Anatomy of a CPA Study
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Transcript of Anatomy of a CPA Study
ANATOMY OF A CPA STUDY
Gatto Associates, LLC
750 Washington Road
Pittsburgh PA 15228
412-344-2277
Rex Gatto, Ph.D., BCC
www.rexgatto.com
Soft Skills #1
Soft skills are personal attributes that enhance an individual's interactions, job performance and career prospects.
Unlike hard skills, which are about a person's skill set and ability to perform a certain type of task or activity, soft skills are interpersonal and broadly applicable.
Soft skills are often described by using terms often associated with personality traits, such as: optimism common sense responsibility/growth and development a sense of humor Integrity/ethics
Soft Skills #2
Abilities that can be practiced (but require the individual to genuinely like other people) such as:
Empathy Teamwork Leadership Give and receive feedback Communication Good manners/etiquette Negotiation Sociability Ability to teach.
Overview
Defining Evaluation of TalentFeedback and DevelopmentThree 360˚ Assessments
Anatomy of an Accountant Partner Manager 360˚ Evaluation Leadership 360˚
Evaluate Talent
• to organizational success is to ensure partners are in a growth and developmental process
Key
• on skills, behaviors, and needed technical knowledge
Focus
• measureable growth each year
Demonstrated
Strengths and Talents
This process outlines strengths and talents through self-assessment, upward (staff), manager, and partner reviews
Partners through this process become role models for appropriately receiving feedback and demonstrating how to effectively utilize it
Evaluation
Creates a mechanism that can support effectiveness within the firm
through evaluation of the level of skillsneeded to:
accomplish partner, niche, and firm goals
Behavior PatternsImplementing this process for partners is most effective in establishing the behavior patterns needed to sustain your firm now and in the future
List the top three characteristics for Partners (managers) in your firm.
SMART Goals
A way of evaluating the objectives or goals for an individual project/engagements.
The term is also in common usage in performance management, whereby goals and targets set for partners to staff must fulfill the criteria.
SMART Goals
Letters Definition
Specific Significant, stretch, meaningful, BHAGS
Measurable
Motivational, manageable
Attainable Actionable, aligned, achievable
Relevant Realistic, results oriented, rewarding
Time-bound
Timed, timely, time-limited
Introspection (Action Planner)
Be SMART: Specific, Measurable, Action oriented, Realistic and Time bound
SMARTER
Specific Measureable Actions Realistic Time-bound Enthusiastic Rewarded
Assessment Process
A process, involving staff and firm leaders that supports individual growth, which leads to firm growth.
Growth
We define the metrics for performance factors that create consistency through a common descriptive performance language
We can measure firm, departmental/niche, and individual performance
Partner, managers, and staff, through an assessment process:
Complete the assessment on line
Receive Feedback
Develop an Action Plan
Demonstrate how to effectively utilize feedback
Development
To create consistency
within the firm, people should have a clear
understanding as to the
motivational, behavioral
actions they will take and what level of
performance is needed.
Behaviors are discussed (debrief): highlights,
strengths, and areas for
development.
Action Plan developed and implemented
Common Language• Create a common language for development by identifying the level of functional performance
• Identify the right actions and
enhancement areas • Create firm consistency through a process that supports development.
Feedback = Growth
A process involving staff and firm leaders that supports individual growth, which leads to firm growth.
Types of Assessments
• Anatomy of a CPA• Partner/Manager
360˚ Assessment• Leadership Profile
Assessment
With The Anatomy of an CPA Inventory, you can compare the characteristics of your firm’s accountants with those of the Polaris LDP participant high performance accountants.
TOOLSAnatomy of a CPA
TOOLSSuggestion
Pre-engagement (brief meeting) Clients’ expectations Clients’ concerns Goal of the engagement Concerns What are you hoping to learn Manager/supervisor/staff expectations about the engagement
TOOLSSuggestion
Post-engagement - brief meeting:
Were client expectations met?
Were there problems? What did you learn? What will you do differently
next engagement?
