Not surprisingly, the economy ranks high on the list. However, it is not all gloom and doom, new data from the American Institute of Certified Public Accountants (AICPA) show. The CPA firms surveyed reported that the biggest issues confronting them as a result of the economic crisis are strains on accounts receivable and revenue reductions because of client attrition and fee pressure. Twenty-four percent of sole practitioners, 19 percent of firms with two to five professionals, 18 percent of firms with six to 10 professionals, and 22 percent of firms with 11 to 20 professionals said the current economic situation has had no impact on their business. More than 10 percent of CPA firms with 10 or fewer professionals are actually seeing additional client opportunities because of the recession.
Interestingly, CPA employment is expected to remain steady with 83 percent of sole practitioners, 75 percent of firms with two to five professionals, 56 percent of firms with six to 10 professionals, and 49 percent of firms ranging from 11 to 20 professionals expecting no increase or decrease in staffing. The complete results of the AICPA’s 2009 CPA Firm Top Issues Survey will include information on client retention, succession planning and marketing to new clients; all great areas of insight for BV experts in need of ideas to emulate.
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