Profitability Through Accountability: Plugging the Leaky Bucket
Field of Study:
2 Hour(s) - CPE Credit(s)
While most firms focus on top line growth, the most successful firms place equal if not greater importance on margin contribution. There are many factors that can impact margin, and evolving trends including alternative pricing models, alternative staffing models, and better overall processes to ensure that firms can make a profit on their engagements. In this course, we will discuss they key KPIs and pain points related to the factors that can impact profit margin, and present leading practices in each designed to improve the dollars you keep vs. the time you spend on client engagements.
Bill Penczak spent the first 20 years of his career as a billable consultant for large national firms, and for the past 18 years has focused on professional services firms, including regional, national and global roles for EY, BDO, and Briggs & Veselka. In the past two years, two of his clients were cited as the fastest growing CPA firms in the country by Accounting Today magazine. He is regular contributor to CPA Trendlines on topics related to firm management, growth, and people issues.
- Identify common issues and benchmark data related to firm profitability
- Describe leading practices in better capture of time, WIP, and engagement management
- Identify how firms can use evolving strategies such as outsourcing/offshoring, resource sharing, and value billing to improve margin contribution