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
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Firm practice management
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
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
Assisting Troubled Business Clients: A Midsize Dilemma for CPAs
EXECUTIVE SUMMARY Experienced CPAs will often recognize early signs of financial distress when performing routine audits, accounting or tax services for a midsize business. A turnaround requires decisive and confident leadership and a willingness to change. Top management is usually under stress at this point, requiring outside assistance
Life Cycle Planning for the CPA Practice: Practical Strategies and Forms
As accounting practices grow, they often experience similar milestones. Author Martin Shenkman’s book gives accountants a framework to guide the growth of their practice, providing details needed for careful analysis of major business, tax and planning decisions at every phase. The milestones, and book chapters, are arranged in chronological order
At the Crossroads: The Remarkable CPA Firm That Nearly Crashed, Then Soared
This story follows a fictional accounting firm, C&P, through its journey from dysfunction and slow growth to success. Although not a novel, the authors use a narrative format to teach readers about the Practice Growth Model, a way of looking at the resources needed to achieve effective growth for improved
Effective Interviewers Snatch Candidates and Competitive Edge
Employers are reporting the lowest interview-to-hire ratio in 17 years, with 3.9 new college graduates interviewed for every hire they make. According to the National Association of Colleges and Employers, increased efficiency in the screening process allows employers to concentrate on a select few candidates at the interview stage. In
Vendor Management Tips
Selecting the right vendors and properly managing vendor relationships can help protect your company from damages and long-term losses. As more work is outsourced to specialized vendors, companies face greater exposure to fraud, security breaches and the possibility of financial losses. When companies outsource, they are still responsible
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
Notice to Interviewers: Turn On the Charm
CAREERS AND RECRUITINGWith two-thirds of job seekers reporting that interviewers influence their decision to accept or decline job offers, untrained and aloof interviewers may be a company’s own worst enemy. In a Development Dimensions International and Monster survey of 3,725 job seekers, respondents identified several annoying interviewer behaviors, including: Acting
Letting Go: Evaluating and Firing Clients
EXECUTIVE SUMMARY When a firm hits the critical point of needing talented employees but can’t afford to pay the market rate to hire them, it is time to look at reducing the client load. Evaluating the client list is a healthy process for firms of all sizes and
Ease the Burden of Busy Season
With busy season just around the corner, here are some suggestions from firms that have learned how to make what could be their annual trial by fire less stressful and more productive. By treating their staffs with an extra measure of consideration and carefully planning and analyzing
Securing Succession Success
EXECUTIVE SUMMARY Act now. Start planning for succession several years in advance. Don’t wait until you’re almost ready to retire. As soon as a potential successor candidate has been identified, start the grooming process. Look for someone who is decisive, assertive and entrepreneurial. Consider an acquiring firm and
Preventing No-Shows
The 2007 CCH Unscheduled Absence Survey found that to combat unscheduled absenteeism, U.S. companies offer an average of nine work/life programs, though each varied in its effectiveness, and the most effective programs are not necessarily the most frequently used. The programs rated highest for reducing unscheduled absences (on a
Practical Training Tips for Smaller Firms
Implementing a training program in a smaller firm does not require a significant financial investment and can be done without hiring a trainer. A standardized training process can help ensure that all new employees coming into the firm are on the same page and improve retention. Consider these tips for
Compensation as a Strategic Asset: The New Paradigm
by August J. Aquila and Coral L. Rice AICPA, 2007, 190 pp. Compensation is a complex matter for most firms, with money being only one aspect of the equation. This book begins with a look at recent (past 25 years or so) paradigm shifts that have contributed to changes in
Make Direct Marketing Pay Off
EXECUTIVE SUMMARY Direct marketing has become a popular and successful form of CPA firm marketing with the following potential benefits: The process encourages you to define a very specific target audience of prospects most likely to buy your services. The format enables you to develop a specific message
Points for Retention
Retaining valuable staff members is becoming increasingly difficult in today’s competitive environment. In addition to ideas about flexible work arrangements, compensation and benefits, consider these recommendations for retaining valuable employees: Re-recruit top performers before they get a better offer. Retaining valued staff means being proactive. Remind top performers of their
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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Current developments in taxation of individuals: Part 2
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Current developments in taxation of individuals: Part 1
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