Creative CPA Firms

Source: Practical Accountant
Practical Accountant gave its annual innovation awards in the areas of staffing, business development, enhanced firm culture/operations, and technology. We have selected some highlights:

Staffing:

• Employee surveys (anonymous) are used to get input on how the firm can improve. The results are shared with the entire firm. Management also communicates the initiatives it will adopt to implement improvements.
• A 32 page recruiting Website to attract recruits, professors, former interns, recruiters, media, clients, and referral sources. The site includes bios and photos of current staff.
• A retention plan including:
  • Five-year strategic plan.
  • Women’s leadership initiative.
  • 80-hour annual CPE requirement (to create a learning environment).
  • A career-development plan and individual performance agreement for every associate.
  • 100 percent paid benefits for associates.
  • Tax season meals.
  • A week off between Christmas and New Year.
  • Flexible Fridays during the summer.
• A written career track for each professional. Each career level has specific performance objectives and skill and knowledge objectives.

Business Development:

• Sole practitioner with a staff of three, developed a second business, Strategic Networking. It is the host of networking events attended by people from different industries. Attendees form pairs and give two-minute sales presentations to each other. Then they rotate. Attendees pay a fee. Strategic Networking now has franchisees in Chicago, Denver, Colorado Springs, and Las Cruces NM.
• A Website where governmental entities can see how their key financial ratios compare to similar entities. The fee for this service is $595 per year.
• Partnering with a benefits consulting organization to produce benchmarking data on compensation for non-profits. Results were presented at a free seminar. In 10 months, $292,000 in new business was brought in.
• A CEO roundtable for not-for-profit entities that meets quarterly.

Enhanced Firm Culture/Operations:

• An experienced CPA was assigned to manage the scheduling function for the entire firm. The title is director of resource management. The objective is to increase staff utilization and eliminate partner time devoted to scheduling. She also manages billing and collections.

Practical Accountant’s innovation awards recognized 32 firms. To read them all click here select the September 2008, issue, and click on the article "The 2008 Practical Accountant Practice Innovation Awards: Recognizing Distinctive Firms’ Achievements."

From Practical Accountant, September 2008, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.

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