accountants share where to find the opportunities.
by 卡塔尔世界杯常规比赛时间 research
service lines are the life-sustaining arteries of every cpa practice. nobody can offer all possible services. you have to pick and choose. the trick is to go where the opportunities are.
the 卡塔尔世界杯常规比赛时间 outlook 2024 survey on emerging issues, opportunities and trends is asking which service lines will give you the most opportunities next year.
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we’re seeing predictable preferences for the traditional tax work, bookkeeping and business advisory, with substantial numbers for client accounting services.
we’re also seeing surprises.
surprising lows are audit & assurance, tech advisory, and cash flow management.
what’s most interesting are some of the reasons – the reasons that can help firms decide where they want to go next year.
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71 percent still see opportunities in tax prep and planning … but only 17 percent see opps in state and local taxes.
derrick winke, with a firm in troy, mich., is sticking with tax work because “individuals and businesses need professional help and advice.”
john “skip” sullivan, jr. does tax work because that’s his skill. he has a master’s degree in taxation.
dean saul, an enrolled agent, is leaning toward the planning side, telling us “income tax and planning because of the ‘commercialization’ of tax preparation; exhibiting high-tech and high-touch professionalism.”
- only 15 percent are likely to dive into pfp/wealth management.
for darek koleda, wealth management is where the money is. he says, “better fee structure and compensation model for work most accountants do anyway and give it away for free.”
somebody else explains that “wealth management is a different kind of stress, but no deadlines.”
opportunities in opportunity
- 43 percent say they can pick up more business in bookkeeping and write-ups.
an anonymous respondent explains that “bookkeeping – everyone needs it. it is the starting point for all information used for a business or a person.”
brian t. metzger, a principal with grizzle, glenn, adams & martin down in hartwell, ga., takes that notion one step farther, seeing opportunities in opportunity. “bookkeeping / write-up,” he notes, “if done correctly, can lead to other opportunities. if done poorly, it can cause bottlenecks and frustration.”
- 50 percent are offering more business advisory and consulting services.
kelli k. cox, with cgc in redding, calif., explains that “in our model, business advisory would combine full service compliance with advisory, making us a one-stop shop.”
- 44 percent are expanding client accounting services.
for sylvie cote-hasegawa, with strategis cpas and consultants in lutz, fla., accounting work pays the best. “it helps even out the work throughout the year,” she explains. “it avoids getting useless information for a tax return done at the most crunch time of the year.”
and maybe the shortage of professional staff can be advantageous. somebody says, “the shortage of accountants available to our clients has led them to turn to us for more assistance.”
- ten percent are going to offer cash flow monitoring and management.
though not many respondents see opportunity in cash flow management, lisa a. wollersheim sees the economy opening opportunities in that area.
“i am getting lots of requests from clients to help them with cash (forecasting, what to spend on and when, how to fund purchases, etc.),” she says. “most of my clients are fine currently with cash, but they are not expecting things to stay that way.”
some other areas of opportunity:
- financial statements and reports: 22 percent
- payroll processing and compliance: 19 percent
- audit & assurance/comps & reviews: 17 percent
tax resolutions
the survey didn’t specifically ask about tax resolution, but phillip brown says that’s going to be a big service line because “the irs is ramping up enforcement and many people with non-filing or underpayment issues will be coming forth needing services.”
with the economy growing and diversifying, with the accounting profession changing in a number of ways, cpa firms are adjusting service lines to meet their clients’ needs as well as their own.
which service lines do you think will offer the most opportunities next year? visit the outlook 2024 survey and contribute your thoughts.