Archive for the ‘Change’ Category

Monday, January 21st, 2019

It’s Healthy to Stand

“If you fell down yesterday, stand up today.” – H. G. Wells

I noticed a news article about a firm unveiling new offices in a new market.

The firm, Lutz,  offers accounting services including tax, bookkeeping, and business consulting to individuals and organizations in a variety of industries. The company was founded by Ralph Lutz in 1980 in Omaha as the CPA firm of Lutz, Kinsey, Friedman & Meyers. They also have offices in Grand Island, Lincoln, and Hastings, Nebraska.

Check out the picture of two of their accountants utilizing the stand-up desk option. Are you offering the option to your team members yet?

standup

  • Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen.
  • Winston Churchill

Wednesday, January 16th, 2019

The Battle Inside You

One evening an old Cherokee told his grandson about a battle that goes on inside people.

He said, “My son, the battle is between two wolves inside us all. One is Evil. It is anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.”

“The other is Good. It is joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, and faith.”

The grandson thought about it for a minute and then asked his grandfather, “Which wolf wins?”

The old Cherokee simply replied, “The one you feed.”

I read this somewhere many years ago. It is so true. I have read this fable before and, you can find lots of good posts using it on the web. In your work life, it is very tempting to focus on the negative.


I believe that you become who you associate with. Jim Rohn once said, You‘re the average of the five people you spend the most time with.”

 
Haven’t you ever found yourself beginning to think and talk negative most of the time and then suddenly realize that you have been hanging around negative people most of the workday? I bet you can quickly name the people in your firm who always seem to feel sorry for themselves, who poke fun at others and seem to feel pleasure from getting even.

My advice: Don’t walk away from negative people……. RUN!!

Try this tip I learned at a conference many years ago. Put a rubber band on your wrist. If you suddenly realize you are talking negatively to another person, SNAP the rubber band (stretch it way out) against your wrist so that it stings, just as a reminder. Wear the rubber band all week and see how many stings you feel.

Focus on feeding the good wolf. The good wolf likes positive self-image, kindness, understanding, positive attitude, tolerance, and laughter. Even during this busy time of year, take time to count your blessings. Smile more, it makes people wonder what you are up to.
 

  • Your hardest times often lead to the greatest moments of your life. Keep going. Tough situations build strong people in the end.
  • Roy T. Bennett

Monday, January 14th, 2019

CAS – Client Accounting Services

“Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston Churchill

I have been talking to my clients a lot recently about CAS (Client Accounting Services). To me, for many firms, it is something that they should pursue. Even many of the Top 100 firms are using it and capitalizing on a growing and profitable opportunity.

Smaller firms seem to be less enthusiastic. For most smaller firms, it does require a digital transformation, elevating technology into a much broader role. Jim Boomer of Boomer Consulting, in a recent article, describes digital transformation:

Digital transformation

First is digital transformation. Moving up the continuum of value from transactional and compliance work to performance and strategic services requires elevating technology a much broader role. We must automate “low or no value” steps in the processes to improve the client experience.

Technology is the foundation of your firm’s ability to move up the continuum of value. So start assessing and evaluating available technologies and considering how your existing clients can benefit from new technologies.

No single software will have all the features to meet the needs of every client. Start with a primary, comprehensive accounting software and then use other add-on solutions that integrate with your main accounting software. This will provide the efficiency gains of automation.

If you want your firm to move from compliance to advisory services, Boomer also warns that your business model must also change. You need to address things like:

  • Value pricing
  • Marketing
  • Staffing
  • Client interaction

Read Jim Boomer’s informative article here.

 

  • It is better to fail in originality than to succeed in imitation.
  • Herman Melville

Friday, January 11th, 2019

What Does Leadership Look Like Podcast

“The man who never alters his opinion is like standing water and breeds reptiles of the mind.” – William Blake

Thanks so much to Jessica Salerno of The Ohio Society of CPAs for interviewing me for one of the Society’s podcasts.

Episode info:

As the accounting profession evolves, leadership has to evolve along with it. We spoke with Rita Keller, respected CPA firm management consultant and author of the daily blog “Solutions for CPA Firm Leaders,” on how leadership in accounting has changed over the years, the common leadership mistakes she’s seen, the one thing leaders aren’t doing enough and more.

Click here to listen to the podcast. I also appreciate the Young CPAs of Ohio tweet!

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  • Change your opinions, keep to your principles; change your leaves, keep intact your roots.
  • Victor Hugo

Thursday, January 10th, 2019

How to Become Virtual

“Mergers generate substantial synergies.” – Roger Altman

Virtual CPA firms have been evolving for many years now. Many have gained much notoriety and a substantial client following.

I enjoyed reading this article about my good friends at Beach Fleischman, a Top 200 firm based in Tucson, Arizona. The joined forces with a smaller firm to create a virtual firm, MOD Ventures, that will service both firms’ outsourced accounting services clients going forward.

