Your Best Advice: Get Smart, Get Tech, Get Moving

The new normal: Accountants race to adapt, adjust, and adopt new tools and tactics. (CPA Trendlines-Avalara Accountants Confidence Index) 

What accountants are telling other accountants about how to weather the pandemic economy.

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By CPA Trendlines Research
CPA Trendlines-Avalara Business Confidence Index

New readings from the CPA Trendlines-Avalara Business Confidence Index are unearthing a lot of good advice for firms venturing into the post- (let’s-hope-) COVID-19 world.

RELATED: SURVEY: Worries for Small Business Clients |  Busy Season Forecast: More Chaos   |  SURVEY: Drake Takes the Cake in Tax Apps  |  There Are 4 Types of Professionals  |   |  Pop Quiz: Can You Find $330,000 for Your Clients?   |  Remote Work Is Here to Stay   |  SALT: The Small Business Disaster Waiting to Happen   |   |  SURVEY: CPA Firms Reject Staff Vaccine Mandates

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In five nutshells:

  1. Adapt technology to virtual service.
  2. Innovate to deal with government tax and economic measures.
  3. Look for cloud-based apps accessible anywhere.
  4. Automate to stay competitive.
  5. Look for new revenue streams to replace older services.

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SURVEY: Worries for Small Business Clients

But they’re optimistic closer to home.

By CPA Trendlines Research

These are troubling times, no doubt about it. But despite the uncertainties of the COVID-19 pandemic, the Biden administration, Congressional turmoil, and disturbing events around the world, accountants are cautiously optimistic about the future of local business and the national economy.

MORE in SURVEYS & RESEARCH: Pop Quiz: Can You Find $330,000 for Your Clients? | Automation without Accountants | SURVEY: Your Favorite Desktop PC | Remote Work Is Here to Stay | CPA Firms Reject Staff Vaccine Mandates | SALT: The Small Business Disaster Waiting to Happen | SURVEY: Changed Rules Bust Busy Season

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Results from the CPA Trendlines / Avalara Accountants Confidence Index show deep concern for small-business clients, but generally hopeful that business will continue unchanged or get somewhat better over the next year to 18 months.
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Busy Season Forecast: More Chaos

Busy Season Barometer: 53% report a “worse” year, compared with 31% reporting “better.”

Ironically, the chaos translates into expanded business.

By CPA Trendlines Research

It was a pretty bad busy season for most of the nation’s tax preparers. COVID-19 was on the wane, but Congress was on the job, jiggering tax rules even as the season was underway.

And, now, with the prospects of a federal government shutdown and a multi-trillion-dollar spending bill, 2022 is shaping up to be deja vu all over again.

MORE in SURVEYS & RESEARCH: Pop Quiz: Can You Find $330,000 for Your Clients? | Automation without Accountants | SURVEY: Your Favorite Desktop PC | Remote Work Is Here to Stay | CPA Firms Reject Staff Vaccine Mandates | SALT: The Small Business Disaster Waiting to Happen |

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To be sure, a good number of accountants are assuaged by more clients and more revenue. But the CPA Trendlines Business Barometer finds preparers experiencing a long, tough slog.

On the frontlines (from left): Hochberger, Wright, Speed, Frazier, Widmann.

In all, 53 percent say they had a busy season somewhat worse (27 percent) or much worse (26 percent) than last year.

For some, it seems like a good time to call it quits. “Thank you for all the love and support,” says one firm’s auto-responder to incoming emails.

“As some of you may know, this past few tax seasons have been nothing short of chaotic, to say the least,” the three-office, North Carolina tax shop tells callers. “But I have enjoyed being able to assist each and every one of my clients.”

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SURVEY: Drake Takes the Cake in Tax Apps

Businesswoman working on laptop giving thumbs up sign… overall. But it has some shortfalls.

By CPA Trendlines

The annual tax software survey of AICPA members was kind of special this year.

MORE TECH: Zoom Tops Microsoft Teams for Now | Time to Buy a New Laptop? | Office 365 Users Targeted in New Phishing Attack | Accountants Are Losing the Technology RaceWhat’s Tops in Laptops

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Why? Because the tax year itself was kind of – to put it nicely – special.

COVID-19 and Congress were the culprits, of course. In a desperate attempt to keep the national economy afloat, Congress passed retro(ouch!)active tax relief – the American Rescue Plan Act – as the busy season was well under way.
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There Are 4 Types of Professionals

woman and man wearing masks, looking at laptopWhich one should you be?

By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice

Over the last decade with rising markets and the ranks of the wealthy swelling, it has certainly been possible to build a $5 million high-net-worth practice.

MORE: 16 Questions to Set Your Practice Goals | 6 Steps to Maximize Referrals | A High-Net-Worth Practice in Four Steps
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Even with soaring competition, using the very same approach as we are discussing, you could have consistently generated those kinds of revenues or better.

So, what is the difference today? The difference is COVID-19.
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