CLIENT SERVICE OPPORTUNITIES

Don’t give it away too easily.

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

QUESTION: I was wondering what your thought is regarding initial consultation fees. Currently, I do not charge a fee for an initial consultation, and it seems that most CPAs do not charge either (at least not the sole practitioners that I know).

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Would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? If a fee is charged, then how much, and how long should the consultation last? Should the fee be applied to any work that I am eventually engaged for?
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10 points to consider before adding them to your practice.

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

QUESTION: I am thinking of adding financial services to my practice. What are your thoughts?

RESPONSE: For starters, “financial services” means selling investment products or managing money.  This is different from adding financial planning, which I see as an extension of and a next step to sound tax planning for clients.

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Getting into the financial services business requires tremendous effort, training and a long startup period until a critical mass can be attained where there will be a reasonable cash flow and profit. This business involves the ability to sell and then deliver.
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Access to capital is a concern … and an opportunity for accountants.

By CPA Trendlines Research

Despite a few challenges, small businesses are somewhat optimistic about their immediate future. According to the Bank of America’s “2023 Women & Minority Business Owner Spotlight,” 67 percent expect their revenue to increase over the next 12 months, and 46 percent plan to expand their business.

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This guarded optimism is in the face of several perceived problems. Only 34 percent think the national economy will improve in that timeframe, a number unchanged since last fall. A few more – 41 percent – see their local economy improving, though that number has dipped 2 percentage points since last fall.
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