Monday, August 13th, 2018

Cul de sac

“If your job is a cul-de-sac, you have to quit or accept the fact that your career is over.” – Seth Godin

Cul de sac is a dead-end street. It goes nowhere. Seth Godin talks about cul-de-sac jobs in his book The Dip.

If you are working in a CPA firm, no matter what your title, you might find yourself in a cul-de-sac job. You work and you work and nothing much happens. It doesn’t get better, it doesn’t get worse. It just is.

Get off the cul-de-sac – why invest your life in something not getting any better.

Some of you work in cul-de-sac firms. There is a lot of talk about how things will get better but nothing much seems to happen. Years pass by.

Some of you are in cul-de-sac partner groups. Same as above, lots of talk but not much really happens. Years pass by.

Move your firm and/or yourself out of the cul-de-sac.

 

  • "People settle. They settle for less than they are capable of."
  • Seth Godin

Friday, August 10th, 2018

Flashback Friday – Do You Have a Dream?

“A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” – Colin Powel

At your next strategic planning meeting talk about your dreams. Think big! Have everyone describe the career dreams they had when they were beginners.

Here’s a flashback post from 2015.

  • "The future belongs to those who believe in the beauty of their dreams."
  • Eleanor Roosevelt

Thursday, August 9th, 2018

Outsourced Accounting

“Knowledge is of no value unless you put it into practice.” – Anton Chekhov

CPA firms are seeing amazing growth in the area of outsourced accounting services. It not only is of immediate value to clients, it also provides the accountant with the ability (and information) to become even more of a trusted advisor.

Recently, Bill.com released the results of a survey they did regarding the use of outsourced accounting services. They have furnished a report on their findings – What Businesses Really Think of Client Accounting Services. You can download the report here.

In the introduction, Bill.com founder, Rene Lacerte, notes:

We are a nation of outsourcers.

In our personal lives, we outsource both simple and complex tasks—everything from grocery shopping to planning for retirement. We aren’t lazy or incapable, but we know that if we let the experts handle these tasks, they will be done right and allow us time to focus on what matters most. Outsourcing reinforces our priorities.

Businesses, too, are well acquainted with outsourcing. Disciplines ranging from IT to customer support to HR have all found their ways to hire experienced professionals outside of the corporate structure. Now, outsourcing all accounting is gaining traction.

The accounting profession has talked about client accounting advisory services (CAS) for a decade, speculating on the best ways a firm can solicit and handle all of a company’s accounting and finance department needs. For accountants, holding the reins to the company’s financial performance gives them unparalleled insight into the business and the ability to surpass a transactional state in favor of strategic advice and planning. It creates the platform for impactful contributions.

While accountants understand the benefits of CAS, what do businesses think about outsourcing their accounting? If you’re considering starting or expanding your CAS practice, it is good insight to have before you begin.

In this survey with CPA.com, we asked more than 1,700 small and medium-size businesses to share their opinions on outsourcing accounting. The results are summarized in the following pages. Respondents told us how much they’re outsourcing today, what they’d like to outsource, what they appreciate about it, and how it benefits their customers.

The survey data underscores just how important CAS can be to both firms and their business clients and how it will continue to grow and gain even greater value in the accounting world.

  • "Love all, trust a few, do wrong to none."
  • William Shakespeare

Wednesday, August 8th, 2018

A Learning Opportunity

unnamed

 

 

 

Don’t hesitate to invest in the success of your new partners and your future partners.

My good friend, Jeff Pawlow of The Growth Partnership, reminded me that it is time to register for The Partner Institute. Here’s the scoop:

Announcing The Partner Institute™ 2019

The Partner Institute™ is a three-year, multidisciplinary program designed to develop the needed skills and attributes for successful firm leadership. Session 1 starts January 16-18, 2019 at the Boardwalk Inn at Walt Disney World. Learn More

Our Curriculum 

The Partner Institute™ offers participants a robust, in-classroom curriculum led by facilitators who are experts in their particular topic and have a deep pedigree rooted in the accounting profession. This sets The Partner Institute™ apart from other offerings.

View the Full Three Year Curriculum Map

Don’t Take Our Word For It…

You can hear it from our graduates first hand!

Since its inception in 2004, The Partner Institute™ has developed future leaders in the profession. We are proud to have a proven track record of success. View Testimonials

Sign Up Today!
Reserve your spot in The Partner Institute™ by submitting your registration and a deposit of $500. Attend the initial course and then decide if the program is right for you. If you elect to continue, we will invoice you accordingly.

