6 posts categorized "PCPS" Feed

3 ways small firms can turn challenges into opportunities

6a0133f5884316970b01b7c94b352c970b-320wiThe thing I enjoy most in my role as Chair of the AICPA is the time I get to spend talking to members from across the profession about the issues most important to them. What’s clear to me is we’re all facing the same challenge of staying ahead in a fast-changing world. But we’re unique in how we confront this challenge.

This is especially true with small firms and sole practitioners, which play a powerful role as trusted advisers for their clients and communities. Firm owners wear many hats — human resources, business development, marketing and service providers. As the pace of change speeds up, it’s hard to manage the day-to-day and prepare for the future.

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4 ways to strengthen culture in your firm

Shutterstock_509115232Fall has finally arrived. The change in season is the perfect time to evaluate your firm’s inner workings and maybe even switch up your routine. Are your staff and clients happy? Are you fostering a work environment where staff feel energized, supported and have growth opportunities available to them?

People need the right blend of opportunities, challenges and accomplishments to achieve optimal success. And when the environment is right, growth can flourish. We asked three successful firm leaders how they’ve nurtured their firm’s cultural climate. This is what they said:

  1. Define your desired culture and core beliefs.

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5 lessons learned from the closing of a historic candy company

Shutterstock_1067246603NECCO Wafers are one of America’s most historic candies. Union soldiers carried them in the Civil War. Arctic explorer Donald MacMillan stocked them on his voyage to northern Greenland in 1913. The United States Army issued them to GIs in World War II. Generations of kids begged their parents for them at gas stations and checkout lines across the country.

After 170 years of operation, in May 2018, the bankruptcy court auctioned off the New England Confectionery Company’s (NECCO) assets. Round Hill Investments, of Greenwich, Conn., agreed to buy NECCO for $17.3 million. Though, just this week on July 24, 2018 and according to the Boston Globe, Round Hill abruptly shut down its operations and closed the doors at the Revere, Mass., candy factory. The company stated it had sold NECCO to another candy manufacturer but didn’t disclose the details. How could a company that survived catastrophic fires, wars, recessions, the Great Depression and so many other trials fail in today’s environment?

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5 tools to help your firm operate effectively

IStock-173737815Summer is a time for relaxing vacations, outdoor concerts and barbecue gatherings. It’s also a time to hit the recharge button and revisit the goals you planned to achieve by year’s end. Many CPAs set aside time during the summer months to focus on their firm’s operations and growth opportunities. The good news is that there are resources available to AICPA members to help you reach these goals and improve your firm’s overall success. Here are some tools for efficient firm management:

  1. Gain perspective with benchmarking metrics.

Metrics provide you with invaluable information. The PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey is a unique benchmarking resource that provides firms of all sizes with the key performance indicators they need to make many important management decisions such as firm realization, billing rates and compensation, net remaining per owner and more. The 2018 MAP survey has been significantly streamlined to make it even easier and faster to take. If you want to know where you stand compared to other firms in your region or nationally, I’d urge you to take the survey before it closes this month. Firms that participate receive a customized report comparing their responses to those of firms with similar net client fees, firms in the same region, and against top performing firms. PCPS members also get additional tools, including PowerPoint trend reports and the ability to run customized reports utilizing filters.

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7 risks small businesses need to consider

Shutterstock_481198423Except for an expanding waistline, what could be risky about ice cream? Ask the small business owners overseeing an ice cream shop on the boardwalk that caters to summertime beach crowds. They’re a small, family-run business and their main revenue is generated in the months of June, July and August. The income from those months must sustain them through the slower months. What happens if they aren’t prepared for an event that affects their shop? Will their business survive? That’s where you come in.

Risk, schmisk?

Risk is a relative term to your clients. Some risks are minor and easily handled in the moment; for example, an employee fails to show up to work. Other risks pose an existential threat to the business, such as an accident, natural disaster or fire.

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4 best practices for working from home

IStock_59008810_XXLARGEI’m more relaxed than I used to be. Some days you’ll find me working after midnight. Others I’m cranking out emails at 5 a.m. This year I’ve made it to all but one of my kids’ daytime events. I exercise more, too. If any of this sounds familiar, you might work from home like I do.

From a tech perspective, most professionals can do their jobs from home. But there’s far more to working from home than technology. If you work from home, are considering working from home or manage employees who work from home, I hope the following suggestions help you set up a strong work-from-home strategy.

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