Archive for the ‘Uncategorized’ Category

Wednesday, July 21st, 2021

Steady On

“Frantic work is never your best work.” – Dan Rockwell

I enjoy reading tweets and blog posts by @LeadershipFreak (Dan Rockwell). His recent one, A Dairy Farmer’s Path to Success, has many good lessons for accountants. I especially liked the following excerpt:

Steady on:

I asked a farmer how he was doing and he said, “Steady on.”

You never see a farmer running around like a chicken with its head cut off. (Apologies to chickens.)

Days are long on the farm, so you pace yourself. Medium speed allows you to work all day.

Frantic work is never your best work.

Read the blog post from Dan to learn more success tips from dairy farmers.

  • The future isn’t predictable. Instead, it’s created by informed decisions, bold action, and agile responses.
  • Dan Rockwell

Monday, July 12th, 2021

The Good Things

“Joy is what happens to us when we allow ourselves to recognize how good things really are.” – Marianne Williamson

Hopefully, if you had your partner retreat in May or June, you have already scheduled your annual “state of the firm” event. It is a very important event, especially if you are wanting your employees to be “engaged” with the firm.

The annual event is done differently in various firms. Some firms focus on the firm’s performance for the last fiscal year. Some firms use it as a way to obtain feedback from the team.

It is most powerful when firms use it as a way to host a full-firm management day. At this special meeting, the partners report on what they accomplished at their strategic planning retreat and how they think the team members can help them in achieving the strategic initiatives. It is a way to build momentum and focus on the good things the firm has accomplished and the good things that firm leaders want to achieve in the coming year.

At your full firm meeting always review the “good things” that have happened during the past year. Leaders often talk too much and think about the bad things.

At this annual meeting, it is time for positive thoughts and direction. Some firms have a guest speaker to help with motivation and have break-out sessions to explore ideas that can help the firm move forward in the coming year.

Get busy! Focus on the good things!

  • Goodness is about character - integrity, honesty, kindness, generosity, moral courage, and the like. More than anything else, it is about how we treat other people.
  • Dennis Prager

Thursday, July 8th, 2021

What One Firm Is Doing

“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” – Francis of Assisi

Elliott Davis, a business solutions and accounting firm with nine offices across the Southeast,

In the new office, less than 10 employees have assigned workstations while the rest of the firm’s Greenville team members reserve seats a week in advance. By utilizing a reservation system, employees may be able to use a certain type of space at any given time such as a private office, collaboration space or open workstation.

Elliot Davis also added multiple monitors with an integrated web camera in each workstation and equipped meeting spaces with Microsoft Teams video technology to help connect with remote participants.

The above information is from a press release. What is your firm thinking about, planning, and/or doing? Your people will want to know.

  • Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.
  • Albert Schweitzer

Tuesday, July 6th, 2021

You Know What I Like!

“Bad news travels at the speed of light; good news travels like molasses.” – Tracy Morgan

I recently heard an old song by someone called The Big Bopper. He died on the famous plane crash with Buddy Holly. It happened on February 3, 1959, and has been called “The Day the Music Died.” It was referred to in Don McLean’s classic American Pie. If you are not old enough to remember or have never heard of Buddy Holly, click here.

Anyway, The Big Bopper (J. P. Richardson) had a novelty song that became a big hit titled Chantilly Lace. In the song he says, over and over, “Oh, baby you know what I like.”

I told you all of that so that I could talk about this – a recent article by Dan Hood of Accounting Today – “Accountants need to explain themselves.” Dan was on a recent Zoom session the AICPA leaders conducted last week. They (the AICPA leaders) urged all of us in the meeting and all CPAs to communicate what is good about the CPA profession. Dan’s article will be helpful to you.

They didn’t need to convince me. I love the CPA profession. But, are you, people working in a busy CPA firm, actively talking about all the good things to LIKE about the CPA profession? Talk to your kids, talk to students, talk to your spouse, your aunts/uncles, and especially your clients about the great rewards of being a CPA.

Read Dan’s article and keep in mind, “Oh, baby, you know what I like!”

  • If anyone asks you what kind of music you play, tell him 'pop.' Don't tell him 'rock'n'roll' or they won't even let you in the hotel.
  • Buddy Holly

Sunday, July 4th, 2021

Happy 4th of July!

“You have to love a nation that celebrates its independence every July 4, not with a parade of guns, tanks, and soldiers who file by the White House in a show of strength and muscle, but with family picnics where kids throw Frisbees, the potato salad gets iffy, and the flies die from happiness. You may think you have overeaten, but it is patriotism.” – Erma Bombeck

  • The advancement and diffusion of knowledge is the only guardian of true liberty.
  • President James Madison

Tuesday, June 22nd, 2021

Your Influence & Focus

“The difficulty lies not so much in developing new ideas as in escaping from old ones.” – John Maynard Keynes

Summer is here and you have a mix of priorities on your work and life calendars. Usually, firms are doing performance feedback sessions and assessing what needs to be improved before the next busy season. You are also, personally, planning some stress-relieving vacation time.

