Archive for the ‘Partner topics’ Category

Monday, June 19th, 2017

Keeping You Informed About Blockchain

“I’ve spent a ton of time studying blockchain the last three years, and it’s about getting connected to the right resources.” – – Gary Boomer

As I talk with practitioners this summer, I am finding that many are still not educating themselves about blockchain.

I have blogged about it before and today I am reminding you once again to learn all you can about blockchain.

There is a very helpful article via The Journal of Accountancy, posted recently – Why CPAs need to get a grip on blockchain.

The article covers a presentation by Gary Boomer, CPA/CITP, CGMA, of Boomer Consulting, at the recent AICPA ENGAGE conference in Las Vegas.

Boomer highlighted a number of crucial concepts that helps explain blockchain and gives insight into its value propositions for the accounting profession:

  1. Blockchain is secure and immutable
  2. Think of blockchain as the internet of value
  3. Blockchain data will create new business opportunities
  4. Studying up on blockchain will pay off

Read the entire article and more about each crucial concept here.

  • Accountants who get a grip on blockchain today will be the ones who successfully pivot their services tomorrow.
  • Gary Boomer

Tuesday, June 13th, 2017

Toxic Behaviors

leadershipfreak“Leadership is the capacity to translate vision into reality.” – Warren Bennis

If you are a regular reader, you know that I follow Dan Rockwell, @Leadershipfreak – his tweets and his blogs.

This morning, I read his blog titled, The Complete List of Toxic Behaviors That Poison Teams. Sadly, so many things on his extensive list I see happening inside CPA firms. Many of them apply to the partner group and a lesser amount apply to the entire team.

Here are just a few that I see happen most often, along with my specific comments. Please follow the link and read all the behaviors that are toxic. You might be surprised how many you see inside your own firm.

Assume silence is agreement – When I facilitate partner retreats and a tough issue comes up for discussion, I notice that some partners “look at their lap.” They avoid eye contact and remain silent. Other partners assume the silent partners are in agreement and usually they are not.

Allow power-mongers to drone on and on – You know them, the more powerful partners who believe everyone wants to hear what they have to say – over and over again and again. No one stops them!

Invite the same people to the table, year after year – Invite outsiders to your partner meetings – mix it up by inviting one or two managers, then some seniors. Involve a local advisor, like an attorney you trust or a professional outside marketer and use a facilitator familiar with the CPA profession

Solve every problem and address every imaginable contingency before you try something – Accountants are too risk adverse and too comfortable in status quo to risk trying new ideas.

Discuss, but don’t decide – I don’t think I have to explain this one. The most common comment I hear, “Let’s put that on the agenda for next year.”

  • In the end, we will remember not the words of our enemies but the silence of our friends.
  • Martin Luther King, Jr.

Thursday, June 8th, 2017

Best Accounting Firms For Women – 2017

“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” – Vince Lombardi

The Accounting MOVE Project has released their Best Public Accounting Firms for Women list for 2017.

Thanks to Isaac O’Bannon of CPA Practice Advisor for summarizing the results in his recent article.

Top Trends From the 2017 Accounting MOVE Project

  • Transparent career paths enable women to anticipate work-life conflicts and proactively propose solutions.
  • Firms whose leaders continually communicate with rising women make many small course adjustments to retain women in the partnership pipeline and to ensure that they are offered key growth opportunities.
  • A few firms, including Moss Adams, are breaking down firmwide measurements for advancing women to to practice areas and offices. That injects immediacy to the overarching initiative and equips office and practice leaders with context for creating fresh ways to retain and advance women.

The top 12 firms are:

  1. BeachFleischman
  2. The Bonadio Group
  3. Brown Smith Wallace
  4. BPM LLP
  5. Clark Nuber
  6. CohnReznick
  7. Frazier & Deeter
  8. MCM CPAs and Advisors
  9. Moss Adams
  10. Plante Moran
  11. Novogradac
  12. Rehmann

Be sure to read the entire article to learn what each individual firm is doing to facilitate the professional growth of women in accounting.

From a personal viewpoint, firms appear to be lowering the bar in many ways. The words alternative, limited equity, reframing business development, shared wins, mutual accountability, etc. bother me some.

