Issues Trends Survey ETC - birmingham-mmg.org · Value pricing and value billing as a % of total...

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11/22/2019 1 Top Issues/Trends/MAP Case Study November 25, 2019 Carl Peterson, CPA, CGMA, VP – Small Firm Interests - AICPA 2019 PCPS CPA Firm Top Issues 2019 PCPS CPA Fi rm Top Issues Survey Sole practitioners 2–5 professionals 6–10 professionals 11–20 professionals 21+ professionals 1 Keeping up with changes and complexity of tax laws Finding qualified staff Finding qualified staff Finding qualified staff Finding qualified staff 2 Managing privacy / security risks Keeping up with changes and complexity of tax laws Keeping up with changes and complexity of tax laws Keeping up with changes and complexity of tax laws Retaining qualified staff 3 Keeping up with changes in technology and managing associated costs Managing privacy / security risks Seasonality / workload compression Seasonality / workload compression Managing work / life balance initiatives 4 Technical training of owners/partners and staff Seasonality / workload compression Managing privacy / security risks Retaining qualified staff Owner/partner accountability and unity 5 Seasonality / workload compression Developing and executing a succession plan Developing and executing a succession plan Managing privacy / security risks Seasonality / workload compression Managing privacy / security risks The Next 5 2019 PCPS CPA Firm Top Issues Survey Sole practitioners 2–5 professionals 6–10 professionals 11–20 professionals 21+ professionals 6 Client perception of value and willingness to pay for add’l work Keeping up with changes in tech and managing costs Retaining qualified staff (at all levels) Effective utilization & mgmt of staff Managing privacy/security risks 7 Leveraging technology to enhance client service Retaining qualified staff (at all levels) Keeping up with and implementing new acctg & attest stds Keeping up with and implementing new accotg & attest stds Fee pressure/pricing of services 8 Meeting clients' expectations and need for real-time information Keeping up with and implementing new acctg & attest stds Develop an entrepreneurial spirit among staff to enhance their client/industry- specific knowledge Client perception of value and willingness to pay for add’l work Modifying the firm’s business model to maintain relevancy into the future 9 Keeping up with and implementing new acctg & attest stds Leveraging technology to enhance client service Managing work/life balance initiatives Managing work/life balance initiatives Leveraging technology to enhance client service 1 0 Fee pressure/pricing of services Technical training of owners/partners and staff Keeping up with changes in tech and managing costs Lack of staff interest in being on traditional partner track Effective utilization & mgmt. of staff 1 2 3

Transcript of Issues Trends Survey ETC - birmingham-mmg.org · Value pricing and value billing as a % of total...

Page 1: Issues Trends Survey ETC - birmingham-mmg.org · Value pricing and value billing as a % of total revenues Supporting copy goes here, Arial Regular Supporting copy goes here, Arial

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Top Issues/Trends/MAPCase Study

November 25, 2019

Carl Peterson, CPA, CGMA, VP – Small Firm Interests - AICPA

2019 PCPS CPA Firm Top Issues

2019 PCPS CPA Fi rm Top Issues Survey

Sole practitioners 2–5 professionals 6–10 professionals 11–20 professionals 21+ professionals

1Keeping up with changes and complexity of tax laws

Finding qualified staff Finding qualified staff Finding qualified staff Finding qualified staff

2Managing privacy / security risks

Keeping up with changes and complexity of tax laws

Keeping up with changes and complexity of tax laws

Keeping up with changes and complexity of tax laws

Retaining qualified staff

3

Keeping up with changes in technology and managing associated costs

Managing privacy / security risks

Seasonality / workload compression

Seasonality / workload compression

Managing work / life balance initiatives

4Technical training of owners/partners and staff

Seasonality / workload compression

Managing privacy / security risks

Retaining qualified staff Owner/partner accountability and unity

5Seasonality / workload compression

Developing and executing a succession plan

Developing and executing a succession plan

Managing privacy / security risks

Seasonality / workload compression

Managing privacy / security risks

The Next 5

2019 PCPS CPA Firm Top Issues Survey

Sole practitioners 2–5 professionals 6–10 professionals 11–20 professionals 21+ professionals

6Client perception of value and willingness to pay for add’l work

Keeping up with changes in tech and managing costs

Retaining qualified staff (at all levels)

Effective utilization & mgmt of staff

Managing privacy/security risks

7Leveraging technology to enhance client service

Retaining qualified staff (at all levels)

