Important Issues for this Year
Accounting Office Management & Administration Report lists the following important issues:
- Succession planning at all levels. The leaders chosen depend on the firm’s vision of the future. One kind of leader is appropriate for an independent firm with a diverse practice, and another for a firm that envisions becoming part of another firm. Future leaders should be identified early, given training in mentoring, marketing, etc. Among other things this will tend to keep them with the firm for the long run. There should be a plan in place to manage the firm in the event of a catastrophic loss of key people.
- There will be staff shortages this year and for many years. Consider hiring non-accounting majors and implementing flexible work schedules.
- Marketing Professionals. If you don’t have one, consider it.
- Departments. Set up departments with authority and accountability
- Advisory Boards. These should be considered
- Core Competencies. Sarbanes-Oxley has caused a return to concentrating on accounting and auditing services. CPAs can provide value in many different ways.
- Mutual Respect. Respect and friendliness among firms is prevalent. Firms are working with each other. This strengthens the profession.
For more, see Accounting Office Management & Administration Report, January 2005, p. 1.