As a managing partner, firm administrator, HR director, etc., I urge you not to lose sight of some important activities. Be sure to use your influence and focus on key firm issues. Here’s a listing for you to consider:

  • I'm open for possibilities. I'm open for choices. I always welcome new ideas. I'm always eager to learn. I'm never going to close my mind to learning
  • Cesar Millan

Wednesday, June 16th, 2021

The Talent Pool Is Shrinking

“The climb might be tough and challenging, but the view is worth it. There is a purpose for that pain; you just can’t always see it right away.” – Victoria Arlen

I received the following press release from the Illinois CPA Society. They are unveiling the findings from research they have done relating to the decline in CPA candidates. If you think finding and hiring future leaders is difficult now, just wait.

How will your firm prepare for the future? It seems that accounting students don’t see the value in devoting the time and energy to become a CPA.

My advice? Share your partners’ salaries with your future CPAs and with college students you talk to or interview. Is it worth it to become a CPA, in public accounting, when average partner compensation in $5 to $20M firms is half a million? In many larger firms, partner compensation is over $1,000,000. Plus, flexible work arrangements make public accounting very attractive.

Illinois CPA Society Releases New CPA Pipeline Report

CHICAGO, June 14, 2021– Unveiling the findings of its previously announced research into the decreasing supply of new certified public accountants (CPAs), the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is pleased to release its 2021 Insight Special Feature, “A CPA Pipeline Report: Decoding the Decline.”

The result of an in-depth survey of more than 3,100 accounting students, graduates, and professionals predominantly under age 35, “Decoding the Decline” reveals respondents’ top challenges, perceptions, and influencers impacting their decisions to pursue the CPA credential or not and what, if any, value it may bring to their personal and professional lives. The eye-opening responses—particularly among non-CPAs and those who are still unsure about becoming CPAs—provide invaluable insights the CPA profession and its stakeholders cannot ignore while trying to counter the declining number of first-time CPA exam test takers—which hit a 10-year low in 2018, and further declines are expected when new data becomes available.

“Five years ago, I delivered the warning that a stagnating CPA pipeline is a threat. It’s an issue that will only get worse and grow more troubling without action. Today the issue has, in fact, grown worse and more troubling,” says Todd Shapiro, ICPAS president and CEO. “It used to be that if you earned an accounting degree, earning the CPA credential was the given next step regardless of career paths or time commitments—that’s no longer the case.”

“From this initial survey, we learned that individuals—who we believe should be future CPAs—are not pursuing the CPA credential because they feel they can succeed in their anticipated or chosen careers without it,” explains Kari Natale, CAE, ICPAS senior director of planning and governance, who led the survey’s development alongside Association Management Center, ICPAS’ research partner on the project. “They believe any value the CPA credential holds is outweighed by its lack of relevance to their personal and professional endeavors and the time commitment necessary to obtain it. They do not see the return on investment; they do not see their employers or prospective employers supporting or requiring it; and they see other credentials or specialties as being more valuable to their careers.”

Additional notable findings in “Decoding the Decline” include:

  • The costs associated either with obtaining the additional credit hours to meet the educational/licensing requirements or preparing for and taking the CPA exam were not the top barriers cited by any respondent category.
  • The likelihood of becoming a CPA drops dramatically after age 22.
  • Many respondents do not have an interest in pursuing a credential at all.
  • Accounting, auditing, and tax preparation are the words most associated with the CPA credential, further narrowing the credential’s scope and attractiveness.

“As the survey findings shared in ‘Decoding the Decline’ show, reversing the CPA credential’s downtrend will not be without its challenges,” Shapiro cautions. “The CPA credential and the CPA profession are in a race for relevance, and the time to act is now.”

Decoding the Decline” is available now in PDF and digital formats at www.icpas.org/cpapipeline, and print editions are available upon request. Both Natale and Shapiro welcome reader feedback and are available for further commentary on the factors impacting the CPA pipeline.

  • There are no shortcuts to any place worth going.
  • Beverly Sils

Wednesday, June 9th, 2021

Communicate Your Thoughts On Hybrid

“Satisfaction of one’s curiosity is one of the greatest sources of happiness in life.” – Linus Pauling

So many firms right now are sticking their toe into the hybrid work schedule waters. Do we or don’t we? How will it look? How will we keep communication and culture strong? Maybe we just go to a four-day workweek. If everyone works whatever schedule they want, will it create chaos? Will client service suffer over the long term? What will we do about the administrative team?

