Rita Keller, an award-winning and widely respected voice to CPA firm management, is uniquely positioned to help CPAs and their teams face rapid and significant change.
“Software is a great combination between artistry and engineering.” – Bill Gates
As you know, changes in technology are happening rapidly. The major providers of CPA firm applications (CCH Wolters Kluwer, Thomson Reuters, and Intuit) held conferences last fall to help and inform their users.
Randy Johnston and Brian Tankersley attended all three conferences and have so much great information to share with practitioners in their Technology Lab January 6th podcast that summarizes the conferences.
I urge you to take a half hour and listen to this podcast. It has so much important information about the products you are using and about the future of these products. They also talk about key mergers/acquisitions, like Thomson acquiring SurePrep.
“To know is to know that you know nothing. That is the meaning of true knowledge.” – Socrates
If you are a firm administrator and want to be a better one. If you have a firm administrator and want them to step up to the next level. If you don’t have a firm administrator but you want one. This is the conference for you.
This conference is all about CPA firm management. It’s not tax, it’s not about audit, it’s not accounting, it is about managing your firm for efficiency and profit.
Here’s some information
June 21-24, 2022 Portland, Maine
CONNECTIONS2022 is the biggest must-see event all year for CPAFMA members! The two-and-a-half-day conference is jam-packed with six handpicked keynote speakers, and enough skills and resources to last you a lifetime. Explore the unique ways in which the business world has changed over the past two years specifically from industry experts! This conference is geared specifically toward providing you and your firm with the resources you need to grow and thrive.
Whether you’re a newbie in the profession or an experienced veteran, you will leave with skills, connections, and resources you never dreamed possible.
“If you’re offered a seat on a rocket ship, don’t ask what seat! Just get on.” – Sheryl Sandberg
Yesterday I listened in on a “Thought Leader Debrief” from the AICPA. Barry Melancon, Erik Asgeirsson, and Tom Hood spoke about issues affecting the profession. This is their preview of what will be discussed in more detail at this year’s ENGAGE conference.
One discussion point was, of course, attracting talent. Undergraduate enrollment was down by more than 20% in looking at the December 2021 semester. Of course, part of that 20% is accounting majors. I hope your firm leaders are going into high schools and talking about the benefits of becoming a CPA. There are many!
I have observed and the AICPA leaders agree that CPA firms are not offering entry-level salaries that are high enough to attract talented young professionals looking to quickly excel in their chosen career path.
Inside CPA firms, there isn’t much talk about how you become an owner until you have been with the firm for a substantial number of years. This generation will expect the conversation in the first few months of their employment. Or, even before they accept your offer. They want a clear picture of their career path.
Find out what you like doing best, and get someone to pay you for doing it.
“If you have knowledge, let others light their candles in it.” – Margaret Fuller
One of the ways I progressed in my career in public accounting was to network with others working in the public accounting profession (firm administrators, managing partners, marketing directors, HR directors, IT directors, etc.). We shared information.
Most of this experience came from networking in the Association of Accounting Administration, now called The CPA Firm Management Association (CPAFMA), and attending management conferences sponsored by state societies and the AICPA.
I also learned so much from the speakers at conferences. These people were usually CPA management consultants. I got to know them and they helped guide me in my early years of consulting. I soon became a speaker and management consultant myself thanks to so many who mentored me.
I became the first female member of the New Horizon Group, a group of experienced CPA management consultants. We met annually to share best practices, etc. Those early members were: August Aquila, Allan Boress, Steve Erickson, Chris Frederiksen, Allan Koltin, Bob Martin, Jeff Pawlow, Marc Rosenberg, Don Scholl, Steve Weinstein and Jim Metzler. I learned so much because we shared information.
That golden opportunity, of learning from others is available to you today if you take advantage of it.
Now, when I encourage people in management positions in CPA firms to attend meetings and conferences, the problem I encounter is the fact that so many people say they are too busy and some people think they already know it all. If you know it all, it is your responsibility to share (and no one ever knows it all).
If you get a chance to attend a CPAFMA Chapter event. Set a goal to attend other management conferences such as the AICPA ENGAGE conference. This year the CPAFMA annual management conference is in conjunction with ENGAGE.
Never stop sharing information and learning from others. After all these years, I am still learning (and sharing).
Sharing knowledge is the most fundamental act of friendship. Because it is a way you can give something without losing something.
“A ship is safe in harbor, but that’s not what ships are for.” – William Shedd
Are you a follower firm?
So many accounting firm leaders play the safe game, the waiting game. They hear about new software, a new process, or a new employee benefit from reading/hearing an online discussion or attending a CPE session. Then they play it safe, they wait and see what other firms find out, and then dip their toe in the water.
This is not all bad. You learn so much from others and that should definitely continue. But, once in a while, listen to a new idea suggested by staff or by the firm administrator and go ahead and implement it. Try it!
I always recommend you “test it.” Never be afraid to try something new and then determine it just doesn’t work for your firm. Don’t hesitate to tell your team, “That was worth a try but it just doesn’t work. Let’s forget about it and try something else.”
Referencing the above quote, you can always stay in the safe harbor and never progress. Doing things the way you have always done them feels very comfortable (and safe). Show your creativity and become one of those firms that other firms follow!
