It sounds too good to be true: A way to increase both client satisfaction and firm profits at the same time. But consultant Ron Baker explains how offering different pricing options can help firms do just that in this Q&A.
Financial and admin operations
Firms can use a value council to determine prices and KPIs to measure performance.
Billing by the hour isn’t the only way to charge clients. But to implement a different approach, you’re going to need to ask these questions first.
An accounting firm experiment hypothesizes that “there will be multiple successful business models for accounting firms of the future.” Explore the experiment’s results and different visions for public accounting’s future—and examples of that future already becoming reality.
Value-pricing advocate Ron Baker recommends that firms use price-led costing and nominate a value council to set prices.
A growing number of industry pricing experts are urging CPA firms to jettison the venerable billable hour and replace it with value pricing. In this Q&A session, value-pricing champion Ron Baker provides an in-depth look at the benefits of making the switch.
CPAs must properly secure any patient health care data that may come into their possession, to avoid potentially severe civil and criminal penalties.
U.S. public accounting firms are socking away chunks of equity, according to the 2014 Management of an Accounting Practice (MAP) Survey from the AICPA Private Companies Practice Section (PCPS) and the Texas Society of CPAs (TSCPA).
Many accounting firms are facing a daunting challenge paying for partner retirements. Long-standing buyout agreements often aren’t calibrated for today’s demographic and market realities. This article shows how firms can assess and adjust the terms and types of buyout agreements to facilitate successful ownership transitions.
If your firm has never used engagement letters or perhaps has not implemented them consistently, where do you start? Here are some tips to help increase the efficiency and effectiveness of this critical tool.
U.S. accounting firms are storing up equity as they prepare for a number of financial challenges over the next few years. That’s one of the findings of the 2014 National Management of an Accounting Practice (MAP) Survey, released Monday by the AICPA Private Companies Practice Section (PCPS) and the Texas
U.S. public accounting firms must tackle five challenges in their succession planning to fill the gaps left by Baby Boomer partners who have begun to retire, according to results from a Global Accounting Alliance survey.
Transitioning away from a billable-hour model can improve margins and customer relations. But it also comes with plenty of challenges. Learn how one firm made the switch.
High-functioning firms have leadership teams that assess situations, develop strategies, and make and execute decisions with relative ease, speed, and success. Others, however, function with a drag that pulls against their momentum, causing the business of leading, managing, and executing to take longer and produce less-than-stellar results. High-functioning firms seem
When is the best time to perform due diligence in the accounting firm merger process? What should each side look for? How should the parties respond to unexpected findings? Find out in the 12th and final installment of the series “CPA Firm Succession: Solidifying the Future.”
Firm leaders must weigh many considerations during the due-diligence, negotiation, and integration phases of a successful merger or acquisition.
Ask managing partners for the top reason an accounting firm merger succeeded or failed, and the most popular answer you’ll hear is culture. Learn how firms can assess and adjust for cultural differences in a merger in the 11th installment of the series “CPA Firm Succession: Solidifying the Future.”
Leaders can foster success and overcome resistance with a well-thought-out strategy for implementing any transition and for communicating their plans.
Client retention is essential to the success of an accounting firm merger. Find out how to minimize client turnover in the 10th installment of the series “CPA Firm Succession: Solidifying the Future.”
The contract that establishes owners’ terms with a firm also can play a pivotal part in whether a succession plan will succeed. Find out the key succession-related elements to address in an owners’ agreement in the ninth installment of the series “CPA Firm Succession: Solidifying the Future.”