For the better part of two decades ending in the late 1990s, I was responsible for university recruiting at KPMG LLP. While we worked to increase diversity in the firm, it was frustrating because so few people of color were studying business and, therefore, there was little diversity among the
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TOPICS / FIRM PRACTICE MANAGEMENT
Practice growth & client service
“Success in Two” for the CPA Exam
At LarsonAllen LLP, our goal is to get employees started on the exam within one year of their full-time hire date, and then to pass the exam by their second anniversary with the firm – hence the name of the program “Success in Two.” Here’s how we do it: If
Expand Your Horizons: Niche Marketing Success Stories
Niche marketing has become a successful strategy for many CPA firms because it identifies target markets and resources, distinguishes a CPA firm from the competition and generates higher profit margins. Niche market specialties will focus both your firm’s marketing program and your marketing professional’s activities by providing a foundation for
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
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
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
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
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
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
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
Smart Stops on the Web
BUSINESS VALUATION BURNING BV QUESTIONS www.go-iba.org/blog This site from the Institute of Business Appraisers hosts a discussion group between its members and Rand M. Curtiss, FIBA, MCBA, ASA, chairman of the American Business Appraisers National Network. Its question-and-answer format covers a range of topics relating to the
Small Business, Big Life: Five Steps to Creating a Great Life With Your Own Small Business
by Louis Barajas, MBA, CFP Thomas Nelson Inc., 2007, 199 pp. As a 13-year-old, Louis Barajas was an integral part of his father’s small business, doing the taxes and bookkeeping and translating for his Spanish-speaking father. He understands the hard work, dedication and courage required to start and maintain a
All in the Family
EXECUTIVE SUMMARY Multifamily office (MFO) services have long been offered by a variety of financial services providers. Increasingly, CPA firms have made this provision of comprehensive wealth management and personal services to select client families a major facet or even cornerstone of their practice. For many
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)
Place a Bet on Gaming
EXECUTIVE SUMMARY Gaming has come of age and become a real discipline and a serious nationwide business. It involves a lot of different industries under one roof: gaming, lodging, entertainment, food and beverage, golf and other recreational activities. CPAs with auditing skills are in high demand
Effective Websites for CPAs: Grow Your Practice and Profits
by Kristi Stangeland, CPA RJ Thompson Publishing, 2006, 177 pp. Shortening the client development cycle is one of the most compelling reasons for a CPA firm to develop a Web site if it does not already have one, according to author Kristi Stangeland. Keeping clients abreast of change, increasing sales
Structuring for Growth
EXECUTIVE SUMMARY Managing partners at small CPA firms —those having four or fewer professionals on staff—face a challenge. Their chief responsibilities are to build and maintain a solid foundation of financial, technological and legal support and to take action to ensure the firm’s profitability and future.
Build, Buy (or Sell)?
EXECUTIVE SUMMARY In managing a practice’s lifecycle, CPAs periodically face questions of how best to grow–to build the practice from within over time or to acquire an existing firm. They also must consider how best and when to sell their practice. The decision of how or when to build,
Features
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.
From The Tax Adviser
October 31, 2025
Recent developments in estate planning
October 31, 2025
Current developments in taxation of individuals: Part 2
September 30, 2025
Current developments in taxation of individuals: Part 1
August 30, 2025