Read all about it here, via Accounting Today. Maybe it will motivate you and your firm to become more creative and take advantage of virtual opportunities.

  • Fight for the things that you care about, but do it in a way that will lead others to join you.
  • Ruth Bader Ginsburg

Tuesday, January 8th, 2019

Do You Have The Power to Lead?

“Most people watch videos, they don’t make them. Most people read tweets, they don’t write them.” – Seth Godin

seth

Once again, Seth Godin did a post last week that was so powerful and thought inspiring that I am sharing it with you rather than writing something myself. Read it a couple of times…..

Do you have the grit to be responsible?

  • If you can’t state your position in eight words, you don’t have a position.
  • Seth Godin

Friday, January 4th, 2019

You Are Running a Business

“If we wait until we’re ready, we’ll be waiting for the rest of our lives.” – Lemony Snicket

I talk to so many CPA firm leaders who are struggling with very important decisions. I can listen, suggest and advise but I can’t do it for you.

  • What are you afraid of? Why do you often postpone some simple business decisions because you just might hurt someone’s feelings?
  • Why do you procrastinate on dealing with poor performers because you might hurt someone’s feelings?
  • Why do you allow several clients to use your firm like a bank? They owe you money, they don’t pay and you just let it “go” for a very long time.

You are running a business and your people and your clients should expect you to make timely, and sometimes difficult, business decisions.

Are these types of things happening at your CPA firm? If so, make a decision to deal with them, beginning immediately.

  • Just say yes and you'll figure it out afterwards.
  • Tina Fey

Wednesday, January 2nd, 2019

The Secret of Change

Focus slideI was browsing through famous quotations about facing a new year. I came across one that I have often used in my presentations.

To me, it says so much about CPAs in public practice coping with surviving in a profession that is undergoing some of the most formidable changes it has ever faced.

Clinging to the past is not the answer. Making the commitment to change yourself is the answer. How are you, personally, going to survive into the future.

Too many partners and managers are clinging to work that they know and love. They have not developed the skills or desire to delegate properly so that less experienced CPAs can learn from more challenging work.

Begin this week to observe what your team members need to learn and give them projects that will help develop their skills and knowledge.

Struggling with exactly what to delegate? Ask your team what they think you should delegate. They are more insightful than you might think. Managing partners, ask your firm administrator what he/she thinks you should delegate to them. You might be pleasantly surprised.

  • Go confidently in the direction of your dreams.
  • Henry David Thoreau

Monday, December 31st, 2018

New Year Message

“Write it on your heart that every day is the best day in the year.” – Ralph Waldo Emerson

You probably heard about the Queen’s annual Christmas message to the world.

I actually listened to the entire thing this year. Some of her thoughts are my thoughts for YOU in 2019.

“Some cultures believe that a long life brings wisdom. I’d like to think so.”

“Peace on earth and goodwill to all is never out of date. It can be heeded by everyone. It’s needed as much as ever.”

“Through the many changes I have seen over the years, faith, family and friendship have not only been a constant for me but a source of personal comfort and reassurance.”

I wish you all a happy 2019. May you have faith, family, and friendship to help you through these changing times.

  • Hope smiles from the threshold of the year to come, whispering 'it will be happier'...
  • Alfred Lord Tennyson

Friday, December 28th, 2018

Making The Move

You have heard it discussed extensively during the last few years. I am referring to making the move from compliance work to becoming a consulting firm.

CPA firms have been doing compliance work (tax returns and financial statements) forever. Some people working at the firm have, through years of experience, moved into more of a consulting role. Traditionally, these people are partners. In recent years, it has become common for a CPA firm to also provide some sort of technology and human resource consulting for clients.

In a recent article in Accounting Today, August Aquila notes, “There is a significant difference between consulting and compliance services — the way they are priced, marketed, the staff training, and even the business model all come into play. I’ve seen too many firms try to manage their consulting services as if they were compliance services. This is a big mistake.”

I have found that so many CPAs are performing consulting services just as if they were part of the compliance engagement, leaving money on the table.

Angie Grissom, in the same article notes, “Let’s not forget competencies, training and people. It can take a long time to become a good consultant. Many consultants have MBAs, and operational and finance experience, rather than accounting or tax. Like all professionals, they learn on the job.”

Consider how many consultants you have now. You probably just have a few partners performing these services. To develop more consultants, you must start grooming younger people earlier in their careers. From day one you should be taking them along on consulting engagements and involving them in discussions with the clients.

Larger firms are building their consulting practice by acquiring firms that are already consultants such as technology firms or human resource consultants. They are also hiring people from the college campus who are not accounting majors.

Get started on a plan for how your firm will make the transition from compliance to consulting. Keep in mind what Grissom says, “A major difference is, of course, the fee that consultants can charge versus what auditors or tax preparers charge. Consultants have convinced their clients that their services have a higher value.”

Read the entire article here.