Archive for the ‘Partner topics’ Category

Friday, September 25th, 2020

It Is All About Trust

“I’m not upset that you lied to me, I’m upset that from now on I can’t believe you.” – Friedrich Nietzsche

If the owner group at your CPA firm has doubts if they have the right person as MP, stop complaining, wondering, and second-guessing the person in the role. Trust them and give them authority or select a different managing partner.

It is Flashback Friday. Read this brief blog post about trusting your leader.

  • All the world is made up of faith, and trust, and pixie dust.
  • J. M. Barrie, Peter Pan

Monday, September 21st, 2020

Tax Document Automation

“Automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates.

In his August 2020 column for CPA Practice Advisor, Randy Johnston gives you valuable information about automating your tax documents.

Many advisors seem to recommend the same tax automation strategies no matter what the size of your firm. Johnston suggests that one size does not fit all.

Did you have to send your administrative team into the office to scan documents so the staff could work remotely? This happened at many firms and put the admin team at risk for COVID.

In the article Johnston covers:

  • What is the right tax document automation?
  • What tools are most effective, provide the highest ROI, or are easy to miss?
  • Decide the right thing for you, your firm, and your clients.

Capitalize on Johnston’s helpful guidance by reading the article here.

  • The robots of the cartoons and movies from the 1970s are going to be the reality of the 2020s
  • Alec Ross

Thursday, September 17th, 2020

A Manager’s Life

“The manager accepts the status quo; the leader challenges it.” – Warren Bennis

How are your managers coping with life during COVID? Have you wondered or even asked them recently?

Of course, firm leaders have been concerned about their entire team and how working remotely has impacted production. But how has it specifically challenged your managers?

Recently, I heard from a Manager at a very large firm express the challenges of his role. Meetings! He said that all day long it is meetings, Zoom meetings and other meetings (conference calls) and then he has to work until 9:00 p.m. to get his work done.

Now is the time to plan how working remotely will work more efficiently and effectively going into the future. A remote workforce will be part of your culture probably forever. Establish a task force, if you haven’t already, to determine how you can make it more palatable for everyone.

  • If you are not in over your head, how do you know how tall you are?
  • T. S. Eliot

Tuesday, September 15th, 2020

Your Office Space

“An idea that is not dangerous is unworthy of being called an idea at all.” – Oscar Wilde

I recently read where Sikich is planning to permanently shift its workspace model to one centered on remote work.

If you don’t know them, Sikich LLP, is a leading professional services firm specializing in accounting, advisory, technology and managed services. Founded in 1982, Sikich now ranks within the country’s top 30 largest Certified Public Accounting firms.

The Chicago-based firm plans to shrink the size of its office space and allow its more than 1,000 professionals to work from home indefinitely.

Over the next several years, the company will replace its 14 current US offices with 30 micro offices that employees can use when not working from home or at client sites. The days of shelling out for giant office spaces – such as the company’s massive 120,000 square foot office space in Naperville, Illinois – are, however, likely numbered.

Their CEO noted that they were already planning this transformation before the pandemic struck. About one-third of their workforce was already working remotely.

What’s the plan for your office? Do you really need a large, impressive office to impress your clients? How will you provide more remote options without losing the important, personal relationships that develop when everyone is working together in the same work space? Now is the time to think about all this and develop your plan. Your employees are wondering what the future holds.

Read the article here.

  • There is one thing stronger than all the armies in the world, and that is an idea whose time has come.
  • Victor Hugo

Monday, September 14th, 2020

The Journey From Manager to Partner

“If you always do what you’ve always done, you’ll always be where you’ve always been.” – T. D. Jakes

The Ohio Chapter of The CPA Firm Management Association (CPAFMA) will be hosting a REMOTE-ZOOM meeting on Friday, September 18 at 11:00a.

The presentation will be an informative one for firm administrators and managing partners. The presenter will be a “new” partner in a CPA firm and will discuss her experiences in moving from Manager to Partner.

The Journey from Manager to Partner  

Niki Doctor, CPA will be sharing her experiences in moving from Manager to Partner in a CPA firm. The purpose of this presentation is to help firms understand what the firm’s leadership should be focusing on besides just the technical skills and book of business.  Our environment is changing rapidly and the needs of our firms and our clients are changing as well. Learn how can we make the transition from Manager to Partner successful.

ABOUT NIKI DOCTOR – She has over 17 years of public accounting experience and has been at Bregante + Company LLP since 2012. Niki began her career at Bregante + Company LLP as a Manager in 2012 and became a Partner in 2018. Niki believes in providing and offering bespoke solutions to her clients and assisting them in making financially sound business decisions. She is committed to client success and strives to provide prompt and efficient services to all her clients. Niki specializes in closely-held businesses and high net worth individuals that require tax planning, tax advisory, international tax, and compliance services. She also works with businesses that require a combination of tax services and financial accounting, including compilations and reviews with vast experience in the real estate, retail/wholesale, manufacturing, distribution, architecture and engineering, high t-tech, and professional services.

