Art of Accounting: Accounting Firm Business Model

IMGCAP(1)]Running a professional services business requires the ability to manage multiple types of strong minded and willed individuals.

It works, but it needs a discipline and a model to follow.

Here is mine:

Accounting Firm Business Model

• Delegating permits leveraging of work.

• Leveraging creates opportunities for partners and staff.

• Delegating signifies trust that what is needed to be done will be done the way it needs to be done by the due date.

• The firm’s system should create a method of training, supervision, oversight and confidence that the work will be done the way it needs to be done.

• The system establishes a structure to make it easier to delegate and manage.

• Checklists are part of the system by making it easier to lay out what needs to be done and how and in what order.

• Not following the system, including not using the checklists the right way, causes added work, time, supervision, stress and destroys the business model.

• Not following the system reduces profits, growth and opportunities.

Edward Mendlowitz, CPA, is partner at WithumSmith+Brown, PC, CPAs. He is on the Accounting Today Top 100 Influential People List. He is the author of 24 books, including “How to Review Tax Returns,” co-written with Andrew D. Mendlowitz, published by www.CPATrendlines.com and “Managing Your Tax Season, Third Edition,” published by the AICPA. Ed also writes a twice-a-week blog addressing issues that clients have at www.partners-network.com. Art of Accounting is a continuing series where Ed shares autobiographical experiences with tips that he hopes can be adopted by his colleagues. Ed welcomes practice management questions and can be reached at (732) 964-9329 or emendlowitz@withum.com.