal outcomes. The best relationships we have with clients are characterized not by transactional problem-solving relationships, but rather by holistic relationship where we know what really matters to the client in business and in life.
This September, thousands of accountants from state CPA societies across the country tossed their spreadsheets aside to paint dorms at local women's shelters, tutor kids at the Boys and Girls Club, and serve countless meals to the hungry and homeless during the annual CPA Day of Service.
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.
Regardless of the industry, all businesses have a need for an accounting firm. For Tom Palm, identifying the industry his firm wanted to work with was a strategic decision that helped him grow his business. Read why the niche approach works.
CPA firms in 2012 posted their first respectable increases in revenues since before the start of the recession; however, professional staff turnover last year rose approximately 50 percent across the board compared to 2011.
The staff at Jordan & Company, Chartered in Pocatello, Idaho, could have taken a few days after the September 16 tax extension filing to tidy up the typical post-deadline clutter at the office. But instead, employees spent their "downtime" sprucing up an entirely different type of habitat.
Forensic accounting and litigation support firm Boucher Stickley Group LLC (BSG), based in New York City, has merged with White Plains, New York-based WTP Advisors, a global tax and business advisory firm.
Accounting and business consulting firms Sax Macy Fromm & Co. PC (SMF), based in Clifton, New Jersey, and Bollam, Sheedy, Torani, & Co. LLP (BST), headquartered in Albany, New York, will merge, effective January 1, 2014.