Firm operations

TOPICS / FIRM PRACTICE MANAGEMENT

April 1, 2008

Weather the Storm During a Recession

While it may be impossible to recession-proof your clients’ businesses, BDO Consulting, which provides restructuring and risk advisory services as a business line of BDO Seidman LLP, provides these tips in the event of an economic downturn: n Take fast and decisive action—quickly determine core administrative and operational needs and

April 1, 2008

Recruiting (and Retaining) the Next Generation Accountant: One University’s Experience

What attracts students to accounting? Is it the appeal of social and forensic accounting in a post-Enron world? Is it the allure of big money? Or is it simply supply and demand? When it comes to attracting students to the accounting profession, faculty in university accounting departments face pressures from

April 1, 2008

Found: Client Evaluation Template

The article, “Letting Go: Evaluating and Firing Clients” (Jan. 08, page 54), was well written and exactly on point for my firm. I am the sole owner of a two-office, 23-person firm. In late 2006, my business partner unexpectedly passed away. During 2007 we had some expected—and some unexpected—changes

April 1, 2008

Fee Management Tips

Properly pricing your services should be a high priority. Follow these best practices for setting and managing fees. P Know the costs of providing services. Determine direct costs, allocated overhead and targeted firm profits for each client. Divide the fees collected (or collectible) by the time charges to get your

January 1, 2008

Capture and Share Firm Expertise

BUSINESS TIPSIn a recent CCH survey, accounting firms associated several benefits with having formal knowledge management programs, such as an increase in efficiency (76%), productivity (63%) and revenue (62%) and an improvement in client service (69%). These firms were also more likely to follow other management best practices, including: Using

October 1, 2007

Untying the Knot: Planning for a De-Merger

EXECUTIVE SUMMARY A merger process should include planning for a de-merger and establishing a sound agreement if a de-merger subsequently becomes necessary. De-merger agreements define how to treat specific issues if a de-merger has to take place. Items to consider addressing in a de-merger agreement include: Protecting

August 1, 2007

Ideas That Really Work to Recruit and Retain Staff

Does your firm have a consistent hiring message and formalized training program for new hires? CPA and consultant Steve Erickson developed 10 tips to help firms in achieving their hiring and retention goals. Increase focus and efforts. Make recruiting a year-round focus, engaging both partners and employees in the process.

August 1, 2007

Avoiding the Commitment Dip

Firms use thousands of dollars and work hours to make change initiatives a success—and then the bottom falls out. Or in this case, employee commitment to the change drops off, and all signs point to failure. Richard Lepsinger, a human resources consultant and co-author of Flexible Leadership: Creating Value by

July 1, 2007

Delivering Difficult Messages

EXECUTIVE SUMMARY No one relishes an uncomfortable conversation. When the best interests of a company, firm, individual or the public are threatened, it’s important to “be a leader” and take on the task. A three-stage process can be relied on to broach any uncomfortable conversation: (1)

April 1, 2007

Talent-Tempting Web Sites

EXECUTIVE SUMMARY CPA firms have long sought answers to problems in recruiting and staffing. Some have used their Web sites to attract and inform prospective hires by adding features and content that highlight aspects of a career there. A survey of Web sites of the 50

March 1, 2007

School Your Clients to Stop Theft

Maybe it’s only human nature, but all too often businesses stung by embezzlement first blame their outside CPA instead of assessing controls of their own that might have prevented the theft in the first place. These suggestions can help you teach small to midsize businesses and nonprofit

FROM THIS MONTH'S ISSUE

Drafting an AI policy that actually works

As AI use accelerates, many firms are discovering their policies haven’t kept pace. This article breaks down what CPAs and finance leaders should consider when drafting an AI policy that’s practical, flexible, and fit for real world use.