Monday, September 24th, 2018

Hard Worker

“I have no time to waste.” – Jamie Lee Curtis

Are you really a hard worker or do you just spend too much time in the office? When you are there (in the office), are you hustling or are you pacing yourself?

I recently read an interview with Jamie Lee Curtis in Good Housekeeping magazine. I could relate to one response she made – she likes elbow grease – here are some of her comments that might inspire you.

Wash your own car.

A little sweat now will earn you a rewarding rest later. “I’m a hard worker. I’m a hustler,” says Jamie Lee. “I like to invent things, and I like elbow grease. I wash my own car — why have other people do it while I sit on a bench watching them? I want sweat equity. I want it in my mothering, I want it in my marital-ing, I want it in my family-ing, I want it in my friend-ing. You tell me you’re moving, I will show up on moving day. There will be a point where I want to relax and not worry so much about my sweat equity — when I’ve earned my rest.”

Once you have made manager, once you have made partner, are you somewhat resting? Is it below you to fill the printer with paper? Do you clean up your mess at the coffee station? Do you return a client’s phone call within two hours?

By the way, I do not wash my own car!

  • "If you have creative ideas and you don’t bring them out into the world in some way before you go, that is a tragedy."
  • Jamie Lee Curtis

Friday, September 21st, 2018

The 3 Kinds of Partners

“You have to take risks. We will only understand the miracle of life fully when we allow the unexpected to happen.” – Paulo Coelho

I recently watched a short video featuring my dear friend, Allan Koltin. He describes for us the three kinds of partners (and other CPAs) that we encounter inside CPA firms.

I definitely agree with his observation. The three types are Content, Climber and Crazy.

Watch Koltin’s video here. It’s only 2.21 minutes long and you will definitely be entertained and enlightened. Do you recognize yourself?

By the way – you have and need all three!

  • "To expect the unexpected shows a thoroughly modern intellect."
  • Oscar Wilde

Thursday, September 20th, 2018

It Arrived! – My Copy of the Rosenberg Survey

fullsizeoutput_42cf“80% of firms never make it to the second generation.” – Marc Rosenberg

I always look forward to the day in September each year when my copy of The Rosenberg Survey arrives. That happened yesterday.

I have always found that public accounting is a fascinating profession. It’s challenging, interesting, never boring and profitable (if your firm is managed properly). For example, this year in the Forward section of the survey, Charles Hylan shows us that the average HIGH partner comp in the largest firms is $1,175,000 and the LOW partner comp in smaller firms is $247,000. That’s quite a spread and shows young accountants the possibilities for their career growth. Use the survey to see where your firm is doing well and where you might need to focus some attention. You can order it here.

Be sure to read my comments, along with several other CPA management consultants, in the Observations section beginning on Page 6.

  • "Most firms are still stuck managing the compliance services at the expense of the advisory work."
  • Jeff Pawlow

Wednesday, September 19th, 2018

Painful Procrastination

“Even if you’re on the right track – you’ll get run over if you just sit there.” – Arthur Godfrey

You continually face due dates. The major ones are painful.

You end up in a fire-drill mode to serve those last-minute clients. Sometimes the fire drills are even caused by you because of improper processes, procedures, and staffing.

Don’t let procrastination become a part of your firm culture and your daily life.

According to a post via Cornerstone University, procrastination can also affect us emotionally. For humans to maintain a fulfilling existence, we must have a sense of purpose and generate ongoing accomplishments. Failure here may lead to low self-esteem and a lack of ambition.

Read the entire post – Delay, Delay, Delay: How to Manage and Overcome Procrastination so it Doesn’t Manage You.

When it comes to those procrastinating clients, share this article with them. Explain how their tardiness has a negative effect on your entire team. Ask for their understanding and help. (It’s called training the client!). If they don’t co-operate, find them another accountant. Life is too short for all the stress these clients cause.

  • "Motivation is what gets you started. Habit is what keeps you going."
  • Jim Rohn

Tuesday, September 18th, 2018

Your Mentor

“Do your little bit of good where you are. It’s those little bits of good put together that overwhelm the world.” – Archbishop Desmond Tutu

If you are working in the CPA profession, should have a mentor. I don’t care if you are a 50-something partner (or 60-something), find someone who will tell you the trust and work on improving yourself.

Don’t rely on your mentor. You should seek out their help if you need it. I love this story from Stephen R. Covey:

“When I was just 20 years old, I served as an assistant to the president of an organization. One time I asked him, “Why don’t you ever give me any feedback? You never tell me if you like my speeches.” And he said, “Do you want to be dependent upon me? You know within yourself what’s happening. If you want some help, you just ask me. I’m here. “From then on, I was free of the president. I didn’t have to worry about his reaction. He never praised me or blamed me, but if I wanted help, he’d give it. So I would ask him, “What do you think of this.” He served me as a source of help.”

