August 2009 Best Practices Tips
Every month we select some of the best ideas for practice improvement from the accounting literature. Here are the selections for August 2009. For the archive, click here.
| BEST PRACTICE | LINK TO ARTICLE RESOURCE IN CPA LEADERSHIP REPORT | DATE OF ARTICLE |
| Management/People/Culture | ||
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Partners need to push back the routine review they do in busy season (something that has needed to happen for years for some partners), and actually use their more expensive "consulting service codes" to mentor, counsel, and focus their clients on the issues of business survival. |
How Can Partners Avoid Declining Earnings? | August 2009 |
| Client Services | ||
| Just about every accounting firm claims to provide "a personal touch" and "24/7/365 attention." It takes a lot more to win new clients and to retain existing ones. Positioning yourself as your clients' primary business advisor is one way to differentiate yourself. | Cross-Selling--Making it Real | August 2009 |
| Compensation | ||
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Compensation should be based on what creates value. In accounting firms, value is created by identifying and satisfying client needs in a profitable manner, and by developing processes and systems that improve work flow efficiencies. |
Using Technology to Cut Costs | August 2009 |
| Administration and Technology | ||
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Collections should be performed by a part-time administrative person who is skilled in client communication and has no other priorities. |
Collections--Don't Just Leave it to Partners | August 2009 |
| Succession/M&A | ||
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Partners should list their top 10 clients and recommend back-up partners/senior managers. They should do this two years before expected retirement. |
Keeping the Client Annuity Alive | August 2009 |