Accounting Voices Podcast Governance Best Practice for Successful Accounting Firms
Jeremy Clopton is a governance and leadership expert who works extensively with accounting firms.
Jeremy and Rob delve into the critical topic of governance best practices for successful accounting firms. Jeremy emphasizes the importance of separating governance (strategic decision-making) from operations (day-to-day management). He shares insights on streamlining decision-making processes, delegating authority, and fostering effective communication within partner groups.
Clopton's insights shed light on the common challenges firms face as they grow, including the need for partners to relinquish autonomy and embrace a more structured, business-like approach to governance.
He stresses the importance of clearly defining decision-making authority at different levels within the firm and ensuring that partners understand and buy into the governance model.
Key Takeaways:
- Differentiate between governance (strategic decisions) and operations (day-to-day management)
- Clearly define decision-making authority at partner, management committee, and managing partner levels
- Foster effective communication to keep partners informed and engaged
- Embrace a business-like approach to governance while maintaining a people-focused culture
- Align partner compensation with desired behaviors and contributions to firm success
"You can either be running your firm like a business, or you can be running it as nine different firms that all sit under the same roof."
View this episode in video on YouTube here: https://youtu.be/QYUCukwNwQs
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