Archive for the ‘Firms’ Category

Monday, September 11th, 2017

Utilize Stay Interviews

“Be yourself; everyone else is already taken.” – Oscar Wilde

I have blogged a few time about the topic of stay interviews. They have gained more wide-spread popularity in recent years, of course, because of the accounting profession’s need to retain top talent.

One interesting observation that has been uncovered with the use of stay interviews is the fact that your people want you to hire great people. They do not want the firm to tolerate poor performers.

It certainly does make sense – they want to be part of a high-performing team. If you keep mediocre people, the firm will also eventually become mediocre.

Inovautus Consulting recently did a spotlight article about the stay interview process at DesRoches & Company, CPAs in Virginia Beach. It is a great story.

  • Growth is painful. Change is painful. But, nothing is as painful as staying stuck where you do not belong.
  • N. R. Narayana Murthy

Monday, August 28th, 2017

Future Ready

“Yesterday’s skills will not be sufficient for tomorrow.” – Joey Havens, CPA 

Last week I followed the Horne Leadership Summit via Twitter (#HLS2017). I follow Joey Havens, Horne’s Executive Partner, reading his tweets and his blog.

Providing an inspiring leadership day, featuring some of the profession’s all-stars, is an example that I hope many firms will follow.

Today, I just wanted to share this slide from their leadership day. I hope you are guiding your CPA firm to be a Future Ready firm.

Horne future

  • If we set ourselves on a course of being happy in the present, our performance will be better—which will lead to more success.
  • Joey Havens, CPA

Wednesday, July 12th, 2017

Be Active and Involved In Your State CPA Society

“The difference between involvement and commitment is like ham and eggs. The chicken is involved; the pig is committed.” – Martina Navratilova

I have met some of the most wonderful people by working with, and being involved in, The Ohio Society of CPAs.

I have also been very fortunate to have worked with and visited many of the other state societies around the country via my speaking and consulting activities.

I hope you are active in your state society and I also hope that you are encouraging the next generation of leaders in your firm to be involved.

I am especially pleased to offer my congratulations to my friend, Edward I. Guttenplan, CPA, CGMA of Wilkin & Guttenplan, the incoming President of the New Jersey Society of CPAs. Listen to Ed’s inspiring story, below. Not involved? Make a commitment to your state society today!

  • Focus on the journey, not the destination. Joy is found not in finishing an activity but in doing it.
  • Greg Anderson

Tuesday, July 11th, 2017

Upgrade Your Reputation On The College Campus

“If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.” – Red Adair

Want to hire that all-star student? It’s not always about money.

At my firm we liked to joke about a goal – hiring the President of Beta Alpha Psi. Each year, it seemed, the President of Beta Alpha Psi was hired by the Big Four.

Why did this happen? From our local firm viewpoint it was fairly obvious. The Bigs had the resources to be on campus weekly. They hosted parties, showered the students with gifts and had the professors in their pocket. Not staying that is all true, but ask any local firm and they will probably feel the same way.

Finally, one year we hired a very bright and articulate student and yes, he was the President of Beta Alpha Psi. We celebrated! How did we compete? We became more visible and involved on campus. One way was to give two annual scholarships to accounting students.

This all came to mind today when I read an blurb via Accounting Today about one of my clients, Rodman CPAs of Waltham, Massachusetts awarding a scholarship to John Tran of Suffolk University in Boston.

Way to go, Jennifer Minor! Jennifer and John Tran, pictured below (picture from Accounting Today).

Jennifer

  • If you hire people just because they can do a job, they'll work for your money. But if you hire people who believe what you believe, they'll work for you with blood, sweat and tears.
  • Simon Sinek

Monday, July 3rd, 2017

Closed On July 3rd?

“May we think of freedom not as the right to do as we please, but as the opportunity to do what is right.” – Peter Marshall

Firm leaders debate it. Some say yes. Some say no. Some partners think they will lose a day’s production. Some partners think – I don’t care if we close or not, I’m not going to be here. Many partners say, “Let them take a day of PTO.”

FullSizeRenderWhen a paid holiday falls on a Tuesday or a Thursday, do we also give our team a paid holiday on the Monday before or the Friday after? Almost every firm now gives the day after Thanksgiving as a paid holiday. It has become the normal. However, there is nothing normal about the policy for when there is just one day between the holiday and the weekend.

I imagine that the same amount of production will happen this week Wednesday through Friday as would happen if the office was open on Monday. I have found that people work harder if they know they are getting a day off.

On Monday, if the office is not closed, most people will take PTO and that means “someone” has to be at the office to answer the phone and support those who are working (usually partners). That is not a happy situation for those “someones.”

Just to satisfy my curiosity, I did a small survey to see if firms were closing today – July 3rd, 2017. The firms were all sizes from various locations around the continental U.S.

13 – No, we are not closing our office(s).

11 – Yes, we will be closed

One mid-size firm replied that they will be closed on Monday and Wednesday.

One large firm that answered “No” did note that they have unlimited PTO so they didn’t feel any need to close. Still, someone has to be there if the offices are open.

