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Source: Practical Accountant, September 2005.
Practical Accountant annually recognizes CPA firms that have launched innovative services. Here is a summary with a link to the complete article for each:
KBA Group, Dallas Texas, a 70 person professional staff firm, launched a risk advisory service targeting public companies. They hired an experienced person to lead the team, researched local public companies and competitors’ Web sites, and conducted a mail and telemarketing campaign. The firm exceeded its goal of $1 million in revenue from this service http://www.webcpa.com/article.cfm?articleid=14253&;pg=pracacc.
Frazier & Deeter, Atlanta, 95 professional staff members, established a retention program that has resulted in lower turnover. Among the initiatives: paying 100% of health care; one-third of female staff are partners; unused vacation/sick days can be rolled over; child care, after tax season bonuses for non-overtime personnel, internal recognition program for employees; up to $2,000 in training per employee; paid paternity leave; http://www.webcpa.com/article.cfm?articleid=14255&;pg=pracacc.
Plante & Moran, Southfield, Michigan 1400 professional staff, provides professional trust services. Plante Moran Trust serves as trustee of clients' trusts with continuity, so the trust service continues if any one partner or staff member is unable to perform. They may serve as investment advisor to the trust or use an outside advisory. P&M also provides family office and other services. http://www.webcpa.com/article.cfm?articleid=14259&;pg=pracacc.
Porter Keadle Moore, Atlanta, 55 professional staff, offers information technology assurance services including “SAS-70 reports, IT control reviews, network vulnerability assessments, and e-commerce/Internet banking reviews.” Clients include financial institutions, insurance companies, outside data processors, etc. http://www.webcpa.com/article.cfm?articleid=14415&;pg=pracacc.
Barnes Dennig & Co., Cincinnati, 65 professional staff, offers benefit plan audits. The firm has a prospect list including individuals, referral sources, and third-party administrators. Last year it added $50,000 in benefit plan audits. http://www.webcpa.com/article.cfm?articleid=14263&;pg=pracacc.
Clark Nuber, Bellevue, WA, 103 professional staff, has developed a sales pipeline. Its Intranet includes information on each prospect so every person on staff can view it to see if they know someone and can help win the client. The system also includes data on clients won and lost, and helps replicate successful proposals and avoid mistakes that led to unsuccessful ones. http://www.webcpa.com/article.cfm?articleid=14265&;pg=pracacc.
The Bonadio Group, Pittsford, NY, 153 professional staff, created an alliance of firms, consultants, vendors, etc.,(currently about 20 firms) to market Sarbanes-Oxley section 404 compliance services. Members work together in developing marketing programs and training, and they are able to offer a variety of services. The group was successful in landing 36 engagements with aggregate first year fees of more than $2 million. http://www.webcpa.com/article.cfm?articleid=14421&;pg=pracacc.
Pannell, Kerr, Forster of Texas, Houston, 50 staff, created the “Eye on the Marketplace” task force whose members have different positions in the firm, display initiative, and have positive attitudes. They try to find ways to detect trends in the market, and communicate to the firm to help develop strategies for new opportunities. http://www.webcpa.com/article.cfm?articleid=14269&;pg=pracacc.
Smart and Associates, Devon PA, 500 staff, developed Smart University a year ago. In addition to in-house training, it acquires passes for staff to attend outside programs. Eighty percent of the staff has participated so far. The firm has developed individual education plans for each member of the staff. http://www.webcpa.com/article.cfm?articleid=14423&;pg=pracacc.
From Practical Accountant, September, 2005. For details, click on the preceding links. |
