Running a Firm (823)

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More Effective Marketing for Free

There is almost nothing worse than spending valuable time and hard-earned cash on a marketing program that gets no results. It's a double-whammy: You've invested time and money in something to grow your business, but got nothing in return and incurred the opportunity cost of not doing something else that might have yielded a return.

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Putting a Practice Up for Sale

About a decade ago, in the heyday of firm consolidation, giants such as American Express gobbled up several firms a month - and all of them weren't large; many were small, local firms just ripe for the picking. Although the consolidators were usually mum about their payouts, the formula then, in terms of valuing a firm, was about 1.5 times annual billings plus 10 percent, according to professional journals and research at that time. More recently, the economy has made the market tougher for consolidators and valuations have dropped as a result. Read more...

Learning and Using Emotional Intelligence

As we enter into another year's "Busy Season", I was reflecting on how important it is to manage our emotions during times of high stress and fatigue. We have all had experiences where we didn't perform at our best due to an emotional response to the situation. As we get busier it becomes more important to manage our emotions in order to maintain peak productivity for ourselves and our teams.  A definition of Emotional Intelligence is the following: "Our ability to manage the emotions of ourselves, others, and of groups." Read more...

Make Your Client Your Valentine

Valentine artAs the story goes, in the early 300s Constantine the Great sent out vast armies of men to conquer the world. The soldiers could be gone for years at a time. Overtime, soldiers who missed their families became melancholy and lost much of their will to fight. Constantine, seeing that families were at the root of his army's waning courage and resolve, decided to ban marriage all together. The mandate went over almost as well as trying to cure hunger by banning food.

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Matching Performance Against Paperless Practices

The term “paperless workflow” has been a key buzzword in the profession for some time now, yet firms that have adopted a true paperless system still represent the minority. The percentage of accounting firms implementing basic workflow enhancements, such as scanning and on-screen review (via dual monitors), is progressing steadily. However, adoption rates of advanced paperless technologies, such as client portals, tax document automation solutions, and document management systems (DMS), are still relatively low.

Regardless of the value, adoption of technology continues to move along at a crawl, and in turn, so does implementation of a true paperless workflow. To understand why firms are slow to transition, we must first comprehend the profession’s level of “readiness” to move forward.

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How to Fire a Client

firing artNo matter the size of the firm, there are going to be some tough decisions to make along the way - and one of the most difficult is firing a client. We no longer live in a environment in which the only repercussions might be the initial awkward conversation when the firing occurs. Today, we have positive and negative social media. In our always-on world where a negative blog or Twitter posting can go viral in a matter of moments, accounting professionals will want to ensure they do not suffer potential negative consequences. Read more...

Five Crucial Best Paperless Practices

The paperless firm is no longer just a concept. It is fast becoming a reality in many firms, specifically in relation to the tax process. A traditionally paper-heavy process, many firms are implementing technology and procedural improvements to automate and streamline the tax workflow and significantly reduce the use of paper. Firms that have been successful in implementing a paperless tax workflow are using high-end scanners; scanning at the beginning of the tax process; and using dual monitors, editing software and a document management system.

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Clients Thinking about a New CPA?

Well here it is, the start of another new year. Most CPAs are already rolling up their sleeves in anticipation of another tax season, business as usual. On the contrary, many business owners have been running for their business life for more than a year and are likely struggling to find a reason to celebrate anything as they struggle with their recession hangover.

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Google's Local Search: Opportunity for Small Firms

google logoIf you are small local accounting firm looking to grow your business, you want to be found on Google when someone enters a search into Google for an accountant in your area. People tend to search for an accountant within the context of a particular location. A small business owner in Austin will be looking for an accountant based in Austin. Thus, it's crucial for CPAs and accountants to rank prominently in local search results and, in this case, "Austin CPA."

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Leveraging LinkedIn Connections

LinkedIn is the most popular social network among accounting professionals according to the SocialCPAs 2010 Social Networking Survey. Accounting professionals have joined LinkedIn, built profiles and connected with colleagues. However, I keep hearing that they don't see the benefit from their time spent on LinkedIn.

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