Keeping up with and implementing new acctg & attest stds

Keeping up with and implementing new accotg & attest stds

Fee pressure/pricing of services

8Meeting clients' expectations and need for real-time information

Keeping up with and implementing new acctg& attest stds

Develop an entrepreneurial spirit among staff to enhance their client/industry-specific knowledge

Client perception of value and willingness to pay for add’l work

Modifying the firm’s business model to maintain relevancy into the future

9Keeping up with and implementing new acctg& attest stds

Leveraging technology to enhance client service

Managing work/life balance initiatives

Managing work/life balance initiatives

Leveraging technology to enhance client service

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Fee pressure/pricing of services

Technical training of owners/partners and staff

Keeping up with changes in tech and managing costs

Lack of staff interest in being on traditional partner track

Effective utilization & mgmt. of staff

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2019 PCPS CPA Firm Top Issues – Impact Over Next 5 Years

PCPS Update

Sole practitioners 2–5 professionals 6–10 professionals 11–20 professionals 21+ professionals

1Changing Client Needs Staffing Staffing Staffing Staffing

2Regulatory Environment

Changing Client Needs

Changing Client Needs

Changing Client Needs

Emerging Technologies

3 Competition Regulatory Environment

Regulatory Environment

Regulatory Environment

Changing Client Needs

4Emerging Technologies

Emerging Technologies

Emerging Technologies

Emerging Technologies Competition

5 Staffing Competition Competition Mergers / Consolidations

Mergers / Consolidations

MAP Survey Case Study

Filters

• Filters– Firm revenues 500K to 1M

– 1 or 2 Equity Partners

• Regions– Northeast 0%

– Midwest 100%

– South 0%

– West 0%

• Survey respondents– 65 firm respondents in filter range

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Major Service Lines

Tax, 71%

Audit/Assurance, 8%

Client Acctg, 14%

Advisory/consulting, 5%

Other, 3%

Firms Service Line with Highest Major Revenue %

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

Firm Revenues – Firm vs Firm Avg

Tax - Indiv., 49%

Tax - Business, 12%

Tax - Other, 1%

Comp/Review, 7%

Audit/attest, 0%

Client Acctg, 15%

Other, 10%

Case Study Firm

Tax - Indiv., 25%

Tax - Business, 20%

Tax - Other, 4%Comp/Review, 14%

Audit/attest, 14%

Client Acctg, 13%

Other, 10%

108 Firm Avg

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

Billing Protocols – Firm vs Firm Avg

Value, 25%

Hourly, 20%Fixed, 25%

Per tax form, 30%

Other, 0%

Case Study Firm

Value, 19%

Hourly, 41%

Fixed, 23%

Per tax form, 16%Other, 2%

108 Firm Avg

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

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716,352

585,913

650,000

788,945

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000

2017

Net Client Fees Earned

75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

4.00%

-1.00%

4.00%

8.00%

5.95%

-2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

2017

Net Client Fees % Change from Prior Year

Top Firms 75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

358,176

385,574

525,000

645,060

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000

2017

Net Client Fees per Partner

75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

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11

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143,270

113,885

142,460

176,798

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

2017

Net Client Fees per FTE Professional

75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

158,673

111,849

176,953

231,018

0 50,000 100,000 150,000 200,000 250,000

2017

Net Remaining for Ptrs/Owners

75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

Firm Expenses – Firm vs Firm Avg

Salaries, 30%

Pmt to retired ptrs, 0%

Retirement plan, 1%

P/R Tax & other, 6%

Occupancy, 14%

All IT, 17%

Other, 34%

Case Study Firm

Salaries, 50%

Pmt to retired ptrs, 2%

Retirement, 2%P/R taxes/other,

8%

Occupancy, 9%

All IT, 8%

Other, 22%

108 Firms Average

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

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16.47%

22.18%

32.32%

38.16%

31.50%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

2017

Salary (excluding ptr/owner) as % of Net Client Fees

Top Firms 75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

5.00%

3.00%

3.00%

5.00%

5.00%

0% 1% 2% 3% 4% 5% 6%

2017

Avg Annual Base Salary % Increase

Top Firms 75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

7.69%

4.16%

5.49%

7.51%

4.60%

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

2017

Office Rent as % of Net Client Fees

