Firm Management

The Cleveland, Ohio-based accounting firm of Cohen & Company has joined The International Accounting Group (TIAG) as its newest independent member firm. This addition continues a significant growth trend TIAG is experiencing as a result of its recent North American expansion strategy.

While larger firms may seem to have an advantage over their smaller counterparts because they allocate more money toward marketing and public relations, there’s no reason why smaller firms can’t do what they can to market their practices.

Successful firms are actively engaged in finding and eliminating inefficiencies while growing the most lucrative parts of the practice. However, the flood of raw data available can be overwhelming. If you aren't getting the most out of your firm's data, you're missing an opportunity to strengthen your business.

Non-equity partners don’t usually have the same “rights” that equity partners have: a vote, capital buy-in, goodwill-based retirement benefits, obligation to pay retirement benefits to others, legal liability and a share in the profits.

Thousands of firms are working through the succession and retirement of senior partners and deciding along the way whether or not they can pull it off internally and stay independent. The single most important factor for success is what we see when we look over our shoulder – is the bench of people there to succeed us? It is that simple but for many firms building that bench has been a daunting task.

I'm a constant believer in fate. Things happen for a reason; there is a path we move along in life that is waiting for us to discover. I'm also a believer in taking control of your life and helping yourself move along that path, looking out for yourself, and making sure obstacles don't deter you from the direction you are meant to pursue. While those two philosophies might seem to be in conflict with one another, and perhaps they are, they can also coexist in the harmonious symphony that forms the music of your life.

There is a lot of interest, discussion and action taking place around client accounting and advisory services these days. Firms are recognizing the opportunities offered by advances in technology and cloud accounting systems. However, it’s not the technology platform driving this movement, rather firms’ desire to transition from a trusted technical advisor to a trusted business advisor. Before you even get into the discussion about which cloud accounting platform is right for your firm and clients, you must first ask if your firm is prepared to play above the line.

This year is the year of delivery for many new hardware and software products. Which are ready for production? Which should be implemented first? You know that every technology does not need to be implemented.