CPA Trendlines

Economy Tops Busy Season Problems [UPDATED]

Still, many firms are reporting one of their most profitable seasons in years, with more extensions and higher revenue per client.
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Click here to join the survey and get the results as they develop.

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And accountants are decidedly upbeat on the outlook for their firms and themselves. Some 47% percent are expecting continuing improvements in business through 2010, compared to only 16% bracing for more setbacks. And at their own dinner tables, 44% are upbeat, compared with 16% who see more trouble ahead.

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And, unlike in recent surveys, accountants are also generally upbeat about their clients, customers and the nation’s economic outlook as a whole — a stark reversal from a year ago this time when they saw the economy crashing and clients disappearing.

For firm leaders, all this could add up to a new round of heated competition as firms vie for a limited pool of Class A clients and, according to other research we’ve done, a surge in staff turnover.

If you thought it was a bumpy ride on the way down with the economy. Just hold on. It could be just as bumpy on the way up again.

But signs of strong season are emerging.
[Updated April 24, 2010 with data as it develops.]


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In a new CPA Trendlines survey by Bay Street Group LLC, the first 100 accounting firm professionals responding since the end of tax season April 15 are reporting that the “general economic situation” was their chief challenge or concern this year.
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Click here to join the survey and get the results as they develop.

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Second on the list: late or unprepared clients, which may be no surprise considering the economic toll on many businesses and individuals.

But the third-ranking issue may, indeed, come as a surprise: staffing. It may be ironic — or sweet revenge — that accounting firms were having trouble recruiting good staffers because just about a year ago at this time many of the same firms were cutting headcount in response to a collapsing economy.

Source: CPA Trendlines

Who’s that with Rita Keller?

Rita Keller With Elvis

Yesterday, in “The Three Ms of Success for CPA Firms,” I wrote about business icon Herb Kelleher’s reputation for chain-smoking, Wild Turkey whiskey and his “dressing up as Elvis.”

And I added, “As for the Keller I know, she does none of those things. But she does know a thing or two about how a successful accounting firm works.”

Well, here’s something new about the Rita Keller I know. She gleefully sends along this picture and this note:

Here’s a picture of me a few years back at a firm open house with a 50s theme.  I was a pink lady from Grease.

By the way, visit Rita online at

www.ritakeller.com and
http://cpamanagement.blogspot.com