Many decisions need to be made and I hope you can make them quickly. The most important things is to communicate to your team. Don’t leave them wondering all summer long what the firm will do in the Fall.

Here’s a message Tim Cook of Apple sent to the team last week:

In an email to staff, Apple CEO Tim Cook has told office employees that they are expected to return to their workspace three days a week starting in September. The iPhone maker said it wants most office workers to show up Mondays, Tuesdays, and Thursdays, with the option to work remotely on Wednesdays and Fridays. “For all that we’ve been able to achieve while many of us have been separated, the truth is that there has been something essential missing from this past year: each other,” he wrote in the email. “Video conference calling has narrowed the distance between us, to be sure, but there are things it simply cannot replicate.”

What goes through my mind is how will this building look empty for the long term.

  • For now, let me simply say that I look forward to seeing your faces.
  • Tim Cook

Tuesday, March 30th, 2021

Keep Connecting

“Perhaps the secret of living well is not in having all the answers but in pursuing unanswerable questions in good company.” ~ Rachel Naomi Remen

One of the most beneficial career boosters for CPA firm administrators, practice managers, COOs, HR directors and, managing partners is the practice of networking and connecting with others working in CPA firm management.

The CPA Firm Management Association has nineteen chapters around the country that provide an excellent opportunity to network, connect and continue to learn the best practices in CPA firm management.

For the last year it has been more challenging to keep those important connections alive and well. Of course, Zoom meetings has helped tremendously. Various chapters have tried different methods to keep those professional relationships strong.

I recently heard from Ronda Lawson of the Northern California Chapter about their efforts to facilitate information sharing.

Rita – You are so wonderful about sharing information with all of us, so I thought you might be interested in these notes from our recent NorCal Chapter Roundtable.  We are having a Zoom call monthly, primarily discussing life during the pandemic.  Let me know if you would like to see notes from our future meetings!  – Ronda

I like that they schedule their meetings every month. Even if you have only six or eight people in attendance, the chance to learn from others and share your own challenges is very valuable. The meetings don’t have to take a lot of time. They could be only one or two hours long.

Here are the topics discussed at a NoCal Chapter recent meeting:

  • Are you currently working in the office? Allowing clients in the office?
  • What precautions are you taking to keep the workplace safe?
  • How are you promoting employee engagement for your remote workers? What are you doing to help employees with their mental and emotional health during the pandemic?
  • How are you monitoring productivity for your remote workers?  What are you doing to help managers manage remote workers?
  • How are you handling your administrative team during the pandemic?  Are they working in the office or remotely?  Can they work remotely?
  • What are your plans for reopening if you haven’t already? What criteria will you use to determine when to reopen? Will you continue to have some remote work even when the office reopens?
  • What affect has the pandemic had on your staffing plans?  Have you had lay-offs, salary freezes, furloughs?  Has this changed your hiring plans?  Will you be doing campus recruiting?  Will you be bringing on interns?
  • What changes has your firm made because of the pandemic?  Are they positive?  Will they continue?
  • Other than the ongoing pandemic, what are the biggest challenges your firm is facing right now?

Check back tomorrow to learn more about how this chapter is handling their meetings. I am hopeful that it will prompt you to not ignore your chapter meetings just because you can’t connect in person.

I believe that having virtual CPAFMA Chapter meetings will continue to thrive after COVID. It is an economical and less time-consuming method of meeting (no commuting!). I know that the Ohio Chapter had people driving three hours one-way to attend some of the Chapter meetings.

  • The most important things in life are the connections you make with others.
  • Tom Ford

Monday, March 29th, 2021

Pay Attention to Your CAS Services!

“You miss 100% of the shots you don’t take.” – Wayne Gretzky

Profession experts have been telling you that CAS services are lucrative for you and important to your small business clients. The following is from a Facebook post by Jim Metzler (who most of you know from his many years with the AICPA).

I feel it is important enough to use just as he posted. Click on the link in his post.

From Metzler:

If you don’t think CAS is a game-changer, just read this article. Non CPA competition in non-attest is real and these folks are really impressive. Can’t beat a valuation of over a billion dollars and Jeff Bezos as an investor. CPA continues to be a potential differentiator for us and as a profession, we need to better articulate, communicate and reinforce why the CPA brand is of greater value in this space. Value only exists in the minds of clients and it’s up to us and our professional associations to get the message out there.

CNBC.COMJeff Bezos-backed accounting start-up hits $1.2 billion valuation after new funding round

  • Procrastination is one of the most common and deadliest of diseases and its toll on success and happiness is heavy.
  • Wayne Gretzky