Archive for the ‘Firm Administrator’ Category
Monday, July 22nd, 2019
I think the old saying, “Make new friends but keep the old, one is silver and the other is gold” applies to all of us. It certainly does to me. I love my new friends (clients, neighbors, business associates) and I sincerely treasure the old friends, especially the ones I have made through Triple-A, now called: CPAFMA (CPA Firm Management Association).
Those CPAFMA friends are spread across the country. But, there is a special group that are (or were) members of the Indiana Chapter of AAA. It is where I first met other people called firm administrators back in the late 1980s. In those early years, we also had joint meetings with the Illinois Chapter. Many of those former members are very near and dear to me, too.
Roman Kepczyk, of Right Networks, is one of those members I met very early on, even though he was in Arizona. He has been an advisor to the national CPFMA organization for many years. He was coming to Indianapolis to speak to the Chapter this last Friday. So, with Virginia Lowery’s urging, I contacted several old friends and we arranged a reunion so we could all visit with Roman again on Thursday evening before his presentation to the Chapter on Friday.
We had a wonderful evening and shared so many great memories of many, many national conferences. We had FIVE past national presidents/chairs in attendance. You can see the entire president list here.
Pictured from left front and around the table: Bill Leach, Virginia Lowery, Colleen Endres, Peggy Burnstein, Anita Goetz, Me, Treva Olson, Donna Cimino, Bill’s wife Nancy, and Roman. (Treva’s husband Ric also attended but is not in the picture.)
I know many of you are members of CPAFMA. Keep those old friends near and dear – they are gold. The quote, below, certainly applies to CPAFMA members.
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Friendship is born at that moment when one person says to another, 'What! You too? I thought I was the only one.'
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C. S. Lewis
Wednesday, July 17th, 2019
“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” –Will Rogers
Many CPA firm partners do manager work, client service manager work. Many CPA firm partners do internal management/administrative work, firm administrator/COO work.
Don’t get caught in these traps.
Some partners use management/administrative work to fill idle time when they should be:
- Bringing in new business
- Training/Mentoring/Sponsoring younger team members
- Building stronger client relationships
Your COO/Firm Administrator should be continually taking non-billable work away from the managing partner and the other partners.
Here’s how much money a COO could save partners annually. The BIG issue is, the partners must use the saved hours to create revenue!
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Money often costs too much.
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Ralph Waldo Emerson
Thursday, July 11th, 2019
The majority of people in the accounting profession operate at Levels I and II. – Gary Boomer
There is a good article by Gary Boomer via Accounting Today – Leadership, Management, and Administration: What’s the difference”
Here are some tidbits:
Boomer refers to Jim Collins’ five levels of leadership from his book “Good to Great.” He defines the levels as:
- Level I: Capable individual
- Level II: Contributing team member
- Level III: Competent manager
- Level IV: Effective leader
- Level V: Executive
Administrative personnel are often expected to have all the skills, especially in smaller firms that have a part-time managing partner or CEO. This is a monumental task, and often people are set up to fail in the role of firm administrator. People in these positions require professional development, peer networks, and management resources to succeed. The biggest risk is they are viewed by many accountants, including some partners, as overhead, rather than as a strategic asset.
It’s a great article – Read the entire article here.
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People leave firms because of bad managers, not because of the firm.
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Gary Boomer
Friday, May 24th, 2019
You are the managing partner of a CPA firm. You are the PIC (partner-in-charge) of audit, tax, consulting or an office of the firm. You are a COO or Practice Manager. What do your employees call you? Don’t you ever wonder what they call you behind your back? Do they say you are a good boss?
You might think Steve Jobs was a fearless leader yet he’s described as egotistical and abrasive. Not exactly in line with the title: Good Boss
Jim Henson, on the other hand, by all reports was a Good Boss (his employees did call him “fearless leader”).
- His former employees say working for him was the best job they ever had.
- His son, Brian Henson, says: He taught me to identify a person’s talent, nurture that talent, and encourage them to look to themselves for a solution.
- His agent says Henson rarely spoke above a whisper.
- His wife says he was so patient that she sometimes wanted to kick him!
- He was a good listener, accepted ideas from others and used them.
- If he thought something hadn’t been done well, he would never say that. He would say, “Hey, I wonder if we just should try…….”
A good boss, like a good teacher, empowers their employees. This is easy to say and very hard to actually do. Most of us have egos that get in the way.
As for Henson, no one ever saw him angry. Far from lazy, he worked harder than anyone in his company. He rarely slept. He was not fearful. Never afraid to try something new.
Instead of miserly. Henson was generous, going well over budget in order to give others the time and space to create.
I routinely encounter accounting firm leaders who are miserly (only spend CPE dollars on technical education, won’t send their firm administrator to a conference that could bring huge pay-back to the firm, won’t spend any education/training dollars on their administrative team and support team, etc.).
Read this full article about Henson on Fast Company. It contains so much information to absorb and contemplate. How do you stack up?
