For many, if not most, accounting firms, the quest to survive the Great Recession and its aftermath has ended. The focus now is on growth. That’s one of the overarching themes derived from the 2013 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey, which found that accounting firms
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Firm practice management
Women’s initiatives: A strategic advantage
The recent AICPA supply and demand survey found that women constituted 44% of accounting employees at CPA firms but only 19% of the partners. The partnership percentage was a step back for women in public accounting. The percentage of female leaders in firms had risen from 1% (partners and principals)
How to select a successor
Selecting the successor for a retiring partner in an accounting firm can take on many forms. The decision can be made by an individual CPA or by the firm leadership. It can involve the transfer of clients, ownership, and/or responsibilities internally or the sale of ownership to an outside entity.
When is a partner “retired”?
When a longtime partner or employee retires from a CPA firm, a sense of loyalty often compels the existing partners to allow the individual to have a symbolic role at the firm. This can include a courtesy title, office space, and invitations to company soirees. While this may seem like
The long goodbye
The best time for an accounting firm to start work on a succession plan is the day the firm is formed. Of course, most firms don’t do that. The question in many cases has become: “How quickly can I put together a succession plan and head into retirement?” The answer
Ernst & Young becomes EY as new leader takes helm
Ernst & Young has a new brand name, EY, and a new leader, Mark Weinberger. Weinberger, 51, officially became EY’s global chairman and CEO on Monday, the firm said in a news release. He replaced Jim Turley, who retired after 12 years as the firm’s chair and CEO. Weinberger’s previous leadership
Is this client the right fit for your firm?
A contentious divorce. Clients who want to file delinquent tax returns. The new client who represented himself as an upstanding businessman but has been indicted—for the third time. After malpractice claims are resolved, CPAs often say, “I never should have taken this client.” But there is a way to help
Mergers emerge as dominant trend
Powerful forces are transforming the accounting profession in the United States. The Baby Boomers are heading into their retirement years. Baby Boomer CPAs are in charge of most U.S. accounting firms. And most U.S. accounting firms don’t have a signed succession or practice-continuation plan in place. These realities are rewriting
How to open new doors by closing your office
Virtually no one who has leased office space has enjoyed writing that rent check every month. It might have been satisfying at first, when the firm or company was young and having an office was a sign of progress, but watching money go into a landlord’s pocket inevitably gets old. Still, the
Demand for accounting grads reaches all-time high
A new study examining supply and demand trends in accounting found that the profession is thriving—with college enrollments, degrees awarded, and demand for new accounting graduates all reaching all-time highs. CPA firms hired 40,350 new accounting graduates last year, including 23,793 graduates with bachelor’s degrees and 16,557 with master’s degrees,
Staffing, succession emerge as top CPA firm concerns
Succession planning and staffing joined new client acquisition and dealing with the complexities of rapidly changing tax regulations as the top issues facing U.S. accounting firms, according to an AICPA survey released Tuesday. The 2013 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey found evidence that CPA firms
Survey spotlights need for data and security strategies
On the surface, the results of the 2013 North America Top Technology Initiatives survey show that “managing and retaining data” nudged past “securing the IT environment” to become the top technology priority cited by the nearly 2,000 accounting professionals polled. Dig a little deeper, and the evidence indicates that the
The leadership cycle: How to enable collective leadership
James Quigley, CPA, was CEO of Deloitte Touche Tohmatsu Ltd. from 2007 to 2011. He retired from Deloitte LLP in June 2012, after 38 years with Deloitte. He serves as a trustee of the IFRS Foundation and is co-author of the 2011 book As One: Individual Action, Collective Power, which
Independence is in the eye of the beholder
The independence of CPAs is the hallmark of the profession. As such, accountants put forth significant focus and effort to comply with independence requirements related to everything from investments to business and employment relationships to services delivered to clients. But being what accountants call independent in “fact” isn’t enough. CPAs
Cultivating leadership
Most CPAs promoted to leadership positions get there because of their technical skills and professional prowess. In many cases, however, the same CPAs have not been prepared to act as leaders. The following steps show what employers can do to cultivate leadership skills. Emphasize business acumen, curiosity, and strategic sensibility
The leadership cycle: How to effectively lead and develop talent
Richard Oliver, CPA, CGMA, is the president of familyowned THORLO Inc. in Statesville, N.C. He got his start in accounting with a fiber-optics company in Hickory, N.C., then went to work as an auditor for Deloitte. He returned to the fiber-optics field after three years, before he was recruited to
The leadership cycle: The parallel paths of career and firm success
Jennifer Wilson is a partner and cofounder of ConvergenceCoaching LLC, a nationally recognized leadership and marketing firm that provides coaching and consulting services to leaders. She is an experienced change agent who has worked in both the public accounting and business sectors and is a frequent speaker, writer, and blogger
Seven ways to address IT vulnerability
When Mike Foster hears from CFOs about IT security issues, he gets the sense they’re focusing on a single hacking event here or there, instead of viewing IT security as a project that needs constant management and attention. What Foster tells the CFOs is this: “We don’t want to fight
How can diversity be improved in the CPA profession?
Even as members of the recently created National Commission on Diversity & Inclusion work to improve opportunities for under-represented minorities in the CPA profession, they are reminded of just how much work needs to be done. During a panel discussion of commission members held Monday at the AICPA Council meeting,
Data, security take top two spots in AICPA technology priorities survey
On the surface, the results of the 2013 North America Top Technology Initiatives survey, released Wednesday by the AICPA and CPA Canada, show that “managing and retaining data” nudged past “securing the IT environment” to become the top technology priority cited by the nearly 2,000 accounting professionals polled. Dig a
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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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