Many accounting firms are well-managed. In fact, some are over-managed and under-led.There are numerous conferences and courses devoted to managing an accounting practice. The American Institute of CPAs, several state societies, most regional associations and several consultants sponsor such programs. Much attention is paid to management and very little to leadership.

Management is just as important as leadership, but their successful implementation is quite different. Management is about efficiency, whereas leadership is about effectiveness. Management is about doing things right, whereas leadership is about doing the right things. Management is a timing issue, whereas leadership is a directional issue. The best accounting firms have a healthy mix of good management and good leadership.

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