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Jason Deshayes , CPA Robert F. Butler CPA, P.C.

Jason Deshayes , CPA Robert F. Butler CPA, P.C. AICPA/PCPS Update: Top Issues for Firms. PCPS: Understanding the Issues. Practical solutions to help your practice RUN SMOOTHER. What issues keep practitioners up at night? What issues are shaping the future of the profession?

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Jason Deshayes , CPA Robert F. Butler CPA, P.C.

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  1. Jason Deshayes, CPA Robert F. Butler CPA, P.C. AICPA/PCPS Update: Top Issues for Firms

  2. PCPS: Understanding the Issues Practical solutions to help your practice RUN SMOOTHER. • What issues keep practitioners up at night? • What issues are shaping the future of the profession? • What are the priorities? • What are the opportunities? • What are the solutions to the challenges?

  3. 2009 PCPS CPA Firm Top Issues

  4. 2011 PCPS CPA Firm Top Issues

  5. Keeping up with tax laws and accounting standards, retention & growth, fee pressure and seasonality top the 2011 lists Slight shift in focus from client retention to client acquisition between 2009 and 2011 Human capital no longer the top issue — but still an issue — which is a temporary shift Firms with five professionals or fewer are less focused on succession, yet the most vulnerable PCPS CPA Firm Top Issues Bottom Line

  6. Keeping Up With A&A Standards

  7. Keeping Up With A&A Standards — TIC Alert • PCPS Technical Issues Committee (TIC) Alert • The TIC monitors technical developments that could significantly affect private companies and the firms that serve them • When standards are written, the TIC submits informed comments and recommendations in support of small-to-medium-size firms • Stay abreast of TIC activities

  8. Technical Toolkits Clarified Auditing Standards (effective December 15, 2012!) SSARS 19 Toolkit Keeping Up With A&A Standards

  9. Keeping Up With A&A Standards — Clarified Auditing Standards Toolkit • Available at aicpa.org/pcps/castoolkit

  10. Keeping Up With A&A Standards — PEEC/ARSC Changes to Compilation Standards • Changes definition of a compilation to “read and report” • Changes preparation of financial statements to a non-attest service

  11. Keeping Up With A&A Standards — Changes to PEEC/ARSC Compilation Standards • Resources available at: Interest Areas - Financial Reporting Center - Compilation Services

  12. Keeping Up With A&A Standards —New Mandatory Firm Rotation Resources • Talking points developed for practitioners to use in discussing mandatory firm rotation concerns • aicpa.org/pcps/mfr

  13. Keeping Up With A&A Standards —Private Company Financial Reporting • Private Company Council • Financial Reporting Framework for SMEs • Privately held small and medium enterprises • Less complicated, less costly • U.S. GAAP financial statements not needed • FAF supports as “important and complementary” • Exposure Draft —October 2012 aicpa.org/FRF-SMEs

  14. Keeping Up With Changes and Complexity of Tax Laws

  15. Keeping Up With Changes and Complexity of Tax Laws • PCPS Health Care Reform Toolkit • Strategy Checklist • Client brochures (Business and Individual) • Client PowerPoint template • All customizable

  16. Keeping Up With Changes and Complexity of Tax Laws • Fiscal Cliff —uncertainty in unresolved tax issues aicpa.org/fiscalcliff • AICPA’s Tax Section • Total Tax Insightstotaltaxinsights.org

  17. Client Acquisition and Retention

  18. Client Acquisition and RetentionChanging Landscape Today Advisory Before Transactional $ $$

  19. Client Acquisition and Retention • Move Up the Client Value Pyramid Virtual CFO Budget, business planning, business modeling, etc.. More CPAs are becoming outsourced CFOs for their business clients Controllership Services Monthly close, financial statements, cash flow analysis Client Value Pyramid Transactional Services Tax, write up, bookkeeping, A/P, payroll, etc..

  20. Client Acquisition and RetentionNew Service Opportunities • Attestation engagements —Statements of Control (SOC) reports • Consulting & advisory —Trusted Business AdvisorSM • State and local tax (SALT) compliance • Business process outsourcing —cloud computing • Forensic Services • Financial Services

  21. Client Acquisition and RetentionTrusted Business Advisor (TBA) 2.0 Workshopand PCPS TBA Consulting Toolbox • Make knowledgeable and confident presentations to clients • Demonstrate and price unique value • Ask the right questions to understand client concerns and priorities • Use core skills and evolve as clients’ strategic partner • Build strong relationships and earn clients’ trust

  22. Client Acquisition and RetentionYOU are the Value Online Video Workshop • Differentiate yourself from other CPAs so you can confidently present yourself to clients in a unique way.

