SURVEYS & RESEARCH

Family Business Needs Real Advisors

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Can you be more than just an accountant? https://cpatrendlines.com/2023/05/21/advisory-work-for-family-businesses/

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By Donny Shimamoto, CPA, CITP, CGMA
Center for Accounting Transformation

The world of accounting is more than just crunching numbers and balancing the books. For those who have chosen this profession, there is a calling to be more than just an accountant. The calling is to be a trusted advisor, to be someone who is impactful and rewarding, and to be a problem solver.

MORE:  The Future of Accounting: A Vision of Trust, Clarity, and Hope | Donny Shimamoto: Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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One of the most meaningful transformations that accountants can bring about is with family-owned businesses. These businesses often face unique challenges that can be difficult to navigate. As trusted advisors, accountants and CPAs can help provide guidance on stabilizing cash flow, transitioning the business to the next generation, and even having difficult conversations with family members who may not be equipped to run the business.

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Accountants Raise Alarms on Small Business Outlook

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The Avalara Accountants Confidence Report points to difficulties ahead for small businesses to access capital, increase profits, raise revenues, hire new employees, and control costs.

Looking ahead 12-18 months, accountants expect increasingly acute hardships, led by problems in accessing fresh capital, hiring, and managing labor costs. But new technology and automation could help cushion the pain for some.
https://cpa.click/smb23outlook
Click to download (PDF 19 pages)

Avalara, Inc., a leading provider of cloud-based tax compliance automation for businesses of all sizes, released a new survey of over 500 Main Street accountants representing more than 100,000 small businesses.

Survey responses revealed that looming economic headwinds could create challenges for small businesses in the next 12–18 months. The survey, conducted during the 2023 tax season, shows that accountants believe small businesses will face challenges in accessing fresh capital, increasing profits, managing payroll costs, weathering supply chain difficulties, and hiring new staff.

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The Avalara Accountants Confidence Report

The 2023 Avalara Accountants Confidence Report, produced in conjunction with CPA Trendlines, queried trusted advisors with clear insights into the financial health of small business clients. The report measures accountants’ attitudes and outlook on a variety of pressing issues, leading with sentiment on the health of small business clients, and providing a read on the national economy and the state of smaller accounting practices. Accountants were surveyed as they combed through business clients’ financials and prepared their tax returns.

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[SURVEY] How Trusted Advisors Transform Businesses

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Join the survey. Get the results.

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Donny Shimamoto, CPA, CITP, CGMA
Center for Accounting Transformation

Imagine this: You’ve just started your dream business. The entrepreneurial fire is burning bright within you, and you’re filled with ambition, passion, and excitement. But then, reality hits, and you find yourself overwhelmed by the financial complexities, growing pains, and myriad questions that come with running a business. Who do you turn to for help? Who can you trust to lead you down the path of success?

MORE:  Donny Shimamoto: Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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Enter the Trusted Advisor – a new breed of accountant and CPA who does more than just crunch numbers and fill out tax forms. These advisors are game-changers, and they are redefining the way businesses operate and grow.

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The Future of Accounting: A Vision of Trust, Clarity, and Hope

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https://cpatrendlines.com/2023/05/08/the-future-of-accounting-a-vision-of-trust-clarity-and-hope/Let’s own the unknown.

Donny Shimamoto, CPA, CITP, CGMA
Center for Accounting Transformation

In a world where trust and integrity are more valuable than ever, the accounting profession stands tall as a beacon of hope. It’s a field where ethics and client interests reign supreme, and these core values set accountants apart from other business consultants. But the future of accounting is evolving, and as we embrace this change, we must not betray the very trust that forms the foundation of our profession.

MORE:  Donny Shimamoto: Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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The future of accounting is about more than just crunching numbers and balancing books. It’s about transforming the role of accountants into business service providers, offering comprehensive solutions that go beyond the traditional realm of accounting. It’s about helping clients find peace of mind, vision, clarity, and hope in the face of uncertainty.

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Pros End Tax Season Filing 53% of Returns

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In sheer numbers, they fared the same as last year.

By Beth Bellor
CPA Trendlines Research

The April 18 deadline for individual income tax returns came and went, leaving a scattering of negative figures in its wake. The largest ones had dollar signs attached: average refunds down nearly 9 percent, total refunds down 11 percent.

MORE: Tax Refunds Down 8 Percent | Pros Filing 54% of Individual Tax Returns | Average Tax Refunds Down 10% | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
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The Internal Revenue Service received 137.1 million returns, down 1.3 percent from 2022, according to data released for the week ending April 21. It processed 134.7 million returns, up 0.7 percent – the only positive in our report.
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Tax Refunds Down 8 Percent

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table of IRS weekly tax season dataPros handle 55 percent of e-filings.

By Beth Bellor
CPA Trendlines Research

The Internal Revenue Service has a little less to do than usual.

MORE: Pros Filing 54% of Individual Tax Returns | Average Tax Refunds Down 10% | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | IRS Processing Returns as Fast as It Gets Them | Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
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With four days left in the season – as of April 14, the latest data available – the agency has received 117.3 million individual income tax returns, down 4.3 percent from the same period in 2022. It has processed116.2 million returns, down 2.2 percent.
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Pros Filing 54% of Individual Tax Returns

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data tableTotal refunds down 10 percent.

By Beth Bellor
CPA Trendlines Research

With 11 days to go in the tax season, the Internal Revenue Service was seeing red. Only two of its weekly data points were on the plus side, and those at less than 1 percent.

MORE: Average Tax Refunds Down 10% | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | IRS Processing Returns as Fast as It Gets Them | Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
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The IRS received 101.3 million individual income tax returns as of April 7, the latest data available. That’s down 1.9 percent from the same period in 2022.
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Average Tax Refunds Down 10%

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table of IRS weekly dataReturns by tax pros are one of the only positives.

By Beth Bellor
CPA Trendlines Research

The average tax refund is down 10 percent, but it’s just part of a pattern. Virtually every piece of data the Internal Revenue Service reports weekly is in the red.

MORE: IRS Has Big Plans for Its $80 Billion | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | Can’t IRS Tax Pro Accounts Do More? | Hello? IRS? Anybody Home? | Taxpayer Assistance Centers Need Upgrade
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The agency has received 90.1 million individual income tax returns as of March 31, the latest information available, down 1.3 percent from the same period in 2022. It has processed 89.7 million returns, up 0.4 percent.
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