The Progressive Accountant Management Features

Trusted Advisor Versus Trusted Technician

Wed, 29 May 2013 14:42:07 +0100

Having the word "trusted" in front of any title is a good thing, right? However, being a trusted physician doesn't automatically make you a trusted attorney. Just as being a trusted accounting technician doesn't automatically make you a trusted business advisor.

Special Report: The New Age of Practice Management

Tue, 28 May 2013 22:14:04 +0100

Accounting firms want a lot more out of their practice management systems than they once did. For many, it's no longer enough to simply keep time and billing information, invoice clients and track some traditional firm metrics. Increasingly, practice management is overlapping with customer relationship management software and also adopting more of the project management measurements utilized in other fields.

Established players are hitting the market with significant new products. Most vendors have a plan for web-based systems and are grappling with the need to serve users that are demanding mobile capabilities. And there is the increasing need - or demand - that different office applications can tap into the same data and work together flawlessly.

Click here to access the Special Report: The New Age of Practice Management.

Break the Bad Habit of Multi-tasking

Tue, 21 May 2013 22:56:17 +0100

While writing a last weekly tip about how an audience experiences a company, I misspelled several words in the email...grrrr. Of course, the reason was because I was multi-tasking and in a hurry. I was writing the email, moving our email service to Hubspot for the first time and watching my two-and-a-half-year-old twins, which was a bad combination! The ‘experience' that our readers got from our tips could not have been great, because of the mistakes. How ironic.

Engage Your People With Technology

Thu, 25 Apr 2013 03:19:50 +0100

Technology is both a strategic enabler and is critical for engaging your team, too. Our theme for 2013 at ConvergenceCoaching is "It's all about your people - again!" One way to focus on your people as you develop and implement your IT plan this year is to evaluate how (or whether) your IT strategies are empowering and engaging your team.

What is Your Practice Worth in 2013?

Sat, 20 Apr 2013 18:33:42 +0100

Tax Season 2013 is over and the M&A frenzy will pick back up again where it left off. So, what is your practice worth? What can you expect whether you are a buyer or seller? One thing is for sure - Baby Boomers are selling at a rate that the profession has never seen before. It is still a seller's market, for now. But the demographics and the thousands of practices that will soon be for sale suggest that may change over the next few years.

Real Relationships Matter in PR

Tue, 26 Mar 2013 17:56:13 +0100

The idea of getting off the couch and closing the laptop is scary. When Facebook, twitter, instagram and email are cut off,- we feel cut off from the world; the same world that is right outside our front door, in our towns, schools, and local businesses. While social media tools are powerful, especially in marketing and public relations, it is important to note that the "Relationship" part of public relations is the most important. We need to develop relationships with people by actually being with people.

Do You Need a BYOD Policy?

Tue, 19 Mar 2013 14:56:46 +0100

Social media. Cloud computing. Gamification. SaaS. Social CRM. Virtualization. Mobile. Every year we hear of the latest technology issues facing small business owners like me. And now it's BYOD (Bring Your Own Device). Everywhere I read in the tech world it's BYOD.

M&A is Hot - Info from PCPS Survey

Mon, 25 Feb 2013 14:53:46 +0100

The 2012 PCPS Succession Survey is out and provides us with data from almost 1,000 firms across the county on how they are dealing (or not) with succession. The survey also reveals a lot of information that we can use to help us navigate firms through the merger and acquisition waters. There is no question that M&A is hot. Take a look at any industry publication. It is unusual when they don't report a sizable deal daily.

Make the Shift to Trusted Business Advisor

Tue, 12 Feb 2013 05:59:40 +0100

Many experts name relevance as one of the top challenges that has the potential to undermine the role and value of a CPA in the future. In fact, I believe relevance separates an ordinary accountant from a true "trusted business advisor". Admittedly, my definition of trusted business advisor is narrower than most. I meet hundreds of accountants every year who consider themselves a TBA but when I press them for specifics about what that title means and how it manifests itself in their practice they have a hard time responding.

Bank Loans for Financing a Firm Acquisition

Wed, 06 Feb 2013 03:58:32 +0100

As a business broker that specializes in the sale of accounting firms, I get questions everyday about using a commercial loan to acquire an accounting firm. How much of a down payment is required? Should I get an SBA loan or a conventional loan? How long is the process? What are the terms? What will the bank want as collateral for the loan? Are there really banks that are willing to loan money for the purchase of an accounting firm? These are all good questions.

Generate Revenue from Existing Customers

Thu, 31 Jan 2013 08:14:34 +0100

What is your process for staying in touch with your customers? Believe it or not, most companies only send newsletters or special offers to existing customers. And 95 percent of the time, those newsletters and email are about a company pounding their chest or about what else they are trying to sell. Then, when business is down and you need revenue, you are embarrassed to reach out to existing customers because you don't want to look like you are selling them something.

