Partner's Report for CPA Firm Owners
Provides actionable information that firm owners can use to enhance their profits as well as their leadership of the firm. Offers practical guidance on compensation and benefits and distributions, retirement plan alternatives, partnership agreements, professional liability coverage, "rainmaking," profit and operating ratios, and other management/leadership issues. Each issue also includes digests of pertinent management articles from scores of publications.
AUGUST 2010 - Table of Contents
Although the recession has forced many CPAs to rethink their expenses, trade group memberships remain strong. Many cite the increased need for networking and education opportunities during the economic downturn as the reason why member retention rates continue to be high among accounting associations.
As consultants who work exclusively with CFOs, we understand the myriad demands on their time. The CFO will certainly be involved when any professional service professional is trying to do any work across an organization, but he/she is not a gatekeeper to be avoided. Rather, we believe those who address the strategic needs of the CFO as they relate to the entire organization will find themselves winning more engagements.
Grow or Die. It’s probably the most common business axiom, and the least accurate, according to the new book Smart Growth: Building an Enduring Business by Managing the Risks of Growth (Columbia Business School Publishing). To better understand the book’s implications for accounting firms, CPAPR sat down with the book’s author, Ed Hess, a former Arthur Andersen strategy consultant and current professor at the University of Virginia’s Darden Graduate School of Business.
Secretly, I think the reason the Association for Accounting Administration held its annual National Practice Management Conference in New Orleans was that organizers realized that accountants would need a place like Bourbon Street to drown their sorrows every night.
Although most industries significantly reduced their campus hiring the last two years, “CPA firms didn’t back off on their recruiting much,” says Donna Goldfeder, director of Career Services at Lehigh University in Bethlehem, Pa. But market conditions have altered the nature of accounting firms’ hiring goals.
Professional services, including accounting, require the power of the mind to help a client find a solution. No service that requires the power of the mind is ever a commodity, no matter how many people provide that service.
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