Archive for the ‘Millennials’ Category

Thursday, June 7th, 2018

Important Survey

“We are drowning in information but starved for knowledge.” – John Naisbitt

My friends at ConvergenceCoaching®, LLC, are committed to helping firms succeed through the adoption of NextGen strategies, including flex. They are seeking participants in their Anytime, Anywhere Work™ Survey 2018.

The goal of this survey is to collect data on the adoption of flexible work programs (Anytime, Anywhere Work™ programs) by public accounting firms and the experiences firms have had with these initiatives.

Follow the link to find out more and please consider participating in the survey. The survey is open through June 15. By participating you will receive a copy of the survey results.

  • It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.
  • Arthur Conan Doyle

Wednesday, May 30th, 2018

Young CPAs – Start Sooner!

“Life is short, and it is here to be lived.” – Kate Winslet

If you are not a young CPA – I hope you share this blog post with young CPAs.

You are fairly new to your CPA career. You graduated with a history of good grades. You landed an entry-level job, right out of college, with a prestigious, growing public accounting firm.

Major accomplishment: You passed the CPA exam and are now a twenty-something CPA – congratulations, you have the momentum going for you!

You have been working on a variety of client engagements. You may be focused on tax and you may be focused on the audit side of things. You might be in a small to mid-size firm and have the opportunity to work in both areas and will probably soon declare your future focus.

You are focused on the work. You are getting better and better at the work. It seems the partners are happy with your technical abilities and the way you complete the work.

Wait! There is so much more to becoming a successful CPA than just knowing how to do the work. You must be:

  • A great conversationalist
  • A “reader” of people
  • An interesting dinner (or lunch) companion
  • A good speaker
  • Known as a “professional”
  • A contributor to your community
  • Good at time management
  • Good at motivating other people
  • Good at setting the perfect example for subordinates and peers
  • Thinking about the future
  • Able to change and evolve with the times and influence the firm to do so
  • And more – –

Don’t wait years and years to get started on this list. Learn the success skills as you are learning the technical skills. Life is short – get busy!

 

  • Life is short and the older you get, the more you feel it. Indeed, the shorter it is. People lose their capacity to walk, run, travel, think, and experience life. I realize how important it is to use the time I have.
  • Viggo Mortensen

Thursday, May 3rd, 2018

There Just May Be A Need For This At Your Firm

“Don’t cry because it’s over, smile because it happened.” – Dr. Seuss

I recently read this on my daily news feed – the daily Skimm. I just had to share it.

“Cry closet” – An actual place at the University of Utah’s library for students to release their stress. What happens in the cry closet, stays in the cry closet.

I have seen “mother’s rooms” and “stress rooms” used in CPA firms. They are very nicely furnished private and relaxing spaces.

Maybe a Cry Closet is in your future. It might be a great benefit during tax season.

  • Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else's hands, but not you.
  • Jim Rohn

Monday, April 30th, 2018

Abusing Technology

“I have so much I want to do. I hate wasting time.” – Stephen Hawking

Baby Boomer Partners complain:

Many of our staff are just looking for a job, not a career. They want to work 8:00 until 5:00, five days a week. Even while they are at work, they waste so much time on social media, texting their family and friends, and shopping on Amazon.

Millennial Staff complains:

Some partners send me emails at midnight. They also send me emails on weekends and sometimes at 5:00 a.m. I am expected to reply and it seems like I am on call 24/7.

Technology enables us to do so many things more quickly. It also allows us to use a lot of time we should be working on personal endeavors or to intrude on people’s personal time inappropriately.

Instant communication is not always a good thing. This might be a good discussion topic for a lunch and learn session. “How are we abusing the use of technology?” “What do we owe each other, as employer and employee?”

  • There's no good way to waste your time. Wasting time is just wasting time.
  • Helen Mirren

Wednesday, March 7th, 2018

Want To Be More Profitable?

“A part of kindness consists in loving people more than they deserve.” – Joseph Joubert

Per Paul Epperlein of ADP:  Organizations with high employee engagement experience 22% higher profitability.

This is a big statement that applies to your firm. Do you really have employee engagement? You might think you do because you offer free coffee and soft drinks. You offer 9 or more holidays. You have an attractive lunch room with lots of amenities. You have a relaxed dress code and many other little things that make a big difference.

But… also per Epperlein: 60% of people leave their job due to a lack of relationship with their front line manager.

People like to feel connected to the people they work for. They want to feel like they are noticed, included and cared about by their boss.

How good are your firm’s partners and managers at building and nurturing caring relationships with your people? You might want to focus on that more this year. Make it a performance expectation.

  • The simple act of caring is heroic.
  • Edward Albert

Wednesday, February 28th, 2018

In Public Accounting There Are Always Extra Hours

 “I know you’ve heard it a thousand times before. But it’s true–hard work pays off. If you want to be good, you have to practice, practice, practice. If you don’t love something, then don’t do it.” – Ray Bradbury

Soon it will be March. In CPA firms, that usually means even longer hours must be worked now until April 16, to properly serve the clients.

