Archive for the ‘Reading’ Category

Thursday, December 11th, 2014

Grades Or Grit

I like to work with people who have grit.

To me that means:

  • They are not hesitant to say what’s on their mind.
  • They continually give honest feedback and encouragement to those around them.
  • They don’t “walk on egg shells” because some people they work with are very sensitive or very explosive.
  • They also continually and positively push people to do their best.

When you are hiring or when you are assessing your fleet of interns to identify future hires, it is not about their GPA. Experts tell us that when a young person is about 5 years into their career, all the grades and academic credentials in the world don’t mean anything anymore.

I have observed that first-hand over my career. If you are a leader in your firm I bet you have observed it, too. So… work with that.

Leaders with grit create team of doers not talkers.

Here’s a book to use as a resource – The Soft Edge: Where Great Companies Find Lasting Success by Rich Karlgaard.

Being a Baby Boomer, when I hear the word “grit” I think of John Wayne. How about you?

  • In the real world, smarts isn't about looking for the next star student with a 4.0 or having an IQ that can boil water. Instead, it's about the importance of hard work, of perseverance and resilience. Call it grit.
  • Rich Karlgaard, author of The Soft Edge

Monday, December 8th, 2014

Helping You Save Time – Here’s A Quick Review Of Last Week’s Posts

It’s a simple thing.      Saving time.      You should try it sometime.

Yes, I am being sarcastic again. As you know, working inside a busy, growing CPA firm, it is very important to always be aware of saving time and wasting time. This applies if you still record time daily or if you are a value-pricing firm.

I worked very hard last week to do my part to:  Enlighten you – Give you ideas – Encourage you to be your best – Help you (and your people) earn more money – Be more appreciative of each other – And so on. Plus, never forget that a leader MUST read – often and a variety of things and topics.

Here’s a list of last week’s posts. If one or more grabs your attention, you might want to read it quickly as you start your week:

Monday:  CPAs Will Leave Your Firm – No Matter What Time of Year – Yes, people quit CPA firm jobs in tax season these days.

Tuesday: Identify Future Leaders Early, Part I – Gary Boomer’s article inspired me to elaborate. Be sure you communicate to your young people the benefits of a long career in public accounting.

Wednesday: Identify Future Leaders Early, Part II – My thoughts relating to Boomer’s article were too extensive for just one blog post. So, Here are 10 characteristics to look for in identifying future leaders.

Thursday:  Apologies – Don’t point fingers. Don’t play the blame game. It wastes too much time.

Friday:  Make It Easy For Your Clients – Starbucks Does – Do you avoid client phone calls at times? Do your managers rarely answer their phone, preferring to let it go to voice mail?

Don’t forget my Saturday post “Lighten-Up” post (off topic, humorous or even weird). Holy weekend, Batman!

  • The MORE that you READ, the more THINGS you will KNOW. The MORE you LEARN, the more PLACES you'll GO!
  • Dr. Seuss

Tuesday, December 2nd, 2014

Identify Future Leaders Early – Part I

Gary Boomer, is that you with Rita?Gary Boomer’s recent article in Accounting Today “hits the nail on the head,” so to speak. As usual, Boomer and I are on the same wave-length. His insight into what accounting firms should be doing and not doing is always right on-target. The theme of his recent article is “leaders should be identified early in their careers….”

Current firm leaders often tend to wait way too long to identify future leaders. They may be thinking to themselves, “Young Ted is really sharp. He grasps things so quickly and he can talk to clients in an enlightened and mature manner.” 

The trouble is, firm leaders don’t communicate to young Ted that he has what it takes to be a major player in the game of public accounting, along with an earnings potential to match.

Meanwhile, young Ted is restless. He wants more responsibility, he wants to mentor the new hires and interns, he wants to be assigned to the firm’s premier clients, he wants to learn directly from the best performing partners and he would like the chance to accompany a partner to a client meeting or lunch.

If Ted’s expectations are not met, he will move on to find career fulfillment elsewhere. Your competitors will hire him in a heart beat!

My theory is that most experienced accountants can almost immediately assess the future potential of a young person entering the accounting profession. Yet, they wait and often suffer through failures with struggling employees for way too long and hesitate to invest very quickly in education and development of all-stars.

Read Boomer’s article and see what you think. Check back tomorrow and I’ll list Boomer’s 10 characteristics to look for in identifying future leaders.

 

  • None of us is as smart as all of us.
  • Ken Blanchard

Tuesday, November 25th, 2014

I Don’t Remember This Happening Before

Pope_Francis_Korea_Haemi_Castle_19_(cropped)Perhaps it has happened, but I don’t remember a sitting Pope commenting, in a very public manner, about the important role of accountants in society.

