Archive for the ‘Partner topics’ Category

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

Tuesday, March 7th, 2017

How Do You See Yourself?

“Too many people overvalue what they are not and undervalue what they are.” – Malcolm S. Forbes

A very interesting topic was explored in an article via Accounting Today last week by Bill Tsotsos – – Do accountants have low self-esteem?

In his opening, he describes what I have observed, first-hand, in dealing with probably thousands of CPAs over the last 30 years.

Many male CPAs, to me, have split personalities. Or, maybe to describe it better, they have a public persona and a private persona.

Outside the firm, they project (and I think many of them force themselves to do it) a fun-loving, knowledgeable, highly intelligent professional. They have all the answers and love to help clients. They love being around people.

Inside the firm, they display many of the characteristics listed in the article:

  • Poor communication skills and poor social skills;
  • Don’t make/sustain eye contact with others;
  • Don’t engage with others;
  • Don’t take risks (risk-averse);
  • Unable to discern who and when to trust;
  • Fear and anxiety of making a mistake, being rejected, looking foolish or inadequate;
  • Self-focused: Only viewing and thinking of what goes on around them on the basis of their own wants and needs; and,
  • Rigidity: Motivated by fear of doing something wrong and receiving negative feedback. Those with LSE seem to narrow their choices to be safe from erring.

Demonstrating these characteristics does not mean they do not care about their clients, their team members or the quality of services they provide.

I like to describe it as they are not truly aware of their worth, the value they bring to the marketplace. This always comes out when it is time to bill – – they dread billing the client for the dollars revealed in WIP and usually bill them less. They can’t imagine what value pricing would be like!

I once talked with a CPA partner, very well-known and respected in his business community. He built his image up over many years and yet he disclosed that he dreaded networking and when a client came in to talk one-on-one, his stomach hurt before the meeting because he was dreading it.

I have not observed as much of this “split” in female CPAs. They need more of the outside persona.

My message: YOU are worth it! You have spent thousands and thousands of dollars getting your education and keeping current on financial and tax topics. What’s in your head is VERY valuable to others – don’t under rate yourself.

You provide your clients with peace of mind. What a great mission – enjoy it.

  • You yourself, as much as anybody in the entire universe, deserve your love and affection.
  • Buddha

Friday, March 3rd, 2017

John Garrett – The Recovering CPA

“Comedy is tragedy plus time.” – Carol Burnett

I enjoyed an interesting conversation recently with John Garrett. John is a CPA-turned corporate comedian on a mission to strengthen teams.

John-Garrett-wpJohn found me via a mutual friend, Rob Nance, who recommended John talk with me. Rob was right, I certainly enjoyed talking with John and learning about what he is doing to improve that age-old stereotype – that accountants work all the time and are basically, boring.

As far as boring goes, I know that is not true. I have been working in the CPA profession for over 35 years and I haven’t been bored one minute!

John’s mission is, through comedy, to help accountants expand their universe and share what they really enjoy doing outside of work. He explores this topic on his Green Apple Podcasts. He talks with rock star professionals who stand out at work by focusing on being different in order to get ahead. Accountants, consultants, lawyers and other professionals are doing some cool things after they leave the office.

Sometimes CPA partners are way too secretive about their personal lives. You can actually do a better job of engaging people by sharing more about yourself and what you are passionate about outside of work.

I hope you will help John with his research on corporate culture by taking part in a brief survey on his Green Apple website – it’s anonymous and it takes less than 2 minutes! Also, check out his homepage and learn about all his speaking activities and more.

John has spoken at many CPA conferences, events and to team members at various accounting firms. Maybe he would be a good addition to your Firm Day agenda.

  • Comedy is simply a funny way of being serious.
  • Peter Ustinov

Thursday, March 2nd, 2017

Happiness

“Happiness is not a state to arrive at, but a manner of traveling.” – Margaret Lee Runbeck

During the month of February, Richard Branson featured many posts on the topic of happiness. He even provided a happiness playlist.