Top Firms 75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

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3.29%

3.37%

5.42%

8.09%

3.20%

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

2017

Software/Outsourced IT/Other IT as % Net Client Fees

Top Firms 75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

0

0

0

0

0

150

100

99

85

75

180

130

125

100

78

200

150

155

125

89

0 50 100 150 200 250

Equity Ptrs

Sr. Mgrs 8-10yr

Mgrs 6-7yr

Sr. Assoc. 4-5yr

Assoc. 1-3yr

Avg Hourly Rate by Position

75th percentile

50th percentile

25th percentile

Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

1,800

2,349

0

0

0

1,000

1,184

1,176

974

1,002

1,250

1,410

1,427

1,412

1,400

1,424

1,775

1,580

1,692

1,619

0 500 1,000 1,500 2,000 2,500

Equity Ptrs

Sr. Mgrs 8-10yr

Mgrs 6-7yr

Sr. Assoc. 4-5yr

Assoc. 1-3yr

Avg Chargeable Hours by Position

75th percentile

50th percentile

25th percentile

Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

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87%

113%

0%

0%

0%

48%

67%

41%

44%

61%

63%

75%

67%

72%

71%

82%

84%

77%

83%

79%

59%

69%

69%

74%

73%

0% 20% 40% 60% 80% 100% 120%

Equity Ptrs

Sr. Mgrs 8-10yr

Mgrs 6-7yr

Sr. Assoc. 4-5yr

Assoc. 1-3yr

Firm Utilization % by Position

Top Firms

75th percentile

50th percentile

25th percentile

Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

96,565

71,710

0

0

0

87,500

58,713

39,746

42,060

30,000

123,275

71,710

60,013

54,000

40,185

189,763

82,917

74,442

64,500

44,459

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

Equity Ptrs

Sr. Mgrs 8-10yr

Mgrs 6-7yr

Sr. Assoc. 4-5yr

Assoc. 1-3yr

Avg Compensation by Position

75th percentile

50th percentile

25th percentile

Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

86%

90%

97%

100%

75% 80% 85% 90% 95% 100% 105%

2017

Firm Realization %

75th percentile 50th percentile 25th percentile Firm

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

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Issues/Opportunities – Small Firm• Revenue service lines

– Heavy individual practice

• Billing protocols

• Technology leverage

• Staff burnout

– Average charge hours

– Realization vs Utilization

Revenue 500K – 1M 1 - 2 Equity Ptrs (65 firms)

Hourly-based billing as % of total revenues

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71%

81% 80%

86% 85% 85%90%

60% 59% 60%

76%80%

75%

63%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<$200k $200k<$500k $500k<$750k $750k<$1.5M $1.5M<$5M $5M<$10M $10M and up

2015 2017

PCPS MAP SURVEY

Value pricing and value billing as a % of total revenues

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40%

20%

10%

15%

10%

5%

0%

50%

40%

23%20%

15% 15% 15%

0%

10%

20%

30%

40%

50%

60%

<$200k $200k<$500k $500k<$750k $750k<$1.5M $1.5M<$5M $5M<$10M $10M and up

2015 2017

PCPS MAP SURVEY

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Growing demand for planning & tax advisory services

2 out of every 3affluent individuals say tax knowledge tops the list of

important considerations when selecting a financial adviser

(1st Global)

10,000baby boomers are turning 65

every day over the next 10 years

(Pew Research Center study)

CPA firms identified core areas of financial planning

as high growth niche services

(Accounting Today Top 100 Firms, 2018)

financial planning is growing2x faster

than tax preparation services alone(IBIS World )

$30 trillion baby boomer wealth

transfer over next 20 years(The Wall Street Journal)

15% growth in demand for personal

financial advisers(U.S. Bureau of Labor Statistics)

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Technology

Building a solution to support all assurance services

Dynamic Audit Solution

Under DevelopmentIn the Market

Dynamic Audit Solution

OnPoint PCR and RIVIO

Attestation and Advisory

Fully-integrated solution covering the suite of CPA assurance engagements:

Longer Term Vision

OnPoint PCR and RIVIO

OnPoint PCR• Content and

methodology for prep, comp and review authored into cloud platform

RIVIO• Secure digital

delivery of financial information

• Addresses challenges around centralizing and managing report issuance

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AICPA Watchlist

https://www.aicpa-cima.com/shaping-tomorrow/watchlist.html

BlockchainArtificial intelligenceRoboticsNatural capital concernsBanking evolutionQuantum computing

Go Beyond Disruption Podcasts

Weekly insights help you leverage disruption today to prepare you for tomorrow• Human intelligence: Will robots take my job?• Getting ready to be paid in crypto currency• Why RPA is for everyone• Tech trends to watch• The promise of technology

What tech will your firm of the future be leveraging?