Plan to Succeed During Tax Season

Mon, 28 Jan 2013 22:49:58 +0100

Will your firm succeed or fail this busy season? Build for success or be doomed to disappointment? As your firm and your service teams ramp up for busy season, have you given them everything they need to be successful in the coming months? Are they prepared to give your clients an unparalleled level of service compared to your competition? Or is it business as usual (in other words, same as last year)?

The Baby Boom Bubble and Partner Retirement

Mon, 14 Jan 2013 15:26:40 +0100

I talk about the BBB with my clients a lot. No, this BBB is not the Better Business Bureau; it is the Baby Boomer Bubble. There is constant reference by the news media about the aging of the Baby Boomers but I for one did not know exactly what it meant. So, I Googled it. What I found is not good news for the accounting profession. The BBB is 76 million of us born in the United States between 1946 and 1964 and we are fairly evenly spread through those 19 years.

How to Create a No Equity Partner Position

Mon, 10 Dec 2012 15:01:30 +0100

Most firms are faced with the dilemma of keeping long term managers who are major contributors to the firm but for whatever reason are not ready to be equity partners (or who perhaps never will have what it takes to be equity partners). In the past, most of us would not make the decision to outplace the long-term managers since from many perspectives including client service, engagement and staff management and profitability, they did a great job.

Create a Focus so Your Firm Can Differentiate Itself

Fri, 30 Nov 2012 05:20:54 +0100

When Peter Freuler, Jr. took over his father's CPA practice in Orlando, Fla., he didn't set out to create a firm that specialized in dental and medical accounting. Yet, that's just what happened.

Few Tax Firms Use Social Media Marketing

Thu, 15 Nov 2012 04:29:04 +0100

Social media marketing may be a rage in the broad economy. But most tax professionals do not spend money on such programs and are not impressed with the results they get from them. And overwhelmingly, they put their faith in word-of-mouth marketing. Those are among the conclusions of a survey released this month by Drake Software entitled "Social Media and the Tax Professional."

Software Takes Documents on the Road

Wed, 14 Nov 2012 15:39:45 +0100

Should anyone be surprised that one of the biggest trends in document management is the addition of mobile features? Not anyone who has travelled to a conference or read the unending stream of news articles about mobile capabilities.

Software Accountant Programs Thrive

Tue, 23 Oct 2012 22:11:23 +0100

The belief that one way to better success for accounting software publishers is to win the hearts and minds of accountants is an old one. But the approach of merely providing in-house copies of financial software at a discount to program members is no longer a driving force it was when such efforts began years ago.

Case for Mandatory Partner Retirement

Mon, 22 Oct 2012 21:42:04 +0100

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 the transition issues surrounding those exits. One of the topics of conversation especially in this environment is whether the firm has a mandatory retirement age in its partner agreements. And if they do, how does the process work, what is the definition of retirement, what is the right age, what about employment after retirement, etc.

The Need for a Fourth Financial Statement

Thu, 18 Oct 2012 04:02:01 +0100

Currently, there are three primary financial reporting statements; Income Statement, Balance Sheet, and Statement of Cash Flows. These three statements are familiar territory for accountants. You live and breathe these numbers. You are proud to be able to produce these numbers for your clients, as you should be. However, because of the historical nature of these statements, they serve a limited purpose when it comes to making day-to-day management decisions. This is where the need for another kind of statement becomes critical.

Workflow Becomes More than Tax

Wed, 10 Oct 2012 13:50:47 +0100

For most tax and accounting firms, talking about workflow means talking about the handling of documents. And for most, that means documents related to tax preparation. But although that is still the primary use, workflow applications are becoming part of the tool arsenal wherever there are documents or processes to manage.

Social Media Results through Strategy, Training and Policy

Thu, 04 Oct 2012 02:00:41 +0100

Are you on LinkedIn, Facebook, or Twitter, but you're not sure what to do to ensure your time invested pays off? Do you wonder how your team members are using them - especially related to your firm - knowing that most of them are probably on LinkedIn, Facebook and Twitter, too? It's time to create your firm's social media strategy, training plan and policy! Having all three elements in place will drive adoption and usage of social media by your team members, ensure consistency of your firm's brand and positioning and produce measurable results.

Stopping Identity Theft in Tax Filings

Thu, 20 Sep 2012 03:58:17 +0100

With more than 127 million personal information records exposed in 2011, identity theft has led to a swell of fraudulent tax filings and tens of thousands of honest taxpayers are now subjected to delays in their legitimate refund claims, according to the Internal Revenue Service. The increasing number of data breaches means that CPAs must handle client data even more carefully.

Be the McDonald's of Professional Service

Tue, 18 Sep 2012 14:11:02 +0100

You run a professional services firm, perhaps an accounting firm. You have a wide variety of clients with a wide variety of needs, but the services you offer are relatively standardized. You provide tax return preparation, bookkeeping and financial statements.

