Categories
Accounting

What is a CPA?

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA | Miami Accounting | Accountant 33157 | Accountant 33176 | Accountant 33186 | Accountant 33183 | Accountant Miami
CPA

What is a CPA?

A Certified Public Accountant Miami or CPA Miami is a special type of accountant. Officially it’s the title of someone in the United States, who has passed the Uniform Certified Public Accounting Examination and has met some additional state education and experience requirements to get this certification. This test is grueling and requires upwards of 150 hours of special education and Accountant Miami complies and reports it’s CPE to the Florida Board of Accountancy.

But what does this mean to you as a small business owner in Miami. Do you need a Miami CPA or will a regular Miami Accountant or even a Miami Bookkeeper be sufficient for your business?

Most people use the term CPA and accountant interchangeably but there is a very big difference. The CPA designation carries a lot of weight within the financial community and certainly within the accounting profession.

Services Provided By Accountant Miami:

In public accounting, those accounting services provided to a business on a contract basis, a CPA attests (to a financial audit) and gives assurances that financial statements are reasonable and accurate and adhere to generally accepted accounting principles (GAAP). They also attest to the reasonableness of disclosures and that statements are free from “material misstatement”.

As a Miami Auditor, a CPA is required by professional standards and Federal and State laws to maintain independence from the entity for which they are conducting a financial audit and review, often called a Financial Audit.

Our Miami Consulting Service, advises companies on acceptable business practices and making recommendations on financial management. Typically these consultants do not work as auditors for a company at the same time they are acting as consultants.

As part of the certification, our Miami Accountants must complete 40 hours of continuing professional education (CPE) every year to keep up with the new rules and regulations in the financial, accounting, and business world. This is proof of the high level of expectations of the accounting profession for a Certified Public Accountant in Miami.

Our Certified Public Accountant in Miami belongs to the Florida Institute of Certified Public Accountants (FICPA) and American Institute of Certified Public Accountants (AICPA) with the goal of keeping up to date with the accounting community and taking continuing education classes. Of course tax laws change frequently and our Miami Accountants will spend time staying abreast of changes in financial areas. As a member of a local association they have access to the latest thinking and rules in the accounting area.

Why You Need A CPA

If for no other reason than Tax Planning it’s good to have the advice of a Tax Accountant. And as far as business management and financial advice access to a good Accountant in Miami is very desirable.

But does that mean you need a CPA?

In general you can assume that anyone who has taken the time to get certified as a CPA, and maintain that certification, is at the upper levels of the skill set, our Miami Accountants certainly are. It’s a clear credibility booster to be a CPA. If your business can afford the best than our CPA in Miami are worth the money.

But does that mean they are better than a typical accountant. Of course not. But it does indicate a level of commitment that is worth considering. Certainly if legal proceedings are required, the assurance of a CPA will hold more weight than a typical accountant. Again much depends on the reputation of the CPA in the community as well. Certainly an audit by a CPA has an implied level of credibility. Not to mention a non CPA cannot perform financial audits by law.

Our Miami CPA Firm does much more than financial audits these days. We provide consulting and overall financial planning not only for small and large businesses but also for estate planning, investments, and strategic planning.

So if you want to run your business at the highest level you certainly want to consider hiring a Certified Public Accountant like the ones at Accountant Miami.

 

Categories
Medicare

How to File a Medicare Cost Report

How to File a Medicare Cost Report

CMS and AHCA require Home Health Agencies (HHA), Hospice, Hospitals, and Renal Facilities to file an annual Medicare Cost Report and or Medicaid Cost Report.

GENERAL INSTRUCTIONS

Federal/State program administered through the State of Florida Agency for Health Care Administration (AHCA). Each provider participating in the Medicaid or Medicare program shall submit a uniform Medicaid Cost Report and or Medicare Cost Report and related documents required by the Florida Title XIX Long-Term Care Reimbursement Plan (Plan). For Medicaid Cost Report and or Medicare Cost Report periods ending on or after December 31, 2003, cost reports must be filed using “SEXTANT”, the October 2003 Electronic Cost Report (ECR); the October 2003 Chart of Accounts; and instructions provided by AHCA. Further, this Medicaid Cost Report and or Medicare Cost Report must be filed within the timeframe specified in the Plan. All required schedules MUST be completed or marked N/A. Note that Schedules I, J and J-2 are only required for providers on cost or payback reimbursement.

