Got issues? A virtual roundtable has the answers.
by Rick Telberg
At Large
It's hard to know where to begin when trying to list and address the biggest issues and opportunities facing the CPA profession.
Is it the changing competitive landscape? Unpredictable career paths? Technology? Regulation?
It's overwhelming. So I've assembled a virtual roundtable of advisors for you. By e-mail, four of the profession's leading lights shared with me some of their biggest concerns, greatest passions and essential success strategies for CPAs today.
The panelists are:
* James C. Metzler, CPA, vice president in charge of small-firm interests at the AICPA. Based in East Amherst, N.Y., near Buffalo, Metzler has led his own CPA and technology consulting firms.
* Charles C. Larson, CPA, based in Saint Joseph, Mo., a driving force behind the Missouri MAP conference and one of the most experienced practice consultants in the profession.
* Bob Wilson, director, firmwide human resources, RSM McGladrey Inc. Based in Charlotte, N.C., he's head of staff recruiting.
* Donald P. Danner, chair of the Missouri society MAP committee and chief financial officer of Aspen Marketing Services, the largest privately held marketing services company in the U.S., based in Chicago.
All are involved in the 32nd Annual Management of an Accounting Practice Conference, produced by the Missouri Society of CPAs, next week, Nov. 8-9, in Kansas City, Mo. It may be the oldest continuously running MAP conference in the profession.
The conference also features some of the biggest names on the circuit today, including: David G. McIntee, a Kinnelon, N.J., CPA, who has long been involved with the AICPA in practice issues; L. Gary Boomer, the renowned technology guru from Manhattan, Kan.; Gale Crosley, the marketing advisor from Atlanta. And I'm honored to be keynoting the event on opening day.
Here are some of the highlights of our virtual roundtable:
WHAT'S THE SINGLE MOST IMPORTANT ISSUE IN BUSINESS TODAY AFFECTING CPAs?
* METZLER: It's business ethics and corporate responsibility.
* LARSON: Change... in every aspect of our practice, including: technology, personnel, new sources of competition, and new rules and laws.
* WILSON: The supply of new people entering and remaining in the profession.
* DANNER: How to restore trust and balance to the financial markets at all levels.
WHAT EFFECTS ARE SCANDALS, REFORMS AND CONSOLIDATION HAVING?
* METZLER: Re-focusing and elevating longstanding standards such as independence, client acceptance, client retention, code of ethics and code of conduct.
* DANNER: Over-legislation and the ongoing series of unintended consequences.
* LARSON: None, for smaller firms. In local firms, CPAs continue to be America's most trusted advisor. New rules have imposed new costs and often unnecessary requirements on these local firms that were not involved in the scandals and incidents occasioning the new requirements.
WHAT'S THE BIG LESSON IN MARKETING?
* METZLER: A new market has opened up for smaller firms as a result of SOX and the inability for auditors of public companies to do nonattest services. There are now opportunities for the smallest of firms to do business with public companies by performing nonattest services such as tax, reconciliation, accounting, internal audit, inventory work, even write-up for small divisions and branch locations.
* LARSON: You better know what is available in the market. And, you better know your competition from outside the profession.
* DANNER: Expertise and relationships remain the key to provide "full-service" to our clients.
HOW IMPORTANT IS TECHNOLOGY TODAY? CAN YOU GET ALONG ANYMORE WITHOUT A CRM SYSTEM? A WEB SITE? OR E-MAIL?
* METZLER: No. Utilizing the best in technology is a given.
* DANNER: Technology is a key facilitator. But some mindsets create a "slavery" to technology, losing track of the reason for it.
* LARSON: It's as important as you are willing to make it. If you spend the time and money it will pay off.
WHAT'S THE SINGLE BIGGEST MISTAKE CPAs ALWAYS SEEM TO MAKE?
* WILSON: Short-term focus in regard to staffing and people issues.
* METZLER: Firms drive on individual measurements/success rather than firm/group success, thus very many firms have unaligned leadership and fail to get to the next level because of it.
* LARSON: Analysis paralysis.
* DANNER: Being slow adaptors. We must learn to manage our practices from a variety of sources including colleagues in industry.
CAN RAINMAKERS BE "MADE," OR ARE THEY JUST "BORN" THAT WAY?
* METZLER: They can be made. Those who are born that way are naturally extroverted and are great at bringing in new name clients. But they still need the training and the discipline. Those who are more introverted are great at selling expanded services to current clients once they are trained appropriately. Anyone who follows -- and adheres to -- a simple sales process methodology can become a rainmaker.
* LARSON: Easy to make... But it takes a long time to describe how.
* DANNER: With some pre-attitude, they can be made.
NAME A BUSINESS BOOK OR CONSULTANT THAT SHOULD BE CRITICAL TO EVERY CPA'S THINKING.
* METZLER: Zig Ziglar and all of his books and tapes.
* DANNER: "Good to Great." It traces a measured, reasoned approach to success. Jim Collins identifies a number of issues confronting all business entities.
* LARSON: Besides his own "Billing & Collection Methods that Work," he recommends Ron Baker on value billing.