It’s crunch time and if you are working in public accounting you should not be surprised. When you majored in accounting and then joined a CPA firm, you knew there would be a busy season.

In progressive firms, busy season now, unlike the old days, is much more flexible. Team members are able to work those extra hours whenever and wherever. It doesn’t mean sitting in a cubicle for 60 hours per week.

After April 15, it becomes a 40 hour per week job. We used to always be concerned about how to find enough work for team members as the rest of the year unfolded. Most firms have solved that problem and now we seem to have a second busy season during September and October.

Yes, if you work in public accounting there will almost always be extra hours at peak times but you are working most of those extra hours when it is winter. Hopefully, that makes it a little better.

Firm partners, be sure you have an adequate scheduling system so that certain people are not completely overloaded. Firm administrators, be sure you are providing some enjoyable distractions during those dark, dreary, cold, often snowy winter months.

  • Plans are only good intentions unless they immediately degenerate into hard work
  • Peter Drucker

Friday, February 23rd, 2018

It’s Great To Work In Public Accounting

Maybe you haven’t thought about it lately. Maybe it never crosses your mind January through April, but working in public accounting is pretty cool.

You work your entire career with a group of professionals, people dedicated to helping others. After all, CPAs are the most trusted advisor to small business owners across the nation.

The people that surround you are intelligent, well-educated and dedicated to giving back to their local communities. Some of the clients you get to work with are the movers and shakers in the business community.

You learn something new almost every day and you become more knowledgeable and professional with each passing year.

I noticed this hard-working young man yesterday, a chilly winter day, and it came to mind how fortunate I was (and you are) to work in public accounting.

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Tuesday, January 23rd, 2018

Does It Make Business Sense?

“There is nothing so useless as doing efficiently that which should not be done at all.” – Peter Drucker

In the profession of public accounting, the basic format for staffing has been the same for years.

You hire great talent, we invest in them, train them well and assign them to certain types of work. Their first year on the job is definitely a learning experience. The second year they get better, more efficient and even seem to enjoy what they are doing more because they are comfortable with the work.

The third year, they could be really efficient and profitable but you promote them and they are assigned work that they are not familiar with nor good at and the inefficiencies are reflected in their work.

Would it make more sense to leave them alone for another year or two and let them become even more proficient at their assigned duties? I know! Young talent wants to advance quickly. But, does that mean EVERY person should be treated the same? Why not try managing a person based on their individual abilities, skills, and desires? Some move on more quickly and some don’t, based on what they want. Do you even know what each individual team member wants from their career? It wouldn’t mean that those people who repeat the work they do for another year or two is less valuable. Actually, they might be more valuable when it comes to efficiency and profitability.

All this might not mean much right now since all the experts tell us that the entry-level work is going to be done via artificial intelligence. But, for many firms, that is going to take a while.

Most firms are doing something like this but higher up the food chain. They permit partners to stay at the same level of expertise and performance for decades. Does that make business sense?

  • Rank does not confer privilege or give power. It imposes responsibility.
  • Peter Drucker

Friday, January 12th, 2018

Weed the Garden – Turnover

“Turnover is bad only if the good go.” – Patrick Lencioni

Most CPA firm leaders consider turnover is a very bad thing. That’s not necessarily true.

In their book, “Built to Last,” Jerry Porras and Jim Collins talk about the occurrence of strong cultures of great companies. One of the indications of a strong culture is the rapid departure of people who don’t fit. Ultimately, those people are best served by finding a company where they can fit, and thrive.

When you retain people who don’t fit, it creates an even bigger threat to your firm. It demotivates those who do fit. It creates a culture of mediocrity.

So many firms have become a “please everyone” culture, providing lots of nice, sometimes trivial benefits to everyone. Sure, poor performers want to stay.

But, a menu of benefits will not retain all-star performers. They want to work in a thriving, high-performance and rewarding culture.

Stick with mediocre performers and you will find it even more difficult to attract top talent.

  • The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant.
  • Max DePree

Thursday, November 9th, 2017

Moving Past “Engagement”

“I am not what happened to me, I am what I choose to become” – C. G. Jung

Some progressive companies are now moving beyond the over-worked term, employee engagement.

It’s no longer just about how they feel about their role and your firm. It involves the complete employee experience. Is your firm focused on the employee experience? You can bet that other accounting firms in your market are initiating ways to attract YOUR people!

Per a recent article on Entrepreneur, there are four key pillars to the employee experience:

  1. Connection
  2. Meaning
  3. Impact
  4. Appreciation

To me, these are fairly self-explanatory. However, it would be a good exercise for firm leaders to explore these four topics and define what they mean relating to your firm and your people.

I often think about a slogan from one of the car companies a while back….. “Enjoy the Ride!” Are your people enjoying the ride at your firm?

  • Life is a succession of lessons which must be lived to be understood.
  • Ralph Waldo Emerson