 

  • "The best way to find yourself is to lose yourself in the service of others. "
  • Gandhi

Monday, September 17th, 2018

Due Date Decisions

“You’ve done it before and you can do it now. See the positive possibilities. Redirect the substantial energy of your frustration and turn it into positive, effective, unstoppable determination.” – Ralph Marston

The extended due date is here.

You and your team have been working very hard during a time of year when you should not have to work so hard.

You have those fire-drill clients that almost always hold you hostage right up until the drop-dead extension deadline. It is frustrating. Your team wonders why you put up with these clients.

Why do you? Putting extra strain and frustration on your employees in times where employees are valuable and new ones are difficult to cultivate doesn’t seem like a good plan.

Use this client retention analysis form to help you sort out which clients to outplace.

Or, just ask your employees to vote for 5 clients that they would enjoy seeing gone from the client list.

 

  • "Hope fills the holes in my frustration in my heart."
  • Emanuel Cleaver

Friday, September 14th, 2018

Are You a Hurdle or a Linchpin? – Flashback Friday

“When you are living the best version of yourself, you inspire others to live the best versions of themselves.” – Steve Maraboli

If you asked everyone working inside your busy CPA firm to tell you the absolute truth, would they categorize you as a Linchpin or a Hurdle?

Read more about how to become indispensable in this flashback post from November 2017.

 

 

  • "If your actions inspire others to dream more, learn more, do more and become more, you are a leader."
  • John Quincy Adams

Thursday, September 13th, 2018

GOFER or NOT?

 “In business, what’s dangerous is not to evolve.” – Jeff Bezos

Is your firm administrator (aka, Practice Manager) a gofer or a take-charger?

Many CPA firms have various titles for the person this person. Often it depends on the size of the firm. It could be an office manager, executive assistant, firm administrator, director of administration, chief operating officer, practice manager, and others.

No matter what the title, the mission is the same, to save partners valuable time. What the partners do with that “saved” time is a topic for another day.

It is an executive position and, over time, takes complete responsibility for the operations of the firm. This means everything that goes on behind the scenes. Most Practice Manager job descriptions are quite expansive and include processes, procedures, human resources, financial activities, marketing, facilities, and technology. If you need a sample job description, let me know.

If your managing partner is using this person as a gofer (someone who just does what they are told and immediately reports back), you’ve got it all wrong.

It is a take-charge position and if you have someone who is happy being a gofer, you’ve got the wrong person.

If you are in this role and not operating at a take-charge level, don’t hesitate to speak up and ask for more responsibility, training, and education. So much is available via the CPA Firm Management Association.

  • "Innovation distinguishes between a leader and a follower."
  • Steve Jobs

Wednesday, September 12th, 2018

Improve Your Writing

“I didn’t have time to write a short letter, so I wrote a long one instead.” – Mark Twain

Accountants must be good at numbers and they also need to be good writers.

According to a recent post by Grammarly, many writers use filler words and phrases and they also use hedging words because they don’t want to appear demanding and bossy.

I am guilty of using hedging words and I never realized it. I also observe that many accountants do the same.

Here are some good examples via Grammarly:

Slightly

I’m slightly annoyed by Kate’s repeated tardiness.

Sort of, Kind of

Their plan was kind of short-sighted.

Rather, somewhat

The play was rather interesting.

Quite

His car is quite fast.

Probably

We should probably wait to send that email until we have final approval.

If you need to learn more ways to improve your writing, read the entire post.

  • "Substitute 'damn' every time you're inclined to write 'very;' your editor will delete it and the writing will be just as it should be."
  • Mark Twain

Tuesday, September 11th, 2018

Trust Those Around You

“The best way to find out if you can trust somebody is to trust them.” – Ernest Hemingway

Trust is a word that is thrown around the CPA profession all of the time. “Most Trusted Advisor” is familiar to most of you. CPAs have been claiming that mantra for many years now.

I see that the AICPA even has a Trusted Client Advisor Toolbox and Workshop.

Let’s explore trust a little deeper as it exists inside accounting firms. Here’s a familiar story about firm administrators. The administrator is an experienced professional. He/She takes over most of the day-to-day operations of the firm from the partners and implements procedures to make processes flow smoothly inside the firm. Soon the managing partner is distanced from the details (a very good thing) and can focus on managing the partners. The managing partner trusts that the firm administrator will take care of things.

Trust imparts obligation. The firm administrator takes that responsibility very seriously and works diligently to not disappoint the partners.

In my consulting work, I have experienced many situations where staff members do not trust the partners (owners). Building trust that goes both ways is a continual activity in a firm with a healthy culture. Not there yet? Keep working at it.

  • "Trust is the lubrication that makes it possible for organizations to work."
  • Warren Bennis