Balanced Scorecard for a CPA Firm
Not what you're looking for?
Assume that you are a certified public accountant and own your own accounting firm. Discuss what performance measurement you would have on your balanced scorecard. Explain why each measurement was chosen.
Purchase this Solution
Solution Summary
The solution discusses each area that would be included on a balanced scorecard for an accounting firm.
Solution Preview
solFinancial:
- Increase profitability - this measure would be important for any firm, particularly for an accounting firm where competition is tough. Accounting firms need to find ways through specific initiatives on the BSC that maximize profitability. For example, an initiative would be to cut extraneous expenses by 2% per year for the next 5 years to increase net income, or an initiative would be to allocate more to advertising to gain more customers, with a target of 5% customer growth each year.
- Build brand equity - This would be the second crucial area. An accounting firm owner does whatever they can to bring the customer back. You want the customers to keep coming back, and by building brand equity, you're giving them a reason to come to you instead of going to ...
Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce