Source: Accounting Today

August Aquila with The Growth Partnership ([email protected]) lists three intangible accounting firm assets and urges firms to ask themselves how they will preserve and improve them:

• Systems and processes. Is this addressed in your strategic plan and your budget?
• Individual skills. These belong to the partners and staff, not the firm. Therefore, the firm must create programs to assure maximum retention of the people who possess these skills.
• Relationships with clients, referral sources, and the community. Relationships will be preserved by consistent, high- value service, and helping clients solve problems.

Firms should devote more resources to these three assets rather than revenue generation.

From Accounting Today, May 1, 2006, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=20033&;pg=acctoday.