Another firm noted that they designate one floating holiday each year and this year it was assigned to July 3. I like this idea.

My wish is that most of you will be enjoying beautiful summer weather with family and friends. Take a hike, ride a bike, swim, golf, or have a picnic. Enjoy the great outdoors.

  • Study nature, love nature, stay close to nature. It will never fail you.
  • Frank Lloyd Wright

Tuesday, May 16th, 2017

Can This Be A CPA Firm?

“We are trying to change this old culture to try to sustain our profession for the future.” – Bernie Ackerman, CPA

Quite a few years ago I met Bernie Ackerman and his son, Jason at an AICPA conference. For several years, we would meet-up and talk about their firm, current topics, other firms and the profession, in general.

BernieBernie and Jason have always been, to me, a great two-generational team that had a firm grasp on what they could do to take their firm, BNA, into the future.

Recently, they were featured in the Journal of Accountancy for the very innovative things they were doing. The title: BNA: A Completely Flat Hierarchy.

As the article notes, you might think they were a tech start-up because staffers set their own working hours and never touch a time sheet. All employees get their own offices, starting on day one. There is no path to partner because there are no partners!

While their practices are very unusual in the profession, they are Jasonpaying off in term of recruitment. Jason Ackerman reports that they receive 10 to 15 resumes a week, even when they are not hiring!

Follow the links above to read the article and to visit their website.

I hope this inspires you to create a great culture and a future for your firm.

 

  • The best way to predict your future is to create it.
  • Abraham Lincoln

Wednesday, March 22nd, 2017

It’s No Longer “When” The Millennials Will Be In Control

“The elastic heart of youth cannot be compressed into one constrained shape long at a time.” – Mark Twain

Just an observation today about things that are actually happening at growing mid-size CPA firms.

On the “I am not surprised” side of things:

  • A firm has had a long time policy of partner retirement age at 65. Recently, the 63 and 64 year-old partners changed that policy to 70 years of age.

On the “I’m so glad to see this” side of things:

  • A mid-size, very successful firm has a new managing partner, he is 28 years old.
  • Another local firm has a new managing partner who is 36 years old.

Both of these individuals fall into the millennial category.

We are no longer talking about what will happen WHEN the millennials are in control. It is more like, NOW the millennials are in control. Yes, change is happening and the change train is moving very quickly down the track.

Be sure your firm is preparing and ready for change.

  • To get back my youth I would do anything in the world, except take exercise, get up early, or be respectable.
  • Oscar Wilde

Wednesday, March 15th, 2017

2017 Accounting Today Top 100 Firms

Dan Hood, Accounting Today

Dan Hood, Accounting Today

“There are lies, damned lies and statistics.” – Mark Twain

Those of us working in, or affiliated with, the world of public accounting are always interested in the performance of CPA firms across the country. What are they doing that we could do? How do their numbers look compared to ours? What new trends should we be aware of?

That’s why I wanted to share a link to a podcast from Dan Hood, Editor In Chief of Accounting Today. Their annual ranking of leading firms in the profession offers up a host of insights and secrets; in this podcast, Hood shares some of the most interesting, such as, over-all growth in revenue was 8.8%

If you don’t have time, right now, to listen to the entire 13 minute podcast, bookmark this page and take time over the weekend (or after mid-April) to listen and learn.

Here a link to the podcast, A Deep Dive Into The Top 100 Firms.

  • It is the mark of a truly intelligent person to be moved by statistics.
  • George Bernard Shaw

Thursday, December 22nd, 2016

Four Hallmarks of Future Ready Firms

jodyIf you want to really know what being a future-ready firm is all about, read this brief article (via Accounting Today), about Jody Padar’s vision. It explains so much, in a simple straight-forward manner, of where you need to be heading.

The article focuses on Four Hallmarks:

hallmarks

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Many of you are so busy doing the work that you don’t have time to do the things the client really needs – consulting, mentoring and business advisory services.

  • Firms try to insert new tools into the old process, and then they’ll say it doesn’t work. Of course it doesn’t work, because the model is broken.
  • Jody Padar

Friday, October 21st, 2016

The Number Of CPA Firms In The U.S.

Many of us working in the CPA profession always seem to be interested in the various statistics about CPA firms.

I’ve been “hearing” for decades that there are about 45,000 CPA firms in the U.S. and that only a very small percentage have more than 20 CPAs.

Here are the latest numbers from an article via Accounting Today:

  • There are about 42,000 accounting firms in the United States.
  • The #1 firm has revenue of about $16 billion and about 65,000 people.
  • Number 100 has revenues of $35m with 175 people.
  • Number 300 has revenue of $8m
  • Number 400 has $3m with about 20 people.

So, the next 41,600 firms fall into the “small” firm category. Most of these firms are really small, with less than four or five people and revenues less than $600,000.

Read Ed Mendlowitz’s entire article about how bright the future is going to be for these small firms.

I work with many very small firms and I can attest that they have vast opportunities!

  • Knowledge speaks, but wisdom listens.
  • Jimi Hendrix