How to Hinder Your LinkedIn Effectiveness

Mon, 10 Sep 2012 02:21:01 +0100

Since starting three LinkedIn Network Groups, I have seen users make many mistakes on this platform. These are mistakes that members frequently make in setting up their LinkedIn profile and utilizing it to its maximum benefit.

Meeting the Bank Product Need

Wed, 05 Sep 2012 12:46:08 +0100

The season for electronic return originators to sign up for bank products is here. And it's the first year without the availability of Refund Anticipation Loans, which have been driven from the market by federal regulators. But while RALs have gone, the need for bank products has not.

Accountants, Clients Online: Who Owns What Data?

Mon, 30 Jul 2012 04:35:52 +0100

Mobile device support and remote access to applications and data is becoming a standard requirement for most businesses today. The "online" working model goes a long way towards addressing problems face when they need to get team members together no matter where they are. When the information is stored and managed centrally, it is easier to provide access to outside accountants or other professionals.

Take Your Game to the Next Level - Get a Coach

Sun, 15 Jul 2012 21:47:35 +0100

What do you think of when you hear the word "coach"? For most of us it brings up thoughts of athletics and someone who has coached a team that we have been a part of or maybe one that we follow as a fan. If you had the opportunity to play on a winning team and work with a great coach, especially in your younger years, you won't forget it.

Actions Speak Louder than Survey Responses

Thu, 05 Jul 2012 17:45:27 +0100

Lately there has been a lot of discussion in industry pubs and surveys about the growing discontent young people have with the accounting profession. Likewise, there seems to be similar fallout between business clients and their accountants.

Tipping Point for Cloud Computing

Wed, 27 Jun 2012 14:07:01 +0100

It has been said before. But Internet-based applications have moved into the mainstream this year. That does not mean that everyone is using them, especially in the world of professional tax preparation. However, the signs are there that cloud computing has come of age.

A Place at the Table for Technology

Wed, 20 Jun 2012 14:00:31 +0100

The concept of a place at the table for technology is not new. It usually has been phrased as having technology have a champion. In this case, the phrase was applied to having technology represented in strategic planning.

Removing Management from Practice Management

Tue, 19 Jun 2012 14:11:59 +0100

Peter Henley thinks practice management systems are too complex. And the senior IT diretor Clark Nuber is busy pulling apart CCH ProSystem fx Practice Management and running elements as separate pieces for the Bellevue, Wash.-based firm.

Apple in the Accounting Office

Tue, 12 Jun 2012 05:28:12 +0100

A few years ago, talking about Apple products in the professional tax and accounting office might not have drawn a crowd. At this year's AICPA Tech+ conference such a session drew about 125 attendees to hear Gary and Jim Boomer whose discussion included a bit of debate on the subject.

Have a Facebook Page and Don't Know It?

Wed, 06 Jun 2012 00:47:58 +0100

Most tax and accounting firms probably know if they have a Facebook page--you know the kind that people "Like" in order to view an organization's page and post information. But there are many pages out there that were created by Facebook for businesses and organizations. And as I quickly learned, Facebook creates pages for accounting firms - lots and lots of them.

The Cure for the Accidental Consultant

Thu, 31 May 2012 20:46:54 +0100

A few weeks ago, while on a conference call with a group of practitioners engaged in the development and delivery of non-traditional services, I stumbled upon an accidental consultant. You know the scenario. You've been to a training program on "How to be a Consultant." You are inspired by the possibility of being and doing more for your clients. As you leave the training, something takes hold, you're flush in the cheeks, light headed, maybe even delirious, you start speaking a foreign language to your staff and clients.

Managing Partner 101 - What Exactly is the Job?

Thu, 24 May 2012 02:17:21 +0100

Most of us are thrust into the managing partner role in our firms with little or no training or coaching. Who teaches you to be an effective MP? How do you know if you're performing well? Your partners won't tell you. If you're new to the job, do you just do it the same way as your predecessor? Is that the best approach for the firm? Who will mentor you?

The Cloud: A More Level Playing Field

Wed, 23 May 2012 13:28:18 +0100

The idea that the Internet levels the playing field for business is a bit overblown: there seems little chance that the smallest businesses can serve the largest. Still, cloud-based products do represent the chance for small businesses to significant increase their markets and their capabilities of serving them.

What Flavor CRM Do You Want?

Wed, 09 May 2012 04:49:15 +0100

Customer Relationship Management software, almost always referred to as CRM, has probably been seen by many small- and medium-sized accounting firms as something for large corporations. But increasingly, CRM is a function that is finding its way into almost every application that tracks people and companies, whether they are client or prospects.

