When businesses search for an accounting firm they choose one that has the right combination of experience and expertise to fit their needs. Potential clients often have little experience with judging the strength of a firm’s leadership. For example, many do not have a good understanding of what is a managing partner, or why they could benefit from their service.
What is a Managing Partner?
A managing partner is an owner-operator of a limited liability company, which is more commonly known as an LLC. Managing partners of an accounting firm oversee their business’ affairs and activities, while also practicing accounting. These LLC’s are structured differently from larger corporate tax accounting firms where a partner might not handle the nuts and bolts of tax returns at all.
Although many are unclear about what is a managing partner responsible for, these leaders could be best compared to a player-manager on a baseball team. They have the power to practice accounting as well as the authority to delegate responsibility to other staff members in the firm.
Managing partners have the responsibility of overseeing a firm’s overall management and practice as they provide direction and strategy. The best ones act as coaches, motivators and cheerleaders.
A managing partner wears many hats, including:
- Supervising departments, such as marketing or business development.
- Coordinating the firm’s practices across offices and departments.
- Manage individual staff members.
- Creating sales pitches and signing new clients.
- Represent the firm in community and professional organizations.
Expect a Higher Level of Experience and Expertise
If you are still wondering about what is a managing partner, and why you would benefit from its services, this is the crucial advantage:
An LLC accounting firm has the ability to provide its clients more individualized attention. Clients may have the opportunity to deal directly with seasoned CPAs who have decades of service in the industry. Their level of experience and expertise defines the managing partner experience.
With several different partners on a staff at all times, clients have even more opportunity to receive the care and attention they deserve.