Today's Features

A Startling Revelation: 1 Times Fees is a Steal

Click for free report
Click for free report

Do the math and don't be afraid to pay more or ask for more.

By Marc Rosenberg, CPA

Partners in accounting firms are familiar with the rule of thumb that a CPA firm’s goodwill is worth one times fees; however, like many other “rules of thumb,” this notion is often incorrect.

Get the white paper

When buyers begin to think about how much they will pay for a smaller firm, they often have the “1 x fees” concept in mind. Then, when sellers are bold enough to ask for a price in excess of one times fees, buyers often balk because they feel that the asking price is too rich.

Use this white paper to make your case.

What Commitment Means Now

Smiling woman with colleagues in backgroundDo you and your firm have the same perception?

By Martin Bissett
Passport to Partnership

The Passport to Partnership study collated a number of responses in a conversational style. The need for commitment is showcased below and was repeated many times in various different ways.

So many use us as a stepping stone and we’re now trying to determine who those are at the interview stage.

MORE ON THE PASSPORT TO PARTNERSHIP: 13 Steps to True Commitment | How Good Is Your Network? | RFPs: 7 Things NOT to Do | 5 Ways to Evaluate Your Communication | 7 Levels of Communication Management | 5 Ways to Get Buy-In for Firm Culture | Partnership: Competence Is Just the Foot in the Door
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Proof – if any were needed – that long-term commitment is not a given in the next generation of accounting professionals.

Do You Belong In Cybersecurity?

Keys against background of dataWho understands midsize firms better than another midsize firm?

By Domenick J. Esposito
8 Steps to Great

Technology has become crucial to business success, as it allows businesses to

  • feverishly collect vast quantities of data,
  • qualify the value of that data and
  • employ that information to benefit their customers.

MORE ON STRATEGIC PLANNING: 36 Consulting Services You Might Be Overlooking | How to Implement Industry Practice Groups | What Is ‘Acceptable’ Performance? | 6 Measures of Partner Performance | Is HR Ready for Your Partner Pipeline? | Is Your Pyramid Upside Down? | Taking a Balanced Scorecard to Your Partners | Seizing the $10 Trillion Opportunity
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Businesses are forming relationships with their customers and, in turn, are being entrusted with even more information that translates into fine-tuned marketing approaches with greater returns.

How to Use Social Media Analytics

Confident businessman analyzing chart and explaining it to co-workerPlus 8 specific steps to take.

By Becky Livingston
The Accountant’s Social Media Handbook

Social media presents communicators with an unparalleled ability to measure and track a deluge of data in order to derive insights on the effectiveness of their campaigns. This has made analytics one of the most critical tools in the social media marketer's arsenal.

MORE ON SOCIAL MEDIA: How Social Media Affects SEO | Content Categories and How to Leverage Them | How to Manage Social Media in 22 Minutes a Day | How to Schedule and Manage Social Media Activity | Which Social Media Should You Use? | What Is Social Media?
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According to Technopedia, social media analytics is an “approach of collecting data from social media sites and blogs and evaluating that data to make business decisions.”

Work-Life Balance: According to Whom?

Young father sitting on the grass holding a baby on his lap and texting on his mobile phoneWhat firms offer may not be what staffers want.

How some firms are beating the staffing crisis:
Join the survey. Get the results.

By Kristen Rampe
Talent Retention & Development

How is your firm doing in the work-life-balance arena? If you're like half of our CPA firm partner respondents, you are a strong, frequent supporter of these initiatives.

MORE FROM THE SURVEY: NEW SURVEY RESULTS: Two Ways Your Strategic Plan Can Reduce Turnover
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But do your staff see it differently? Preliminary data from our recent talent survey shows that only 28 percent of non-partner respondents shared the same sentiment of "mostly or always" when asked if "management supports a healthy work-life balance.”

Is Your AP Digital Yet?

Woman typing while holding credit card over computer keyboardEliminate steps and earn cash back to boot.

By Roman H. Kepczyk
Quantum of Paperless

Processing accounts payable is another of the manually intensive processes within the firm’s administrative department that can be significantly streamlined through digital processes.

MORE ON TECH SPENDING: A Better Way to Handle Time & Expenses | How the Best CPA Firms Capture Best Tech Practices in Procedures Manuals | Workflow Systems Make Tax Season Less Tedious | Smart Firms Don’t Happen by Accident | Bandwidth: How Much?
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Consider how many “touches” a single payable creates:

8 Ways to Manage Clients

Two men shaking hands across a tableThis is Job 1 for the practice owner.

By Bill Reeb and Dominic Cingoranelli
CPA Trendlines / Succession Institute

Whether you simply desire to improve your firm’s operations or identify and implement a new long-term strategy, you need to be clear about the role that the owners, partners or shareholders should be playing in your firm.

MORE ON PERFORMANCE MANAGEMENT: The Limitations of Rainmakers | Different Roles for Different Partners | How Big ‘Books’ Hurt Firms | Developing a Three-Year Vision [VIDEO] | More Merger Questions Than You Imagined | MPs: How to Elect Them … and Fire Them | Partners as Role Models: The Good, Bad & Ugly | Managing the Managing Partner
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

To be sure, the roles and responsibilities of a CPA firm owner or owners will vary from firm to firm, based on that firm’s needs and circumstances, and you need to adapt any recommendations to fit your firm’s situation.

What It Means to Be a Real-Time Accountant

chart10 behaviors that pinpoint the difference.

By Rob Nixon

The vast majority of accountants I meet are offering "redundant data" advice. They are offering up information based on old data.

MORE ON STRATEGY: What It Means to Be a Real-Time Accountant | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting
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Clients don’t want services that are late. They want real-time services that are on time, relevant and pre-emptive.

When Everything Takes Too Long

Ed Mendlowitz CPA The Practice Doctor Q and AHoldups can appear at any step in the process.

QUESTION: Everything in my office seems to take too long, and I can’t put my finger on why.  Can you provide any guidance?

MORE PRACTICE DOCTOR Q&A: Taking Over Poorly Done Work | Rule #1 for How to Get Everything Done | Checklist for Running a Practice | 14 Ways to Use Timesheet Data | When Partners Stop Growing | Clear Billing Procedures Make Collecting Easier | There’s More to Growth than Marketing | How to Make Staff a Team Again
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ANSWER: Common problem.

Why Offering Packages Can Catapult Your Revenue

Learn more about QB Connect here
Learn more about QB Connect here

Eight ways bundled services help you and the client.

Note: Sandi Leyva will be speaking at QuickBooks Connect, San Jose, Calif., Oct.  26, on "How to Create Packages, Step-by-Step." Learn more here.

By Sandi Leyva
The Accountant’s Accelerator

More accountants and bookkeepers are moving from hourly billing to fixed fee and package offerings.

MORE ON SMALL-FIRM GROWTH STRATEGIES: Share Data 5 Easy Ways| 7 Ways to Generate Leads | Blow Your Own Horn Already! | Take the Focus Off Price | 5 Solutions When Clients Balk at Price |Want More Clients? Take These 5 Steps | 5 Skills to Grow Your Practice | How A Spreadsheet Can Help Stop Leaks | 5 Cures for the Summertime Blues

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But, just what does an accounting package look like? And what are the benefits of offering packages?  Here are some answers.