Archive for the ‘Partner topics’ Category

Thursday, April 6th, 2017

IMPORTANT TOPIC: Can What You Are Doing Be Done By Artificial Intelligence?

“Some people worry that artificial intelligence will make us feel inferior, but the, anybody in his right mind should have an inferiority complex every time he looks at a flower.” – Alan Kay

PLEASE, please read this great blog post by Seth Godin. Here’s the closing paragraph:

The question each of us has to ask is simple (but difficult): What can I become quite good at that’s really difficult for a computer to do one day soon? How can I become so resilient, so human and such a linchpin that shifts in technology won’t be able to catch up?

It was always important, but now it’s urgent.

So much of what accountants do can and will eventually be done by AI. Think about how it has already happened inside your firm. A simple exmple, we used to turn in an expense report – now an app does that for us – and so on.

In the world of blockchain, things will happen without your involvement. How will that play into the future of your firm? You must keep current and keep ahead of the curve. The things that happen might change how you do things but it doesn’t have to make you obsolete – there will be new and different opportunities for progressive firms.

  • It's going to be interesting to see how society deals with artificial intelligence, but it will definitely be cool.
  • Colin Angle

Tuesday, April 4th, 2017

Blockchain

“The aim of argument, or of discussion, should not be victory, but progress.” – Joseph Joubert

Rarely do I miss a day posting on this blog. However, yesterday was one of those days and I apologize – BUT I had a great reason. I was attending (virtually) the annual New Horizon Group of consultants to the CPA profession meeting. The meeting was held at the AICPA offices in NYC, hosted by Mark Koziel. The co-chairs of this years meeting were Carl George and Jennifer Wilson.

Other members (who I am so honored to be affiliated with) are: Roman Kepczyk, Allan Koltin, Gale Crosley, Angie Grissom, Jim Bourke, Chris Frederiksen, Rob Nixon, Darren Root and Marc Rosenberg.

An important discussion topic was Blockchain and how it will affect the future of auditing. Honestly, it sounds like it will affect the future of many things.

My point today is for you, as a CPA practitioner or non-CPA in a firm leadership position, to take the time to learn about blockchain. I must admit, I didn’t have a clear understanding of it until yesterday.

Below, I am furnishing you a link to a great article (via Accounting Today) that will help you learn more about blockchain. It is critical for you to educate yourself and your team – it is a huge change and it is coming about quickly – you can’t wait and think it is something to worry about 10 years from now.

Blockchain is defined as an open, distributed ledger, blockchain technology records and verifies transactions without any trusted central authority.  Read more…..

  • Frequently the more trifling the subject, the more animated and protracted the discussion.
  • Franklin Pierce

Friday, March 31st, 2017

A Simple Message for CPA Firm Leaders

“It is not fair to ask of others what you are unwilling to do yourself.” – Eleanor Roosevelt

Here is Seth Godin’s blog post from yesterday:

All we have to do is be the person we say we are

No need to shop for a better you, or to work overtime to make bigger promises.

Keeping the promises we’ve already made is sufficient.

It is a clear, simple, meaningful message. It applies to all levels of people inside an accounting firm.

I think it is especially meaningful for CPA firm partners.  There are many partners who make promises to the team fully intending to keep those promises. Then life unfolds, things get busy, fulfilling the promise becomes more difficult than expected and it is soon put on the back burner.

Sometimes it is something very simple… “I’ll take you along the next time I have a meeting with Big Jones Client.” Then it doesn’t happen.

Sometimes it is something very important… “We are going to revamp our performance feedback process to make it more timely and more meaningful.” Then is doesn’t happen.

When I ask a room full of CPA firm team members, “Who is it at your firm that does not follow the processes and procedures?” The answer is always the same, “The partners!”

I really like one item from a sample Partner Commitment Statement furnished by Sam Allred of Upstream Academy:

“I will do what I say I will do, on time, without reminders.”

  • Don't worry that children never listen to you; worry that they are always watching you.
  • Robert Fulghum

Tuesday, March 28th, 2017

Silence Is Often Not Golden

“Organizations are destroyed by behaviors that should be confronted but are condoned by silence.” – Dan Rockwell @leadershipfreak

I have often operated by that old phrase, “Silence Is Golden”. There were just times when it was very appropriate, in my opinion, to say nothing. For instance, when someone was very angry.

I have also often operated by another old phrase, “If you don’t have anything nice to say, don’t say anything at all”.  That advice came from my mother and maybe from Thumper.

Communication is a difficult subject and a constant struggle inside many busy accounting firms.

However, never forget – You owe people feedback. You owe your partners feedback. You even owe your bosses feedback.

You should be comfortable speaking up immediately when you notice someone doing something wrong. Many “bosses” in CPA firms seem to have missed this message.

  • A partner notices that Judy is not following firm procedures, yet the partner saves up constructive feedback until there is a performance evaluation meeting or exercise.
  • Joe is new and struggling with some tax preparation issues. The manager is aware but is silent and instead writes 57 review notes.
  • Most of the partners notice “things” that should be addressed with a staff person or an admin team member and rather than address it on the spot, they ask the firm administrator… “Can you talk to Sally?”
  • Ted, tax partner, is what we call a “wild card”. The partners are even concerned about how he might be advising clients. Nothing is said.

Yes, you can bring a lot of negativity into the work place by saying too much, talking too much and whining too much. However, there are many times when inappropriate behaviors need to be addressed.

 

 

  • Everything becomes a little different as soon as it is spoken out loud.
  • Hermann Hesse

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