Archive for the ‘Crafting Your Career’ Category

Wednesday, July 3rd, 2019

In Accounting Firms Do Managers Really Manage?

“Good management consists in showing average people how to do the work of superior people.” – John Rockefeller

In accounting firms, managers are promoted because they have accumulated experience in public accounting and they are highly skilled technicians. They need more than that.

Managers become partners in firms. They still often lack the most important skill, managing people.

As noted in a recent HBR article, Dr. Jim Mitchell a computer scientist who made the leap into management from an engineering position, eventually retiring as Vice President at Oracle Laboratories, said that people skills, including empathy and self-knowledge, were the most important characteristics he himself needed to possess when he transitioned to management.

Anna Ranieri, the author of the article noted that moving into management requires divesting oneself of some individual contributor duties and taking on new duties as a team leader. This rarely happens in accounting firms when promoting people to manager and promoting managers to partner.

Managers hold things up by:

  • Doing tasks that should be delegated to team members
  • Taking back the tasks that they have delegated because they believe they can do them better
  • Under communicating with direct reports, making them unsure of their duties
  • Micromanaging in a way that doesn’t allow team members to expand their own capabilities

These are exactly the things new managers demonstrate when they are promoted inside an accounting firm.

Read the entire article (How to Know if  Someone Is Ready to Be a Manager) and share it with all the managers in your firm.

  • Surround yourself with the best people you can find, delegate authority, and don’t interfere as long as the policy you’ve decided upon is being carried out.
  • Ronald Reagan

Tuesday, July 2nd, 2019

Build A Great Firm

I read the following quote yesterday and it inspired my comments for today:

“Everyone wants to DO what the great ones do but very few are willing to do what they DID to become great!” – Jon Gordon

I talk to various firm owners. Many tell me they want to grow. They want to be more profitable. They want to become completely paperless. They want to move to the cloud. They want to have a better system for providing feedback to their people. They want to attract top talent. They want to develop future leaders to take care of succession issues.

They have heard and read about some of the leading firms in the profession, firms that have accomplished all of the above. They want to be like them.

BUT…. read the quote again.

  • Life takes on meaning when you become motivated, set goals and charge after them in an unstoppable manner.
  • Les Brown

Friday, June 28th, 2019

Flashback Friday – The Way You Talk & Write Can Be Very Powerful or Very Confusing

“The spoken word and the written — there is an astonishing gulf between them.” – Hercule Poirot 

Inside accounting firms, the team develops its own way of talking. Could it be confusing to your clients?

Emails zip out of the firm almost every minute. Have you ever been embarrassed by mistakes in spelling or grammar?

Read more here.

  • Damn the subjunctive. It brings all our writers to shame.
  • Mark Twain

Tuesday, June 25th, 2019

Invest in Educating Yourself

“Never begrudge the money you spend on your own education.” – Jim Rohn

How much of your own money are you spending on educating yourself?

I find that people working in accounting firms assume the firm should pay for any and all resources to educate the staff. Yes, firms should be providing the appropriate dollars for CPE. But, have you ever decided not to read a book because the firm won’t pay for it? Have you been disappointed when the firm would not pay for a training course or for you to go to a conference?

If you want to grow your career you should continually be investing in yourself. If you need to be better at public speaking, join Toastmasters and pay for it yourself if the firm won’t. Subscribe to Success magazine. Carve out time to buy and read novels. Take a peer to lunch and pay for it yourself.

It’s your career. It’s your life.

  • Every moment of one's existence, one is growing into more or retreating into less.
  • Norman Mailer

Friday, June 21st, 2019

Flashback Friday – Young CPAs Start Sooner!

“The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.” – Stephen Hawking

If you are not a young CPA – I hope you share this blog post with young CPAs. There is so much more to becoming a successful CPA than just knowing how to do the work.

  • It's what you learn after you know it all that counts.
  • John Wooden

Tuesday, June 18th, 2019

Continuous Testing for the CPA Exam

“Everything you want is out there waiting for you to ask. Everything you want also wants you. But you have to take action to get it.”     Jack Canfield

Great news for your future CPAs. In case you haven’t heard, continuous testing for the CPA Exam has been approved.

Be sure you are constantly encouraging your new hires to take the Exam! Here’s some information released by the Ohio Society of CPAs:

Soon CPA exam candidates won’t have to wait until the next testing window to retake a section, thanks to a revised NASBA rule.

In April the National Association of State Boards of Accountancy approved the Uniform Accountancy Act Model Rule 5-7(a)(2) rule, stating “…a Candidate can retake a Test Section once their grade for any previous attempt of the same Test Section has been released.” The news was announced in the May board report.

“It’s one of those things that everyone has always wanted,” said Laura Hay, CPA, vice president of The Ohio Society of CPAs. “It’s just now the administration and technology have all caught up.”

Most states, including Ohio, will have to change their rules to permit the revision, but Hay predicted most states will be in favor, and it will be a question of resources and how quickly they are able to make the change.

For future test-takers, this means saving valuable time on that 18-month countdown that begins once candidates pass the first section. According to the AICPA website, with the current system, if you take a section of the exam on July 20, you would have to wait until October to take the next section, despite receiving your score on August 6.

The plan is to roll out continuous testing by July 2020.

  • Exams test your memory, life tests your learning; others will test your patience.
  • Fennel Hudson

Friday, June 14th, 2019

Flashback Friday – Do What You Love

I am very lucky. I found a career that I simply love and it has evolved into a real purpose in life for me. How do you feel about your job? Check out this post from 2017. Don’t work years at something you dread!

Monday, June 10th, 2019

Partner Compensation & Performance Webinars

“Do your job and demand your compensation – but in that order.” – Cary Grant

Compensation and performance issues for the partner group in a CPA firm are always topics that CPA firm leaders want (and need) to know more about.

This month you have the opportunity to learn more about these topics via CPA Leadership Institute. Gary Adamson of Adamson Advisory will conduct the following three webinars in June:

Partner Compensation Methods and Trends – June 12, 2019 – 1:00 to 1:50p

Partner Compensation – How it Can Be Linked to and Help Create a Culture of Accountability and Unity – June 19, 2019 – 1:00 to 1:50p

How to Maximize Performance of Best Practices in Partner Admission, Transition and Buy-out – June 20, 2019 – 1:00 to 1:50p

  • Do what you love and the money will follow.
  • Marsha Sinetar

Thursday, June 6th, 2019

The People Around You

You are working in a firm. Take a look at the leadership group.

You are the leaders in a firm. Take a look at the people you have hired.

Sometimes the following applies for a while but not for the long term. If you feel like you might be in a cage, do something about it.

I saw the following on Facebook. Also, ask yourself, “Am I in the right circles with my social media?”

CircleCage

  • Stop letting people who do so little for you control so much of your mind, feelings and emotions.
  • Will Smith

Wednesday, June 5th, 2019

Are You Really Excellent?

“Excellence is a way of life that sustains us and inspires us day in and day out. There is no ‘long term.’ There is only the way we act when we step out into the corridor after a meeting—or, yes, the quality of your next four-line email.” – Tom Peters

The above quote from Tom Peters got me to thinking.

Firm leaders will always declare, “we provide excellent client service.” They will also tell me that excellent could be used in describing how they treat and train their employees.

Is it true at your firm?

Think about the above quote. Do you act in an excellent manner day in and day out? Do you maintain excellent behavior after a heated partner meeting? Do respond in an excellent manner when you avoid a call from an unhappy client? And, what about when you are writing an email?

  • We are what we repeatedly do. Excellence, then is not an act, but a habit.
  • Aristotle