Have you recently thought about how happy you really are?  I recommend it.

Today, I want to talk about the happiness of your team. As a CPA firm leader, are you at all focused on what makes your team happy or are you just trying to keep up with what the competition is doing so you have a good chance at retaining people?

An accounting firm has a variety of roles and a variety of people filling those roles. It can be quite challenging trying to keep people happy.

That doesn’t mean you should stop trying. Make happiness the core of your workplace and begin by listening to your people. Often, some very small things can make them happy – it not always about more financial gain.

I have observed some amazing CPA firms during my many years working in the profession. They offer their people so much – a beautiful office, an outstanding menu of employee benefits, 10 or more paid holidays, four, five or more weeks PTO, competitive salaries, great technology, the chance to work with some really smart people, the opportunity to assist some very successful and innovative clients, recognition in the business community, free continuing education, flexibility and more. But, that’s not enough.

You need to try very hard to always think of new things to keep the team energized and happy. Maybe it’s a chair massage during busy season, a mini-golf outing, a bowling outing, a special catered dinner, theme dress-up days, seasonal parties, etc. Keep trying to surprise them!

The most important thing you can do to keep your team happy is to simply listen. They know what they want and it can be as simple as better communication from the partners or quicker turnaround on review.

This spring, you might want to ask them via an upward feedback survey.

If you recognize people on your team who are not happy at your firm, don’t hide from it – talk to them and if it is something you can’t remedy, help them find a position where they can find happiness in their work – no hard feelings.

  • You must give everything to make your life as beautiful as the dreams that dance in your imagination.
  • Roman Payne

Tuesday, February 28th, 2017

Be Sure You Are Listening

“It is not enough to be busy; so are the ants. The question is what are we busy about?” – Henry David Thoreau

You have a lot on your plate, whether you are a partner or a first year team member. It’s a busy time and you are in a constant state of hurry-and-get-this-done.

Keep in mind that THE CLIENT is not realistically aware of the amount of work you are processing. They only know that you and your firm are taking care of THEM. It is important to remain focused on their needs and to keep in mind how you look from their viewpoint.

Never let them think you are TO BUSY for them.

Several years at my firm, we had a ban on the word BUSY. If anyone said the word they had to deposit a small fee into the busy jar. The theory was not to ever let clients, prospective clients and referral sources think we were too busy to take on NEW clients.

How do you communicate your intent? Here’s an example.

The firm that prepares my personal/business tax returns, Nolan Giere in Troy, Ohio, recently sent out their Winter 2017 newsletter. In the comments from the managing partner, Tom Giere states:

“We will do our best to fully understand your unique situation so we can do the very best job for you. We also encourage you to ask questions. We are not too busy, we do not mind the interruptions, and we know that the more informed you are the better can serve you.”

Be sure you are communicating to your clients that you WANT them to ask questions and that you don’t mind interruptions.

  • The time to relax is when you don't have time for it.
  • Sydney J. Harris

Wednesday, February 22nd, 2017

Your World Will Be Unrecognizable

“We won’t recognize the vast majority of CPA firms in five to 10 years.” – Barry Melancon

CPAs working in public accounting, get ready. I’m smiling as I type this because I have been warning, pleading, asking and begging you to “get ready” for about 25 years!

As reported via Accounting Today, Barry Melancon, President/CEO of the AICPA said recently, “The number of changes facing the accounting profession will leave most practices radically altered in the near future.”

Yes, you have been hearing that for years but this time it’s different because time is truly running out.

The businesses you serve are facing changes in a quicker time frame than ever before, why should you think CPA firms would be exempt? CPAs are supposed to be showing their clients the way into the future.

Erik Asgeirsson, President/CEO of CPA.com encourages accountants to dive deep into technology and pursue how it can help them deliver higher value to their clients.

