Competitors vie for clients on price and promises…
By Ed Mendlowitz
101 Questions and Answers
QUESTION: What do you think the impact is on a small CPA firm regarding:
- The town the office is located?
- The physical aspects of the building’s exterior and interior?
- The appearance of the firm’s actual office space?
- The type of car a partner drives? READ MORE →
While payrolls lag.
The nation’s top 100 tax and accounting firms advanced total revenues by 7.8% in 2013, totaling $53.9 million, while expanding payrolls only 5.5%, according to the industry-leading Accounting Today study.
The gap between revenue growth and headcounts suggests that firms are banking profits as never before even as organic expansion lags.
In other highlights from the study: READ MORE →
Seven simple skills every professional can develop. Six powerful reasons practice groups, not Lone Rangers, win the long game.
By Bruce W. Marcus
Professional Services Marketing 3.0
Building a culture of growth and aspiration (pardon the word “marketing”) is a process that requires four elements: READ MORE →
How to change your thinking to prevail over the most difficult circumstances.
Perseverance is a skill that anyone can learn to not only survive, but thrive through life’s curves. When adversity strikes, it’s not what happens to you but how you respond to what happens to you that has the greatest impact on your life.
Here are four specific ways you can change your thinking to persevere in the toughest of circumstances, from Sandi Smith Leyva, CPA, creator of the Accountant’s Accelerator small-firm growth program. READ MORE →
Fact-checking adds little value. So why are you spending so much time on it?
By Ed Mendlowitz
How to Review Tax Returns
Too many otherwise very smart tax preparation operations confuse the two primary types of tax-return quality-control reviews: reviews for content and reviews for issues. Each type of review requires a different discipline. One of them costs you money and the other can make you money, lots of it. READ MORE →
Accountants scramble as competition surges for bread-and-butter tax work.
Join the survey; get the results.
By Rick Telberg
Pricing and fee pressures are surging as the hot-button issues this tax season, according to the CPA Trendlines Busy Season Barometer.
To be sure, late or unprepared clients remain the single biggest issue, with 48% of more than 500 practitioners surveyed in February citing it, followed by tardy 1099s and K1s at 35%. Those metrics are little changed from last February.
But this year, 31% of practitioners are complaining about pricing and fee pressures, which is triple the year-ago 10% figure.
Is the Tax Prep Business Topping Out? The number of filings by tax professionals appears to have slowed or even reversed.
Tax Season Metrics Shift for the Better: Key indicators point to a better 2014 than 2013.
Practitioners Plot Fee-Pressure Countermeasures: Competitors vie for clients on price and promises.
The number of filings by tax professionals appears to have slowed or even reversed.
Combined with data from the IRS, it appears to CPA Trendlines that the price-sensitive bottom of the tax market is getting raked over the coals this year. And it may represent an historic shift.
CCH’s top federal tax analyst, Mark Luscombe, agrees, “It’s possible that tax professionals are trading away quantity for quality. They may be doing fewer returns, but focusing on the higher-value work.” READ MORE →
Key indicators point to a better 2014 than 2013.
Last year at this time, 43% of practitioners were already scrambling to put more clients on extension than the year before, according to the CPA Trendlines Busy Season Barometer.
CPA TRENDLINES BUSY SEASON BAROMETER SURVEY FINDINGS:
- Tax Season Price Wars: Accountants scramble as competition surges for bread-and-butter tax work.
- Is the Tax Prep Business Topping Out? The number of filings by tax professionals appears to have slowed or even reversed.
- Practitioners Plot Fee-Pressure Countermeasures: Competitors vie for clients on price and promises.
- Join the survey; get the results.
This year, only 25% are expecting an increase in the number of extensions. READ MORE →
The 15 good signs and 17 warning flags to look for.
For some reason, CPA firms seem to find it much more daunting to evaluate a merger involving their own firm than that of a client’s. But the same methods and procedures you’d use to advise a client can be put to use in considering your firm’s next merger or acquisition. Here, Marc Rosenberg, in How to Negotiate a CPA Firm Merger, lays out the pluses and minuses to look for in a deal… 15 pluses and 17 minuses, to be exact. READ MORE →