MAY 2011 BEST PRACTICE SUGGESTIONS
Every month we select some of the best ideas for practice improvement from the accounting literature. Here are the selections for May 2011.
BEST PRACTICE
LINK TO ARTICLE RESOURCE IN CPA LEADERSHIP REPORT
DATE OF ARTICLE
Management/People/Culture
Beliefs v. Actions: Addressing beliefs rather than actions will produce more lasting results.
May 2011
Billable Hour: Creates conflict with client, doesn't focus on results, puts risk on the client, subsidizes your C and D clients, creates laziness.
May 2011
Performance
Profit Drivers: Don't focus on “utilization.” That can add time at the expense of effectiveness. Focus on five other drivers as well: WIP, Hourly Rates, Write-ups/Write-downs/Receivables/Leverage.
May 2011
Niche Development
Hot Niches: Law firms top litigation areas (a clue for accountants): commercial litigation (e.g., supplier agreements), employment, IP, and securities.
May 2011