bookmarks tagged Practice%20Management by ifacsmpcommittee
Updated: 20 hours 32 min ago
Sixth in a series: Upfront work plays key role in bringing a deal to a successful conclusion.
You should be billing what you’re worth — and raising prices isn’t as hard as you might think.
Aspiring leaders must be prepared to take on responsibility for winning.
Delays are among the biggest threats to accounting firm mergers and sales. Taking these seven steps can help keep the deal-making process moving.
Considering that professional services providers have traditionally charged an hourly rate, there are only two options, as I see it, to increase revenues – either they stop sleeping or they continually increase their hourly rate. The former is not a reasonable option, and the latter is hard because such incremental increases are bound to eventually alienate a large group of potential clients....
Implementing key performance indicators to grow your profitability
Comparing firm metrics against those of peers can help leaders set realistic goals.
Firms need to take a hard look at their client lists to make sure they have the right mix.
Tips on valuing a CPA firm in a sale
5 habits of successful delegators - Tired of being disappointed when delegating work? Try a new approach.
Big data seen as a valuable opportunity for the profession
The next decade will see industries transition to a Cloud-enabled world where work can be accomplished anywhere, anytime. This will especially be true of the accounting profession, according to Intuit, as such tools as Cloud-connected smartphones and tablets will enable firms to provide clients with an "accountant in their pocket" at all times....
Don’t let these myths prevent you from charging what you’re worth.
Accounting firms can implement a three-step strategy to increase their base through referrals.
Defending professional liability claims is difficult when practitioners assume responsibilities beyond the scope of their engagement. The difficulty in defending against a claim increases dramatically if the CPA undertakes activities considered to be the responsibility of “management” and if the client, based on the CPA’s words and actions, believed it could rely on the CPA to perform what was generally understood to be an internal management function. Doing so provides an opportunity for plaintiff counsel to assert that the CPA “should have known better.” ...
Even in a well-planned and executed succession, there are a number of events and circumstances that cause some level of discomfort. Succession tests the personal and leadership strength of the outgoing owner and, when not recognized, can deflate the excitement of the incoming owners and even threaten their future success. If we acknowledge this side up front, we’ll be better able to set ourselves on a smooth and successful journey. So, what tough challenges should we prepare for on the road to succession?
This article looks at promotion and marketing and, in particular, the role of social media in acquiring new clients and driving practice profitability.
Test whether you have the traditional skills and social media savvy to land international business opportunities.
I am speaking from experience here a very positive experience. 5 months ago my firm decided our server was too slow and we were spending too much time updating our accounting systems with new updates. We have been encouraging clients for the last few years to jump in the cloud so why shouldn’t we? We needed to answer three things – cost (obvious), speed and security.
CPAs routinely provide oral advice to clients. While professional standards generally do not require such advice to be documented, the experience of the AICPA Professional Liability Insurance Program demonstrates that undocumented advice weakens the defense to a professional liability claim...