Until recently, most leaders would probably say that the people who comprise their organization are the ones who show up to work and collect a paycheck. That couldn’t be farther from the truth. After all, where would your team be without the families and support systems behind them?
Every accounting firm goes through a lifecycle in which partners approach the end of their careers and emerging leaders take on their responsibilities and relationships. When properly managed, this can create a win-win-win situation. The partner can retire with peace of mind, rising professional advances in his or her career, and the organization benefits from a seamless transition in leadership without compromising the level of service delivered to the customer.
One could argue that the concept of work-life balance originated way back in 1817 when Welsh manufacturer and labor activist Robert Owen suggested dividing the day into three equal parts – eight hours of work, eight hours of recreation, and eight hours of rest. Of course, there wasn’t much balance before the Industrial Revolution as people worked an average of 65 hours per week. Farmers lived at the farm. Shop owners lived above the shop. Most of the modern barriers between work and life didn’t exist.
Since the audience for this article comprises accountants, let’s start with a number: 35%. What is that? It is the percentage of organizations in the United States that have “a formalized succession planning process.” Meaning just a little over one-third of U.S. businesses are prepared for....
If the pandemic has given us one positive, it’s perspective. Frankly, the business and the work are just the business and the work. The health and well-being of real people – physical, mental, and emotional – are far more important.
A team member recently told me about their battle with dieting and cookies. Like many of us, the time spent in quarantine this past year was not kind to their waistline, and they resolved to get back into shape by steering clear of snacks.
“Did you hear Michael is leaving? That’s a huge loss! You can’t replace someone like that. Somebody screwed up big time. What do we do now?” This is a fairly common emotional reaction in the lunchroom when a top performer leaves
More than a year ago, the nation and many states required businesses to shut their doors to employees and customers due to a growing national emergency. People began to work from their home or other property,
2020 created disruption in ways that were inconceivable before the pandemic. And probably more so for healthcare entities than any other industry. As our hospitals and healthcare providers have focused on caring for us,
As anyone in the healthcare field knows, the demands of the pandemic stretched and strained their resources, both human and financial, at unprecedented levels. To meet the task of caring for those afflicted by COVID-19,
After an in-person interview, we learned a new hire had a family member with COVID-19. As a result, the skeleton crew that had been working in that Prager Metis office had to go back to working remotely.
About 2,500 years ago, the Greek philosopher Heraclitus said, “Change is the only constant in life.” He famously asserted that “life is flux,” Panta Rhei in Greek, which means all things change.
Join Prager Metis experts on January 6, 2021, to discuss the latest COVID-19 relief measures, PPP loans, and numerous tax law changes.
One of the biggest challenges that causes leaders to struggle is the inability or unwillingness to delegate. In many cases, leaders think they can only succeed by delegating to someone who can replicate their performance.
The rubber band theory has been applied to many areas of business and life, from investing and leadership to personality traits and dating. I’ve been thinking about the rubber band theory as it relates to the changes we’ve experienced
During an interview with Bill Gates and Warren Buffett a few years ago, Gates was asked what he has learned from his fellow billionaire. Gates discussed the time Buffett showed him his paper appointment book, which was mostly empty.
In Stephen Covey’s book, 7 Habits of Highly Effective People, this is habit number two. The idea is that the activities of an individual or organization should be driven by the end goal. What are you trying to
As I share my thoughts month after month about the importance of the human element in business, I feel compelled to remember my former partner and, more importantly, my friend, Jay Spitz, who was taken from us far too soon.
"One of the technologies Vice President Al Gore is pushing is the information superhighway, which will link everyone at home or office to everything else – movies and television shows, shopping services,
A friend who received his stimulus payment as an actual check in the mail, knew I was working on this article and suggested I take a look at what the IRS sent him. Examining the official looking envelope.
In the business world, different groups of people are assigned labels. You have owners, shareholders, executives, partners, management, and employees. You have strategic business partners, vendors, and customers.
Stuart Mayer, Office Managing Partner along with industry experts, discussed the recent financial uncertainty due to COVID-19.
There is no sugarcoating the fact that the coronavirus pandemic is affecting everyone in our country. Businesses that require face-to-face interaction with customers, from restaurants to dentists to theatre companies, are being shut down.
Younger generations value flexibility in the workplace. The prospect of going to an office each day from 9 to 5 or later and doing the exact same things day after day isn’t exactly appealing.
Over the past several years, the concept of digital transformation has become a top business priority. As adoption of artificial intelligence (AI), cloud-based systems, the Internet of Things, and other advanced technologies continues to expand, organizations are weaving these tools into every business process and, in many cases, changing how they operate to optimize productivity, efficiency, and the customer experience. More and more organizations are investing heavily in technology-driven initiatives, as they should.
Craig A. Manzino, a Partner-in-Charge of the Business Management Group of Prager Metis CPAs, was interviewed in the Entrepreneur, in an article titled: Cynthia Nixon Has a Corporation, and That's Totally Normal for Professionals Like Her. Click here to read the full article.
Course Summary: Join Prager Metis CEO Glenn L. Friedman for this interactive CPE workshop where he will navigate the conversation on Mergers and Acquisitions in the accounting profession.
Blockchain in the Fashion Industry More often than not, the term that we associate with the word “blockchain” is “Bitcoin.” And while it’s true that blockchain technology was initially created to account for cryptocurrency transactions, it can be applied in so many other settings. A blockchain is a digital ledger that records transactions in ordered records called “blocks.” Each new piece of information is added to the record chain chronologically so that the blockchain reports the entire history from start to finish.
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Identity Fraud is on the Rise In the technological age, we do everything online, from buying groceries to doing our taxes. Although the internet makes our lives easier, and no one can argue the fact that doing your taxes from the comfort of your bed is more relaxing than going to your accountants’ office, the problem is you are opening yourself up to allowing a stranger to obtain your well-earned cash, and you might not even know it’s happening.
Understanding Business Valuation For most entrepreneurs, their business is the largest asset that they own. Further, most entrepreneurs have built their company with an eye towards an eventual sale and retirement.
