Hot Topics in Practice Management at AICPA Engage

AICPA Engage
Seth Fineberg
Managing Editor
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One simply doesn’t attend a conference to remain the same. This is something I’ve been saying for years, and with that in mind, change often starts at most basic firm level.

But what exactly makes the most sense to change? This was a core issue addressed this week at the AICPA Engage conference, in a session entitled “Hot Topics in Practice Management.”

Lead by Lisa Simpson, CPA, associate director of firm services in the AICPA’s PCPS group, and Carl Peterson, CPA, vice president of small firms at the AICPA, the two offered attendees a peek at some of the top issues bearing down on small and large firms.

They stressed that the key factors for firm success at all levels begins with: 

  • Changes in structure, strategy, and business model.
  • Use of technology.
  • Client relationship building.
  • Staff development.

And change they must if existing businesses wish to survive over the next several years, and the approximately 12,000 sole practitioner-owned firms that are getting ready to exit the business wish to sell or pass on something of value.

On the transition note, Simpson quoted some PCPS study numbers that found 56 percent of firms do not have a written partner agreement for succession, and 93 percent of sole practice owners do not have a practice continuation agreement.

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Jun 15th 2017 03:01

Lisa Simpson and Carl Peterson clearly "get it". Innovate, quickly adapt, or expect really bad things. The "stoic" CPA firm is dying....quickly. The time to embrace change is now!

Thanks (2)
to JamieEllisCOO
Jun 15th 2017 18:19

Thanks Jamie. A lot of what they said was based on recent survey work, but it serves to support the change element that has been a specter over the profession for several years now. Want to sell? What exactly is the value of your practice? Where is your plan? Want to stay in business? What are you doing to retain and attract clients?

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