surveys & research

what cpa firm buyers want … and don’t

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woman with disapproval face.sellers, how do you compare?

by marc rosenberg
the rosenberg practice management library

many years ago, i was overjoyed that the managing partner of one of chicago’s largest local firms (long since merged out of existence) called me in for a meeting. today, i would have asked what the guy wanted to discuss before shlepping to his office. but 20 years ago, i was just happy he called me.

more: inside a partner comp committee | rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more | what smaller firms must do to become firms of the future | when managing partners can’t | don’t let exiting partners double dip | the 13 signs you have a partner problem | covid-19, adversity and innovation
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the managing partner proceeded to tell me that his firm was looking for smaller firms to merge in. i asked him what the parameters were for his search.
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why do you want to merge? be honest.

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then we can talk about how.

by marc rosenberg
cpa firm mergers: your complete guide

whether you’re looking to acquire a smaller firm, merge upward into a larger one or join forces with an equal, answering this basic question honestly and objectively is key to laying the groundwork for a successful merger.

more: four reasons to fear a merger
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the table below lists the main reasons that firms seek mergers. some of them benefit both buyer and seller. others provide the greatest advantage to one firm or the other, depending on the unique situation.
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cpa roi doa: why the next-gen accountant won’t be a cpa

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extinction ahead: the next generation of would-be cpa could be one of the last.

it doesn’t add up: college students doing the math say the cpa exam is too tough (54%) and too time-consuming (54%). (icpas)

by 卡塔尔世界杯常规比赛时间

is the cpa profession doomed to die out?

it’s too soon to say, but the signs aren’t good. the need for public accountants is bound to continue, but will there be accountants to fill that need? it’s already hard to find qualified, certified professionals, and a peek in the pipeline shows no improvement.

related: matt wilkinson: think small to think big | how to communicate your value  | payroll services rocket with u.s. economy | internal communication can’t be overlooked | top issues: talent, time, and transformation |  the disruptors: re-inventing accounting with tyler anderson |  making partner: the essential metrics |  stop complaining and start innovating |  staff retention for remote workers | 4 top communication habits  | how to measure partner potential  | staffing shortage cripples growth at 40% of firms | is it time to outsource?

more in recruiting  & talent management

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the aicpa has been warning us about this trend for several years. the aicpa trends report of 2019 saw bachelor’s, master’s and ph.d. accounting enrollments down four percent, six percent and 23 percent from the already low levels of 2018. meanwhile, the illinois cpa society reports that less than half of all accounting graduates even bother sitting for the cpa exam.

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eight quick, easy ways to fix irs filing

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well, “quick” and “easy” on paper. in real life at the irs, it’s different.

by 卡塔尔世界杯常规比赛时间

there’s always room for improvement—even (or, especially?) at the internal revenue service.

for one thing—or really eight things—the process of filing returns could stand a little fine-tuning.

the only problem is, changing some parts of the process require changing the tax code, and that requires congressional legislation, and that requires…well, no one really knows.

more tax: imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

here are the eight problems with the process of filing tax returns identified by the taxpayer advocate service—and just as many simple solutions.

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for a few: why busy season 2022 beats 2021

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one in four tax practitioners say they’ve learned from last year.

by 卡塔尔世界杯常规比赛时间

the 2022 卡塔尔世界杯常规比赛时间 busy season barometer isn’t turning up much optimism, but a good quarter of respondents are telling us that this year just might be better than 2021.

judging from their comments, however, “better” seems to mean “not as bad.”

more: your sales tax headaches are only just beginning  |  six fixable problems at the irs   |  irs under covid: heroes or goats?   |  irs loves e-filing. so why the barriers?  |  two big (and obvious) ways irs could work with practitioners   |  eight ways to charm a client | plug small leaks before they become big floods | you’re only as good as your last screw-up | four issues with ‘quick’ tax questions | when to pick up the phone this tax season | these five procedures will simplify your tax season | 11 steps to better client tax instructions

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

out of the 577 practitioners who’ve responded so far, only five percent said that this year is “much better” than last year, though another 21 percent granted that so far it’s “somewhat better.”

but that’s compared with 47 percent who say it’s somewhat or much worse.

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a tax season worse than 2021?

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you’re not alone. most tax practitioners report a tougher season than last year’s.

mostly worse: barely 1 in 4 accountants report improvements over last year.

by 卡塔尔世界杯常规比赛时间

so, how’s your busy season going? is everything fine and dandy?

or are you among the 47 percent of tax practitioners who are doing somewhat worse (34 percent) or much worse (13 percent) than last year?

more: six fixable problems at the irs   |  irs under covid: heroes or goats?   |  irs loves e-filing. so why the barriers?  |  two big (and obvious) ways irs could work with practitioners   |  eight ways to charm a client | plug small leaks before they become big floods | you’re only as good as your last screw-up | four issues with ‘quick’ tax questions | when to pick up the phone this tax season | these five procedures will simplify your tax season | 11 steps to better client tax instructions
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

on one hand, that’s less than half of everyone. on the other, you’d think nothing could be worse than last year.

but according to the 2022 卡塔尔世界杯常规比赛时间 busy season barometer, somehow it’s happening.

