AICPA Chairman and CEO Barry C. Melancon presents the Journal of Accountancy’s 2001 Lawler Award for best article of the year to Edward Mendlowitz, CPA, for “ Nine Ways to Make Your Firm More Exciting ” (Mar.01, page 63). In his article Mendlowitz, a partner of Mendlowitz Weitsen LLP in
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Firm practice management
Home Is Where the Office Is
EXECUTIVE SUMMARY CPA FIRMS THAT USE WORK-FROM-HOME arrangements with eligible staff say there are clear operational benefits: They save money because there’s less absenteeism, they increase production, and they are able to keep high-quality employees longer. SITUATIONS THAT OTHERWISE MIGHT take a CPA out of the workforce—such as a
It’s Time to E-File.
EXECUTIVE SUMMARY AS THE IRS MOVES TOWARD ITS GOAL OF HAVING 80% of all tax returns filed electronically by 2007, the time has come for CPA firms to take steps to register themselves as electronic return originators (EROs). THERE ARE BENEFITS TO USING ELECTRONIC FILING. They include the perception
Difference Between Mergers and Acquisitions
EXECUTIVE SUMMARY CLIENTS BENEFIT FROM USING AN INTERMEDIARY such as a CPA/valuator to handle a merger or acquisition. A valuator should know a client’s industry thoroughly and have procedural training. Even experienced CPA/valuators may need to bring in an outside expert for longtime clients in order to avoid bias.
Signed, Sealed, Delivered
EXECUTIVE SUMMARY A CPA/VALUATOR PLAYS A PIVOTAL ROLE in merger and acquisition (M&A) engagements. He or she helps to organize the transaction, mitigate trouble spots, establish an objective marketplace value for a client’s business and structure the deal along with attorneys, appraisers, bankers, financiers and regulators. A BUYER’S VALUATOR
Follow the Leader
EXECUTIVE SUMMARY THE FIVE KEY MARKETING ROLES for a managing partner are ambassador, relationship manager, business-development manager, head of research and development (R&D) and communications director. MANAGING PARTNERS SHOULD BE ACTIVE in industry task forces and boards to stay on top of the latest trends and technologies. The ambassador
Make ’Em Pay Up
EXECUTIVE SUMMARY A FIRM SHOULD SCREEN NEW CLIENTS for fiscal responsibility and use an engagement letter to describe exactly what services it will and won’t perform, what reports it will issue and the fee structure—hourly billing, project fees or other means of computing fees. The letter should name the entities
A Perspective on Audit Malpractice Claims
EXECUTIVE SUMMARY CPAs CAN USE DATA ON AUDIT MALPRACTICE claims filed with CNA, which underwrites 22,000 CPA firms in the AICPA professional liability insurance program, to help them avoid high-cost claims when they audit nonpublic entities such as private companies, governments or NPOs. MOST NONPUBLIC AUDIT CLAIMS ARISE
Make Strategic Relationships a Success
EXECUTIVE SUMMARY FOR ALL BUSINESSES, THE NUMBER of strategic relationships has been growing 25% per year since 1985. A FIRM’S FIRST STEP TOWARD a strategic alliance is to decide what capabilities it wants to add. Then it should decide what it wants to achieve: Does the firm wish to
Meyners Mines Its Talent
The JofA will track the progress of a practice-development initiative under way at Meyners and Co., LLC, an 80-person, seven-partner, 45-CPA firm in Albuquerque, New Mexico. The firm saw training its people in a range of communication, focus-sharpening and goal-setting methods as the first, essential step to increasing business.
Kick the Tires of a New Niche
EXECUTIVE SUMMARY AN AUTO-DEALER NICHE IS recession-resistant. In a poor economy dealers might want to cut CPA services but will need help with expense and inventory control. There are essentially five revenue streams in any dealership, and owners can adapt profit lines to fluctuations in the economy, making for
An Ethics Quiz
EXECUTIVE SUMMARY CPAs NEED TO BE MINDFUL of ethical issues in performing client services. They must be sensitive to public perceptions and expectations and must use informed judgment as well as adhere to professional standards. THREE OF THE MOST COMMON COMPLAINTS made against small to midsize CPA firms involve
Meet the Press
EXECUTIVE SUMMARY BEING A RELIABLE SOURCE of timely information for busy editors and reporters can give a CPA who is a sole practitioner or in a small practice a significant marketplace advantage. A practitioner can pursue this opportunity by developing a relationship with local media. TO BECOME A KEY LOCAL
Offer Family-Business Solutions
EXECUTIVE SUMMARY MILLIONS OF BABY BOOMERS who own businesses will approach retirement during the next decade. They will need help with the 10 key issues that affect management and succession. THE MYRIAD FAMILY-BUSINESS CONSULTING opportunities include improving organization design, creating greater operational efficiency, developing effective leadership, organizing fair compensation plans,
Help Clients Take Measure
EXECUTIVE SUMMARY PERFORMANCE MEASUREMENT (PM) IDENTIFIES, monitors and improves those business activities that affect a company’s profitability. The method uses both leading (future) and lagging (past) indicators to assess how well a business is meeting its targets in the present. THE SEVEN ESSENTIAL STEPS FOR A PM system are: Prepare
Pay for Performance
EXECUTIVE SUMMARY FIRMS THAT PUT PRODUCTIVITY CRITERIA in writing help principals stay focused on growing the firm as well as the bottom line. MEASURABLE PARTNER ACCOMPLISHMENTS include the number of new engagements, realization and niche development. Personnel development, image building and public relations are important partner accountabilities, too. ONE FIRM
The Hedge Fund Mystique
EXECUTIVE SUMMARY HEDGE FUNDS ARE SUCCESSFUL ONLY IF THEY MAKE money in both up and down markets. To do this, they employ some creative and risky investment strategies—selling short, using leverage, trading put and call options, trading futures and investing in emerging markets. SINCE HEDGE FUNDS ARE NOT RIGHT FOR
Got the Picture?
EXECUTIVE SUMMARY AN AUDIENCE UNDERSTANDS AND REMEMBERS numerical information more easily when a CPA presents it visually as well as verbally. TO SELECT THE PROPER CHART OR GRAPH to add to a written or oral report, a CPA needs to consider the message, the nature of the information comparison and
Pass the Baton Without Missing a Beat
EXECUTIVE SUMMARY A FIRM’S SUCCESSION PLAN ISSUES include mentoring new leadership, providing retirement benefits and deciding how to transfer the firm to younger owners. TO ENSURE FAIRNESS, CPAs should establish a succession plan before the partners know who will stay and who will move on. The ideal time is when
The Business of Bankruptcy
EXECUTIVE SUMMARY A CPA FIRM WITH A CLIENT filing for bankruptcy has a responsibility to serve the client as well as an opportunity to compete for some of the work on the case—and through it develop a specialty. The need for bankruptcy services is expected to grow for a while.
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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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