Asset Protection For Accountants

Mention asset protection to many CPAs and their expertise starts to flow freely, but talk about the asset protection measures they have implemented for their firms, and the conversation does not reflect expertise at all. CPA firms have two dominant asset categories – clients and personnel. The quality of these assets will vary from firm to firm - but they are the key power sources. Competitive forces are impacting client loyalty and heightening fee pressure. Economic tensions within firms and at home are setting the stage for personnel unrest and turmoil. CPA firms need to protect their most important assets, and the sooner the better. The course of action takes much discipline and effort. Here are a few ways to jump-start the process:

Activate Your Clients

Knowledge is a business treasure. Your clients turn to you for your knowledge and you should be turning to them for their knowledge as well. Start out with two key steps to tap into this valuable asset:

• Create Client Advisory Boards so your clients can help you evaluate marketing, strategic, administrative and industry oriented initiatives. The boards should be of a functional size and should meet anywhere from twice to three times a year at a minimum. Agendas for the meetings should be circulated in advance and minutes should be distributed at their conclusion. These boards should be managed in a business-like manner with leadership from both clients and the firm at the helm.
  
• Establish a Client Academy to mentor staff, clients and prospective clients on entrepreneurial excellence. The academy can encompass programs as simple as a buddy system for fellow entrepreneurs along with periodic coaching of personnel or more structured programs of intervention and education. Many firms find that starting an academy internally with a “meet the client" series is the right way to launch. In this setting, the clients tell their story and the audience is engaged with questions for the speaker. Typically, after a few presentations a coaching program will unfold.
  

Activating your clients is all about allowing them to experience how much you respect and value them. The more you allow them to play a role, the more loyal and committed they are to you - and of course, the more secure your relationship becomes, the more protected your assets will be.

Engage Your Personnel

The talent of your personnel is not just for the clients’ benefit - it is for the welfare of the entire organization. Begin to engage your personnel with the following procedures:

• Task forces composed of all kinds of personnel including partners are extremely useful and productive. These committees can address many different types of issues including but not limited to social media, technology, paperless processing, client communications, client appreciation, staff evaluations, merger integration and job management. Each task force needs to be charged with a specific responsibility and delivery date.
• Staff retreats are perfect forums for the summer. These programs should be all about educating the employees about firm news and facts and promoting employee involvement in creating initiatives for enhancing the success of the firm.  
• Round table conversations on specific topics should take place with a presentation to the entire group after the individual tables have talked. These events require an outside facilitator and bring strong results when the owners are invited to hear all the findings at the end of the day. Go back to basics and use the old fashion suggestion box – today penmanship is not a revealing factor as we can all use the computer. Ideas and complaints need to be heard and addressed.
  

The more that personnel feel vested and involved in the firm, the more they will be committed to it. Commitment, respect and communication are vital to insure a strong connection to your personnel and to secure sound relationships.

The engagement ideas that are outlined above, if handled properly, will deliver the kind of security that is in the best interest of the firm and it’s personnel. There are many more actions steps that should be a part of your asset protection plan. Asset protection for an accounting firm should be an ongoing process and not a disaster recovery program. We at Optimum Strategies are here to help you successfully enhance your most valuable asset…your firm! Feel free to turn to us at your convenience. We are proud to be a 24/7 organization.