2018 CPAFMA Technology Survey Findings – Part 1

CPA Technology: Hardware, Infrastructure and Governance The CPA Firm Management Association recently conducted its second comprehensive technology survey tailored specifically to member firms with the goal of identifying the applications, products and processes utilized by peers.  Where possible, the survey attempted to identify which applications firms are moving to in the cloud compared to traditionally…

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A Growth Culture Requires a Solid Foundation of Client Retention

Many firms today are in the midst of “growth initiatives.” This, in its most basic of definitions, refers to trying to grow a firm from its current size to a larger size through increased focus and training on business development activities. Some firms achieve this through developing niche specialties; others find ways to develop more…

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“LEAN” Tax Production Opportunities

Your firm went “paperless” for tax processing a long time ago, but is it really taking advantage of the digital tools and production processes that have evolved since then?  In our consulting within CPA firms, we often find that many created digital versions of processes that simply emulated their manual processes.  For example, moving physical…

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Introducing the Blockchain Concept to Your Firm

For the past year, AICPA leadership has been touting the evolution towards the “audit of the future,” with one of the core discussion points being how Blockchain will be one of the driving technologies behind financial reporting and operating a business in the future.  This has been bolstered by a tidal wave of articles describing…

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When to Hire a Marketing Professional

One of the more common questions I have received is, “When is the right time to hire a marketing professional?” When I talk with partners about adding a marketing professional to their team, I often evaluate their firm in the following areas: How quickly does the firm want to grow? If a firm has aggressive…

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5 Qualities that Differentiate Your Firm

By now, all of you reading this have heard of Lean Six Sigma (LSS). It isn’t a new concept. It was new to our profession back in 2007 when I first started going to conferences and presenting on the topic. Since then, we’ve worked with over 150 CPA firms to launch Lean process improvement initiatives,…

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Building a Learning Culture in Your Firm

CPAs are knowledge workers and the more thoroughly they understand how to utilize their technology and optimize the profession’s best practices to service clients, they more effective and profitable their firms will become.  One of the most important lessons I learned in my three decades in the CPA environment is that firms that have made…

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What’s the Multiple?

Valuations in the sale of accounting firms have declined in the past few years as more and more Baby Boomer practitioners seek an external solution to their succession needs. The market is behaving in a standard way to supply and demand. In today’s market what is the right multiple if you are buying or selling…

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All About Fees

Clients expect their professionals to be able to discuss their fees but are usually just as scared to ask about them as you are to bring them up. As their accounting professional, it’s your duty to articulate your fees to your clients. Getting comfortable and confident about discussing fees increases the value and perception of…

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D-Level Clients

Inside many firms, there is a sense of dread when certain client names are mentioned. Team members and even partners dread the time when they have to deal with certain clients. In the CPA profession, we call them D-level clients. Maybe some of the following descriptions might apply to those clients you dread: Fred, the…

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