8 posts categorized "Practice Management" Feed

Small Firms Make a Difference in Unexpected Ways

Small firmI recently heard a moving story about an acquaintance’s father who passed away unexpectedly. Married to his childhood sweetheart for more than 60 years, he was a dedicated father and husband. He had been the manager of his family’s accounts. Upon his death, his widow and family had to set aside their grief to grapple with urgent financial issues, including funeral expenses and insurance matters. Fortunately, a trusted advisor was able to help. The family’s CPA, a small firm practitioner who had known the family for years, was well acquainted with their finances, and immediately came to their aid, offering his technical expertise. The CPA restored order to the family’s accounts and eased their worries. They had peace of mind knowing their CPA was prepared to protect their interests during and after a highly emotional and stressful time.      

Stories like this one unfold every day in CPA firms across America. Whether they’re advising startups on growth opportunities or helping individuals handle life changes, small firm CPAs have a profound impact on their clients, supporting them as they strive for their goals, build for the future or deal with crises as they arise.

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3 Solutions to Firms’ Top Challenges

Find the right peopleYour practice is thriving, but there are some issues that continue to present challenges. Are other firms like yours facing these issues, too? And what trends are other CPAs seeing that you ought to know about?

Practitioners can find the answers to these questions and more in the results from the 2017 Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey . This unique survey, which is conducted every two years, identifies the significant concerns for firms of various sizes and spotlights emerging challenges in practice management. Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the survey results yesterday during his Professional Issues Update at the AICPA ENGAGE Conference.

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5 Tips for Becoming a Firm of the Future

Shutterstock_362297912 (1)Here’s a familiar scenario: A firm has been in business for decades, achieving success using a tried-and-true formula of providing high-quality work and great client service. As a new generation takes over and market demands change, however, the firm’s partners begin to wonder how they can grow the practice while maintaining the winning attributes that have made the firm what it is. They worry a major change will distract their team from the important business of serving clients—and eat up too much time and money.

That’s the situation my firm faced about five years ago. As the recession was coming to an end, the firm, which has been in business roughly 70 years, had about 25 people and around $3.5 million in revenues. Our culture had long been to work hard and play hard. We’ve held on to the spirit of camaraderie and the family environment our founders built, but as we moved forward into the millennium we hadn’t developed the internal structures we would need to manage growth. However, by making some strategic decisions, over the course of five years we have grown to a firm of 35 people and $5 million in revenues.

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Seizing Opportunity Like a Rapping Founding Father

HamiltonWhen hip hop music first became popular, very few people would have thought that the music could be a great way to tell the story of America’s Founding Fathers. Yet, the wildly popular Broadway musical “Hamilton,” which won 11 Tony Awards, merges the historical narrative of the nation's first Secretary of the Treasury with hip hop music and lyrics, and proves that it’s possible to successfully create something fresh by offering a new take on a familiar subject.

Alexander Hamilton, the man whose life inspired the musical, started his career as an accounting clerk in the West Indies, then went to colonial America, where he would eventually lay the groundwork for the United States financial system. The musical came to life because Lin-Manuel Miranda, its creator and the man who originated the role of Hamilton, saw an opportunity and seized it by utilizing his musical talents to tell a 240-year-old story and delight unsuspecting audiences.

What does that have to do with CPAs? A lot, actually. Every day, CPAs use their knowledge and talents to meet a wide spectrum of client needs, often in ways that weren’t initially envisioned 50 or 20 or even five years ago. If you’d like to set the stage for new options in your career or practice, here are several opportunities that mesh well with CPAs’ core competencies and experience.   

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4 Benefits of Finding the Right Niche

SpecializingIt’s flu season -- conveniently coinciding with busy season. It’s time to stock up on cough syrup and analgesics to ward off the aches and discomfort of the flu. A visit to your family doctor might also be in order, if you can get an appointment. But what do you do if that ringing in your stuffy ear is a sign of hearing loss and not some flu-induced infection? What if those sniffles just won’t clear up on account of that broken nose you suffered last spring? Well, that’s when you visit the ENT-- the Ear, Nose and Throat specialist. She sees patients who need more focused care. She’s managing a niche practice.

For many CPAs, setting themselves apart in a competitive market is a critical goal. The popularity of practice areas such as personal financial planning, IT specialization, fraud and forensic accounting, business valuation, tax and assurance services demonstrates the value that finding the right niche can offer. Here are a few of the many benefits that help explain why more CPAs are choosing to specialize.

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5 Ways to Create a Sense of Belonging through Sponsorship

Men sponsorshipThis blog post is the second part of a two-part series on intentional sponsorship, or dedicated efforts at a firm to ensure that everyone with leadership potential has access to a sponsor.

At HORNE, we launched a formal sponsorship program at our 525-person firm because we recognized first and foremost from a business case perspective, for us to be relevant in the future, we must develop a diverse leadership team.  Collaboration, connecting and creativity require diverse leadership and we cannot win with less than half the leadership talent.  Failure to develop a diverse leadership team will limit our ability to grow, to attract great talent or to have a sustainable succession plan. We also estimated our tangible cost of our turnover at $3 million a year which includes recruiting, onboarding and training.  We excluded the additional costs of lost knowledge and lost client relationships. 

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4 Steps to Developing Professionals through Sponsorship

Women sponsorshipPromising professionals ascend through the ranks based on their knowledge and abilities, but many also benefit from the support and advocacy of other influential members of the organization—often referred to as sponsorship. It is important to note the difference between a mentor and a sponsor. A mentor talks with you about your career development while a sponsor talks about you. Sponsorship may be formal and methodical or informal, but by its nature is intentional and it can have a significant impact on assignments, visibility and advancement.  

In an effort to develop and retain staff, professional services firms across the U.S. are engaging in formal sponsorship, or dedicated efforts to ensure that everyone with leadership potential has access to a sponsor.

This blog post is the first part of a two-part series featuring one firm’s experience with intentional sponsorship.

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3 Late Night Comedy Trends that Mirror the CPA Profession

Jon StewartTwo weeks ago, Jon Stewart, host of Comedy Central’s The Daily Show, tearfully stepped out of the studio after 16 laughter-filled years, passing the baton to relatively unknown South African comedian Trevor Noah.

Like many Boomer-aged CPAs across the country, late night hosts have been stepping away from their microphones and focusing attention on the next phase of their careers. Not long ago, Jay Leno handed the reins of the Tonight Show over to the lovable Jimmy Fallon. More recently, Late Night’s David Letterman named his successor—the already-established Stephen Colbert of the Colbert Report.

Late night television’s transition to a new generation would not be possible without attention to three very significant trends – all of which reflect what is happening in the CPA profession: leveraging technology, supporting emerging leaders and presenting a diverse and broad perspective. These trends offer lessons on how the CPA profession is on the verge of evolving over the coming years.

 

 

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