Practice Management

Practice Management

Ensuring efficient, effective growth

By Gail Crosley, CPA The days of building business by doing good work and chatting over lunch, ending with a firm handshake, are the historical legacy of our profession. But what about the future? Don't get me wrong – CPAs like a good meal as much as ever. But these days, lasting growth is a systematic process based on proven methodologies and metrics. Public accounting has long relied on creating books of business to ensure efficient, predictable success. But things have gotten more complex, as they have throughout corporate America.
Practice Management

MAP survey results show continued growth for CPA firms

A large majority of CPA firms reported continuing strong growth during the past two years according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. "CPA firms continue to do well," said James C. Metzler, CPA, AICPA vice president, small firm interests.
Practice Management

Tips for Generation Y/Millennials' managers and mentors

By Phyllis Weiss HaserotThis is the third of a new series of regular columns by generational expert and internationally known consultant, coach, writer, and speaker Phyllis Weiss Haserot on intergenerational relations and navigating the challenges of the multi-generational workplace for better productivity, retention, succession planning, and business development results.
Practice Management

CCH Accounting Trends Survey highlights challenges for the future

The demands on the accounting profession have changed in unexpected ways in recent years, driven by increasing regulatory complexity, the need for specialization, the globalization of businesses, and shifting demographics. In addition to this are economic factors, which will not only challenge some firms, but will also bring new opportunities. CCH, a Wolters Kluwer business conducted a nationwide survey of accounting firms to take a closer look at the issues firms face today and the trends that will influence the profession over the next three years.
Practice Management

How to manage in a downturn: Strategies for entrepreneurs

Setting aside their original blueprint for growth agenda, three prominent entrepreneurs, guest speakers on Ernst & Young's October 14th Thought Center Webcast Strategic Growth Leadership Series, agreed to engage instead in a candid discussion on what entrepreneurs actually can control and manage in a time when they can't control the economy.
Practice

INSIDE Public Accounting names the nation's best managed accounting firms

INSIDE Public Accounting's Best of the Best recognition honors 25 firms annually for their wise management and superior operational performance in fiscal and management metrics based on 50 criteria. Another 25 firms are recognized with designations as Best of the Best Honorable Mentions. This is the 14th year INSIDE Public Accounting (IPA) has named the best-managed accounting firms. Two hundred fifty firms participated in this year's IPA Annual Survey and Analysis of Firms. Each of the firms is eligible for the IPA Best of Best honor, regardless of size.
Practice

Boomers and millennials: Can we achieve mutual admiration?

By Phyllis Weiss HaserotThis is the second in a new series of regular columns by generational expert and internationally known consultant, coach, writer, and speaker Phyllis Weiss Haserot on intergenerational relations and navigating the challenges of the multi-generational workplace for better productivity, retention, succession planning, and business development results.All the generations want more respect from the others. Below are things I think are under-appreciated. Recognizing them can help to build bridges.
Practice Management

A Conversation With Betsy Nolen: The busy accountant’s best friend

Betsy Nolen is not an accountant, but at the CPA firm of Barfield, Murphy, Shank & Smith in Birmingham, Alabama, she's a VIP. Ask anyone who works there and they'll tell you that this young woman is well-loved. What does she do? For the last two years, she has filled the role of personal valet to every member of the BMSS staff, from partners to the receptionist. It all started when founding partner, John Shank read about another firm that employed a valet to help busy CPAs get through the hectic tax season with a little more peace of mind. Shank admits... he stole the idea...
Practice Management

A bad boss can send you to an early grave

By Dr. Travis BradberryIt seems there's always a steady supply of sympathy available for anyone stuck working under a bad boss. Most everyone I know has been there at one time or another, working under a tyrant who somehow manages to survive in this world without people skills. If you haven't had a boss like this, you should consider buying a lottery ticket--and I mean soon. You are that lucky.
A&A

Exceptional service is an exception to the rule

So, you don't communicate so good! How do you think people perceive you? Is it professional or is it just OK?As a business owner or a manager, you must remember that the people who work for you represent you as well. In fact they are you!Example: You have a bad meal or bad service in a restaurant and then what do you tell people - "Don't go there!" You blame the whole place for one person. You do not simply say, "Don't have Bob as your waiter," or, "Carol was a lousy hostess." You blame the entire establishment. One person is the business.
Practice

I'm not a salesperson . . . or am I?