Limited amounts of supplemental supporting documentation can be added to the Notes Schedule provided within the ECR. Additional supporting documentation or attachments may be mailed to the address provided below. All additional information and documentation, whether on the Notes Schedule or mailed separately, must be referenced to the applicable cost report schedule.

The provider of the Medicaid Cost Report and or the Medicare Cost Report home office cost report must each stand-alone. Do not indicate, “see home office cost report” on any schedule in lieu of completing the schedule.

All schedules must be completed with all applicable information each year. Do not reference a prior year report as containing the information requested in lieu of completing the schedule in the current year cost report.

In addition to submitting the ECR as per the instructions in Appendix B, one hard copy of the cost report, the certification page, supplemental schedules and attachments, and accountant’s compilation reports must to be sent to:

Agency for Health Care Administration

Audit Services 2727 Mahan Drive, Mail Stop 21

Tallahassee, Florida 32308

The recognized Medicaid Cost Report Medicare Cost Report will be determined by utilizing the accrual method of accounting in accordance with generally accepted accounting principles (GAAP) as established by the American Institute of Certified Public Accountants (AICPA), the methods of reimbursement in accordance with Medicare (Title XVIII) Principles of Cost Reimbursement, the Centers for Medicare and Medicaid Services Provider Reimbursement Manual (CMS Pub. 15-1) except as modified by the Florida Title XIX Long-Term Care Reimbursement Plan, and State of Florida Administrative Code.

INPUTTING COST REPORT DATA

The input worksheet is where the bulk of the cost report data will be entered. Enter text using proper case; please do not use all capital letters. Enter whole numbers only unless the input number is a percentage. Enter a percentage in decimal form (i.e. input .047635 for 4.7635%). Debits are entered as positive numbers and credits are entered as negative numbers unless otherwise specified.

Patient days input fields cannot be left blank; these include In-House Patient Days; Reserved Bed Days; Holding Bed Days; and Skilled, Intermediate I, and Intermediate II Medicaid Days. When appropriate it is required that zero be entered.

Other input worksheets that require the input of data are designated with a “(W)” on the worksheet tab (such as, Cover (W), B (W), K (W) or L (W), etc). “See attached” is not considered valid for Electronic Cost Reporting purposes.

Input areas have cells with a light yellow background. When a choice is required, a brown background is used with a dropdown box. Clicking on the arrow to the right of the dropdown box allows for an appropriate selection to be made. (Appropriate selections must be made from the dropdown box to avoid a validation error).

When data is entered on the input worksheet, the appropriate schedule changes can be reviewed by clicking on the schedule tab. Many schedules have validity checks built into the system. In some instances, an error message may appear on the applicable schedule to the right side of the row being checked. In other circumstances, validation checks are a part of the applicable schedule.

When data input is completed for the entire Cost Report, the “VALIDATE” tab should be referenced to locate any remaining exceptions noted. Sextant currently checks for more than 190 different potential exceptions to the Medicaid Cost Report or Medicare Cost Report.

Certification Page:

The Provider may use the “optional Medicaid Cost Report or Medicare Cost Report identifier” for internal tracking purposes. If the cost report is prepared in house choose “yes” in the dropdown box; otherwise, choose “no” in the dropdown box.

Enter the name of CPA (or CPA firm) responsible for preparation of the cost report.

Enter the CPA (or CPA firm) license number. If not a Florida CPA identify the state of licensure.

