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CLIENT SERVICE OPPORTUNITIES

Six Ways Accounting Firms Will Never Be The Same Again

Woman working on laptop at homeHow some of the pandemic’s ad hoc changes could become permanent.

By CPA Trendlines Research

If necessity is the mother of invention, COVID-19 has ushered in an era of mandatory motherhood.

MORE: The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 [Survey Results] | New Rules: Covid Shifts M&A Landscape | Deciphering the SBA’s New PPP Loan Forgiveness Rules [New Dates Added] | Retired CPA Partners Face Pay Cuts from COVID-19
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Believe it or not – and like it or not – we are in the early days of the pandemic. This situation is going to go on for a while. But we are already in a brave new world of new rules and new ways of doing business.

The coronavirus has already forced a number of changes on the accounting industry and on its clients. Some changes are ad hoc solutions. Some are innovative ways of doing business. Some are still awkward, flawed and unpolished. And some have yet to be invented. Accountants should be on the vanguard of change – for their own businesses and those of their clients.

So it’s time to do some rethinking:

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CHECKLIST

Beat the Covid Crisis with These 20 Steps for Your Firm and Your Clients

The ultimate checklist for focusing on cash, communication, continuity – and accepting uncertainty.

CPA Trendlines Business Barometer
Your best advice to colleagues and clients?
Join the survey. Get the results.

By CPA Trendlines Research

The toll of Covid-19 on business will be an ongoing trauma. It ain’t gonna be over ’til it’s over, and that ain’t gonna be for a long, long time.

MORE on COVID CRISIS MANAGEMENT: How to Inoculate Your Firm against Covid Competition | Pro Tax Prep Stalls to a Crawl amid Covid-Extended Season | Covid Kills 67,600 Jobs in Tax and Accounting | Client Accounting Services Poised to Surge in Post-Corona World | Clients, Revenues, Profits – Trending Down, Down, Down | Andrew Argue Is on a Mission | 3 Questions for Determining Your Value | Covid Crushes Rosey Forecasts | The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 | Feeling the Pain? The Biggest Job Losses by Client Sector |

See: All CPA Trendlines Special Coronavirus Crisis Coverage

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To survive, tax and accounting practices are going to need to take precautionary and proactive measures to ensure their financial continuity. Those measures must necessarily include guidance for clients to help them survive. Because failing clients mean failing firms.

Crisis management is a lot easier if it starts before the crisis hits. Here are some steps that accountants can take for themselves and their clients, gleaned from the thousands of accountants and advisors we’ve been hearing from over the past several weeks. READ MORE →

BUSY SEASON MANAGEMENT

Clients, Revenues, Profits – Trending Down, Down, Down

Eckelkamp, Neilson, Blank: Clients late, clients new, clients in need

Pandemic cuts profits at 42% of firms, client numbers off at 29%, and revenues down at 38%.

The CPA Trendlines Business Barometer
How accountants are managing:
Join the survey. Get the results.

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.

MORE:  Saving 10,000 Businesses from the Covid Crash  | The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 [Survey Results] |  Feeling the Pain? The Biggest Job Losses by Client Sector  |  Tax Season Pivots to Covid Rescue Season  |  How Accountants Are Coping with COVID-19 |  SURVEY: Confronting Coronavirus Chaos | Planning for the Coronavirus Recession | Tax Season Turns Ugly under Coronavirus | Tax Season Turns Ugly under Coronavirus | Coronavirus Culture-Shift Hits Accounting Firms | 41 Items to Check on Business Tax Returns | Tax Season Funnies: The Poetic Versions | How to Stop Drowning in COVID Tax Deadlines [Webinar]

CPA Trendlines is providing FREE access to some of our latest coronavirus crisis updates: Start here for a guide to all our free coverage.

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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.

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CLIENT SERVICE OPPORTUNITIES

Andrew Argue Is on a Mission

To help accountants save 10,000 businesses in the battle against the foundering economy.

By CPA Trendlines

Andrew Argue is on a mission – a mission to help accountants save 10,000 businesses from the Covid business crash.

His practice development training platform, AccountingTax.com, has built a Covid-19 “Wartime Response Plan” for tax and accounting firm by providing results-focused training, accountability, and technology, Argue tells CPA Trendlines.

MORE: The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 [Survey Results] |  Feeling the Pain? The Biggest Job Losses by Client Sector  |  Tax Season Pivots to Covid Rescue Season  |  How Accountants Are Coping with COVID-19 |  SURVEY: Confronting Coronavirus Chaos | Planning for the Coronavirus Recession | Tax Season Turns Ugly under Coronavirus | Tax Season Turns Ugly under Coronavirus | Coronavirus Culture-Shift Hits Accounting Firms | 41 Items to Check on Business Tax Returns | Tax Season Funnies: The Poetic Versions | How to Stop Drowning in COVID Tax Deadlines [Webinar]

CPA Trendlines is providing FREE access to some of our latest coronavirus crisis updates: Start here for a guide to all our free coverage.

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To be sure, Argue comes with some controversy. Clearly, he has helped thousands of accountants increase their revenues, and spawned a flock of former students who have launched their own look-alike programs. But, just as clearly, he has his detractors. For one thing, he asserts having a CPA license, or even a college degree, need not be an impediment to success in tax and accounting. His teaching methods are assertively challenging. And his focus on aggressive internet-focused marketing rubs some traditionalists the wrong way.

Today, he’s focusing his training for accountants on at least 12 areas: READ MORE →

BUSY SEASON MANAGEMENT

Covid Crushes Rosey Forecasts

Survey shows hopes for a smooth and profitable 2020 are destroyed by a floundering economy.

CPA Trendlines Business Barometer:
How accountants are managing:
Join the survey. Get the results.

By CPA Trendlines Research

The resilience of the coronavirus and the continued spread of Covid-19 has accountants shifting the focus of their concerns.

MORE: The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 [Survey Results] |  Feeling the Pain? The Biggest Job Losses by Client Sector  |  Tax Season Pivots to Covid Rescue Season  |  How Accountants Are Coping with COVID-19 |  SURVEY: Confronting Coronavirus Chaos | Planning for the Coronavirus Recession | Tax Season Turns Ugly under Coronavirus | Tax Season Turns Ugly under Coronavirus | Coronavirus Culture-Shift Hits Accounting Firms | 41 Items to Check on Business Tax Returns | Tax Season Funnies: The Poetic Versions | How to Stop Drowning in COVID Tax Deadlines [Webinar]

CPA Trendlines is providing FREE access to some of our latest coronavirus crisis updates: Start here for a guide to all our free coverage.

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Ages ago—back in February, B.C. (Before Covid)—the CPA Trendlines 2020 Busy Season Barometer survey found that out of 14 common concerns, economic conditions were of the least concern, the bottom of the list, worrying just eight percent of respondents.

Covid changes everything.

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