A business is defined by the value it creates for its customers. Your price speaks volumes about your value proposition, more so than any other component of your firm’s marketing. The business world pricing revolution began in the 1980s, when many of the Fortune 500 companies began to employ professional
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TOPICS
Firm practice management
Economic Outlook Improves
Optimism about the U.S. economy’s prospects improved sharply in the second quarter, but compensation freezes, layoffs and capital spending cuts are still on the horizon for about half of companies, according to a new survey of CPA financial executives. Nearly one-fifth of respondents were optimistic or very optimistic about the
Introducing the New Principles-Based Peer Review Standards
Editor’s note: G. William Graham is the AICPA Peer Review Board chair. The effects of the newly revised AICPA Standards on Performing and Reporting on Peer Reviews (Standards) will be far-reaching. They directly impact more than 30,000 firms enrolled in the AICPA’s practice-monitoring program. In addition, the revised standards
Client Communication After an M&A Deal – Sample Client Letters
The letters you send to clients announcing a merger or acquisition should reassure in order to retain. These samples suggest what to say to clients of the predecessor and successor firms: Letter to Clients of the Predecessor Firm Dear [client]: We are pleased to announce our forthcoming merger with ABC
Simplify and Improve Your Office System
Talk about pressure—and not just in tax season. Keeping office computer systems up and running in small and medium CPA firms is an enormous and unending responsibility. Without reliable computing and communication capabilities, your staff, your clients and your business are dead in the water. To mitigate the risk of
A Path to Financial Stability
A sound business strategy is important no matter what the state of the economy. As you work with clients to determine the best methods of surviving the recession, be sure to discuss the following critical points for seizing opportunities to refocus, contain expenses and reassure customers. Take a fresh look
Keeping It Together
Retirement, health issues for an owner, the desire to grow—all of these are reasons firms engage in mergers or acquisitions. Most firms decide to merge or acquire only after considerable analysis of financial and professional outcomes. Last month we gave general advice for ensuring a merger or acquisition goes smoothly.
A 2009 Tuneup for Your Firm’s Succession Planning
The pending retirement of the baby boomer generation and the unrelenting challenge of finding and keeping talented staff can have grave consequences for firms that fail to develop a succession strategy. With the AICPA’s 2008 PCPS Succession Survey showing that only 35% of multiowner firms had a written succession plan,
Be an “Energy Star”
For many business owners 2008 was a record year for energy costs. The Obama administration, while pledging to reduce greenhouse gas emissions 80% by 2050, has said that ‘energy efficiency’ is the cheapest, cleanest and fastest energy ‘source.’ Consider the following tips to make your business more energy efficient.
A Measure of Success
While we wish our colleagues at Bailey & Co., Snyder & Co., Harrex Group and Kennedy and Coe LLC every success, the article “The Firm of the Future” (Nov. 08, page 68) made it difficult to determine the firms’ outcomes which, ultimately, will determine their success or failure—profitability. The only
Mergers & Acquisitions of CPA Firms
Despite the best intentions of all involved parties, some CPA firm mergers and acquisitions are not as successful as originally planned; indeed, some end as failures. When viewed in perfect hindsight, it often seems that simple common sense, or lack thereof, was the reason for the success or failure of
Sample Sabbatical Program Policy
Here is a sample sabbatical policy based on actual policies used by firms: 1. Eligibility. All partners with five years of service will be eligible to take a sabbatical every five years. All managing associates with seven years of service will be eligible to take a sabbatical every seven years. Partners
Converting to IFRS
The SEC’s proposed road map for the potential use of IFRS in financial statements prepared by U.S. issuers could result in the mandatory use of international standards beginning in 2014, 2015 or 2016, depending on a company’s size. Under the plan, the SEC would decide in 2011 whether to proceed
Practice Management
A survey of 2,722 CPA firms revealed strong growth during the past two-year period but less progress in succession planning and professional training. According to the 2008 National Management of Accounting Practice survey, 75% of responding firms experienced growth ranging from 1% to 19% from May 2006 through June 2008.
Uniting the Global Profession
Robert Bunting became president of the International Federation of Accountants (IFAC) in November, beginning a two-year term. Prior to this, he was deputy president of IFAC for two years and has been a member of the IFAC Board since 2005. Bunting is a partner in Seattle-based Moss Adams LLP, where
The Virtues and Challenges of a Long Break
Some people do solo retreats for personal development. Others provide volunteer services. One CPA firm partner took his two adopted children back to their homelands—Korea and Vietnam—where his 21-year-old son was reunited with his birth mother, brother and sister after 14 years, and discovered he had six nieces and nephews.
Right Track Your CPA Career
Careers aimed toward excellence start with the recognition that every CPA is truly running his or her own personal firm. Whether they are in public accounting, government or private industry, everyone must make investments into their company to be successful. These investments provide extraordinary returns for the individual CPA as
Using IFRS to Drive Business Development
Inside the growing footprint of IFRS lies something many small and midsize CPA firms may be overlooking—rich opportunities for business development. IFRS-related work in the United States has largely been the domain of major accounting firms thus far. While national firms are filling many of the needs, there’s a large
Economic Crisis Resource Center Launched
The AICPA launched the Economic Crisis Resource Center, a Web site for CPAs that offers resources on navigating challenging economic times. The site (www.aicpa.org/economy) features more than 200 items, including articles on strategic planning, budgeting and forecasting; webcasts on credit and financing impacts; tools for minimizing the effects of a
New Statement on Quality Control Standards Effective as of Jan. 1
Statement on Quality Control Standards (SQCS) no. 7, A Firm’s System of Quality Control, applies as of Jan. 1, 2009, to a CPA firm’s system of quality control for its accounting and auditing practice. The statement describes elements of quality control and other matters essential to the effective design and
Features
SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
From The Tax Adviser
December 31, 2025
Practical tax advice for businesses as a result of the OBBBA
November 30, 2025
Digital asset transactions: Broker reporting, amount realized, and basis
October 31, 2025
