Life can be tough for the small firm. For every new development and obstacle being discussed by larger firms and the profession, it should be remembered that small firms have to work twice as hard to address the same issues, with limited resources and time to keep up. Three experts in the field recently shared what […]
Seventy-five years ago, Mary T. Washington Wylie (1906 – 2005), became the first African-American, female certified public accountant (CPA) in the nation. In doing so, she became a visionary, trailblazer and mentor, inspiring other young African-American CPAs and paving the way for generations to come. To honor the 75th anniversary of her becoming a CPA, […]
Summer is a time for relaxing vacations, outdoor concerts and barbecue gatherings. It’s also a time to hit the recharge button and revisit the goals you planned to achieve by year’s end. Many CPAs set aside time during the summer months to focus on their firm’s operations and growth opportunities. The good news is that […]
Accounting and finance professionals are finding that they must continually learn, unlearn, and relearn to maintain their highly trusted position in a rapidly changing business environment. Accountants need to understand emerging technologies that are changing the profession, such as blockchain, artificial intelligence (AI), and robotic process automation (RPA). They must do so in an environment […]
The new international Code of Ethics for professional accountants that was unveiled last month has been “long in the making,” according to Kim Gibson, CPA, a member of the International Ethics Standards Board for Accountants (IESBA) and chair of the board’s Rollout and Implementation Working Group. Gibson, who is the global head of independence for […]
Client When Susan Blanchett was told she no longer had a job, she decided to start her own business making and selling macaroons from home. Requests from friends turned into orders, orders turned into an online business: Macaroons4U. Within six months, she was taking so many orders, she decided to open her first store with […]
“The most Beloved Brands are either different, better or cheaper. Or else, not around for very long.” Firm Branding Branding your business is important. It helps customers and prospects identify with your business. Consistent use of your logo and presentation of materials is critical to building that recognition. Also consider your business name. What message […]
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 […]
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 […]