Please contact us for a complete how to guide on how to prepare a Medicaid Cost Report or Medicaid Cost Report

 

Categories
Accounting

Outsourcing Accounting Services is an Investment for Your Small Business

Outsourcing Accounting Services is an Investment for Your Small Business

As a small business owner in Miami, you want to make investments in your business; outsourcing accounting services in Miami will do that just that. QuickBooks is a great accounting software program, but unlike what most people think you need to have basic accounting skills. As a Miami Accountant I see it all too often, garbage in – garbage out. Our Accounting Services in Miami are your virtual accountants that can help you keep your books straight and accurate. Our accounting services in Miami will also save you money and help you better the bottom line of your business. Accounting Miami Firms are not all the same. Accounting is something that you need to outsource, so do not try to do it yourself. Look at how Accounting Miami is actually an investment for your business.

Use Accounting Services that are Streamlined:

With all the options out there, small business owners have choices. Outsourced accounting services, are becoming more and more popular today. You will find that there are easy ways to get information online and you can have your documents submitted electronically. You will also be able to easily communicate through email, Share Point sites, and know that you will be able to get it done so easily. Make sure that you are looking at these streamlined Accounting Firms so that you can get your accounting done quicker and easier.

Save Money with Accounting Services Miami:

People do not realize or comprehend the amount of money that you can save by outsourcing your bookkeeping and accounting services in Miami. You are going to be able to pay someone by the hours that they actually bill instead of paying them a salary. Outsourced accounting services in Miami is going to save you a ton of money and are going to be an excellent way to save you cash by not hiring someone in your office that requires extra pay for when the accounting is slower. You will find that just in the recruiting, training, and advertising for a new employee that you will save a ton of money just outsourcing your accounting.

Access Accounting Services that Corporations are used To

The hard part about hiring accountants in house is that you just do not get the best of the best. Those accountants require a higher salary and generally end up in the hands of a corporation that is much larger. What you will find is that with Accounting Miami, you will be able to take advantage of a team of accountants and CPA’s, which are more like what a large corporation gets. Get talent and do not pay the extra cash that you would generally have to shell out for.

Accountability and Liability

If there is an error in your books and you do it yourself, it is your fault. Instead, what you will find is that when you outsource accounting you take the liability out of your hands. You want to have someone else to blame if there is an error and even though a team of professionals does a great job if they make an error, they are to blame for it. Be sure that you are looking into Accounting Services in Miami and getting what you need to have quality accounting completed for you that is error free.

 

Categories
Business Trends

Moving Out of the Home Office — Four Tips for Growing Businesses

Moving Out of the Home Office — Four Tips for Growing Businesses

Did you know that an astonishing 52 percent of small businesses are based out of a Home Office? That’s according to the SBA’s Office of Advocacy.

As a CPA in Miami, I’m aware that a Home Office based business must have numerous advantages for many business models, and for businesses of different ages.  For example, during the start-up phase it represents a low-cost and low-risk avenue for conducting business. However, a home office has its limitations. Small business owners often find that they are not cut out to work from home, or they’ve found their enterprise growing and need to hire employees, or they simply need a more professional space in which to conduct business.

But how do you make a seamless and cost-effective transition from a Home Office business to a professional office space? Here are some best practices to consider as you expand beyond your home-based business environment.

Outsource Accounting Services

As a small business owner in Miami, you want to make investments in your business; outsourcing accounting services in Miami will do that just that. QuickBooks is a great accounting software program, but unlike what most people think you need to have basic accounting skills. As a Miami Accountant I see it all too often, garbage in – garbage out. Our Accounting Services in Miami are your virtual accountants that can help you keep your books straight and accurate. Our accounting services will also save you money and help you better the bottom line of your business. Accounting Miami Firms are not all the same. Accounting is something that you need to outsource, so do not try to do it yourself. Look at how Accounting Miami is actually an investment for your business.

Assess Your Home Office Budget

If you are considering a commercial property lease, make sure you have a clear sense of your Home Office vs Commercial Lease budget on a per-square-foot basis. Ask yourself how many offices, cubes, or workstations you’ll need, now and in the future. If you anticipate further growth, preempt the need for multiple moves by looking for a building that has extra space you can expand into should you need it.

