Jul 14, 2014

Winning Strategies for Managing an Accounting Practice

What CPAs Can Learn from the Tour de France

By Lori Braden, PICPA's Vice President, Strategic Marketing

bike-raceOn July 5, 198 riders from 22 teams embarked on the 21-day Tour de France cycling race that covers nearly 2,300 miles through four countries. The obvious goal is to finish first, but before the race begins – and along each stage – the teams will look at vital indicators among the riders and incorporate the findings into their race strategy. Similarly, accounting firms across the country are evaluating their teams this summer to uncover winning strategies by taking part in the 2014 Management of an Accounting Practice (MAP) survey.

The AICPA PCPS/TSCPA conducts this premier benchmarking study so firms can evaluate themselves and their competition. Practice management strategies and metrics can be used to identify strengths, weaknesses, and opportunities, and gain insight into building a more profitable and rewarding practice. This Data Collection Worksheet and the Quick Start Guide make it easy to do your homework before starting the survey.

Only by completing the survey, though, will you gain access to the technology, staffing, compensation, and service trends across the country. If 50 Pennsylvania firms complete the survey, you’ll also gain access to our regional data. Don’t let crucial data for success pass you by. Sign up to take the survey (one per firm).

In addition to the race leader’s yellow jersey, there are other indicators of Tour de France success. For instance, teams with strong climbers vie for the King of the Mountain polka-dot jersey; the top sprinter dons the green jersey, and the white jersey signifies the best young rider. Accounting firms, like cycling teams, can identify which areas are most important to them, target the current “jersey” holders, and go for it with gusto. Participating in the 2014 MAP survey can help your firm develop strategies to become winning team.

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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.