Pandemic cuts profits at 42% of firms, client numbers off at 29%, and revenues down at 38%.
The CPA Trendlines Business Barometer
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By CPA Trendlines Research
Like just about every other business in the world, CPA practices are hunkering down for a year of hard times. Yet a third of them think they can buck the odds and see some increase this year.
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Back in the bullish days of February, the CPA Trendlines 2020 Busy Season Barometer was reflecting expectations of more clients, burgeoning revenue, and increased profit, with a medium-chance of more extensions.
But these bearish days see most practitioners expecting a year stagnant at best and quite likely worse than stagnant in all benchmarks of success.