Ironically, in a changing world, playing it safe is one of the riskiest things you can do.
“To learn about excellence you must study it.” – Marcus Buckingham
You want your firm to get better and better. You want it to gain more and more visibility and to continually build and enhance the firm reputation.
How do you and your firm get better? You learn from others.
Inside your firm, your team members continually learn and improve. This applies to new college graduates, the administrative team, your support professionals, and very experienced CPAs. All of these people learn so much from more experienced people.
Your firm also gets better by learning from other CPA firms that are growing, profitable, and over-all successful.
When I was new to CPA firm management, I attended all of the CPA firm management conferences that I could. There I met people from successful firms. These people would describe how they were doing this or that and if it was something I wanted to pursue, I got acquainted with the person from that successful firm. Over the years, I have made lifelong, personal friends from my contacts in other CPA firms.
When attending these events (in person or virtual now), reach out to others with more experience. CPA management conferences are filled with people who are willing to share their successes and help you and your firm get better.
One of the best resources is The CPA Firm Management Association. Join and learn. The members share their experiences and you can post questions on their discussion board and get immediate answers and advice.
So, to get better, reach out to others and also share your successes and failures with the others you meet. As today’s quote (above) says, “To learn about excellence you must study it.“
We are what we repeatedly do. Excellence, then, is not an act, but a habit.
“There’s no shortage of remarkable ideas, what’s missing is the will to execute them.” – Seth Godin
Once again, a Seth Godin quote seems to fit perfectly into the management of an accounting firm.
Failing to implement is something that I have covered often. Why? Because it happens SO often!
You are not attending conferences where you once obtained many great ideas that would benefit your firm. But now, in these unique times, you are listening to a lot of helpful podcasts and informative webinars. Something is mentioned that would be a perfect thing for your firm to embrace.
You mention it to others on the firm’s management team. They agree that it is a good idea but with COVID the time is not right.
When will the time be right?
For some helpful ideas, join the CPAFMA Accelerator Program on November 9 and 10. I’ll be involved both days.
Have you got a problem? Do what you can where you are with what you've got.
“TPI was one of the most meaningful programs in my professional career.” – Jessica Sayles, Managing Principal
How many of your current partners went through any kind of educational program to prepare them for partnership? Your answer might be, “None.” Or perhaps, one or two. Don’t you wish ALL your partners had some basic training on how to be a productive, successful partner in a CPA firm?
Now is the time to register your prospective partners (current partners might need to also register!) for The Partner Institute.
The Partner Institute is a comprehensive three-year leadership development experience designed specifically for the CPA. The program provides participants with world-class training, a continuous learning environment, and a culture of accountability that is unmatched.
The launch of the next program is on January 13-15, 2021 at the Boardwalk Inn at Walt Disney World.
If in-person attendance is not an option for you at this time, you may choose to attend virtually. If less than 12 participants are available to attend in person, they will forego the January start date and launch the program on June 9-11, 2021.
Never hesitate to invest in your firm’s future. More information about The Partner Institute here.
“Great ideas emerges from useless fragments of thoughts.” – Michael Bassey Johnson
On Fridays, I often provide you with a flashback post – something I have written about before. Sometimes I save Fridays for random thoughts, ideas, and comments.
This week I spent some time preparing for CPAFMA’s virtual Accelerator for people managing accounting firms. The virtual event will take the place of FMA’s 2020 annual conference and will provide practice managers with some timely and helpful information. This program is exclusively designed to help participants professionally manage accounting firms of varying sizes.
I will be involved in the Strategy, Leadership & Growth Accelerator – Monday, November 9th at 11:40a – 1:30p EST and also in the Talent & People Accelerator on November 10th at 12:20p – 2:20p EST.
This week I was featured via an AICPA PCPS podcast – Small Firm Philosophy. I hope you will set aside some time this weekend to listen.
Next week, I will be speaking (virtually) with one of the AICPA PCPS small firm networking groups.
Finally, my newsletter went out yesterday. Did you receive your copy? Be sure to check your spam filter. Here’s a link to one of the articles titled, Afraid. This article will only be available online for a limited time. Sign-up for my newsletter via my website.
Have a nice weekend. Monday will be November and you have a lot to do!
The best advice I’ve ever received is 'No one else knows what they’re doing either'.
“The beautiful thing about learning is that nobody can take it away from you.” – B.B. King
A great opportunity to learn what’s happening in the world of CPA firm management!
Understanding the challenges firms have faced in 2020, CPAFMA has designed this virtual opportunity to be affordable and inclusive, providing the opportunity for up to five members of the firm’s leadership group to participate for one low price from the convenience of one’s home or office. The two-day educational exchange has something for everyone involved in accounting firm management. The live online event includes high-level keynote sessions to facilitated discussions customized to provide information that can be implemented immediately.
YOU SHOULD ATTEND IF YOU ARE….
Responsible for management of an accounting practice
Responsible for the quality and profitability of your firm
Supervising and/or training staff in an accounting firm
Interested inn developing a team of outstanding professionals
Ready to promote your firm in today’s marketplace with expanded services and a desire to strengthen client relationships
New to the profession or an experienced firm manager, chief operating officer, human resource director or managing partner
