The keystone of practice management for the accounting profession and most law firms has long been the billable hour. We rely on hours accumulated on time sheets in six minute increments to drive most every aspect of our practices Read more…
Jan
31
What I Hate About Time Sheets – Part I (of many parts)
By Mark Bailey on January 31, 2008 4 Comments
Jan
30
Several years ago we discontinued using time sheets as a basis for doing our billing, and began pricing our services based on our conviction that the amount of time committed had absolutely no relationship to the value of the service being delivered. Read more…
Jan
24
I never dreamt of pursuing a career in public accounting. I chose the major because the classes actually challenged me and I thought it would provide the most initial job stability out of college while in search of my “dream job.”
Like many accounting graduates, my first “real” job out of college was as a staff auditor at a Big Four firm. Everything looked good: my paycheck, my resume, my wardrobe. It didn’t feel very good though, and I don’t think there could ever be enough training week “hospitalities” or late night firm-sponsored meals hunched over my laptop in a crowded audit room to ever make it feel good.
Jan
15
Rick Telberg in his article titled Four Steps to Getting the Fees you Deserve gave four tips I believe were directed to certified financial planners (CFP’s), but I believe apply equally to all engagements of service providers.
- Don’t procrastinate – (when discussing fees) Not only for CFP’s but for all of us. Always discuss the fee up front. Establish the value and scope of the service up front. No one likes surprises. Especially clients.
- Present the fee structure clearly
- Put your fees in context – “This might be a good time to explain what you are delivering for the fee”. I couldn’t agree more. By defining the scope you’ll avoid misunderstandings and establish each party’s responsibilities.
- Put it in writing – “Make it clear you’re not hiding anything”. We use a fixed price agreement which defines the scope, performance guarantee, responsibilities, and the fee. It is an addendum to the engagement letter for specific services.
Jan
8
It’s the little things that make “work” an enjoyable place to be. Since the average American spends more time at work than at home, I think it should! So many companies “budget-cut” the small things and perks that many employees enjoy. Is it really worth the happiness of the staff to save a little? Some little things I appreciate having at work:
- coffee with “flavored creamer”
- as many “post-its” as I need, or other office supplies
- snacks
- flexibility in coming and going to work
- wearing what I want to wear
- no time sheets/ punching in, punching out
- good health benefits
What makes it worth it for you to spend most of your life at work? What “little” things do you appreciate?
Jan
7
We have two staff rooms in our offices in Reno. One on the accounting and assurance side of our house, and the other on the ‘Dark Side’. The refrigerators in each are bulletin boards for pictures, insults, jokes and matters of other significance. Typically you hope not to find comments, pictures or references to yourself or something you’ve done.This week, a Senior Assurance Manager posted an article that appeared in the December issue of the Journal of Accountancy Tax Corner titled How to Ease the Burden of Busy Season .The focus of the article is on what some firms have done to make the busy tax season more ‘palatable’, e.g. paying for dinner on Mondays, Tuesdays, Thursdays and Fridays. (Apparently Wednesdays are required family nights.) While lunch isn’t paid for, they do have a delivery service so you can eat at your desk. And my personal favorite ‘vending machine snacks reduced to twenty-five cents’ ! Are you kidding me?!! Read more…
Jan
7
This week I had the opportunity to interview a five year senior from a national firm, who is interested in altering her career path and coming to work for us. During the course of the interviews (we always do at least three) the normal questions arose regarding compensation, benefits, and continuing education, and what types of clients she would be assigned.
We typically have moved away from ‘assigning’ staff to client projects. Alternatively, once our pricing committee accepts a client, the engagement partner will select the manager or supervisor he would like – manager / supervisory senior / senior. After defining the engagement to them, he will then invite them to be a part of the engagement team. They can decline without prejudice. They in turn will invite other associates to be a member of the engagement team. Why would we do this?
Jan
7
When I was a child (longer ago than I’d readily admit) my parents buying choices were significantly impacted by retailers who gave trading stamps with each purchase. For a new retailer, S & H Green stamps guaranteed an automatic approval from my mother, faster than the Good Housekeeping seal of approval, and almost as fast as my four brothers, sisters and I could disappear when we heard the buzzer on the clothes dryer go off and knew someone would be conscripted to fold under wear.
Jan
7
In the December 17, 2007 issue of Accounting Today, Gary Boomer asked three questions in his article titled Pricing and Partner Compensation. (1)Does your firm have a documented strategic plan; (2) Does our partner compensation system integrate with the strategic plan, and; (3) Am I still pricing by the hour?
|
