The CPA’s Main Challenges:

Commoditization of Core Services – CPAs are experiencing the commoditization of their traditional services due to competition and technology. Clients want more and want to pay less for it. Clients perceive work such as filing tax returns and performing accounting functions as low-value services in this Do-It-Yourself economy. The price-driven competition continues to increase, and fee pressures on small CPA firms keep growing, while margins decrease.

Greater Client Expectations – The public continues to expect you, as their CPA, to know more, do more, and be the source of answers and information for a broader array of issues. Clients continue to expect inexpensive traditional core services, while seeking advice from you in a multitude of other areas.  CPAs sensitive to their client’s needs understand that focusing solely on traditional services isn’t enough – many of your clients desire in-depth business consulting and wealth management oversight.
 
Time Constraints – Demands of clients, staff, technology, and completion can often drain our energy and take over our lives.  Instead of your practice serving you, you find yourself serving your practice – the tail wagging the dog. You went into business to pursue the American dream, but in reality find yourself on a never-ending treadmill – overworked and underpaid. 

Lack of Personal Enjoyment -  FACE IT: Our industry isn’t as fun as it used to be. Too many CPAs find themselves working harder but enjoying it less. Satisfaction has become a scarce commodity.

Growing the Practice - Within many CPA firms, the tyranny of the urgent has crushed the opportunity of growth. Too much energy is directed towards simply maintaining the practice at tolerable work levels.

Recruiting Difficulties - Small firms face the ever-growing challenge of recruiting and keeping qualified talent. The hiring and retaining of good employees is imperative for your practice.
Outsourcing: Sending tax returns overseas – good or bad? Learn how to capitalize on this expanding trend.