SURVEY RESULTS: Accountants Forecast Better Busy Season This Year

Four benchmarks for competitive comparisons.

In new CPA Trendlines research by Bay Street Group LLC, tax and accounting professionals are expressing cautious optimism for the 2011 busy season.

The survey, “Busy Season 2011 – Plans and Previews,” remains open and will continue gathering fresh responses for the next several weeks.

Busy Season 2011 – Plans and Previews
What to expect for 2011. What we learned from 2010.
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get the details and updates as they develop.

KEY FINDINGS (from initial topline results; may vary in final report):

1. General Outlook: Almost half of respondents believe that the 2011 busy season will represent an improvement over their 2010 season; 35% expect it to be about the same; and 17% are bracing for worse.
2. Issues / Challenges: The general economic situation, garnering attention from 62% of respondents, looms as the prime concern going into busy season 2010. Last-minute tax code changes follows closely, within the margin of error, at 56%
3. Operational Metrics: A majority of professionals foresee improvements in revenue , net profits, and the number of clients over 2010. Many expect the number of clients on extension to increase.
4. The Economy: Some 35% of accountants see their business improving while 48% see the economy continuing to deteriorate. On a score of 1 to 5, CPAs give themselves a 3.23 confidence rating, while granting the nation only 2.52.

DEMOGRAPHICS:

• Professional Sector: The vast majority (95%) of respondents work in public accounting.
• Size of Office: Most, 54%, of respondents work in offices of 2 to 10 persons, followed by 17% solo practitioners and 13% in offices with 11 to 50 persons.
• Title / Position: The vast majority (82%) of respondents are C-level decision-makers (President, CEO, COO, Managing Partner, Partner, CFO, Controller, Senior Executive).

Posted on September 29, 2010