  23. Client Acquisition and RetentionClient Advisory Board Toolkit Gain perspective and hear directly from clients about: • Client expectations • How the firm can improve • How the firm can cross-sell and add to its service offerings

  24. Client Acquisition and RetentionHow CPAs Grow Their Practice • Relationship —stronger bond with clients • Know your value and how to articulate it • Manage seasonal lows and revenue generation • Identify new services mix • Plan to make money

  25. Client Acquisition and RetentionPCPS Social Media Toolkit Toolkit includes: • Action Plan • Guidance —what, why and how • Sample policy, with policy writing tips • Guides for LinkedIn, Twitter and Facebook • Guide for blogging

  26. Client Acquisition and RetentionAICPA Tax Practitioner’s Toolkit – Communicate Your Value • Preparing Your Firm to Understand and Articulate the Value of Your Tax Services • Implementation checklist • CPAs vs. unlicensed tax preparers PowerPoint template • Engaging With Clients to Stay Top of Mind • Customizable client-facing brochures and PowerPoints • Tax blurbs for websites or newsletters • Promoting Your Firm to Attract New Clients • Print ads, Google AdWords

  27. Fee Pressure & Pricing of Services

  28. Fee Pressure & Pricing of Services • Demonstrate and communicate value • Reinvent the engagement • Step down service • Push work back to client • Use retainers • More and more firms are successful with retainers • Straight talk from the start • Consider specific fee language in your engagement letter • “The fee will not exceed $XXX” • “This service will cost $XXX at a minimum” • Evaluate your clients … fire “D” clients • Utilize the Client Evaluation Tool • Bill timely and demonstrate the value delivered

  29. Fee Pressure & Pricing of Services

  30. Human Capital

  31. Human CapitalPCPS Human Capital Resource Center

  32. Human CapitalPCPS Human Capital Resource Center • Highlighted tool – CPA Firm Competency Model

  33. Human CapitalPCPS Human Capital Resource Center • Highlighted resource – PCPS Human Capital Center Toolbox Series

  34. Succession Planning

  35. 2012 PCPS Succession Survey www.aicpa.org/pcps

  36. PCPS Succession Survey • 2012 PCPS Succession Survey (Multi-Owner Firms)

  37. PCPS Succession Survey • 2012 PCPS Succession Survey (Sole Owners)

  38. PCPS Succession Survey Recently Updated!

  39. Succession Planning —Best Practices

  40. Firms Today

  41. Firms Today2012 PCPS/TSCPA National MAP Survey • Covers key practice management issues and enables firms to: • Benchmark management policies and financial results • Gain strategic insights and guidance The National MAP Survey’s rich history makes it the leading benchmarking survey for CPA firms. See how your firm measures up using targeted and relevant practice management benchmarks including billing rates, chargeability ratios, compensation and other key performance indicators. aicpa.org/pcps/MAP2012

  42. Firms Today2012 PCPS/TSCPA National MAP Survey Survey Highlights • Firms are recovering • Not quite back to 2008 levels, but better than 2010 • A majority of firms experienced year-over-year revenue growth in 2012 • Partner compensation is on the rise after the belt-tightening of the downturn • Indications that larger firms are adding new partners for retention and in anticipation of retirements

  43. Firms Today 2012 PCPS/TSCPA National MAP Survey

  44. Firms Today2012 PCPS/TSCPA National MAP Survey

  45. Firms Today2012 PCPS/TSCPA National MAP Survey What’s Next? • Download the results at aicpa.org/pcps/maps2012 • Use the comparative data to pinpoint differences that are of greatest concern to your practice • Compare your firm’s figures • What stands out? • What areas need focus for improvement? • Implement changes • Align with strategic plan

  46. Firms TodayWhat We are Seeing • Fee pressure • Clients uncertain —sitting on cash —stuck in neutral • Staff turnover has returned —primarily to industry • Profitability —flat or up a little • Merger activity increasing —horizontal

  47. Firms TodayWhat We are Seeing • Signs of recovery in certain areas and growth in some industries • Firm rotation — issue with NFPs and government entities • Identify theft for IRS refunds is epidemic • Technology — cloud, security, privacy What are you experiencing?

  48. PCPS Communities Sole Practitioner’s Virtual Network Human Capital Networking Group Emerging Partner Forum Women in the Profession Small Firm Networking Group TBA Alumni Medium Firm Networking Group Large Firm Networking Group

  49. Thank You! Please Contact Us! aicpa.org/PCPS pcps@aicpa.org 800.CPA.FIRM nschamberger@aicpa.org jason@butlercpa.com

  50. Questions?

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