why would you not?
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i do not belong to the njscpa and see no value in it. what are the benefits if i am a sole practitioner and just starting out?
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response: i belong to the aicpa, njscpa and nysscpa, feel strongly about supporting these societies and believe it is a responsibility of professionals to do so.
i am also active in these three organizations, in different ways and not always at the same time, although i have never been on the board of any of them.
the societies offer many benefits just by existing, and many more for those who participate. their presence informs the public that there is oversight over the performance, training and validity of the professional designations.
they also publish journals, offer continuing education programs, have committees that can provide support to members with questions about issues they are not familiar with, and organize member chat and question forums, all permitting the sharing and exchange of information.
the societies also look out for any proposed legislation that could affect our practices, and make available membership directories to the public. active participation is a way to give back to the profession. people sharing help those coming after and is a form of repayment to those who helped them.
on a more selfish basis, participation enables meeting other professionals with similar practices and concerns, allowing you to discuss problems and not feel alone. many times practice mergers and sales occur though this participation.
there is also committee service, which is an easy way to enable you to share what you know while learning more about areas you are interested in. so too with giving speeches and writing articles. other times it is helpful when you meet people who mention their accountants and when you are able to indicate you know them, it elevates you in their eyes.
also you may either get a new client or lose a client and will interact with the other accountant. knowing them can ease any discomfort and facilitate the
exchange of information.
i get many calls from practitioners asking me how they could go about merging or selling their practices, or looking for experienced staff. i am appalled about how many of these callers do not know any other practitioners because they do not participate in any society activities nor do they take advantage of society cpe where they will meet other cpas because they found “cheaper ways of getting their credits.” (cpe is another area i feel strongly about, but not today!)
when i consult with business clients who want to sell, one of the first things i ask about is the possibility of their speaking with a competitor who i feel is the most likely purchaser. the same applies to cpas who call and when they tell me they do not know anyone, i know the price they will end up with just dropped.
we have a license to practice and it is our duty to keep it valuable. belonging to societies is an important way to accomplish this.
i have many stories about the direct benefits of my participation, and will share one right now. when i had my nyc practice, voluntary peer reviews were new and we did not care to spend the money to get organized enough to subject ourselves to them.
when peter and i formed our firm in 1988 we decided to get peer reviewed as quickly as possible. we were new and felt that because we were just starting out, we should adopt the most current and best policies and procedures.
about a year after we started, we scheduled a peer review through the aicpa pcps division. we got it done, passed and that was that.
a few months after that we received a letter from a manufacturer saying they were looking for a new cpa and asked us to call if we were interested. we called right away, met with them and got their account. they immediately became our third largest client! i asked them how they got our name and were told that the controller contacted the aicpa for a list of accountants and was sent the pcps membership directory. they then contacted every firm within a half hour of their office, and we were the first to respond.
they liked us, and we got the client. membership pays!!!