Your budget should also include cost estimates for furniture, utilities, and IT needs. Don’t go overboard though; as you transition from home to an office, invest your resources wisely. One option is to rent office furniture and equipment, or buy government surplus equipment (a little known but very cost-effective way to equip your business.) Alternatively, you may want to introduce a hot-desking policy or shared office space. This will allow employees to literally share a “hot-desk” on a rotating basis. So if one employee is teleworking or taking flex time, another employee can use the same desk space.

Consider Serviced Offices or Suites

A great option for making the transition from a home office to a professional environment is to rent a serviced office or executive suite. Usually located in busy business districts, these premises are fully equipped and managed by a facility management firm. The rental agreements for these spaces are often more flexible than commercial leases and also give you the option of easily scaling up if you need to. Typically a serviced office broker can help you locate the right space.

Decide on a Location

Deciding on a location for you new office or retail outlet will take some research. You want your presence to be felt, but you also want to make sure you’re visible and within reach of your target customers. If you are in the retail service industry, having a store concept or design in mind is also a good idea; this will help you pitch your business to commercial leasing companies seeking the “right kind of tenant” for their property.

Update Your Business Regulatory Paperwork

When you relocate your business to a new city, county, or state you’ll need to update several key business requirements. For example, both your business licenses and permits and your “Doing Business As” name (DBA) filing will need to be updated with your local government.  Visit the Incorporating and Registering Your Business page for more information on how to re-register your business in a new location. If you move to a new state you’ll also need to understand your new city/county tax requirements, as well as notify your previous state of your move. Find links to your state revenue office here.

Categories
Accounting

What Accountant Miami Resume’s Should Look Like

What Accountant Miami Resume’s Should Look Like

If you’re an Accountant Miami in the market for an accounting job in Miami, you’ll have greater success if your resume contains accounting key words and specific accounting skills. Accountant Miami these days will have greater success if they are “Subject Matter Experts” (SME). As an Accountant Miami for over 25 years, I found my niche in the medical field. Our CPA Firm is one of a handful of Accountant Miami Firms that specialize in Medicare Cost Reports, AHCA Proof of Financial Ability reports, Medicaid Cost Reports and Home Healthcare Accounting.

An Accountant Miami should be able to:

  • First and foremost, ensure compliance with accounting and tax preparation deadlines
  • Make sure your accounting records can pass a financial audit
  • Create accounting budgets & forecast and perform gap analysis between the two
  • Manage payroll functions
  • Perform month-end accounting close
  • Reconcile sub-ledgers to the general ledger (A/P, A/R etc)
  • Prepare bank reconciliations
  • Prepare month end accounting journal entries
  • Maintain fixed assets depreciation schedule
  • Prepare financial statements

 The following skills (in no specific order) will give you the edge landing that accounting job:

  •  Excellent oral and written communications skills with the ability to articulate complex issues
  • Great boardroom presence (excellent presentation skills are invaluable)
  • Listen first, paraphrase to make sure you understand, then speak
  • Detail oriented, efficient and organized with the ability to execute on project
  • Strong analytical and problem solving skills. Don’t point out problems unless you have the solutions
  • Highly trustworthy, ethical and discreet
  • Team player

Accountant Miami Background:

  • BA in Finance or Accounting
  • Certified Public Accountant (CPA) or MBA will give you an edge over the competition
  • 3 to 5 years accounting experience in the industry
  • Big 3 Public Accounting experience is looks great, but not always required
  • Fluent in English and Spanish in Miami is a definite plus

It goes without saying that computer skills and knowledge of accounting software is a given these days.

Good luck!

 

Categories
Accounting

The Power of Virtual Accounting Services

The Power of Virtual Accounting Services

As an Accounting Services Miami provider we’ve seen the coming to age of cloud computing has brought about a large number of commercial opportunities and efficiencies available to the business community, particularly small and medium enterprises (SMEs). One of the opportunities and efficiencies is virtual accounting services in Miami or, as some protagonists like to put it – cloud accounting is one of the strong emerging service offerings. What started as a theoretical computing possibility is indeed a reality today.