Feedback
CPA Skills
Research indicates that every job function can be broken into a series of skills (dimensions) set to fulfill responsibilities
Job analysis: identifies tasks, processes, functions that makeup the job responsibilities
Job competency factors needed to be successful in a firm
Skills Factors
Client RelationshipCommunicationBusiness knowledgeProblem solvingComputer knowledgePractice developmentInterpersonalLeadershipProfessional presence
PlanningCreativityAccountabilityInitiativeTeamworkAdaptabilityIntegrityCompetence
The combination of the above skills/competencies can highlight ability.
Anatomy of a CPA Example
Anatomy of a CPA Example
17 Ways to measure a CPA
17 Ways to measure a CPA Example
Narrative Example
CPAs Do the following
Provide the advice and information to people that is needed to make important financial decisions
Help their clients make sound financial judgments by analyzing and interpreting data
Examine “what if” possibilities Explain complex laws (local, state, and
federal), rules, and regulations Help clients plan, save, and invest money
Picture of a Successful CPA
Academic, business and practical knowledge Ability to communicate and connect with
(people) clients, partners and staff Organize, write, analyze, compare, and
interpret facts and figures Understand computers and accounting
software People skills, ability to build relationships Integrity, trusted advisor
Questions
What are your top three skills?
In general what are the top three skills of your partners?
In general what do your clients want from you?
Anatomy of a CPA Study
Participants: 90CPA Feedback: 504
Anatomy of a CPA Highs
HighsParticipants: 90CPA Feedback: 504
Strongest score indicates the right areas for CPA skill set. The score focuses on two key areas, the ability to perform accounting skills at a high level, and the ability to build client relationships.
Client Relationships
Client Relationships: 88%
Demonstration of good organizational skills?
Maintain clear and organized work papers?
Meet client expectations?
Follow through with client needs?
Maintain good client working relationships?
Complete client engagements in a timely fashion?
Computer Knowledge
Computer Knowledge: 88%
You have the required proficiency to effectively use computer
hardware and software?
You maintain proficiency with updated software?
Integrity
Integrity: 89%
Demonstrate honesty and independence?
Fulfill all work-related responsibilities fully and completely?
Demonstrate trustworthiness?
Demonstrate the principles and values of the firm?
CompetenceCompetence: 88%
Demonstrate business acumen?
Have the ability to perform work-related
responsibilities ?
Produce a quality work product?
Demonstrate the ability to get the work done?
Demonstrate the ability to appropriately and
professionally relate to coworkers?
Have the ability to work as an effective team
member (or in a niche)?
Have the ability to professionally work with others?
Demonstrate the ability to address questions?
Anatomy of a CPA Lows
LowsParticipants: 90CPA Feedback: 504
Lower scores need to be enhanced even though they are moderately strong ratings. The two key areas that could be enhanced indicate the ability to build the practice creatively and to plan and take the initiative to before performing the work.
Practice Development
Practice Development: 76%
Discuss with clients other services the firm can provide?
Work with others in the firm to provide or develop new services?
Get involved in professional or community organizations?
Effectively and clearly present your ideas?
Give effective presentations to clients?
Participate as a board member in community organizations
(example: non-profits)?
Appropriately represent the firm?
Planning
Planning: 81%
Appropriately lead engagements?
Set realistic and challenging goals and objectives?
Clearly state expectations of an engagement?
Appropriately organize client work?
Check progress and adjust goals periodically?
Make effective use of billable time?
Creativity
Creativity: 80%
Creatively work with clients?
Encourage and support new ideas?
Demonstrate creativity?
Encourage creative actions by others?
Present ideas in meetings to generate business opportunities?
Initiative
Initiative: 87%
Maintain an appropriate book of business or client base?
Continually reevaluate plans to update and improve them?
Routinely assess competitive strategies, looking for new business
opportunities?
Make follow-up calls and visits designed to exceed clients’
expectations??
Display a strong personal commitment to the firm?
Effectively work independently on assignments when required?
Display common sense and practical application of accounting
knowledge and skills?
Summary
Challenge your people to become
the Best they can.