What the Results Mean for CPAs

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Some of the key takeaways from the survey include:

  • Firms have put the economic crisis behind them. Not only did client retention move out of the top five issues for firms with 2-5, 6-10 and 21+ professionals this year, but fee pressure/pricing and client collections, which were concerns for many firms in 2011 and 2013, also moved down the list and out of the top five for all firm sizes.
  • Tax law changes and complexity and workload compression remain burdens for the smallest firms. They are perennially among the top five issues for firms with five or fewer professionals.
  • Remember when scrambling to find great staff was a major concern? Those days are on the horizon, if not here already.
  • Firms that have not begun concentrating on their transition to new ownership or leaders would be well advised to do so as baby boomers head into retirement and as strong M&A activity changes their local marketplace.
  • Both large and some smaller firms are thinking about partner unity and accountability. Many firms weathered the recession by tightening up expectations for partner contributions and standardizing their procedures to maximize efficiency. Those have turned out to be smart management choices and firms appear ready to stick with them even though the downturn is over.
LAST UPDATED 7/24/2013