By Lenann GardnerAs a thoracic (chest) surgeon, Aaron was used to working on hearts and lungs.He's a gifted surgeon, with a wonderful bedside manner, impeccable skills, and true caring for his patients' lives and families. But the truth was, his case volume was down, and so too was his income. What to do?Aaron was surprised to realize that he had a sales problem.
A&A

Can we talk? Surveying your prospects and clients

By Angi FisherToday more and more companies around the world understand the importance of really knowing how their customers and prospects view their organizations. They also realize that customer viewpoints can change quickly. So how do you keep informed of your customers' opinions? How do you know they're continually satisfied? That they value your company? That they feel appreciated?
A&A

Individuals and home businesses: A survival plan for important documents

When storms ravage the country, we often concentrate on how lucky we are if we're not in the path of the storm, but fail to consider the possibility that the next storm might just be a direct hit. Before you find yourself bailing out the basement, try re-examining your own readiness to react, should catastrophe strike your home.Most of us know what to grab should we need to evacuate on short notice and many of us have these items in an easily accessible location, ready to be loaded into the car in five minutes’ time.
Practice

From Boomers to Gen X and Y: How and what to communicate

By Phyllis Weiss HaserotThis is the start of a new series of regular columns by generational expert and internationally known consultant, coach, writer, and speaker Phyllis Weiss Haserot on intergenerational relations and navigating the challenges of the multi-generational workplace for better productivity, retention, succession planning, and business development results. Communication is a key sticking point, so we start with very specific tips to increase rapport and understanding.
Practice Management

The business discipline of practice growth

"Opportunity is missed by most because it is dressed in overalls and looks like work."-- Thomas EdisonBy Gale Crosley, CPAPromising opportunities may not be sporting overalls at your firm, but it's likely a number of them have successfully camouflaged themselves from you and your partners! Sure, you're busy these days, but sheer momentum isn't enough to guarantee long-term sustainable growth. For that you need an orderly approach to opportunity planning.New Attitude
Practice Management

Seven ways to make sure your workforce investment is paying big dividends

Now that the economy is dragging and business is tight, it's more important than ever to get maximum return from your employees. Change management expert Morrie Shechtman tells you how.It's no secret that the economy is barely limping along. And whether or not your company is feeling the pinch, the downturn is making you scrutinize your employees with a skeptical eye. Is Anthony really working or is he goofing off? Why does Stacey hole up in her office and never speak to anyone? And as for Edward, he seems even more hostile than usual these days.
Education & Careers

For young accountants, communication is key to developing successful client relationships

For many new accountants, landing a first job or getting to know the culture of a firm can be a major accomplishment. But in today's tight economic times, it is a new accountant's client development skills that will help him or her stand out from the pack and get on the fast track at a firm.Of course, there are the tried-and-true methods. Network with fellow accountants, join professional organizations, and dress the part if you want to be taken seriously as an up-and-comer.
Practice Management

Is golf just “A good walk spoiled” or a premier business tool?

To some, golf is just a boring waste of time. To others, it's an expensive hobby masquerading as a sport. Mark Twain called it "a good walk spoiled." But whatever your attitude towards golf, this is one endeavor that may have the power to multiply your business success. Not only is golf an excellent place to network and to build relationships with clients and prospects, some fans view a round of golf as a window into the soul of a fellow player, both in business and in life.
Practice

Real world education: Tips for workplace training

Formal education is a finite exercise, it ends with graduation or certification, although there is no limit on the number of degrees and diplomas a person can earn. Learning, however, never ends. In fact, long-term success in business demands that individuals continue learning, but not always through continued formal education.
A&A

Staying top of mind (without being a pain in the neck)

By John Doerr"And if you can't be with the one you love, honey, love the one you're with,love the one you're with, love the one you're with, love the one you're with...."- Stephen StillsWhy does it seem that our clients (and prospects) too often take the advice of seventies rock stars when selecting their professional services providers? Perhaps the following story will shed some light.I Just Awarded that Assignment…

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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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