Accounting services have progressed from the days when it was considered a specialized and an awkwardly difficult task, fraught with illogical principles that undermine business freedom. Accounting software packages such as QuickBooks and Peachtree have made very useful contributions in reducing the difficulty of day-to-day accounting, but these accounting software programs appeared to add to the learning curve and accessibility is limited to the computer system that they are installed on.

Some rather slick and simpler solutions accounting services are emerging in the market based on cloud computing principles. The ability to access your books of accounts and useful performance reports at anytime and from anyplace with internet connectivity and the simplicity of use that virtual or cloud accounting solutions bring has accelerated the uptake. Users are instantly amazed at how easily they have been able to manage their books with the part time assistant of an Accounting Services working remotely. This brings additional opportunities of efficiency and reduced errors.

Mr. Viera, managing partner of Accounting Services Miami provider states “clearly, the economic benefits of virtual accounting services

Significantly outstrip its costs by several multiples. Like most shared services, the installation, support and maintenance costs are spread across the number of users bringing the unit costs down over time”. The commoditization of accounting services as an anytime and anyplace service has been helped in no small measure by advances in telecommunications. Significant improvement in wired and wireless communication bandwidth, the ubiquitous WIFI access and the smart phone revolution, have made virtual Accounting Services the best solution for SMEs.

Whilst technology and the growth of personal wealth have delivered a range of possibilities, it is not an excuse for carelessness. Accounting Services is no less a serious matter than it was 50 years ago. Diligence is still required to ensure that accounts reflect a true and fair view. The level of regulatory scrutiny and the keenness of tax authorities to grow national revenue in the challenging economic circumstances of today cannot be over emphasized. Users of virtual accounting services in Miami must ensure that their records are accurate and complete. At Accounting Services Miami we maintain an eye on your books monthly to ensure accurate and timely reporting.

Simple steps to harnessing such strengths include:

1. Using reminders to plan their accounting and administrative tasks including invoicing, bank reconciliation and updating the books account.

2. Using the invoicing and chaser facilities (e.g. email reminders) on virtual accounting solutions to manage their business operations and working capital.

3. Accessing their account reports regularly either directly or through part time accountants to ensure that the books reflect what they expect.

4. Regularly using the various reports and aids e.g. working capital ratios, sales and profit graphs, that virtual accounting solutions instantly generate to make business decisions

5. Utilizing the account closure and financial statement generating facilities and tax filing plug-ins to generate their accounts for regulatory and tax filing purposes.

6. Keep your password strong, safe and secure

7. Don’t go it alone. Hire our Miami CPA Firm to assist you. Unless you have a bachelor’s degree in accounting, you’re going to run into trouble. Fixing the mess cost more than maintaining it on a regular basis.

The simple steps help ensure that business are well controlled and that regulatory and your CPA will ensure tax preparation obligations are met in a timely manner.

Overall, the virtual Accounting Services promise appears to have been delivered.

Have you been having trouble finding a cost effective solution to address your accounting, payroll and tax needs? Would you like to improve company’s control over your regulatory obligations and financial performance monitoring? Are your accounts in order and are you compliant with the array of regulatory requirements? How would you like to have 100% access to your up-to-date accounts and statutory information anytime, anywhere at the click of your mouse? Visit http://quickbooksonline.intuit.com/finance-accounting-solutions  for a FREE 30-day trial of QuickBooks Pro accounting software.

 

Categories
Accounting

Accountant Miami or Scammers in Miami?

Accountant Miami or Scammers in Miami?

As an Accountant Miami I’m still stunned at the unethical and just plain incompetent work non CPA Firms in Miami provide. We have to bail more people out of trouble with the IRS due to incompetent bookkeeping services in Miami than the Coast Guard has to pluck people from sinking boats. So Accountant Miami style is buyer beware and unfortunately so many people do not know the difference between a bookkeeper, accountant or CPA. (Recent example: Client’s company owed her $1M and she needed to pull $500K. Instead of repaying the loan to herself tax free, her bookkeeper tells her she needs to run it through payroll. That generated a $178K tax liability which almost sank the business. All avoidable)

So the question I pose, do you need an Accountant Miami? At the very least the answer is YES. I highly recommend a Accountant Miami. A Accountant Miami or CPA is a licensed professional who has passed the uniform CPA exam and is bound by the laws of the State and the profession. A regular accountant probably graduated from college but did not take the CPA exam and is not bound by State laws. Bookkeepers usually only have on the job experience limited to paying your bills and creating invoices. Unfortunately, anyone in the State can hang a shingle and get into the business of Tax Preparation Miami style. When the IRS comes calling, they will turn their backs on you and tell you to find a Accountant Miami in Miami to help you fix their mess. There is nothing you can do, except sue them. Good luck with that.