Be sure to read the full article via Accounting Today. Be sure to note the graph that shows the percent of firms implementing cloud accounting in 2017.

  • People evolve and it's important to not stop evolving just because you've reached adulthood.
  • J. K. Simmons

Monday, February 20th, 2017

Challenging Problems

“The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year.” – John Foster Dulles

Do you shy away from challenging problems?

Certified Public Accountants are basically, nice people. They do not want to create contention or participate in confrontation. So, many challenging problems have a very long life-span inside accounting firms.

You have a renegade partner. They develop work-arounds to almost all of your processes and systems and rarely go along with the partner group’s initiatives. You even wonder what they are saying to clients.

You have a sacred cow employee. A person that apparently cannot be fired for continual poor performance. It’s someone who has been with the firm for decades and has evolved to the point where they have a very bad attitude. Even their work has become shoddy and they are beginning to drive people away from the firm.

The business world is quickly becoming digital and your firm is still not even paperless! You have a partner who absolutely refuses to move into the future. They must have everything in paper and they refuse to learn how to even review tax returns on-screen. Young, up-and-comers will soon find greener pastures.

Some partner groups are so afraid of confrontation that they pay a consultant thousands of dollars to come in and deal with the challenging problem.

Sure there is risk involved and it might feel very uncomfortable, but why not step-up to the plate and deal with your challenging problems? That’s what great leaders do.

(If you receive my blog via email, be sure to visit my website to read each days quote at the bottom of the page.)

  • One thing is sure. We have to do something. We have to do the best we know how at the moment. If it doesn't turn out right, we can modify it as we go along.
  • Franklin D. Roosevelt

Thursday, February 9th, 2017

How Visible Is Your Firm On Campus?

“A baby has brains, but it doesn’t know much. Experience is the only thing that brings knowledge, and the longer you are on earth the more experience you are sure to get.” – L. Frank Baum, The Wonderful Wizard of Oz

I hope you have read Rosenberg’s recent post about accounting interns‘ lack of knowledge about public accounting.

He interviewed a group of accounting interns working for local firms in Chicago. The sad result is that their perception of the CPA profession – hours worked by staff, hours worked by partners, earnings of partners – is sadly off-target.

Read my post from 2009 to learn about my experience with college students. They did not know anything about local firms, they only knew about the Big Four. Why? Because the national firms are visible on campus EVERY week.

There is much smaller firms can do.  My firm was recruiting on campus when I joined the firm and we only had nine people! So, big firm or small firm, be visible on the college campus.

  • No man's knowledge can go beyond his experience.
  • John Locke

Friday, February 3rd, 2017

Keeping Up With Change

“It is not necessary to change. Survival is not mandatory.” – W. Edwards Deming

How are you doing with that “change” thing? I write about it over and over again and about how important it is to embrace change and keep pace with the changing world.

jodyToday, I won’t write much but I want you to follow this link and read a great article by Jody Padar. To me, it’s a simple message:  If you don’t change you will lose clients. Read it please and think about it over the weekend.

  • You must welcome change as the rule but not as the ruler.
  • Denis Waitley

Friday, January 27th, 2017

Buying Into The Vision

People buy into the leader before they buy into the vision. John C. Maxwell

Owners of accounting firms spend a significant amount of money on partner and/or management retreats. At these multi-day, off-site meetings they often update or draft their firm’s mission and vision.

People often get the two confused. To describe them simply:  A mission describes why an organization exists. A vision is a description of the future.

When CPA firm owners design a vision statement it VERY often sounds something like this:

Vision: To be the most respected CPA firm in our business market providing quality services to our clients and providing careers for our people where they can grow professionally.

Keep John Maxwell’s quote (above) in mind as you approach the topic of creating a vision statement for your firm. If the leaders are not living examples of where the firm wants to go, then the team will not follow. Nor will they be inspired.

  • To the person who does not know where the wants to go there is no favorable wind.
  • Seneca