I urge you – CPAs in the corporate arena and CPAs in public practice – to always keep in mind the important role you truly DO play. Here’s a tidbit about what the Pope said in an address in Rome to participants of the World Congress of Accountants.

“So everyone—but especially those in a profession that deals with the proper functioning of the economic life of a country—is required to play a positive, constructive role in the course of their daily work, bearing in mind that behind every document, there is a story, there are faces.

“Those who work in various positions in the economy and finance are called on to make choices in favor of the social and economic wellness of humanity as a whole, giving everybody the opportunity to realize their own development.”

Young CPAs just getting a good start in your career – you should be very proud of the profession you have chosen. Please have the determination and pride to stay in the public accounting arena. You will be able to touch so many lives. I hope you always remember that while the hours are sometimes long and the continual learning is challenging, the rewards are great – both monetary and personal satisfaction and pride.

Experienced CPAs, not only should you keep doing what you are doing, you should also keep in mind how many lives – your clients and your employees – you are responsible for. I believe that you have survived in public accounting because you do strongly feel the commitment to helping people.  Business people and individuals NEED your expertise.

Read about the Pope’s comments on the Journal of Accountancy site.

(photo via Wikipedia)

  • The future starts today, not tomorrow.
  • Pope John Paul II

Wednesday, October 29th, 2014

Bring Clarity To The Role Of A Partner In A CPA Firm

In a recent newsletter from August Aquila of Aquila Global Advisors, August identified some of the things partners need to do to help the firm be successful.

There is a critical link between partner behavior and what the firm is trying to achieve. Here’s a list to give to all of your partners. Then discuss it and then do it.

Being a leader means partners must:

  • Make a personal economic contribution
  • Bring in new business
  • Bring the firm’s resources to their clients
  • Pass work to their colleagues
  • Develop their people’s capabilities
  • Persuade their people to join the partners on the journey and to play a part in building a better firm
  • Help their colleagues and, through them, the firm
  • Live the firm’s values all day, every day
  • Never be satisfied with second best
  • Be role models for high performance and judgment, the people members of the firm turn to for inspiration and help
  • Stand up and be counted

Read Aquila’s newsletter article here.

  • The only limit to our realization of tomorrow will be our doubts of today.
  • Franklin D. Roosevelt

Thursday, October 16th, 2014

Productivity Hack of the Week

Fast-Company-Logo“To help you work smarter instead of harder, we’re hitting you with a productivity hack each Friday. Check out our hacks here.” – – this is from Fast Company.

If you are confused by the word hack, used in this context, learn more here.

I thought the Productivity Hack Of The Week for October 10, 2014 just might interest many accountants working in public accounting. You know…. the place where in most firms you track every single minute of your day! (Except for the very progressive firms where they have embraced the value pricing model.) Of course, whether you are tracking time or not – you can end up wasting a lot of time browsing the web.

Taking a Facebook break or reading a few blogs that you follow everyday (and find helpful… hopefully like mine), can still be good for you and also be productive, within limits. It is still very clear that there is only so much time you can spend with these browsing activities.

That is why, when I read about how to track how much time you waste, I thought it would certainly pique your interest.

There is an app that runs in the background while you work on your computer or smartphone that tracks each second you spend on applications and websites and gives you weekly reports and data based on your activity.

Then there is another app that helps you, after you have decided how much time you want to cut back (a productivity extension for Google Chrome) that allows you to restrict the amount of time you can spend on time-wasting websites. If you lack self-control completely and need to put yourself on a productivity lock down, you can block specific sites completely using Chrome.

All this is interesting. I need to dig a little deeper and see if it could benefit me. I know that I get sucked into reading a post and following a link, then another link and end up reading, reading, reading….. which is good for my knowledge and expertise but I often have other more important priorities!

As mentioned above, Fast Company provides a productivity hack every week – read them here.

  • Amateurs sit and wait for inspiration, the rest of us just get up and go to work.
  • Stephen King

Monday, October 6th, 2014

Want To Be A Successful Leader, Then READ

I keep pushing, nagging, and pleading with CPA firm leaders AND future leaders to read. It has to be part of your daily life and I don’t mean tax and audit stuff!

Read the blog post I did on April 3 and watch the video. As you go into the late fall season inside your busy firm, I want you to prepare your mind for 2015!

Just to reinforce the importance of reading (if you want to be a successful leader), here is something I read recently in an interview with Tom Peters on the McKinsey site:

Tom Peters: I was at a dinner party recently with a guy who’s probably one of the top ten finance people in the world. At one point he said, “Do you know what the biggest problem is with big-company CEOs? They don’t read enough.”

