Expand Your CPA Practice as Opportunity Beckons

Monday, August 31, 2015 Print Email

According to the Koltin Consulting Group, Inc, CEO, CPA Allan Koltin, the accounting industry today has three emerging trends which make most CPAs wonder how their financial services can be integrated to their practices. These include:

i. Slowed growth in the work of audit and compliance

ii. Financial services getting to be a significant niche service for the 100 top CPA firms

iii. Clients with their CPAs seeking for one stop opportunities in shopping

These are discussed as:

i. Slowed growth in the work of audit and compliance

Due to software and technological availability, traditional revenue sources that generally result from accounting and tax practices have been wearing away. It is anticipated that the trend will continue way into the next decade. As per the Koltin Consulting Group, the work of audit and compliance projections is estimated at 0 to 3%. One may require developing fresh growth sources as well as income for your firm. While your practice is broadened to include services and products that were offered traditionally by companies in the finance and insurance services, you may discover that you can broaden your profitability and practice as well in other ways apart from billable hours.

ii. Become a Niche Player

Accounting Today found out that top accounting firms view financial services to be one of the most significant niche services that they can offer in growing businesses. Generally, businesses or people who need a CPA have got similar life insurance needs as well as related products for either meeting business or personal needs. Long ago, accounting professions and life insurance have in the past operated independently to each other. This has however changed today. Both professions have realized how valuable these resources are. One needs to consider what is brought to the table by each of them.

iii. One-Stop Shopping

According to the buying habits of consumers, it is evident that when they need trusted advice they consult CPAs. According to Colorado Business Journal, besides tax services at present, clients are happy in obtaining financial services from CPAs. Today, one is in a position of making choices on how financial services can be integrated to suit your practice.

Source: ReadyRatios

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