revenue

Clayton Oates: One Way to Keep Clients for Life

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Play the infinite game and 11 more takaways

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The Disruptors
With Liz Farr for CPA Trendlines

“We’re ultimately in the people business. We’re in the relationship-building business. We just happen to do accounting.”

That’s how Clayton Oates, the founder of QA Business, views the accounting profession.

MORE: Randy Crabtree: Follow These Three Rules to Keep Employees Happy | Erik Solbakken: Yes, You Can Work Less and Make More | Donny Shimamoto: Future Firm Growth Requires a Mindshift | Jennifer Wilson: Empower Young Workers to Build the Firm Everyone Loves | Mike Whitmire: Re-Think Your Hiring and Training Practices | Hector Garcia: Success Strategies of a Quickbooks YouTube Superstar | Blake Oliver: Why Tax Work Yearns To Be Free| Private Equity Explodes in U.K. | Brannon Poe: The Status Quo Must Go  | Accounting Nerds, Unlock Your Super Powers  | Disruptor: Jason Statts Shakes Up the Status Quo | Think Small to Think Big with Matt Wilkinson | When Financial Statements Go Extinct with Corey Schmidt | Can Geraldine Carter Save Accountants from Themselves? | Re-Inventing Accounting with Tyler Anderson

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Oates also believes accountants can choose whether they are playing a finite, zero-sum game with clients or the infinite game, which continues forever and results in an abundance forever mindset with clients, who will then be your clients for life. 

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31 Ways to Make More Money

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Businessman sitting on stacks of paper currencyYes, you can do these during busy season.

By Marc Rosenberg
CPA Firm Retreats

Certainly when we consider best practices for transforming good firms into great ones, we have everything in mind from client surveys to strategic planning. But then what?

MORE ON RETREATS FOR PRO MEMBERS: System vs. System: Partner Compensation Best Practices | Partner Accountability: How and for What? | 30 Marketing and Growth Questions to Cover at a Retreat | Leave Your Retreat With a To Do List | Every Retreat Needs a Leader, But Who? | Retreats Are No Place for Clowns 

Here are 31 methods to achieve strong profitability:
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Statistical Snapshot: The Nation’s Tax & Accounting Industry

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stats407,000 firms grossing $13 billion.

By CPA Trendlines

A new snapshot of the tax and accounting profession shows a vast and, in the main, highly profitable industry.

More than 400,00 firms are grossing over $13 billion a year, based on new data reviewed by CPA Trendlines. Altogether, they run a total payroll of $5.4 billion and net $4.6 billion in profits.

But as many as one in five firms have no profits to report.
There were 42,448 CPA firms in 2013, the latest year available, and 364,902 other tax and accounting businesses, according to the data compiled and estimated by the IRS from tax returns. CPA firms took in $4.1 billion in receipts, and the rest of the industry added $9 billion.

The complete set of data, below, reveals details about accounting industry finances and operations.

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Top 100 Firms Report Solid Growth Amidst Staffing Challenges

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Top 100 overall revenue chart
Source: AccountingToday

Attest, M&A and SALT lead top trending niches.

Accounting Today’s annual listing of its Top 100 firms reflects what the industry as a whole is seeing: Business is good and it’s getting better.

Overall growth was a healthy 8.44 percent, similar to but slightly higher than recent years.

Firms with revenues between $100 million and $1 billion outpaced the others in growth mode, although mergers had a great deal to do with that.

The most difficult challenge cited was – no surprise – recruiting and retaining qualified staff, especially those with three to five years of experience. Pressure is being put on the talent pool by retiring Baby Boomers only exacerbates the problem. Tools to counter it include: READ MORE →

2015 FORECAST: Healthy Revenue Gains Nationwide for Firms of All Sizes

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Business hand holding hot chart in crystal ball

Exclusive to CPA Trendlines

Tax and accounting firms across the nation are projecting in the new “National MAP Survey of CPA Firm Statistics” steady revenue gains through the end of 2014 and into the New Year.

A big chunk of CPA firms are increasing their reliance on consulting services as a fee generator during the profession’s third year of steady expansion in 2013, according to the report, best known as “The Rosenberg Survey” for its founder, CPA Trendlines contributor Marc Rosenberg. READ MORE →

Revenues on the Rebound for Most U.S. CPAs

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Billing rates and partner incomes gaining strongly.

Most CPA firms are reporting some measure of revenue growth, according to one widely followed survey obtained by CPA Trendlines.

“And while the profession has yet to rebound to pre-recession levels,” the authors say, “it is steadily gaining momentum.”

Furthermore, the smallest firms appear to be the biggest winners, with 33% growth in net client fees per professional and per partner.

The report includes data and trends on:

  • Increase in net fees
  • Fees per partner
  • Net remaining per partner
  • Average partner billing rates
  • Average partner compensation
  • Utilization rates
  • Paid time-off
  • Firm technology
  • Online technology

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