Joseph Tarasco, Author at CPA Trendlines

22 Predictions for 2021

It’s not the time for minding and grinding.

By Joseph Tarasco

During these unprecedented times, it is difficult to predict the future. Thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. This type of planning explores plausible potential business models and implementation processes for impending unknowns.

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However, consider the following predictions and trends in your strategic planning for 2021 and beyond:

COVID-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.

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COVID Drives New M&A Trends

Buyers find good deals as Baby Boomers head for the exits.

By Joseph Tarasco
Accountants Advisory Group

As the economic recession and health concerns in our nation are at a pivotal point and closely linked in a “Perfect Storm,” strategy-oriented CPA firm leaders will take more of a holistic approach to manage and lead their firms.

MORE on M&A: M&A Surges Ahead Despite COVID Crisis | New Rules: Covid Shifts M&A Landscape | Merging in Sellers: What You Need to Know | How to Start (Or Re-Start) Your Own Accounting Firm | Five Keys to Successfully Selling a CPA Firm | Mergers: What Could Go Wrong? | 10 Questions to Ask Yourself Before Buying an Accounting Practice

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Coming to terms with the recession and health risks, leaders must not only focus on the current and immediate issues affecting their firms but now they must also plan for the near and long-term future “New Model.”

Joseph Tarasco

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Joseph A. Tarasco founded Accountants Advisory Group LLC to assist leaders of today’s public accounting firms in structuring and managing their practices to increase profitability, maximize value, and achieve long-term success.

Joe began his career in the accounting industry with a Big 4 firm. His experience includes 15 years as the managing partner and an executive committee member of a 125-person CPA firm based in New York City. In this role, Joe was responsible for all areas of the practice, including managing the partner group, marketing, human capital, technology, administration, and financial operations.

Working closely with CPA firms, he assists them in achieving higher levels of competitiveness, profitability, and longevity. Joe provides expertise and insight in all areas of firm practice management including succession planning, firm governance, mergers and acquisitions, partner compensation structure, selection of new partners, practice development, and career advancement for partners and staff. When facilitating partner retreats, Joe draws upon his extensive experience to provide partners and practice leaders with effective and innovative strategies to enhance the value of their practices.

The Journal of Accountancy, New Jersey CPA, CPA Practice Management, Practical Accountant, and CPA Leadership Report have all published articles authored by Joe on the management of accounting practices. In addition, Joe frequently gives presentations and webinars that focus on various practice management topics.

Joe has been recognized as one of the “Top 10 Most Recommended Consultants” by INSIDE Public Accounting.

Contact Joe Tarasco via email.

Follow @JoeTarasco

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