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.”
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Firm practice management
The accidental investment adviser
CPAs often are solicited for advice regarding potential investments. A CPA should refrain from providing specific investment advice unless he or she has been adequately trained and licensed to serve as an investment adviser.
10 tips for implementing shared services
Shared services are being applied to an increasing number of functions. Human resources, IT, and finance were some of the first areas where shared services commonly were implemented. Now sales operations, supply chain operations, and marketing are taking advantage of shared-services platforms.
Managing owner transition through an owners’ agreement
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.”
How to speed the path to partner
Want a shot at making partner earlier than your peers? It won’t be easy, but here are some ways to do it.
Patent predicaments: Be wary of dubious claims
CPA firms and their clients have been targeted by patent-holding companies demanding licensing payments for use of seemingly ordinary business processes. Handling the threat of a lawsuit can be a delicate matter, even as regulators and legislators undertake efforts to rein in patent-holding companies and patent-assertion entities.
How to start and run a mentoring program
Formal mentoring relationships can help young CPAs sharpen their skills, plot their goals, and achieve their objectives, but what does it take to set up a successful mentoring program? This article looks at the types of planning, people, and processes that must be in place for mentoring relationships to flourish and for employers and employees to reap the benefits.
How real work experience can help students, businesses
Getting work experience while in college can give accounting and finance students an edge in their post-graduation job search, according to a new survey. Meanwhile, businesses that provide work opportunities for students can build a network of promising talent that will pay big dividends in the future, experts say. Eighty-three
Failure to detect theft and fraud: It’s not just an audit issue
CPAs can use several techniques to protect themselves against risk exposures related to failure to detect theft and fraud.
How to manage internal succession
Young talent is at the core of successful internal succession plans. How can firms identify and develop the leaders they need to replace retiring partners? Find out in the eighth installment of the series “CPA Firm Succession: Solidifying the Future.”
Alternative deal structures for succession
Accounting firm partners looking to retire need to either find an internal successor or sell their practice to an external buyer. What types of deals are possible in an external sale? Find out in the seventh installment of the series “CPA Firm Succession: Solidifying the Future.”
Are courts ready to protect more accountant-client communications?
Recent court decisions, especially those involving corporate tax reserve accrual workpapers, indicate that the judicial view of the accountant-client relationship is changing and that courts may be willing to provide greater protection for communications between accountants and their clients.
Landing more referrals
Referrals are a key to building an accounting practice. Research conducted by marketing consultants Hinge found that 87% of clients turn to referrals first when looking for an accountant and that 76% of clients are “very likely” to recommend their accounting firm to others. Here’s how to get satisfied clients
Consider this before serving on a board
The role and responsibilities of a board member significantly differ from those of a CPA in public practice. To explore the unique responsibilities of external board members—and the exposures they face—two attorneys who defend claims against external board members and accountants were interviewed for this column.
Seven steps to closing a succession sale
Key to a successful merger or acquisition is keeping the process moving. For firm leaders, there is rarely any item of greater importance than a merger they are pursuing. The adage “time kills all deals” is absolutely true with mergers, and this is why: – Adversarial positions: Naturally, both parties
Honing your hiring
It takes some detective work to hire the right new employee. Management needs to piece together clues about the applicant’s personality and work history. It takes time to determine whether a candidate has the character and credentials to fit the company’s needs. Here are a few steps to help you
How to land an overseas assignment
Securing an overseas assignment may look like a daunting challenge to a U.S. CPA who isn’t working for a Big Four accounting firm with offices worldwide, but it can be done. The JofA sought tips from three experts on how U.S. CPAs can gain international experience. Senior editor Sabine Vollmer talked
Survey: Data security concerns soar as more CPA firms access cloud
Concerns about data security are surging as the percentage of CPA firms tapping cloud computing continues to increase, according to a survey from CPA2Biz, the AICPA’s for-profit technology subsidiary. CPA2Biz’s second annual cloud survey found that nearly half of the CPA firms polled said that they are using business-grade cloud technology
How to value a CPA firm for sale
One of the key components of a CPA succession plan is the sale or transfer of the retiring CPA’s ownership interest. How is the value of that interest determined? In most circumstances, the value of an owner’s interest is different when selling to an external buyer than it is in
Six trends that are reshaping business
Accountants excel at analyzing numbers and developing strategies based off them. The way University of North Carolina at Chapel Hill professor James Johnson, Ph.D., sees it, the numbers describing the demographics of the United States leave accountants little choice today but to embrace diversity and new business practices. Johnson spoke
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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