The Progressive Accountant Management Features

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.

Special Report: A New Era in Practice Management

Mon, 21 May 2012 01:00:00 +0100

Practice management is a bread-and-butter application for the tax and accounting professional. It's time and billing element is what is needed to get the bill to the client for all those hours worked, while the data collected has potential for learning more about their needs and providing services. With links to portals and mobile devices development, this veteran breed of software appears ready to undergo a major change.

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!

Fractional Ownership: Finding Your Silver Lining in the Cloud

Mon, 27 Feb 2012 15:21:43 +0100

As more and more businesses move down the path of cloud computing, the question of how best to use this technology becomes increasingly important. To help answer this question, you will want to first assess the cloud-readiness of your firm. If your current priorities include lowering technology costs, improving systems security, mobility and reducing system maintenance while enhancing scalability, then a cloud solution is worth considering.

Analytics Push Ahead in Tax and Accounting

Wed, 22 Feb 2012 15:25:49 +0100

Last week, the discussion in this space was about the role of CPAs in business intelligence. While it is not clear how interested accountants are in doing that or how adept they might be, the interest of companies that sell products and services to tax and accounting firms is growing in providing analytical tools. And why not, the vendors have all that customer data.

Do CPAs Have a Role in Business Intelligence

Tue, 14 Feb 2012 06:28:31 +0100

A few years ago, companies that included Thomson, CCH and Sage started marketing products that let users perform scenarios within financial statements. They could change entries in profit and loss statements or on balance sheets and the numbers would ripple through the system. They could also calculate ratios as part of providing clients insight into their businesses. These tools are part of business intelligence, although by no means all of the capabilities that fall under that often-abused term.

Lessons Sears Could Learn from Small Business

Fri, 10 Feb 2012 04:28:25 +0100

Here's a myth: a box of baking soda keeps a refrigerator smelling fresh. Maybe that's the case for some people, like New Yorkers who eat out most of the time or families that, well, clean their refrigerator. Our house has three teenage kids and two working parents. We don't have the time to clean our refrigerator. It really smells. That's because if the food doesn't get eaten; it usually just crawls away on its own. A pallet of baking soda wouldn't make much of a difference.

Is it a People or Process Issue?

Wed, 01 Feb 2012 21:38:04 +0100

Behind every well-run business there are people and processes. Incidentally, behind every struggling business there are people and processes. Read the first two sentences again, it is not a misprint. The very same components that make one company successful are also present in those who struggle to get by.

Social Media and Speaking with One Voice

Wed, 01 Feb 2012 06:23:12 +0100

While social media is a relatively new set of tools, one of the problems it can produce is a pretty old one. And that is the failure of organizations to establish rules that enable a business to have a consistent voice in the market. And the fact that firms are not training their employees in the use of social media should ensure that this old problem affects new tools as well as old ones.

Tough Times for Independent Preparers

Tue, 24 Jan 2012 21:27:25 +0100

The final story awaits the conclusion of this tax season. But the developments over the last two years point to rougher times ahead for independent tax preparers. These are the businesses that are not part of a tax chain or a CPA firm.

Key Provisions for Partner Agreements

Thu, 12 Jan 2012 15:17:43 +0100

In my firm, the review and revision of partner agreements was a process that happened every ten to fifteen years, if that often. I think that is pretty common in most firms. The problem is that firms change and evolve as do the partners and the environments that we practice in. Our agreements need to keep pace with that change. I continue to be amazed at the number of firms that have no agreements at all or haven't made revisions in many years.

Setting Up a Bonus Plan

Thu, 05 Jan 2012 15:32:20 +0100

In December, I wrote about the dysfunctional behaviors that Christmas bonuses can cause. I encouraged you to get your client to hold off on promising anything until the concept of performance-based compensation could be thoroughly explored. It's not that all bonuses are bad, but they are certainly not created equal. Dan Pink speaks to this very point on this ted.com video: http://www.ted.com/talks/dan_pink_on_motivation.html

Dysfunctional Compensation Time a.k.a. The Christmas Bonus

Tue, 20 Dec 2011 17:27:22 +0100

It's that time of year when everyone starts to wonder about their Christmas bonus. "Will there be one? How much? How much compared to (insert co-worker's name)?" Call it a Christmas bonus, call it a year-end bonus, or call it for what it is, an entitlement. That's right an entitlement. I know I sound a bit "scrooge-like" wanting to take away Tiny Tim's Christmas fun but this seemingly innocent act of handing out money as a reward for unspecified activities sends a dysfunctional message to the team. Unfortunately most business owners have gotten themselves locked into the "forever" bonus that ends up (in the employees mind) being an expected part of their compensation package. Most have got it spent even before it is handed out.