read more →

engagement letters require what and when

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woman holding paper at deskit’s no less true for cas than for anything else.

by hitendra patil
client accounting services: the definitive success guide

“people think of us (accountants) as the compliance agents – the necessary evil.”

more: look backward for your cas processes | make sure your differentiation is truly different | two tech approaches to cas | show your priciest cas package first | how cas drives virtual cfo billings | the roi on identifying clients for cas
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this sentence haunts me even today, after hearing it nearly 15 years ago from a multi-award-winning, highly experienced cpa.

perception!
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four reasons to fear a merger

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purple no. 4 billiard balland eight ways to tell that one was successful.

by marc rosenberg
cpa firm mergers: your complete guide

as a generation of aging baby boomer partners continues its relentless march toward retirement, thousands of firms are seeking the only exit strategy available to them: merge into another firm.

more:  12 shifts to ensure firm success |  eisneramper ceo explains the firm’s private equity deal  |  why it’s time for an acquisition  |  are you overthinking an m&a deal?  |  the 9 biggest merger pitfalls  |  will new taxes push you to cash out?  |  the managing partner’s role in mergers  |  inside a partner comp committee  |  making partner: the essential metrics  |  want to be a partner? meet these 17 expectations  |  five reasons not to make someone a partner  |  do you really need another partner?  |  six big mistakes in succession planning  |  new non-compete laws don’t affect cpa firms  |  evaluating the managing partner  |  what a firm needs from its leaders  |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

thus has a voracious appetite for mergers been created at all size levels, particularly:

  • sellers who are very small firms – sole practitioners (remember, 30,000 of the u.s.’s 44,000 cpa firms are solos, and a huge percentage of those are at an advanced age) and multipartner firms under $3 million
  • buyers with annual revenues of $3 million and larger

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inside a partner comp committee

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how buyout was affected.

by marc rosenberg
the rosenberg practice management library

we worked with a 10-partner cpa firm a few years ago to change their income allocation method from an incredibly complicated formula that was deeply flawed to a compensation committee (cc). we talked to the partner group recently to get their feedback on how things worked out.

more: rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

why did you adopt the cc? it embraces the fundamental concept that an accounting firm’s success depends on its partners’ production and intangible attributes such as management, leadership, mentoring staff, and teamwork, among others.
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turn process into profit

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pixelated blue text "workflow" on binary code backgroundit might be time for a new 80-20 rule.

by jody grunden
building the virtual cfo firm in the cloud

as a business grows, it becomes necessary to systemize the processes in order to increase the team’s efficiency and deliver a consistent experience for clients.

more: three keys to client file security | cybersecurity poses challenges for virtual firms | check the roi of new tools | is that shiny new software your best choice? | distributed firms need different tech suites | a tech stipend for employees? why not?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

one of the challenges that comes with creating systems can be getting every team member on board with the process you want to put in place. for example, joe may have one way of doing things, while karen does them another way and susie yet another.
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six fixable problems at the irs

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and the irs already knows what they are.

by 卡塔尔世界杯常规比赛时间

tax practitioners beware: the irs has become a mess of misinformation and missing information.

more tax: two big (and obvious) ways irs could work with practitioners  | imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

it’s isn’t a complete mess, but there are problems… and solutions. we can think of six no-brainer easy fixes. read more →

giving clients the best you’ve got

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what it looks like in black and white.

by ed mendlowitz
call me before you do anything: the art of accounting

we all use the cliché that we give the clients the best we got, but what does it really mean?

more: how to become a specialist | making sure the son got proper credit | 10 more reasons cpas quit public accounting | preparing for the worst (thanks to my wife) | why accountants quit | when cpas leave to work for a client | readers rip: ‘she wanted her shoebox back’ | how bickering can ruin a family business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i’ve written about value-added services and efforts we can do on behalf of our clients, but here is a different approach i have used.
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payroll services rocket with u.s. economy

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cpa firms expand by 6%. tax prep takes losses.

line graph
^ staff employment in payroll services

new highs in headcounts and hourly wages.

by beth bellor

there were bright spots in several sectors of the latest employment figures, but let’s get the ball rolling with the most gleaming: payroll services, which set a couple of new highs on the way to positive year-over-year marks in every measure but hours.

and by “positive,” we mean the likes of 16 and 17 percent.

more on staffing: the disruptors: re-inventing accounting with tyler anderson | stop complaining and start innovating | staff retention for remote workers  |  staffing shortage cripples growth at 40% of firms  |  is it time to outsource?   |  the six essential kpis for managing partners  |  competing for talent in a private-equity world  |  the great resignation: five reasons accountants are quitting  |  a tech stipend for employees? why not?  |  five ways to get staff to own their work

 goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

payroll services overall hit a new high of 192,300 employees, up 1,500, or 0.8 percent for the month, and 28,800 or 17.6 percent for the year.

those employees worked 35.8 hours, up 12 minutes or 0.6 percent for the month but down 2 hours 6 minutes or 5.5 percent for the year.

their earnings set a record at $40.53, up 20 cents or 0.5 percent for the month and $5.18 or 14.7 percent for the year.

read more →