Register Now!

  • "Education is the most powerful weapon which you can use to change the world."
  • Nelson Mandela

Tuesday, August 7th, 2018

You Are Good With Numbers But Can You Write?

“One day I will find the right words, and they will be simple.” – Jack Kerouac

I have observed that many CPAs in public practice do not like to write articles. They seem to love numbers more than words.

I have also observed that there is usually one or two partners who do have a talent for writing. The best ones are those who can explain complex tax and accounting issues so that their average client can better understand the topic and actually appreciate the information.

Many CPA firm marketing directors have voiced their great frustration with the “write an article for our newsletter” dance. The partner promises to write an article for the next issue. The Marketer begins nagging about two weeks before the deadline and continues to nag right up until the drop-dead date for publication. The partner always has a good excuse…. “give me one more day” is the battle cry.

CPAs who write for their firm newsletter – when you volunteer to write an article, write it immediately and side-step the drama.

Offer your articles to your local business newspaper. They are often looking for tax and accounting articles. Articles can be repurposed. Use them for blog posts!

If you want to build your personal reputation – write, write, write.

  • "Either write something worth reading or do something worth writing."
  • Benjamin Franklin

Monday, August 6th, 2018

The Bus

“Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” – Oprah Winfrey

You’ve heard it many times – get the right people on the bus and get the wrong people off the bus. You have probably been working on that for a while and perhaps making slow progress.

Today, I am sharing a complete post by Seth Godin. I want you to ask yourself something. Is your firm the right bus? Is it the right bus for high-performers, people wanting to get somewhere, somewhere in the future, people who are not satisfied with the status quo and implementation that moves at a snail’s pace?

The Wrong Bus

Your first mistake was getting on the A53 bus, the one that goes crosstown instead of to where you’re going.

Mistakes like this happen all the time.

The big mistake, though, the one that will cost you, is staying on that bus.

I know it wasn’t easy to get on the bus. I know you got a seat. I know it’s getting dark outside. But you’re on the wrong bus, and staying on the wrong bus won’t make it the right bus.

If you really want to get where you set out to go, you’re going to have to get off the wrong bus.

  • "On a bus, your eyes, ears, and pores are open absorbing in the variety the wonder, and the magic of the city. It's a wonderful way to get to know the city."
  • George Takei

Friday, August 3rd, 2018

Flashback Friday – Commitment

“Duty is what one expects from others; it is not what one does one’s self.” – Oscar Wilde

Partner retreats and firm retreats can be very invigorating but what happens afterward?

Here’s a 2016 post about Commitment.

Have a great weekend!

  • "Unless commitment is made, there are only promises and hopes; but no plans."
  • Peter Drucker

Thursday, August 2nd, 2018

The Future of Your Firm

Are you, as leaders, doing the right things today to prepare your firm and yourselves for the future?

I love this quote from Marcus Buckingham:

The future isn’t

somewhere you discover.

It’s somewhere you create 

out of the choices

you make today.

As you prepare for your partner retreat, as you enter into the fall season, as you do year-end planning for the firm, as you participate in the fall college recruiting activities…. be sure you make the right choices.

 

  • "Life is a matter of choices, and every choice you make makes you."
  • John Maxwell

Wednesday, August 1st, 2018

Outside & Inside

“The wrapper matters, but so does the experience within.” – Seth Godin

Your website is very important. It helps support the firm brand that is visible to the outside world.

You have spent years building that brand. The firm is viewed as successful and progressive. The firm is often said to be the best CPA firm in town.

You broadcast that your firm is the best place to work and it has been around for a substantial number of years. The firm has an extensive menu of services. It has well-known niche experts. You have made it to that short-list of firms that bankers and attorneys recommend to their client.

All of that matters. However, what goes on inside the firm matters more.

 

  • "Create a beautiful inside and you will look beautiful on the outside."
  • Charles F. Glassman

Tuesday, July 31st, 2018

Hiring of Accounting Graduates Is Down

“To improve is to change; to be perfect is to change often.” – Winston Churchill

How will this affect your CPA firm?

Bob Dylan’s theme “The Times They Are A-Changin’” continues to apply to the CPA profession.

Acctg grad hiring down

  • "If you don't like something, change it. If you can't change it, change your attitude."
  • Maya Angelou