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Four Tips for CPAs Replacing Clients

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Longevity takes planning.

By Sarah Johnson Dobek
Inovautus Consulting

Do you have a strategy for replacing your aging clients? CPA firms and their clients have the same options when it comes to aging leadership. Those who choose to continue their business will do so through internal succession or by merging or selling. Then there are those who face unplanned succession or just choose to close up shop.

MORE: Five Lead Generation Mistakes to Avoid | Five Post-Tax Season Growth Ideas | Five Better Ways to Say No | Are You Solving Your Clients’ Problems? | Five Ways to Grow New Service Lines | Business Development and Sales Aren’t Scary
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Every accounting firm will face one of these situations at some point, so here are four things your accounting firm should consider as they look at client replacement.
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Why Competition Matters Most

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The tone of your marketing must follow.

By Bruce Marcus
Professional Services Marketing 3.0

EDITOR’S NOTE: CPA Trendlines was privileged to have a long relationship with Bruce W. Marcus, who was ahead of his time in his thinking and practice in marketing for accounting. Today we begin publishing some of the late expert’s evergreen work, which retains wisdom for the present.

MORE: Bruce Marcus | BUY: Professional Services Marketing 3.0

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The late lawyer and novelist Louis Auchincloss wrote so meticulously and vibrantly about life in the legal and social world in the early and mid-20th century. The legal profession was rigid and class-defined, with a caste system governed by strict ethical rules, a hierarchical structure with great distance between the levels of a firm from managing partner to the lowest clerks (whom we now call associates), and by both money and status in society. To preserve the integrity and probity of the profession, there was an aloofness – an elitism – that set lawyers apart from the rest of the working world.

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Can You Identify Real CAS Prospects?

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Number 10Ten ways to spot who’s ready.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Experience of those offering successful client accounting services shows that the fastest way to start your CAS practice is to provide it to some of your existing clients. If you already have a CAS practice, it is important to periodically analyze which of your clients have become a good fit for CAS. It is important to note that not all of your clients will be good fits for CAS.

MORE: Client Wants Vs. Needs | Clients’ New Expectations | 8 Ways to Create Your CAS Practice | The Big Money in CAS for Small Firms | What CAS Is and Isn’t | Do You Value Your CAS Value? | The Mindset You Need for Client Accounting Services
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There are some easy ways to identify which of your existing clients are CAS-fit, i.e., which of your clients will benefit the most from your CAS offering. And then there are some not-so-easy ways to know which are your CAS-fit clients.
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Make the Most of Your Marketing Mix

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"Target market" illustration with arrow and bull's eyeUpdating the Five P’s.

By August J. Aquila

Forty-five years ago, in 1977, the landmark U.S. Supreme Court decision in Bates & O’Steen v. State Bar of Arizona, 433 U.S. 350 (1977) changed the accounting profession forever. That decision prompted accountants to pursue a wide range of marketing activities. And, ever since that eventful day, accountants have been struggling with the meaning of marketing and the impact of marketing on their practices.

MORE: Marketing Orientation Is What Firms Need | When Hourly Billing Hurts Profits
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Some would say that it has been the best thing that ever happened to the profession and others, of course, would voice just the opposite opinion. Whichever side of the debate you are on, there is one certainty: Marketing is here to stay.
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Firms Battle Staff Shortages with Pay Hikes

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Except at payroll agencies, where wage gains are dipping.

CPA firm wages: Up 9.8% from a year ago.

By Beth Bellor

Let’s talk about earnings, because the latest national data shows some good news on that front. Hourly earnings in the accounting profession have nudged above $39 for the first time, to $39.09, up 81 cents or 2.1% for the month and $2.48 or 6.8% for the year.

MORE: Tax & Accounting Firms Beef Up Wages and Headcounts | CPA Hiring Rises as Number of New Grads Continues to Decline | Staffing Crisis: 40% Are Looking for New Jobs

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Another new high came at CPA firms, where they topped $41 for the first time at $41.61, up $1.23 or 3% for the month and $3.70 or 9.8% for the year. Staff at CPA firms followed the trend with $31.84, up 53 cents or 1.7% for the month and $2.02 or 6.8% for the year.

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