What resources do you need to make that happen?

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Services

CAS practices are growing more than

2X the median CPA firm growth rate

Source: AICPA and CPA.com, CAS Benchmark Survey 2018

Client accounting advisory services (CAS)

Growing demand for planning & tax advisory services

2 out of every 3affluent individuals say tax knowledge tops the list of

important considerations when selecting a financial adviser

(1st Global)

10,000baby boomers are turning 65

every day over the next 10 years

(Pew Research Center study)

CPA firms identified core areas of financial planning

as high growth niche services

(Accounting Today Top 100 Firms, 2018)

financial planning is growing2x faster

than tax preparation services alone(IBIS World )

$30 trillion baby boomer wealth

transfer over next 20 years(The Wall Street Journal)

15% growth in demand for personal

financial advisers(U.S. Bureau of Labor Statistics)

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How do clients see financial planning?

If you do any combination of these, you are a PLANNER

Financial Planning Services

Tax

Estate

Education

Charitable

Retirement

Investments

Future-proof your services to individuals37

Who else is providing financial planning services?

Business owner

planning

Tax planning

Cash flowplanning

Estate planning

Retirement planning

Investment planning

Insurance planning

Cha

nnel

s

CPA firms

RIA

Wirehouse

Independent B/D

Insurance

Banks

Law firms

Service base –over 90% of practices offer this service

Established trend –Over 75% of practices offer this service

Developing trend –growing number of practices offering this service

Planning services footprint

Legend:

Internal analysis based on Ceruli’s U.S. Advisor Metrics

2016 report, internal data and other sourcesFuture-proof your services to individuals38

The PFP Certificates

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Retirement Planning Certificate

6 modules of online learning with 20 hours of CPE

• Retirement Planning Process

• Governmental and Employer Retirement Plans

• Personal Retirement Investments, Income & Expenses

• Analyzing Client Retirement Data

• Creating Implementing and Monitoring the Plan

• Elder and Special Needs Planning

Pass the online Proctored exam to earn the digital badge/certificate

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Estate Planning Certificate

8 modules of online learning with 19 hours of CPE

• Estate Planning Process

• Trusts and Estate Planning Documents

• Basic Estate and Gifting Strategies

• Advanced Estate Planning Strategies

• Closely Held Business Estate Planning

• Incapacity and Postmortem Estate Planning

• Integrating Estate Planning w/the Tax & Financial Plan

• Charitable Planning

Pass the online Proctored exam to earn the digital badge/certificate41

Investment Planning Certificate

8 modules of online learning with 18.5 hours of CPE

• Investment Planning Process

• Investment Data Gathering and Analysis

• Creating the Investment Policy Statement

• Portfolio Management

• Investment Vehicles and Strategies

• Investment Monitoring and Updating

• Integrating Investments with the Financial Plan

• Education Planning

Pass the online Proctored exam to earn the digital badge/certificate42

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Risk Management and Insurance Planning Certificate

8 modules of online learning with 20 hours of CPE

• Risk Management Planning Process

• Insurance Contracts and Needs Analysis

• Life Insurance

• Annuities

• Medical, Disability, and Property and Casualty Insurance

• Group Insurance and Employee Benefits

• Executive and Deferred Compensation Arrangements

• Financial Planning with Business Owners

Pass the online Proctored exam to earn the digital badge/certificate43

PFP Practical Applications Certificate

6 modules of online learning with 20 hours of CPE

• PFP Standards and Responsibilities• PFP Regulatory and Fiduciary Landscape• Personal Financial Planning Process• Cash Management Strategies• PFP in Practice, Part 1 and Part 2 (Case studies)

The digital badge/certificate will be issued upon completion of all 5 modules, no proctored exam is required for this certificate.

Sales training for the CVFI credential44

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What services will your firm of the future be offering?

What resources do you need to make that happen?