As a small business owner you wear the hat of CEO, Marketing Director, Salesman, Decorator, Stock-person, Secretary, Security Guard, and more times than not, Parent. Throw an incompetent Accountant Miami (or worse a bookkeeper) in the mix and now overwhelmed is an understatement.

So many times this is the scenario I walk into when I meet a new client: Me, Ok. Tell me what you are currently doing to manage your accounting.” Client, “Well, not very much. I take in money and deposit it. I then pay the bills when they come in.” Me, “So basically, if you have money in the account, you are doing well, if not, then not so much.” Client, “Basically, yes.”

If you are in this situation you should not feel bad. If everyone was an Accountant Miami, I wouldn’t have a job. I tell new accounting and or college students all the time, you either love accounting or you hate it.” Very rarely is there anyone in between. For this reason, new business owners should truly seek out an accountant in Miami even at the start up of their company.

Client: “But will an Accountant Miami cost me a fortune? I need every penny I can spare”. Not necessarily I answer. Our Miami Accountants and CPA Firm in Miami charge on a monthly flat fee basis. No surprises on your monthly bill and we put it in writing. To run a successful, growing, and well-balanced business a business should have balanced and well managed books.

Now, when thinking about this you have 3 choices. (1) Do it yourself (2) Hire an accounting in-house (3) Outsource. If you decide to do this yourself, God Bless you because it is extremely time consuming.

Ok so I don’t want or know how to do it myself, so now what? ”

Now you have to decide if you need to hire an Accountant Miami who provides outsourced accounting services in Miami. Yes hire local! Be sure that if you want to hire a CPA Firm in Miami, it will not be costly if you know what you want and help CPA Firm in Miami by keeping good records.

Don’t settle for someone who can handle light bookkeeping because you will NOT be getting the information in a way that it best for you to do all you should. I advise Outsourcing. Not only because that is what I do, but so many times, it is in the best interest of small business owners. I don’t know about you, but when I started my first company, I did not have $40 to $50K to fork out to an accountant. Instead, outsourcing was the way to go. Cheaper, more experience, and no delays due to vacations, sick days, or turn-over.

 

Categories
Accounting

Miami Accountants Miami Accounting

Miami Accountants aka Miami Accounting

Miami Accountants aka Miami Accounting is concerned with the provisions and use of accounting information to small business owners, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their accounting Miami small business control functions.

In contrast to other Miami Accountants information is:

  • Forward-looking for an Miami Accountants
  • Model to support decision making vs. just looking at historical after-the-fact financial statements
  • Designed and intended for use accounting small business to improve control functions.
  • Miami Accountants responds to the needs of small business, using management information systems

Miami Accountants firms are traditional vs. innovative

According to most Miami Accountants, accounting processes is mostly about the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Miami Accountants also complies with the preparation of financial statements for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities such as AHCA Medicare Cost Reports.

Miami Accountants recently updated its definition of its accounting practice as follows:  “Accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy.”

Our Miami Accountants extend best practices to the following three areas:

  • Our Miami Accountants are strategic partners in your organization.
  • Developing our accounting firms practices to assist in decision-making and managing the performance of the organization.
  • Risk Management contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.
 When hiring Miami Accountants, consider if you want traditional vs. innovative practices

Please call us for a free initial consultation.

