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    CPA Practice Management Pro Tips
    CPA Practice Management Pro Tips
    CPA Practice Management Pro Tips
    Ebook56 pages36 minutes

    CPA Practice Management Pro Tips

    By Fred Lindsley

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    About this ebook

    Effective Practice Management – CPA and Other
    Find out how your firm can generate greater profits through efficiency, accurate billing and staff management. Industry leading CPA and Software Developer, Fred Lindsley, shares his insights and experiences regarding CPA practice management, time keeping and billing.
    While Fred's primary experience relates to CPAs, the practice management aspects apply to many other businesses, including law firms, accounting, technology integrators, and any businesses that tracks time and due dates.
    How to start your Accounting Firm in Four Steps
    Software Solutions to Common Practice Management Pitfalls
    Practice Managements Essentials
    Effective Practice Management Reporting Minimizes Write-Offs and Write-Downs
    The Auditor’s Dilemma – The Temptation to Compromise Principles for Money
    Value Billing or Time and Billing for the Local CPA

    LanguageEnglish
    PublisherFred Lindsley
    Release dateJun 22, 2015
    ISBN9781311697028
    CPA Practice Management Pro Tips
    Author

    Fred Lindsley

    Fred Lindsley practiced as a Certified Public Accountant for twenty-five years and has twenty years of software development experience. He is the originating developer of the ImagineTime product. Having started his public accounting career at Coopers & Lybrand and later becoming a founding partner of two CPA firms, Fred started computer programming to fill a growing need for custom computer services among his clients. While in practice, Fred served on the Florida Institute of Certified Public Accountants (FICPA) Computer Technology Committee and has published articles in the monthly "CPA Today" magazine relating to practice management for CPAs. Fred is a retired surfer currently living in the Blue Ridge Mountains of North Carolina. He is still a licensed CPA in good standing in Florida.

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      Book preview

      CPA Practice Management Pro Tips - Fred Lindsley

      Introduction

      The following is a compendium of a lifetime of CPA professional Tips. I will be sharing my anecdotal journey for the purpose of helping CPA’s and accountants young and old.

      A few comments before we begin about the journey I made from the CPA profession to the software business – how I migrated from a 25 year career as a successful CPA to the business of software development and created ImagineTime Practice Management Software for CPA and Accounting firms.

      During the early 1980’s microcomputers were just coming on the scene. They were expensive at the time - $12,000 dollars, but much less expensive than the earlier generation Digital Equipment (DEC) and IBM minicomputers. The desire for increased efficiency led our firm to purchase an Altos computer system running CP/M – a precursor to DOS.

      The first system used large floppy disks. Later we added a very expensive 10 megabyte hard drive at a cost of $3,000 dollars. Amazingly, today you can purchase a USB drive that holds 32 gigabytes of storage for $10 dollars. This is the result of Moore’s law – the doubling of the number of transistors on integrated circuits every 18 months.

      A few months later we upgraded to the multiuser system (concurrent cpm86 operating system) and purchased eight dumb terminals and keyboards for the staff in the office. That system had a 40 megabyte hard drive at a cost of $5,000 dollars. It was around this time that the first DOS based IBM PC arrived using the slower Intel 8088 microchip. The Altos system used the faster 8086 microchip.

      I desperately wanted to automate client monthly bookkeeping and financial statement preparation. In the early days there were very few vendors producing general ledger programs for accountants using the less expensive microcomputer platform. It was the availability of a general ledger program written by Micronetics Software that actually led us to make the decision to purchase the Altos system.

      Using microcomputers during this period of early development was similar to being a pioneer. You never knew when something might burn down your cabin (hard drive). The Altos was very fast compared to the slower PC’s, but the hard drives crashed every six months or so, this necessitated the purchase of a very expensive and also unreliable tape backup system to make sure our data was safe - Ha!

      During that initial period the staff was preparing our billing by hand. Once a month we would gather up all the timesheets and post the hours and extended dollar amounts to a lengthy 13 column spreadsheet – one row for each client. We had one column for last month’s work in progress, a column for new time, billed time and ending work in progress. We also showed a similar reconciliation for billed amounts. To determine what should be billed we had to refer back to the manual time sheets.

      We used our memories and discussions with the staff to prepare the invoices in a manner that we hoped would convince clients to pay for services rendered. I soon realized this process was taking too much time! We were losing money

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