I have observed, over many years, that hard work, dedication and making yourself so valuable to the firm that they don’t want to lose you proves you are partner material whether you are male or female. When I say work hard, I don’t mean workaholic. I have known many workaholic females and most were not partner material.

  • It is hard to beat a person who never gives up.
  • Babe Ruth

Tuesday, June 6th, 2017

Strategic Plans and Fairy Tales

“Never look back unless you are planning to go that way.” – Henry David Thoreau

I really enjoyed a recent post by Jeffrey Gitomer titled, Business Plans, Five-Year Spreadsheets, and other fairy tales.

How about your strategic plan? Have you looked at it recently? Have all your partners looked at it often over the last year and talked among themselves about how well you are doing with the plan? I bet not.

What about the business plans for a new niche inside your firm? You had a young partner anxious to specialize in business valuation, for example. You asked him to bring a business plan to the partner group for discussion and approval. The group like it, approved it and…. it hasn’t been looked at since. It hasn’t been monitored nor has it been followed. Perhaps, it was just a fairy tale!

I think you will enjoy Gitomer’s article. Much of it sounds familiar to those of you working in a CPA firm. He also includes some great suggestions.

  • Plans are nothing; planning is everything.
  • Dwight D. Eisenhower

Monday, June 5th, 2017

Good Intentions…. No Implementation

“Do or do not. There is no try.” – Yoda

I write about implementation often, it is one of my favorite, and sometimes frustrating, topics.

Summer conference season is upon us. You (a CPA firm leader), will go to a conference to gather new ideas and learn about current trends in the CPA profession. While at the conference, you begin to actually get excited about some of the ideas and begin to visualize how the ideas could work in your firm.

You gather more ideas, make numerous notes, meet some very interesting people and begin to really get a sense of renewal, optimism, and think: “We can do this at our firm!”

What happens when you return to your office? Many leaders immediately get BUSY with the day-to-day fire-fighting and soon the notes you took and the excitement you felt begin to fade. You think to yourself, “I’ll bring it up at our next partner/management meeting.”

Don’t allow yourself to become demotivated. Try some of these practical steps….. Wait! Don’t “try.” DO THESE THINGS:

  • Summarize your notes, identify the best and most critical ideas that your firm could use.
  • Meet with the key management leaders and explain the ideas verbally to them.
  • Send the summary to every parter and other internal management leaders and specifically ask them to read the summary. Let them know you will be talking to them individually about the points.
  • Give them one week and then begin making brief visits to each partner.
  • Share your excitement and stress the points that you believe are critical to the firm.
  • After this is done, ask that the points be put on the next partner meeting agenda and push for at least one or two to be approved.
  • Make an Action Plan (specific steps) that needs to happen and assign the steps to specific individuals.
  • Then take action! You can’t do it alone, enlist others to help you.
  • Have you got a problem? Do what you can where you are with what you've got.
  • Theodore Roosevelt

Tuesday, May 30th, 2017

The Skills That Are Needed

“Excellence is not a skill, it’s an attitude.” – Ralph Marston

Many of us rest upon our current skills – we know a lot and that has gotten us to where we are. That’s all fine and good but you can never stop learning and improving your knowledge base if you are working in the CPA profession.

Recently, Barry Melancon, CEO of the AICPA, shared the Top 10 Skills that will be need in 2020. CPA firm leaders and their teams must prepare for the future beginning now! (Thanks to @J_Maiman for the photo.)

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  • It is possible to fly without motors, but not without knowledge and skill.
  • Wilbur Wright

Monday, May 15th, 2017

About Your Clients

“Success comes from doing what you enjoy. If you don’t enjoy it, how can it be called success?” – David Maister

Hopefully, tax season is a distant memory and you are on your way to achieving your strategic goals for 2017.

Stop a minute and think about the clients you served from January through April and those that are on extension.

Some of those clients you probably wish you didn’t have.

Here are three important questions (from David Maister, that you should apply to your clients):

About your clients:

I like these people and their sector interests me.

I can tolerate them.

I wish I didn’t have to deal with people like this!

Those that fall into the last category…. you know what you should do with them. Why not do it in 2017?