Another excerpt for you to contemplate:

Tom Peters: Peter Drucker once said the number-one trait of an effective leader is that they do one thing at a time. Today’s technology tools give you great opportunities to do 73 things at a time or to at least delude yourself that you are. I see managers who look like 12-year-olds with attention deficit disorder, running around from one thing to the next, constantly barraged with information, constantly chasing the next shiny thing.

My advice, as you enhance yourself and build a successful firm:

Rita Keller: Read, think, plan and then IMPLEMENT.

  • Strive not to be a success, but rather to be of value.
  • Albert Einstein

Tuesday, September 30th, 2014

Better Client Service

HostetlerDustinLeanCPA-1023It just makes sense to me that the more efficient you are, the better service you can provide your clients. However, it is sometimes difficult for CPAs to get past the mindset that the faster you complete the engagement services the bigger the chance of doing something wrong.

Dustin Hostetler, the founder of Flowtivity and the lead consultant for Lean4CPAs by Flowtivity is a Lean Six Sigma Master Black Belt with extensive experience working inside a large regional CPA firm and has taken proven Lean techniques from the manufacturing floor and tailored them to bring value to public accounting firms.  Hostetler thoroughly addresses the issue of delivering better client service in a recent blog post and I wanted to share his remarks with all of you.

He notes two misconceptions about process improvement initiatives:

# 1 – You can’t be more efficient without negatively impacting quality

#2 – By undertaking a process improvement initiative, we could negatively be impacting our client service.

He explains client satisfaction via three different customer services “curves.” They are, Basic, Performance and Delighter services.

Read more about it here.

 

  • We see our customers as invited guests to a party, and we are the hosts. It's our job every day to make every important aspect of the customer experience a little bit better.
  • Jeff Bezos, CEO Amazon

Monday, July 21st, 2014

The Little Things Can Make You Happy

Sometimes in our work-a-day world we get stressed. Sometimes we get very tired. Sometimes we get annoyed by people. Sometimes we get disappointed, in ourselves and in others. Sometimes we get angry. Sometimes we get rushed. Sometimes we get our feelings hurt. Sometimes we feel unappreciated.

But, many times we feel happy. It can come from some of the littlest things…. someone shows appreciation, you receive recognition, someone says “thank-you,” you spend time with business colleagues who help you learn, someone smiles at you, your boss says, “good morning,” you get an email from an old friend…

Working with CPA firms I always recommend, IF you want to create a winning firm, one where young people will want to stay and build their careers and one where people feel joy in serving the clients, just remember that the little things can make the biggest difference.

A little thing happened to me last week. It came via social media. I tweeted about my participation in Advance 2014: The Accounting Career Summit and how pleased I was that on the agenda for the week I am listed right above Bruce Tulgan, author of It’s Okay To Be The Boss and Not Everyone Gets A Trophy and many more. You know how often I recommend these books to you! If you want a copy of my 2014 Read List (for CPAs and their teams) you can download it here.

Well, Bruce Tulgan replied to my tweet! Sometimes little things can make you very happy.

What are you doing for the people in your work life (and home life)?

Screenshot 2014-07-19 07.26.03

  • Scheduling flexibility is the single greatest non-financial tool - and the number-one dream-job factor - at your disposal for winning battles in the talent wars. Use it.
  • Bruce Tulgan

Tuesday, July 8th, 2014

Improving the Culture Inside Your Busy CPA Firm

Gary Boomer, is that you with Rita?Many CPAs ask me, “How can we actually improve our culture?” or “How can we really make things better for our staff while still providing great client service and meeting government deadlines?”

Of course, tax season is one of the most challenging times. If you can make the work environment better during January thru April, you would be a firm where impressive, young talent would stay and build their careers.

That’s why I like a recent article by Gary Boomer in Accounting Today. Well, I like all of Boomer’s articles but this one caused me to reminisce about many of the things I worked on when I was working inside a busy, growing firm.

Boomer talks about the “after tax season review,” assessing what went right and what went wrong. We did it faithfully every April and compiled a list of things to change, improve or tweak. The secret? We made sure that we did actually implement…. we changed, improved and tweaked continually. It was part of our culture.

Here’s Boomer’s 10 Way You Can Make Next Tax Season Better:

  1. Schedule client appointments in advance.
  2. Scan and organize client data into a digital file.
  3. Utilize a digital workflow system.
  4. Implement one-way workflow and avoid loops. You do not have to send work back for training purposes.
  5. Review returns on a timely basis.
  6. Grade preparers on each return to drive out errors at the lowest cost.
  7. Bill and collect with the return.
  8. Reduce cycle time to increase profits.
  9. Utilize portals for aggregation of client data and the delivery of returns.
  10. Utilize a technology surcharge to achieve a return on your IT investment.

How many of the 10 are you doing? Read the entire article here.

  • Providing the right services to the right clients is very important.
  • Gary Boomer