 

Categories
Business Trends

Miami CPA Firm Spotlights Inequality of Tax Code

Miami CPA Firm Spotlights Inequality of Tax Code

Miami CPA Firm Gustavo A Viera CPA reflect on the Tax Code and how it has contributed to rising income inequality in recent decades as middle- and lower-income Americans have seen their incomes stagnate while the wealthiest have experienced staggering income growth, according to Miami CPA Firm VieraCPA.

Miami CPA Firm VieraCPA reports from the his headquarters in Palmetto Bay Florida, argues that deficit-financed tax cuts do not spur economic growth. Those who have received the largest income gains in the past three decades have also seen the largest tax cuts.

Since the last major tax reform in 1986, the number of loopholes, special preferences and the volume of the Tax Code have ballooned, resulting in a system widely considered to be inefficient, complex, and unfair, as well as an impediment to growth, Miami CPA Firm VieraCPA noted.

“Drawing a page from successful prior reform efforts, Miami CPA Firm advocates of comprehensive tax reform generally urge that we broaden the base and lower rates,” said the report. “However, the current economic context for tax reform is far more challenging than it was in 1986. Most immediately, the economy is still in the midst of a slow recovery with an unemployment rate that remains too high. Even with robust rates of job growth, it will take years to close the jobs gap. An important role of fiscal policy in the near term is to support recovery in the labor market.”

Miami CPA Firm VieraCPA acknowledge that while a larger number of families do not pay federal income taxes nowadays, it took issue with the idea that these households do not pay any form of taxes, as many suggest. “In fact, most Americans pay more in payroll taxes than in income taxes,” said Miami CPA Firm VieraCPA.

“Those who pay no federal taxes—on payroll or income—are disproportionately young (such as students who will pay taxes after they join the workforce) or old (such as retirees who paid taxes over their lifetimes), or temporarily out of work.”

Miami CPA Firm VieraCPA argues that cutting individual income tax rates would modestly increase the earnings of the typical American family, but substantially increase the federal budget deficit.

Categories
Business Trends

Engaging Your CPA in Miami

The more you engage your CPA in Miami with your company’s future, the better the overall company performance.

So, the picture of the CPA in Miami future has to be compelling. CPA in Miami have to persuade people that they want to play a part in making it a reality.

Nearly all of the CPA in Miami we know agree with the sentiment, but getting the partners engaged isn’t always easy. So, how do CPA in Miami go about engaging the partners and making sure they remain that way?

As a CPA in Miami we get our Miami CPAs pulling together. Both have value, but building a bridge is a lot more compelling to most people. The picture becomes even more compelling when it’s a bridge to somewhere people want to go. It’s the ultimate destination that people engage with. And the journey is a lot more enjoyable (even if you’re not actually that keen on parts of it) if the endpoint is exciting and has benefits you share in.

These last points are critical. CPA in Miami need to understand the benefits to the firm and themselves. And they need to know what the journey will entail (what we call the “how to”). All the professionals we know are highly analytical, and they need to know the detail of the journey before they’ll embark on the voyage. Just saying, “We want to be a top 10 CPA in Miami,” for example, won’t cut it.

So, given the nature of the people in the CPA in Miami — who, in addition to being highly analytical, always want to calibrate how they’re doing — there have to be distinct milestones so everyone can measure progress. That doesn’t mean that the firm can’t be opportunistic. The analogy of a journey is a good one. Sometimes the winds change or the train gets cancelled or there’s the opportunity to visit somewhere unexpected and you change your course. The destination doesn’t change — only how you get there.

SEEING VISIONS

When we talk about having a compelling vision, we don’t just mean one that’s well-crafted. We mean a vision with a clear destination, strategies for getting there (the “how to”), the way progress will be measured and the benefits to the partners going on the journey.

Let’s look at an example of what can happen when all the elements (vision, journey, milestones and a positive answer to “what’s in it for me”) aren’t in place.

The managing partner of a CPA in Miami knows explained how he had come back from Harvard Business School’s Leading Professional Service Firms Program with renewed energy and a determination to drive the firm forward. So he outlined his vision of moving the firm from its regional base to a leading national firm to his partners and talked briefly about what they needed to do to get there. But, to his abject disappointment, nothing happened.

