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FEATURED

Accountants to Small Biz: ‘Be Nimble, Be Quick, Be Careful’

Accountants in CPA Trendlines / Avalara study say small business faces massive, rapid changes.

The most important and extensive impact: “Keeping up with changes in online technology, noted by 52% of accountants. Another 35% say online tech will be moderately important. Only 12% say it will be of little or no impact.(Source: CPA Trendlines / Avalara Business Confidence Study)

By CPA Trendlines Research

When the 2021 CPA Trendlines Business Barometer asked for advice for small businesses in the brave, new post-COVID-19 world, no one said, “Don’t worry, be happy, sit back and relax.”

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Rather, they advise flexibility, adaptability, and care with cash management. Accountants in the study sponsored by Avalara are offering plenty of plain-spoken advice, and they’re not mincing words. READ MORE →

CHARTS & GRAPHS

Tech: Accountants Are Losing the Race

infographic
All images: Zapier Data

What do other businesses know that we’re ignoring?

By CPA Trendlines

Among the many wonderful things COVID-19 bestowed on American business, new business models probably rank first. Those who figured out how to adapt found themselves competitive. Those who didn’t now drive for Uber.

MORE: Automation without Accountants
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The accounting industry was among the quick adapters.

Though quick to adapt to a modified office structure, CPA shops have been slow to adopt automation. Other small and medium-sized businesses (SMBs) have proven far quicker.

READ MORE →

CHECKLIST

Cybersecurity for Tax Professionals

Welch

CHECKLIST: The 24 steps to prevent and, if necessary, respond to breaches.

By Amy Welch

Last year, there were nearly 90,000 reports of tax identity theft, according to the Federal Trade Commission.

In fact, in June, an IRS agent admitted to stealing someone’s identity. Law360.com reported Special Agent Bryan Cho, 49, pled guilty to aggravated identity theft and wire fraud in a Brooklyn district court. It appears anyone can be a criminal!

Join Donny Shimamoto, CPA, CITP, CGMA, for “Hybrid Work: Holistic Approach to Customer, Employee & Cybersecurity Risks,” Aug. 26, 3:30 pm ET. Register Here | Learn More

It’s also important to note that protecting taxpayer data is the law. According to the FTC Safeguards Rule, “tax return preparers must create and enact security plans to protect client data. Failure to do so may result in an FTC investigation.” Additionally, any “failures that lead to an unauthorized disclosure may subject you to penalties under sections 7216 and/or 6713 of the Internal Revenue Code. READ MORE →

CHARTS & GRAPHS

Automation without Accountants

Top Use Case: 43% of accountants use automation to import hours into payroll.

More than half the work world is embracing automation. Why not accountants?

Why Accountants Won’t Automate:
Join the survey. Get the results.

By CPA Trendlines Research

For all the talk of automation among tax and accounting practitioners, they are still falling behind, even as other professions race ahead.

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More than half the work world is embracing automation.

Among accountants: It’s less than half, according to a broad new study.
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ADVISORY & CONSULTING

EisnerAmper Takes on Private-Equity Investor, Spins Out Attest Firm

Charly Weinstein on CNBC talking about the private equity deal.

TowerBrook Capital Partners’ infusion “reimagines the traditional accounting firm model.”

By CPA Trendlines

EisnerAmper LLP – one of the profession’s top 20 firms with more than $420 in annual billings, 200 partners, and 1,200 employees – has sold about half the firm to TowerBrook Capital Partners, a private equity fund with big investments in the financial services sector.

As a result, Eisner is splitting into two entities: The legacy EisnerAmper LLP, a licensed CPA firm, to provide attest services, and the new PE-funded Eisner Advisory Group LLC, for business advisory and non-attest services. Terms were not disclosed but TowerBrook has a reputation for taking controlling interests in the companies it funds. Audit and assurance account for about 49 percent of Eisner’s pre-deal billings, with 42 percent from tax and 9 percent in consulting.

“It will be a positive disruptor in the profession,” according to Charly Weinstein, EisnerAmper CEO.  “Rather than conforming to traditional frameworks, adopting a new model of ownership facilitates the best structure for the firm to drive growth and innovative solutions to our clients. Our colleagues will be able to chart a course for success in our purpose-built practice structure.”

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