  • More than any other factor, it is the people we have to deal with that determine the quality of our work lives.
  • David Maister

Friday, May 12th, 2017

Leaders Set The Tone

“You cannot escape the responsibility of tomorrow by evading it today.” – Abraham Lincoln

In case you haven’t noticed, there is a lot of M&A activity going on in public accounting.

There are varying reasons but one of the most prominent is the fact that current firm owners have not groomed, trained or mentored people to take over the firm. So, what do you do? You sell-out so you get “something” out of the practice that you have been a part of for 30 years or more.

If you are a managing partner or sole-practitioner and are still several years away from that decision, you are responsible. You are in charge. The future of the firm is in your hands.

If your people are not good managers, relationship builders or passionate about the future of the firm…

If your people usually arrive late in the morning…

If your people spend too much time on a job because they don’t have a clearly defined budget…

If your people make you cringe some days because of the way they are dressed…

You are responsible. It is your responsibility to communicate what is okay and what’s not okay. You are enabling behaviors to continue when they think what they are doing is okay.

Begin planning to have those crucial conversations and maybe you can change your firm future.

  • We are made wise not by the recollection of our past, but by the responsibility of our future.
  • George Bernard Shaw

Monday, May 8th, 2017

Delay and Millennials – Not A Good Combination

“Life is like a 10-speed bicycle. Most of us have gears we never use.” – Charles M. Schulz

Think about it. Millennials have always had technology at their finger tips. The oldest Millennials are 37 years old this year. They are not kids and many are your employees and your clients.

As consumers, they do not expect delays. They are used to having access almost immediately to any kind of information via their mobile device. When making purchases, they are used to having their information (profile) “out there” so they don’t even have to spend time entering specific billing and shipping information. It is not just Millennials, we are all now used to speed when shopping on line.

The younger generation is also used to obtaining answers by looking at FAQ pages rather than calling a customer service rep. According to a Desk.com study, 80% of Millennials find calling customer service highly inconvenient.

Consider how this information relates to your accounting firm.

Your Clients:

Much of your current and most of your future client base expect information quicker. They do not want to wait until you can return their phone call – 4 hours later.

How user friendly and interactive is your website? Do you have a FAQ page to help people learn about and understand CPA services?

Your Employees:

Do your employees have to wait on performance feedback? I often hear about firms that have delayed the feedback scheduled for June until November or December!

Do your employees have to wait, maybe a week or more, on review notes that guide them as they work on client engagements?

Do your employees have to wait days to talk to a partner (the partner is out of the office, on the phone, in meetings, etc.)?

Do your employees have to wait YEARS to be promoted? Telling a new college grad that it might take 10 years to become a partner could be quite a shock.

As a partner group, do you table a decision until the next partner meeting… then the next partner meeting… and then the next partner meeting?

Beginning now, explore ways to speed things up at your firm…. or, you will find your firm lagging behind in many areas.

  • The speed of the leader is the speed of the gang.
  • Mary Kay Ash

Wednesday, May 3rd, 2017

Create Turnover – Keep People Moving!

“Accept the challenges so that you can feel the exhilaration of victory.” – George S. Patton

Think about it. Your firm turns people over on a regular basis. I don’t mean that you have people resigning from the firm. I mean they change jobs inside the firm.

They go from intern to staff. From staff to senior. From senior to manager and so on. The best thing you can do is to clearly define the roles in your firm so that people don’t have to leave the firm to get a new challenge or to enjoy a new opportunity.

A warning, you need to be sure there really is a difference between what a staff person does compared to a senior, and so on. In many firms, I find partners doing manager work, managers doing senior work and seniors and staff looking for work.

This summer, explore the options and do your research. Then better define the duties of each level. Once they can proficiently perform the duties of a staff accountant, they can take on a completely new job as a senior accountant.

Spread the word among clients, the business community and on the college campus that there is a clear, well-defined career path in public accounting at your accounting firm and team members don’t have to change employers, lose seniority, start over accruing benefits to achieve it.

  • Managers tend to blame their turnover problems on everything under the sun, while ignoring the crux of the matter: people don't leave jobs; they leave managers.
  • Travis Bradberry