Concerned about the lack of action, the managing partner visited all of the offices to talk through the plans and, during these visits, the partners’ concerns became apparent. While they really liked the idea of becoming a national firm, they felt that the only way to achieve it was through a merger, which they felt they would be on the wrong side of. As a result, the partners didn’t engage with the vision and returned to the thing they knew best: serving their clients.

In the above example, the vision initially appeared positive, but when subjected to the partners’ analytical thinking, the “how to” was clearly negative and the “what’s in it for me” decidedly negative.

There is no chance of the partners being engaged unless they are an active part of the process. There is no point in managing partners coming up with a vision on their own or with their executive team and expecting it to be taken up by the other partners without question. If the partners are going to engage with the vision, it’s critical that they have an opportunity to have their say about each of the elements.

Getting the influential partners onside. That means doing at the beginning of the process what the managing partner in the example did toward the end: actively solicit the partners’ opinion. In a small firm, that’s relatively easy, but scale brings major difficulties. Which brings us to one of our more obvious statements — managing partners shouldn’t try to do everything themselves. They need the help and support of the partners who can influence other partners’ behavior. Sometimes, that’s the partners in managerial positions, but more often than not, it’s the heavy-hitting client partners.

So, the MP’s first task is to get this group of influential partners onside. That means getting them all together (in as many groups as necessary and with the help of a facilitator who understands professional services firms) and getting their thoughts on the vision, the how to, the milestones and the benefits.

• Getting the remaining partners onside. The principle underpinning how to do this is exactly the same with the remaining partners as it was with the influential group. With scale, this means multiple groups in different locations, with the leadership of the individual groups split between the managing partner and members of the influential group. After all of the groups have taken place and the output been distilled, it’s critical that the MP and the influential partners get together to confirm the final story that will go out to the partnership for final confirmation.

• What should a compelling vision contain? While we still see some visions that talk about becoming the leading player in a state or region, we are also seeing a real recognition that a vision is a lot more than the statement we used to see firms use across accounting and the other professional services sectors. The accompanying box (“Big visions,” at right), for example, details the common ideas from the visions of the Big Four firms. As you can see, there are references to clients and people, the two markets that every professional firm operates in, and the ways that the firm endeavours to persuade people in both markets to choose their firm, rather than its competitors.

• The “how to” is as important as the vision statement, if not more so. With so many firms, not just the Big Four, trying to do broadly the same thing, the focus immediately switches to the “how to” and to what we all know — that success is an execution game. The successful firms are the ones that invest time and energy in getting their strategies right and making sure their people have the capability to deliver them.

When it comes to engaging the partners, the vision doesn’t have to provide the fine detail of each of the strategies. But it does need to provide the picture of what the firm wants to build. No partner wants to know every single detail, but each partner expects, and needs, to know the key moves the firm will be making and what the implications are on what they will be doing. So, if the firm is planning to invest heavily in geographic expansion or growing a new service line, the partners need to know the detail of the growth plans (including any direct involvement they may have) and what the investment means for their own plans.

• Measuring progress. Professionals CPA in Miami always want to calibrate how they are doing, so measuring progress on the journey is critical. There must be clarity about the points that the firm should reach at different times and how they will be measured. Progress against the targets should be shared across the partner group, together with the reasons the firm achieved the targets or failed to do so. If the firm failed to reach the target, then how it plans to achieve it in the future should be part of the sharing and subsequent discussion. Naturally, following the discussion, the revised plans should be confirmed back to the partners.

• What’s in it for me? Although the whole purpose of engaging the partners is to commit them to the firm’s future, they also have to see a personal upside in the final destination. That upside can take many forms, but it has to be spelled out. It’s also critical that the descriptions are honest. Smart people quickly stop trusting their leaders if they believe they are being lied to or the downsides are being glossed over.

If, for example, achieving scale is achievable only through a merger, the likely impact of the merger on partner earnings must be addressed. Again, smart people know that earnings may be flat, or even drop, in the short term. The key thing is that the upsides to both the firm and the partners make the initial sacrifice worthwhile.