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Life is like a movie, write your own ending. Keep believing, keep pretending.
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Jim Henson
Thursday, May 23rd, 2019
“One common thing about great achievers is that they keep asking useful questions every day. They ask questions like; “What do I want and what do I need to do to get it?”
― Israelmore Ayivor
Over the years, I have had the following conversation with many firm administrators, marketing directors, HR directors, IT directors and others working in an accounting firm.
Rita: “Are you going to attend (fill-in the blank) conference this year?”
Team member: “No, I won’t be able to go. It is too expensive and my partners would never approve it.”
Rita: “Did you actually ask them?”
Team member: “Well, no. But I know they would never allow it.”
Please don’t assume. Prepare your case and then present it to the managing partner. Explain the benefits for you and the firm. Networking with people in your position at other firms and attending presentations by well-known CPA profession leaders has a pay-back much bigger than the expenses incurred.
Don’t delay – just ask!
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The art and science of asking questions is the source of all knowledge.
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Thomas Berger
Friday, May 10th, 2019
“We need constant change, technological innovation capability, and high productivity to survive in the fiercely competitive environment.” – Joe Kaeser
Firms merge, people leave, people retire and a new firm administrator (Practice Manager) is needed. The role is a very critical one for an accounting firm. The person in this role can make all the difference in how the firm moves into the future, how staff turnover is reduced, how training is developed and presented and how the owner group operates.
If you are a Practice Manager, Office Manager, Firm Administrator or COO here are the characteristics and actions that will make you successful. If you are searching for a new person to fill this role in your firm, use these attributes in your hiring decision.
18 Attributes of an Effective Practice Manager, Firm Administrator or COO
- Technical knowledge of the area being managed. They learn the area, hone skills and stay on top of technological developments. It earns respect from subordinates and peers.
- Cheerleader. They are adept at motivating all people.
- Educated to help deal with peers and colleagues. They have a solid educational background (many firms require a bachelor’s degree now) and continue learning through seminars, webinars, trade journals, newsletters, online research, and reading Rita Keller’s Blog.
- Innate managerial mentality. This includes being alert, dependable and willing to carry out a commitment.
- Team player. Grandstanders are not allowed. He/She solves problems in other departments, as well as in administration because the objective should be collectively beneficial.
- Ability to anticipate potential problems. He/She is painfully aware of Murphy’s Law (If anything can go wrong, it will). Contingency planning is a key tool for practice managers.
- A natural sense of fairness and integrity and emotionally well balanced. Natural is the keyword. If he/she has to consult a manual to know what’s fair, frustration will be constant. Also, immature managers can hurt the employees and the firm they represent.
- Courageous, resolute, strong convictions and socially conscious. He/She works with management and staff with an overall goal of quality client service. They often deal with egotistical personalities and partners unwilling to “let go.”
- A good follower, not resentful of instructions or constructive criticism. Anyone secure enough to demonstrate mature leadership will understand the reasons for recognizing the proper chain of command. Observing protocol demonstrates respect for the system.
- Have initiative and be creative, imaginative and resourceful. Preventing problems is the most sublime form of problem-solving. Successful practice managers act without being told to do so.
- Energetic. The practice manager sets the pace. Most work 2,300 hours or more per year (that number includes PTO, holidays, CPE, etc., working the hours required to get things done.
- Reliable, even temperament. You can’t constantly change your personality. Nothing goes right all the time, and if you care, you’re going to get upset once in a while. You don’t have to be apologetic for losing your cool when provoked.
- Competitive, unafraid of conflict. A competitive person is not afraid to set standards never before attained, nor is he or she afraid to fail. Such a person realizes there can be growth in failure if there is learning. In managing conflicts, the effective practice manager must know how to come out on top or graciously back off.
- Positive. A positive attitude is a catalyst for creativity.
- Excellent communication skills. A successful practice manager should be able to write clearly and crisply, speak articulately and succinctly and listen intently.
- Logical, capable of making decisions. Managers must make tough decisions without fear of making a mistake. Procrastination could be worse than the decision made.
- Appreciation of technology and social media. Successful practice managers see technology and social media as tremendous resources and continually lead the firm to advance in these areas.
- Organized, self-disciplined. Orderly thinking results in orderly living and managing.
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Most of life's actions are within our reach, but decisions take willpower.
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Robert McKee
Monday, May 6th, 2019
“Safety and comfort come with complacency, and that’s never a good place to be working from.” – Elijah Wood
Many firms are already providing stand-up desks to their team members. Most of what I have heard has been very positive. While I don’t have one myself, I have visited several clients and checked them out first-hand. It seems they are greatly appreciated.
If you want to provide them to your people, you can do it in phases to make it more affordable. Big surprise, certain partners got them first but now firms are even providing them to the entire admin team.
Here’s a real-life report from Karen Farino, Firm Administrator at Pasquesi Sheppard LLC, Lake Forest, Illinois:
“I definitely recommend the sit/stand desks. If you can I highly suggest purchasing a sit to stand desk rather than a unit that sits on top of the desk.