How Washington Can Screw Up My Business

Wed, 14 Dec 2011 17:09:18 +0100

I am excellent at screwing up my business. I sell to customers who can't pay, hire people who don't work and rely on vendors who don't deliver. I purchase outdated technology, say the wrong things to the wrong people and I'm terrible at making plans. But somehow and despite my best efforts, my company continues to be profitable.Of course, we could be more profitable if I didn't keep making so many mistakes. And I certainly don't need any more help in that department. But the problem is my business, like most small businesses, is vulnerable to potential mistakes that could be made this year in Washington. Mistakes that could really screw things up. A few come immediately to mind.

Plan Your Year Now

Wed, 07 Dec 2011 00:39:07 +0100

Eleven months gone and part of one month left but only about 20 real working days - and the distractions bring that down to about 15. So... What are you doing now that will make next year different than this year? It all comes down to business development. How are you going to better develop your business next year? Marketing? Sales? Customer Service? Current customer sales? Now is the time to set your goals. Here are a few ideas to think about when thinking Business Development:

Five Tips for Effective Partner Goal Setting

Thu, 01 Dec 2011 14:56:28 +0100

I may be making a big assumption but I hope that you are already engaged in partner goal setting in your firm. If done well, it will raise the bar for each partner which in turn will raise the bar for the firm. We all have heard the basic rules of the game including having a limited number of measurable, stretch goals. Here are a few ideas to really juice up your process for better results.

Warm Up Cold Calls With a Two-Step Marketing Approach

Mon, 28 Nov 2011 17:01:45 +0100

Is your firm or practice going to the school of hard knocks with cold-call telemarketing? We all know a "warm" lead is much better than a stone-cold lead, so wouldn't your marketing efforts improve if you "warmed" up your calls? As the old saying goes, "You can catch more flies with honey than vinegar." Cold-call telemarketing is about as smooth as molasses and as bitter as vinegar. To warm up your approach and improve your effectiveness, try a little honey. While I clearly recognize honey is more expensive than vinegar, the value of a new client is well worth the extra effort.

Making More Money Per Partner

Mon, 07 Nov 2011 01:59:27 +0100

The universal measure of profitability in accounting firms is average income per partner. Another universal tool is the annual Rosenberg National MAP Survey. It's a must have for running your firm. In the 2010 survey, Rosenberg identifies his "Elite" firms which are the 54 who had income per partner of more than $500,000. Not bad considering it is based on 2009 economic data in the middle of the recession.

How to Better Connect With Prospects

Mon, 31 Oct 2011 13:47:49 +0100

Dale Carnegie may have been the first person to say that people buy on emotion by saying, "When dealing with people, let us remember, we are not dealing with creatures of logic. We are dealing with creatures of emotion, creatures bristling with prejudices and motivated by pride and vanity." Over past few decades, many behavioral economists and marketing gurus said that we do buy emotionally, and then subsequently rationalize our purchase decision. The challenge is knowing how to use the proper techniques to connect with your prospects in a fashion that captivates their emotional desires, and compels them to do business with you and your firm.

Special Report - Document Management: Winning the War Against Paper

Mon, 24 Oct 2011 20:26:36 +0100

The Progressive Accountant will help your practice win the war against paper…

The Document Management: Winning the War Against Paper special report provides best practices from your peers in the tax and accounting profession about how document management can help you better manage and grow your practice. We also include suggestions from vendor experts CCH, cPaperless, SmartVault, Thomson and Doc-IT about the types of software and services available to tackle this vital practice improvement.

Dowload this Special Report...

Can The Sole Practitioner Beat The Big Guy?

Mon, 24 Oct 2011 13:54:00 +0100

Each and every day, small businesses compete directly against the big guy and succeed. This is done by changing the rules of the game and competing selectively. Over time, the small entrepreneurial firm becomes one of the big guys and we forget about their rags to riches story.

Practical Tips for Using Social Media

Tue, 18 Oct 2011 04:23:40 +0100

Everyone is interested in social media. But while most people use these platforms in their personal lives, many remain baffled about how to effectively use them in business.

Mentor Plus Starts Coaching Program

Tue, 18 Oct 2011 01:21:12 +0100

Mentor Plus and Corelytics have joined to launch a Coach Incubator Program for accountants and other business advisors. The goal is expand their business mentoring mindset, skills set and toolset.

Clients Vote with Their Feet

Wed, 05 Oct 2011 20:17:23 +0100

Just as you can't stop a client from leaving the firm, I question whether you can keep an employee from "stealing" a client? A blog post from Jason Blumer, chief innovation officer, Blumer & Associates CPAs asks the question, Does your firm really own a client relationship?

