OUTLOOK & ANALYSIS

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

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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.

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

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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Andrew Argue Is on a Mission

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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.

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

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 →

Covid Crushes Rosey Forecasts

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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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The Seven Factors Keeping Accounting Firms Afloat Amid COVID-19

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And the top five survival strategies, according to CPA Trendlines Research.

Confirmed cases. Source: jhu.edu

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

By CPA Trendlines Research

Under the historically unprecedented pressures of the Covid-19 pandemic, U.S. accounting firms large and small are adapting as fast as they can—or rather, as fast as they must.

MORE:  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.

Practitioners are striving, struggling, scrambling to do what they have always done, and on top of that, to learn what they never knew in order to serve clients as in ways they needed to before.

Less than three months from when the first cases were reported, the pandemic has taken the lives of over 70,000 Americans and is approaching 3,000 deaths a day. While the pandemic has been a shock to the economy, tax and accounting practices appear to be maneuvering through it better than many other businesses.

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