The 4 'Cs' to success: develop your career through care, communication, competence and cost.

Success can be measured in many ways and, in public accounting, one of those measures is making partner. But how does one get to that level? What skills and traits do you need to become a leader?

What follows is insight I've gained about success from working more than 30 years in public accounting.

I formed my sole practitioner firm in 1977 and, through growth and mergers, it is now the core of the Northern California Economic Unit of RSM McGladrey, the fifth-largest accounting firm in the United States.

The ideas expressed here--which I classify as the "Four Cs"--are aimed at the newer members of our profession who are eager to begin their path to partnership and strengthen their leadership skills. However, I believe these four elements--care, communication, competence and cost--can be of value to all CPAs and can contribute to their success, no matter what their career path.

CARE

Public accounting firms are unique businesses where, from the first day of employment, you have the opportunity to become a co-owner if you do well and toil faithfully.

This arrangement, though, increases your--and your employer's--obligations toward each other. Senior team members and partners in the firm contribute substantial time--and money--to training you because they want you to succeed and contribute to the firm's bottom line as soon as possible.

Remember, the time they spend training you is in addition to the time they spend meeting their own job responsibilities, whether it's reviewing work, cultivating new and existing clients, serving on firm committees or participating in professional, civic and community activities.

To succeed, you have responsibility that goes beyond just showing up on time, producing excellent work and recording billable hours.

ACT LIKE AN OWNER

You are a representative of your firm to clients and others, and since you are constantly being evaluated as a potential owner, you should act like one. From the moment you are hired, begin thinking like a partner and team member. Partners and managers will generously give their time to you, but in turn they will rely on you to get the task done--on time and on budget.

PUBLIC ACCOUNTING IS A BUSINESS, NOT AN ACADEMIC EXERCISE

Real people are paying real money for your skills. Don't cheat them, yourself or your co-workers.

In school, your success in tackling problems was not measured by a budget, and eventually you always were given the "correct" answer. Once you've entered public accounting, however, you have agreed to use your skills in a demanding and a competitive business. The assignments go well beyond book reports and case studies. Therefore:

* Quickly grasp the scope of the engagement or task.

* Complete the assignment on time.

* Don't reinvent the wheel. Ask questions if you are unsure.

* Keep others informed of your progress.

INVEST IN YOURSELF

If you don't invest in yourself, no one else will. This extends beyond personal dress and grooming to reading professional journals and participating in activities.

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Since you are a professional, dress and act like one. Pass the CPA Exam as soon as possible. Don't make excuses, make progress. Ask to attend CalCPA functions and assist in activities.

This is your career, so get to know what it's all about. Explore different aspects of the profession and find out if you have an interest in a particular industry or area. Take steps to move your career in a direction that you enjoy. Care about your firm, your clients and yourself.

COMMUNICATION

UNDERSTAND THE ASSIGNMENT

The person giving you assignments is busy. Learn to listen first and then ask questions. Be sure you understand the scope of what is expected of you and what the output should be.

After you start, if you come across something you don't understand or needs clarification, ask questions. Confirm your understanding of the assignment. There are no stupid questions, only people who don't ask questions.

DON'T ASSUME THE PERSON GIVING THE ASSIGNMENT UNDERSTANDS ALL ITS ASPECTS

Public accounting is all about time and billing. Many times those making the assignment do not have the luxury of fully analyzing the situation; if they did, they might not need you.

Employ the "three Ts: think things through (and add a little creative and independent thought, too). Ask questions and make suggestions. Communicate with the person giving you the opportunity.

RETURN PHONE CALLS

A common error of new accountants is to put off tasks they don't like. Nobody likes the unknown, but unreturned phone calls, unlike cheese or wine, never improve with age.

A trick I've found to work is to answer calls in the reverse order of their anticipated pleasantness. Sometimes a nice surprise results. Telephone contact will become more important as your career progresses and your client base increases, so develop the right habits early.

LEARN TO LISTEN

Communication is a two-way street, and while it is very important to speak up, it often is more important to listen. Listen to other people and give the client--and the job you're doing--your undivided attention.

COMPETENCE

LEARN TO DO EFFICIENT RESEARCH WHEN YOU ENCOUNTER A PROBLEM, DON'T START FROM THE BEGINNING TO FIND A SOLUTION.

Ask questions. Someone at some time has likely encountered the same or similar situation and can direct you to a file where it already has been researched or can direct you to a source of information that can help you.

As you conduct your research, document your results and keep a personal copy of the research or, as many successful practitioners do, keep an index of where the answers can be found.

As a team member, you will not only maximize your future opportunities for value billing, but you will be able to help others be more productive.

Also, learn when to stop researching and when to play the devil's advocate. Learn to research enough to argue all sides of an issue to ensure your conclusions are well-reasoned--this can be one of the trickiest parts of your development.

LEARN TO WRITE EFFECTIVELY

It is often said that accounting is the language of business. Non-accountants need translations, however, and a person who can write an effective memo or letter has a leg up.

Senior members of a firm like nothing better than a staff person who presents a project with a draft of a letter to the client, or presents the conclusion of a section of the workpapers with draft footnotes.

Writing effectively may not be easy, but it is necessary if you want to be noticed.

FINISH WHAT YOU START

A common error that I've seen new accountants make is to not finish a project and justify the action by thinking, "If my work isn't finished, it can't be wrong" or "Someone else will figure out what's missing and fill in my blanks."

This has two detrimental results: your supervisor wonders why you are slow and wonders why the project is over budget. It also puts you in a position of whether you should confess to your supervisor that you don't know how to finish the project or fake it--and then see what the possible impact of that is on your chances for making partner.

Review notes are a fact of life. If things always were done correctly, there would be no need for review. The key is to finish the task and learn from the review process so errors are not repeated.

COST

REMEMBER: THE FIRM IS SPENDING THE OWNER'S MONEY TO TRAIN YOU

Give your firm's owners their money's worth. When you attend CPE, give the training your full attention and make it a point to share what you have learned with your co-workers. Remember, a firm is a team, and you now have an opportunity to help the entire firm improve.

Budgets are estimates of the time expected to complete a job. If you fail to record all your time, the person doing the job next time is at a disadvantage because the budget will be too low.

If it takes you longer than the budget, something unusual may have occurred. If that is the case, the time may very well be billable if it is documented.

And record your time daily. Don't try to remember on Friday how long something took you to complete the previous Monday. Inaccurate time records cheat you, the client and the firm.

Remember that staff costs are the largest expense of any CPA firm. You are a part of a team and an expensive part of every project. Computer technology has greatly changed the workplace, but it hasn't replaced human effort.

Be an efficient worker.

REWARDS AWAIT

Excellent performance in the above areas have brought success to individuals in our firm, as well as to the firm in general.

Care about your clients and work product, and be a team member. Communicate with your clients and coworkers. Learning is a lifetime experience, so stay competent and be as good as you can be. Better yet, be an overachiever. Be aware of costs. Only in accounting firms is accounting a profit center. In all other organizations it is overhead. Strive to make that cost beneficial to your client and firm.

It takes a number of years of hard work to make partner in a CPA firm. If you take the right steps, rewards await you.

Dennis A. Young, CPA is executive managing director of the Northern California Economic Unit of RSM McGladrey in Mountain View. You can reach him at Dennis.Young@rsmi.com.

BY DENNIS A. YOUNG, CPA