Peer-to-Peer: Your Best Advice for 2021

Clockwise-from-top-left-Raizen-Wehr-Paulson-Swigert-Anderson-Stitely.png
Pivoting to 2021 (clockwise from top left): Raizen, Wehr, Paulson, Swigert, Anderson, Stitely

‘Clients still need us.’

By CPA Trendlines Research

Keep calm and carry on.

That may be the best overall advice for the situation we’re in.

MORE in SURVEYS & RESEARCH: SURVEY: A Glint of Optimism for 2021| Accountants Say: Brace for a Dismal 2021 | PPP Client Fraud: How Much Risk Is Too Much? | PPP Traps: 1 in 5 Accountants Report Shady Dealings | Cloudy Forecasts Call for Rainmaking

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And by “we,” we mean “everybody in the world.” Because everybody’s got it tough. Whether COVID has touched close to home or not, its presence is impacting everyone.

But… how should accountants carry on? We asked. And you – the readers of CPA Trendlines – delivered. Adapt, pivot, focus on the client, watch your expenses – just a few of the themes gleaned from the CPA Trendlines Business Barometer.

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SURVEY: 60% Say Work-from-Home May Be Permanent

data chartOnly 21 percent plan to shrink their space; cybersecurity less of a concern now.

By CPA Trendlines

Although COVID-19 has hit most business sectors hard, executives have come to recognize the productivity of employees following a work-from-home (WFH) model … so much so that they’re largely willing to continue allowing remote work even after widespread adoption of a coronavirus vaccine.

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These are two of the key findings from EisnerAmper LLP’s executive survey, which gauged the outlook of 273 business owners, C-suiters, family office executives and high-net-worth individuals who attended EisnerAmper’s virtual National Business Summit on Dec. 2.
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SURVEY: A Glint of Optimism for 2021

Accountants expect to out-perform their clients. Is that a good thing?

By CPA Trendlines Research

Patrick McDermott, of McDermott & Apkarian in Orcutt, Calif.
Patrick McDermott: Fine-tuning the work-from-home model.
A certain tiny germ whose name we need not mention is making life tough for a lot of people and businesses. Accountants are no exception.

The CPA Trendlines Business Barometer is turning up a few cases of COVID-19 that shut down CPA offices at the height of the season. And even where the infection hasn’t managed to muscle its way into the office, firms are taking draconian measures to keep operations up and running.

MORE in SURVEYS & RESEARCH: Accountants Say: Brace for a Dismal 2021 | PPP Client Fraud: How Much Risk Is Too Much? | PPP Traps: 1 in 5 Accountants Report Shady Dealings | Cloudy Forecasts Call for Rainmaking

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The Busy Season Barometer is finding CPAs cautiously optimistic about their own futures. Only one percent think the next 12 months will shape up “much worse” for their firms and families. Some 15 percent think their firms will do “somewhat worse.” Twelve percent are similarly concerned for their families. About half foresee no change. About a third actually think their economic situation might improve.

But accountants turn quite a bit more pessimistic when they look a little farther from home. While only 16 percent think their firms will do worse over the next year, 36 percent think their clients will do worse.

Uh-oh! Can CPA firms do better if their clients are doing worse?

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Accountants Say: Brace for a Dismal 2021

As if 2020 wasn’t bad enough, next year could get worse.

2020: Better or Worse?

By CPA Trendlines Research

As the pandemic spikes into winter, most accountants haven’t got much good to say about their perpetual busy season, according to the latest readings from The 2020 CPA Trendlines Busy Season Barometer. And they’re decidedly pessimistic about the nation’s economic outlook.

MORE in SURVEYS & RESEARCH: SURVEY: A Glint of Optimism for 2021| Accountants Say: Brace for a Dismal 2021 | PPP Client Fraud: How Much Risk Is Too Much? | PPP Traps: 1 in 5 Accountants Report Shady Dealings | Cloudy Forecasts Call for Rainmaking

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If you’re finding 2020 somewhat worse or much worse than last year, you aren’t alone. Fifty-three percent of respondents are right down there with you. Only 20 percent dare say it’s about the same.

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Avalara Acquires Business Licenses LLC for $97 MIllion

Follows deal for Transaction Tax Resources Inc.

via Avalara

Avalara, a leading provider of tax compliance automation software for businesses of all sizes, is aquiring the operational assets of Business Licenses, LLC, a company that provides software and services for the research, acquisition, and management of business licenses, registrations, and permits for businesses of all sizes. The transaction is valued at approximately $97 million in cash and stock.

Last month, Avalara acquired Transaction Tax Resources, Inc. to continue to build the industry’s leading content database for tax. With the acquisition of assets from Business Licenses, Avalara furthers its pioneering vision of being part of every transaction in the world by supporting the compliance life cycle through advanced technologies.

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Wednesday, Oct. 14: Communicating Your Strategy – Get Your Team Rowing in the Same Direction, with Jennifer Howard Elder

Elder

Get Your Team Rowing in the Same Direction
With Jennifer Howard Elder, CPA, MS, CMA, CIA, CFF, The Sustainable CFO
Wednesday, Oct. 14, 2:30 pm ET
2 hours, 2 CPE
View Details

Learn how finance can help to communicate your organization’s business strategy throughout the entire company, enabling greater accountability and better strategically aligned decision-making.

Monday, Oct. 19: Moving Beyond Budgeting to Operational Forecasting:

Player

Learn rolling forecasts, driver-based planning, and operational planning.
With Steve Player, Founder and Implementation Director, The Player Group
Monday, Oct. 19, 1 pm ET
4 hours, 4 CPE
View Details

Participants will learn to move beyond budgeting into rolling forecasts, driver-based planning, and operational planning—all needed to provide more future visibility and change finance’s role from reactive to proactive and strategic.

Replay: How to Dazzle Clients in the COVID Age

CPA Trendlines expert contributor shows how to make more money with the clients you already.

^ Click to play video

Eileen J. Kennedy, CEO of The Kennedy Factor, demonstrates how to create a consistent, exceptional, customized, and memorable client experience in the Age of the Coronavirus.

MORE VIDEO from CPA TRENDLINES: Three Hidden Surprises in PPP Loan Forgiveness |  Judy Trepeck on How to Think Beyond Accounting, with Steven Sacks |  Attaching Files to a Chat or Post in MS Teams |  How to Add Visuals to a Message in MS Teams | Bill Reeb: New Rules for the COVID Era  | Composing Text Messages in MS Teams  | When COVID ‘Got Real’The COVID Outlook: A Long, Slow Climb back to Recovery  | Composing Chats and Posts in MS Teams  | How to Fight COVID-19 ‘Fear’ and ‘Insecurity’ | COVID: Learning How to Operate in the New Normal  |  What Comes After Coronavirus? | COVID and Client Communications | Andrew Argue Is on a Mission  |  COVID Slams U.K. Accountants, Too  | COVID Crisis Separates the Winners from Losers  | Go Remote with This App You Already Own [#WFH]  | Geared Up for Exponential Growth at Mowery & Schoenfeld CPAs  |

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You can thrive for years to come – if you take the Covid Crisis as a call to reinvent your practice, Kennedy tells attendees of the free 30-minute Flash Briefing aired live by CPA Trendlines.

> Hit “play” to stream the podcast or download it here

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