Challenges Facing Today's CPA
The unique challenges experienced today are unlike any of those you have faced in the past.
- Commoditization of Core Services - The industry refuses to address the issue, but let's face it: 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. In turn, fee pressures on small CPA firms continue to increase, while margins decrease.Â What is the result?Â CPAs with traditional practices have to work harder every year for virtually the same revenue.
- Greater Client ExpectationsÂ - 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 that are sensitive to their clientsâ€™ needs understand that focusing solely on traditional services isnâ€™t enough. Many of your clients desire in-depth business consulting and wealth management oversight.
- Time ConstraintsÂ - Demands of clients, staff and technology can often drain your energy and take over your life. Instead of your practice serving you, you find yourself serving your practice â€“ the tail wagging the dog.
- Lack of Personal Enjoyment -Â FACE IT: Our industry isnâ€™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 small CPA firms, the tyranny of the urgent has crushed the opportunity for growth. Too much energy is directed towards simply maintaining the practice at tolerable work levels.
- Recruiting Difficulties - Small firms face the ever-growing challenges of recruiting, training and keeping qualified talent. The hiring and retaining of good employees is imperative for your practice. The network can help by providing you a way to control this issue through the use of our collaborative cloud.
Year after year fighting deadlines, constantly playing catch-up, managing ever-increasing fee pressures from clients, all the while still determined to improve your practice the following yearâ€”yet nothing seems to change.