Management Essentials: The Partner Compensation Checklist

Thu, 03 May 2012 22:03:08 +0100

There is a constant topic of conversation both inside firms and at almost every conference. It is the age-old question of partner compensation and "how do you do it". As our firm grew, we evolved from everyone is equal, to the "slip of paper" approach, to a more goal-driven, performance-based system. Every firm is a little bit different, but the issues surrounding how you split the pie are pretty consistent.

Trusted Advisor 2.0: Are You Ready?

Thu, 26 Apr 2012 14:36:40 +0100

Are you ready for Trusted Advisor 2.0? I know you are thinking, but wait; I haven't quite mastered Trusted Advisor 1.0. And, by the way, what is the difference, you ask? Before we can answer that question it's important to set a context. The context is that we are already operating at Business 2.0, and the recent recession/depression has served to accelerate business owner needs from expectations to demands. What used to be considered discretionary service offerings that only Maverick CPAs pursued are no longer optional.

The Right to Social Media?

Wed, 25 Apr 2012 13:13:38 +0100

A few years ago, there was a survey about the attitudes of younger workers toward potential employers. The survey, conducted by former Great Plains executive Bonnie Robertson, showed a low score for ranking technology as an important factor in selecting a place members of this generation would want to work.

Monitoring CPA Tax Preparers

Wed, 18 Apr 2012 14:00:51 +0100

Just over a year ago, an executive at a tax preparation software company shared an observation about the preparation of tax returns. The Internal Revenue Service, he said, routinely finds more mistakes in CPA-prepared returns than in those signed by non CPAs. "It's because the CPAs do not prepare as many returns as the non CPAs," was the thrust of his remarks.

Measuring Social Media Still Tough

Wed, 18 Apr 2012 03:57:31 +0100

All signs point to social media as having an important impact when it is actively used by firms like WithumSmith+Brown of Red Bank, N.J. "We support and encourage social media," says Rhonda Maraziti, the firm's director of marketing and practice growth. "It's a great way to demonstrate thought leadership." And there are a lot of elements in social media than can be measured. Social media managers can count the number of friends, followers or contacts for those at a firm or cite the number of employees with blogs along with the number of views for articles and You Tube videos to find out how well these tools work

Managing Change or Not?

Mon, 09 Apr 2012 03:35:54 +0100

Are you managing change? Or are you just letting change happen to you? With all of the change in the package software market, the move to more cloud-based demand and the programmatic change that your vendors are making, there's a lot going on! That's why this article will explore some change management "must-do's" - things that can give you more confidence in managing the inevitable change that these market shifts will drive in your business.

Take a Brain Vacation to Recharge

Thu, 05 Apr 2012 04:54:53 +0100

Does your brain need a vacation? I'm not talking about just any vacation where you sit by the pool with a drink in hand. What is different about this type of vacation is that it is designed for brain uptime not downtime. For me, pushing my artistic right brain seems to make my whole-brain function better. To that end, each year, I take a week to immerse myself in learning about art. This year, I took a master's class in textile arts. It was stimulating and challenging. I learned a lot about perspective, composition, visual perception, and so much more. What is even more stimulating is thinking about all the ways I can apply this new knowledge to what I do every day.

Should I Invest Time in Google+?

Mon, 02 Apr 2012 15:48:49 +0100

Just a few years ago, the idea of keeping in touch with colleagues, clients and friends on a single software platform was, at best, an intriguing concept. Today, the outreach that's possible through online relationships is very real, and only continues to grow as more and more companies enter the social networking arena. Take Google, for example.

Dirty Pool in the Accounting Credential Game

Tue, 27 Mar 2012 04:49:21 +0100

Suppose someone decided to decided to launch an organization called the American Institute of Chartered Management Accountants, or the AICMA. It's easy to believe that the American Institute of CPAs would be miffed. But that's exactly what the AIPCA has done with its new credential, the Chartered Global Management Accountant which is going into the field against the established Chartered Management Accounting designation. It's CGMA versus CMA.

Branding and the Consumer

Wed, 14 Mar 2012 03:46:26 +0100

A lot of money is spent by companies to decide on what to call themselves and their products. Many businesses grapple with this because they have purchased other organizations and end up with multiple product lines with different names. Intuit, Sage and Microsoft have all dealt with this. But what do these names mean to the consumer.

CITP Test: Finally

Wed, 07 Mar 2012 14:24:48 +0100

Testing for the Certified Information Technology Professional credential becomes mandatory for CPAs in July. To say this is overdue is an understatement. The CITP is more than a decade old and no one holding it has been required to undergo an examination.

Get Clients to Thank You When Paying Bills

Sat, 03 Mar 2012 00:19:53 +0100

The subject of fees is near and dear to our hearts. Fees are the ultimate measure of value and yet, even the most talented practitioners sometimes struggle with communicating their value to clients and prospects. In a recent webcast, we broke the subject down into five steps to getting the value you deserve!