Mentors: Caring for Your People

Mon, 03 Oct 2011 03:19:24 +0100

According to preliminary data from the 2011 PCPS Top Talent Survey, 61 percent of your star performers are open to career options beyond their current position. Your people are putting resumes together as they watch the job market open up. So who in your firm is responsible for "knowing" your people, understanding what motivates them, and ensuring that they're engaged?

Firms: It's Time To Adopt QuickBooks

Wed, 28 Sep 2011 16:53:24 +0100

By all means, I am not one to adopt new ways of doing business, technology or anything else very quickly. However, the point in time to integrate QuickBooks into your practice has passed and for those nay-sayers out there, it's time to throw in the towel.

Accountability...the Myth

Mon, 26 Sep 2011 21:23:55 +0100

I often hear from managers and partners that accountability in firms is hard to accomplish. Unless an engagement has a government filing or client deadline attached to it, it just doesn't get done on time or at all.

Accountemps Provides Tips for Remote Work

Mon, 19 Sep 2011 14:16:10 +0100

An Accountemps survey has found that employers are increasingly receptive to remote work arrangements such as telecommuting and employees working from satellite offices. One third of chief financial officers surveyed said such arrangement have increased at their companies over the last three years while only 5 percent reported a decrease. The survey is based on telephone interviews with 1,400 CFOs in the United States.

Merger Tips to Help Seal the Deal

Thu, 08 Sep 2011 15:38:02 +0100

Having completed five mergers while the managing partner of my firm, I learned many lessons along the way and have some of the scars to prove it. There is no question that I was smarter on number five than on the first one. Regardless of whether you are the buyer or the seller, here are few tips that will help you find and seal the right deal.

Giving It Away and Gaining Fees

Wed, 07 Sep 2011 22:02:07 +0100

"If you give it away they won't value it." Really? Isn't that what we've always heard? This admonition gets applied in many areas of our personal and professional life and in some cases it is the truth. However, when it comes to professional relationships, I would like to offer up an alternative admonition, "Focus on the relationship and the fees will follow."

Payroll Services: Have It Your Way

Wed, 24 Aug 2011 05:37:59 +0100

The choices in payroll used to be very simple. There were companies that wanted to calculate payroll and take the duties off their clients' hands. And then there were those organizations that sold software to their customers so that the latter could perform processing themselves. But increasingly, vendors providing payroll services offer a spectrum that range between doing it yourself and handing off all the tasks to another company.

Harvesting the Lifetime Value of a Client

Thu, 11 Aug 2011 19:34:01 +0100

I love August. Not for the heat - in fact for that reason alone August could be scratched from the calendar. I love August because it is time to start harvesting our fruit trees. They are laden with fruit this time of year. The plums, in particular, are so prolific that if we are not prepared for the harvest, much of the fruit will go to waste; waste not, want not as my grandmother would say. We have a tendency to go after the low hanging fruit because it's easy. In fact much of the low hanging, barely ripened fruit is eaten long before it makes it to the house. However, I've learned over the years, as good as the low hanging fruit tastes, some of the sweetest, juiciest fruits are among the slowest to ripen and are nestled in the highest branches. It takes patience and a tall ladder to harvest them.

Social Media: From a CPA Firm's Perspective

Fri, 05 Aug 2011 15:14:51 +0100

Executive Editor Bob Scott speaks with Jim Bourke a partner at Withum Smith & Brown and Chairman of the AICPA CITP credential about policies, usage and even winning new client business with social media.

The Importance of Controls to Small Business

Thu, 28 Jul 2011 01:43:40 +0100

Good internal controls are essential no matter how small the company for many valid reasons -- fraud prevention, embezzlement detection, accurate financials, the potential to go public and a Sarbanes-Oxley (SOX) compliant customer requiring it, are all reasons to follow good internal control practices. Implementing controls into the financial accounting software alone is not enough to ensure compliance -- it takes people power too.

Tips on Connecting with Prospects

Fri, 22 Jul 2011 15:55:36 +0100

Selecting the Right Talent

Tue, 19 Jul 2011 13:50:59 +0100

I was speaking with a client last week about how they make their hiring decisions. They indicated that they had just hired a person and it had come down to two candidates. I asked how they made their decision on which one to hire and they remarked, "It was a bit of a coin toss".

Seven Tips for Advising Small Business

Thu, 14 Jul 2011 13:37:57 +0100

We celebrate the forming of our nation on Independence Day and we honor veterans on Memorial Day. Did you know that it wasn't until 2011 that President Obama designated November 19th to be Entrepreneur's Day. Better late than never but doesn't it strike you that entrepreneurs deserve a lot more recognition?