We have replaced 90% of our desks over the last two years with Sit to Stand desks from Haworth. They are “L” shaped and we had them custom made. It is really very affordable. Everyone here LOVES them. Our managing partner likes his so much that we bought one for his home too.
The L desk is 69” in each direction from the corner, and 29” deep. You can custom size them smaller. I am attaching a photo – it isn’t the greatest but will give you an idea as to what we did.
Our admin staff is stuck with the Varidesk units on top of their desks. They like them but don’t love them because when you are standing there is still a lot of items that are on the desk that they have to access which means it is inconvenient and you have to bend down. Not optimal. They also all have two monitors (by choice). If they had three the Varidesk units would not work. I’ve yet to see a decent three monitor sit-to-stand desktop unit. Each admin has their own printer and scanner at their desk.”
How about an office refresh project for your firm this summer?
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Instead of being 'heads down' we should be 'heads up' so we can spot trends.
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Josh Linkner
Thursday, April 11th, 2019
“To find joy in work is to discover the fountain of youth.” – Pearl S. Buck
It has been a stressful, busy and maybe frustrating few months. In a few days, it will be over. You can recuperate for a week or so and then it will be on to new deadlines and responsibilities. Sometimes, we get burned out and our attitude slips downward.
I found this fascinating excerpt from Seth Godin’s book, Linchpin. I recommend it highly.
When I first read the following chapter, I immediately thought of the CPAs, firm administrators and the entire administrative team. It could apply to anyone working inside a CPA firm. I have posted it before, several years ago, but I think this is a good time to read it again. See what you think:
Getting a New Job Without Leaving
One day, Binny Thomas stood up.
She stood up, spoke up, and started doing a new job. She didn’t leave her organization, didn’t even get a new title or new responsibilities. Instead, she started doing her old job in a new way. Binny stopped going to meetings with the goal of finding deniability or problems to avoid. Instead, she started leaning in and seeking out projects where she could make a difference.
Suddenly, Binny was inspired. She was looking for opportunities instead of hiding from blame. She was putting herself on the line, pushing through the dip, and making things happen. The fascinating (and universal) truth is that the opportunities came after she was inspired – she wasn’t inspired by the opportunities.
Binny’s old job was just fine. She did it extremely well. She followed the map, followed instructions, did what she was told and got paid what she was worth. Binny wasn’t in danger of losing her job, but she had already given up her soul. She had plateaued, this was the end. Then she changed her mind.
Six weeks later, she got a huge promotion and another, even better new job than the new job she had given herself. Binny is now running a worldwide program of motivated scholars. All it took was a choice. Binny didn’t ask for permission to do her job better; she merely decided to.
Are you looking to others to make your job better, more enjoyable? Are you sometimes in denial? Are you doing an adequate job but feel like you have plateaued? Read the last sentence of the chapter, above, again.
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Far and away the best prize that life has to offer is the chance to work hard at work worth doing.
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Theodore Roosevelt
Friday, April 5th, 2019
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
An administrative assistant in your office receives a great performance evaluation and then asks you if they can be put on salary. In many CPA firms, it sometimes becomes a dilemma.
Be sure you are abiding by the federal overtime rules. Here’s a link to an article that owners, firm administrators and HR managers might need to read. It could also be shared with your entire team. Your CPAs all need to be able to advise clients when this topic arises.
Don’t work too many long hours this weekend. Next weekend you should be all done – no working! Many firms are able to do this when the due date falls on a Monday.
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My first job at Gleason's Bar in Cleveland was $800 a week, when I was making $92 a week with overtime at the automobile plant.
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Chuck Berry
Wednesday, March 6th, 2019
“To me, a lush carpet of pine needles or spongy grass is more welcome than the most luxurious Persian rug.” – Helen Keller
A new client is landed by one of the firm’s partners. They met several years ago at Chamber of Commerce business event. The client knows the partner but how much does he/she know about the firm?
It is important that clients become attached to the firm and not just the partner – for various reasons that some of you know all too well. You don’t want clients to leave the firm just because one person leaves.
Begin building the relationship with the firm at the beginning. In some firms, the first written piece of information a client gets fro the firm is an invoice.
Progressive firms, after a new client is added to the client list, send out a warm and friendly welcome letter. Make it different, put it in writing, on paper and mailed (USPS) to them. It should have a real, written signature on it.
It should come from the managing partner or firm administrator. This helps the client know that there is another person they can contact right away if needed. Eventually, they will get acquainted with the engagement team and build relationships with several people at the firm. However, in the very beginning, they may have many questions and not feel somewhat lost.
Express your appreciation for them joining the firm. It is also a great time to make sure they are aware of your billing and collection policies. Most new clients always wonder about that but have been hesitant to ask.
If you are not doing this or something similar and need a sample, let me know.
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The soul should always stand ajar, ready to welcome the ecstatic experience.
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Emily Dickinson
