Tag: tips
Accounting Practices KPI’s
An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance in terms of ...
Working Capital Management
Working capital management involves ensuring a practice has positive working capital so it is able to continue its operations and have sufficient funds to ...
Practice Sin 7 – Poor Time Management
Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management. This is the ...
Practice Sin 4 – Failing to Change
As the business environment changes, practice owners must change. The ‘old’ ways of doing things must be changed when technology makes the new ways ...
Practice Sin 3 – Operating the Practice Like a Hobby or Vocation, not a Business
Operating an accounting practice can be very personally rewarding and satisfying as principals have the freedom of being their own boss plus the satisfaction ...
Practice Sin 2 – Underinvesting in Personal Professional Development & Training
Too many practice principals do not take the advice of Stephen Covey (Seven Habits of Highly Successful People) and spend the time to ‘sharpen ...
Sturgeon’s 10% of Practices
If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would ...
Practice Sin 1 – Failing to Reinvest in the Practice
The number 1 sin for an accounting practice is failing to reinvest in the practice. There can be the temptation in business to run ...
Importance of Strategic Planning
A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...
Tax Considerations with Investing in Property
When buying an investment property it is important to see your accountant first. Often buyers get a building inspection report and a pest inspection ...