Is it worth making the switch? Cloud computing has gained a lot of momentum over the past few years, which is not surprising especially since it allows companies to streamline their processes, resulting to increased efficiency and productivity. In addition, doing business in the cloud can significantly reduce operational costs and make pertinent information easily […]
If you’re an accountant who has been experimenting with social media, this article is for you. It will be of particular interest if you’ve been disappointed by your social media experiences. And you aren’t alone if you started out with unrealistic expectations or misunderstood how social media works. I’ve been enjoying my use of social […]
Accounting and financial firms and business groups are sending comment letters to the Securities and Exchange Comment ahead of a deadline Friday for approving a new standard from the Public Company Accounting Oversight Board on expanding the scope of audit reports. In June, the PCAOB voted to approve a new standard that would significantly change […]
Photo by Floriane Vita on Unsplash For the past several years, accounting firms have faced a leaky bucket in terms of staffing. While firms are currently growing—the latest AICPA survey estimates that more than 60 percent of firms are planning expansions—many face a talent shortage. Now comprising the largest segment of the workforce, the tech-savvy Millennial generation […]
A big topic among firms is how to manage millennials. Somehow we believe they are different. However, looking back through the years I do not believe the problem is how to manage the millennials; rather it is the myopic firm managers who need better management techniques. Firms talk about how great they are to work […]
How sustainable is your firm? Meaning, if the Partners were not there, how would it perform? Would it make money? Would it lose money? Could it continue to grow without you? Here’s a simple but sobering equation: Take Partner revenue delivered (your personal billable time / dollars) away from your profit (before Partner salaries) and […]
GASB established a single approach to accounting for and reporting leases by local and state governments in a new statement issued Wednesday. GASB Statement No. 87, Leases, is based on the principle that a lease finances the right to use an underlying asset. The standard offers guidance for nonfinancial assets, including vehicles, heavy equipment, and […]
There was a time not long ago when I considering retirement. As an entrepreneur, the question is always, “how can I step away from the business and be assured that my clients are taken care of and my legacy and cash flow are preserved?” For most practitioners, the first thought is to sell the practice […]
For almost a decade, I worked with professional service firms developing sales, marketing and account management strategies that would help them grow. One thing I had a tough time wrapping my head around was why so few firms were open to innovation. Why is it that professional service firms, especially accounting and law firms, find […]