Register securely on line.

  • You’ve got to have rules to live by, and one of mine is always say yes. Put yourself in danger of something amazing happening to you.
  • Tom Bilyeu

Tuesday, September 8th, 2020

Accounting Graduates

“I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.” – Lawrence Bossidy

There are reports that tell us that the number of accounting graduates being hired is steadily declining. Yet, many firms are still saying that they need people.

In some firms, the “need people” has come to mean they need more non-accounting graduates, such as people with more advanced technology skills.

Per Todd Shapiro, CEO of the Illinois CPA society says, in an article via Accounting today: “Hiring of accounting graduates is down 30 percent. That’s a massive decline in hiring of accounting graduates by CPA firms. This isn’t companies that traditionally haven’t hired accounting graduates that aren’t CPAs. These are accounting firms.”

I was surprised by this statement from Barry Melancon a few years ago: Today we are a profession of CPA-led firms, not CPA firms. Two-thirds of the employees in all firms are non-CPAs.

Shapiro notes that firms are hiring more non-accounting graduates. It only makes sense to me that accounting students need to be sure that they have more advanced technology skills than at any time in the past.

If you didn’t read the article by Michael Cohn (via Accounting Today), you should.

  • You can dream, create, design and build the most wonderful place in the world…but it requires people to make the dream a reality.
  • Walt Disney

Thursday, September 3rd, 2020

Your Foundation

“The important thing is that you’ve got a strong foundation before you start to try to save the world or help other people.” – Richard Branson

Does your CPA firm have a solid foundation?

I often talk about the internal workings of a firm as the foundational issues. Do you have effective and efficient processes and procedures as it relates to client service and also how it relates to human resources issues? If there are many different ways to accomplish client work, it cannot be as efficient as having one way, the FIRM way. In too many firms, the way work is completed depends on the partner-in-charge of the client engagement.

Of course, there are other foundational issues relating to the services you offer and the needs of your clients. Those issues are changing. The once-solid foundation of the CPA profession consisting of accounting, tax, and audit is becoming rather shaky!

Joey Havens, CPA, CGMA, is the executive partner at HORNE LLP. He offers us a closer look at your foundation in his article, Five Ways Firms Can Solidify Their Business Foundation via the AICPA, CPA Insider. Take a few minutes to read his tips.

  • Great persons are great because of good, strong foundations on which they were able to build a character.
  • Alfred Armand Montapert

Friday, August 28th, 2020

Maybe You Don’t Get It?

“I know nothing except the fact of my ignorance.” – Socrates

Here’s a Friday Flashback Post. It is a reminder that maybe some people think you just don’t get it.

Partners might not realize how long it actually takes to do a certain engagement. They “don’t get it.”

A 20-something staff person doesn’t realize how important it is for CPA professionals to be able to write a memo without misspellings and poor grammar. They “don’t get it.”

Read more here.

Have a nice weekend!

  • Discussion is an exchange of knowledge; an argument an exchange of ignorance.
  • Robert Quillen

Monday, August 24th, 2020

Want More Time?

“The really expert riders of horses let the horse know immediately who is in control, but then guide the horse with loose reins and seldom use the spurs.” – Sandra Day O’Connor

There is a very simple answer to my question in today’s title. One word – DELEGATE.

If you delegate you will have more time to focus on what you should be doing.

In so many firms I see partners doing manager work and managers doing staff work and staff stuck doing the same old thing year after year.

In the CPA firm environment, you should alway be asking yourself, “What am I doing that someone else could do?” Or, the classic CPA question, “What am I doing that someone with a lower billing rate can easily do?”

If you keep doing work for them, staff will never evolve to a higher skill level. In an accounting firm, young accountants learn by doing more difficult assignments. Short-term you may be able to do it better but where does that get you long-term?

Sad to say, your firm might end up merging up because there is no one skilled enough to replace the current partners.

If you work at it and discipline yourself to delegate much of the current work you do, your firm will grow and prosper because the partners and managers have time to market, sell and bring in new business (and mentor younger staff).

  • If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate.
  • John C. Maxwell

Friday, August 21st, 2020

Repeated Mistakes

“When you repeat a mistake, it is not a mistake anymore: it is a decision.” – Paulo Coelho

One comment I hear over and over again from clients and others in the CPA profession is that very often, new people continue to make the same mistakes over and over again.

The solution often turns out to be that the reviewer of the work “fixes” the mistakes and moves the job along the workflow system. Reviewers should send the work back to the preparer (for obvious reasons).

If you are new to working in the CPA profession, read this flashback post about repeating a mistake. It is titled New Beginnings.

  • When you make a mistake, there are only three things you should ever do about it: admit it, learn from it, and don’t repeat it.
  • Paul Bear Bryant