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Keeping up with change

Keeping up with changing tax laws/regulations

• Sec 199A flowchart

• Reform Guide

• TCJA Supplement

• Planning toolkit

• Planning letters

• Video/Webcasts

• Engagement ltrs

• Organizers

• Checklists

• Practice guides

• Podcasts

• Alerts

• Tax tech resources

• Tax issues FAQs

• Practice mgmt

PEEC Standards InterpretationHosting Services - Examples• Becoming the sole host of a client’s financial or non-

financial information system

• Serving as custodian for the client’s data in such a way that the client’s data is incomplete and accessible only through the CPA

• Providing business continuity or disaster recovery services to the client

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Hosting Services – Answers/FAQs• AICPA Professional Ethics Division

– FAQs: Nonattest services (As of February 25, 2019)

– AICPA is developing resources to assist CPAs in implementing the standard, scheduled EOY 2019

– Ethics hotline: [email protected]

• Ethics Podcasts

• Cathy Allen, CPA www.auditconduct.com

– JofA article authored by Cathy Allen

– Scenarios/examples that create hosting situations and examples that do not violate the standard

Upcoming StandardsOver the past six months, the ASB at the AICPA issued a number of new auditing standards:

• SAS No. 134,135,136, & 137

PLUS additional changes are coming due to accounting standards:

• Revenue Recognition

• Leases

• Hedging

• Credit Losses

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We’re here to help!

There are several tools and resources available:

• Financial Reporting Center (aicpa.org/frc)

• At-a-glance summaries, FAQs, news articles & more

• AICPA Technical Hotline (aicpa.org/research/technicalhotline)

• Provides non-authoritative guidance on accounting, auditing, attestation, and SSARS standards for AICPA members.

• Center for Plain English Accounting (aicpa.org/cpea)

• AICPA’s national A&A resource center, sponsored by PCPS. Additional membership required.

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Advocacy! Technical Issues Committee (TIC)

TIC is a committee of CPA practitioner volunteers working to represent the views of local firms and their clients in the standards-setting process.

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Analyze data

Detect trends

Collect data

Take action

Enhancing Audit Quality(EAQ) initiative

Free resources at aicpa.org/EAQ

• Risk assessment• Internal control• Documentation• Auditing accounting estimates• SOC reporting

What do you wish you had to keep up with changing reguationsand standards?

Staffing/Pipeline

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How should CPA licensure evolve?

Visit EvolutionOfCPA.org

CPA evolution

Technological innovation

New client and business demands

Changes to CPA core services

CPA EVOLUTION

EvolutionOfCPA.org

CoreBody of

knowledge

Compared to 1980, today there are:

3X as many pages in the Internal Revenue Code

4X as many accounting standards

5X as many auditing standards

Body of knowledge for newly licensed CPAs is growing…

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CoreCore

Demands of practice require deeper skillsets

• Critical thinking• Professional judgment/skepticism• Problem solving• Understanding of business

─ Systems, controls, risk• Data management and analysis• SOC engagements

Body of knowledge for newly licensed CPAs is growing…

Body of knowledge

CPA=CoreCOREACCT : AUDIT : TAX : TECH

POSSIBLE LICENSURE MODEL

• Strong core with accounting, auditing, tax and technology

• Deeper knowledge in three primary disciplines

• Reflects reality of practice• Adaptive and flexible• One CPA license• Enhances public protection

CoreCOREACCT : AUDIT : TAX : TECH

POSSIBLE LICENSURE MODEL

[email protected]

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What are the staffing needs of your firm of the future?

What resources do you need to make that happen?

International

International influences on practice management- IAASB (International Auditing & Attest Standards Board)

- IESBA (International Ethics Standards Board for Accountants)

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What else will your firm of the future need to think about…IFRS, Global Regulations, access to tools & information?

Other

Accounting Advisory Council Toolkit for Practitioners and Firms

PCPS Update

• Benefits for your firm

• Maximizing success

• Suggestions to improve or encourage change

• Advice on how to get involved or lead the formation at a local university

• Testimonials / interviews from active practitioners

aicpa.org/pcps/aac

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Succession Podcast Series

Exclusive content available only to PCPS members. Learn from Joel Sinkin, Terry Putney and Bill Carlino• Single Owner Series:

− Creating a succession plan

− Due diligence

− Valuation

− Maximize client retention

• Multi-Partner Series:

− How to admit new partners

− How to close your merger

− Internal succession and bench strength

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Go Beyond Disruption Podcasts

Weekly insights help you leverage disruption today to prepare you for tomorrow• Human intelligence: Will robots take my job?• Getting ready to be paid in crypto currency• Why RPA is for everyone• Tech trends to watch• The promise of technology

Small Firm Philosophy Podcasts

• Inside a virtual firm• Firm culture• Growing through M & A• Risk assessment• Series on value billing

• https://podcasts.google.com/?feed=aHR0cDovL2FpY3Bhc21hbGxmaXJtLmxpYnN5bi5jb20vcnNz&episode=OGQyYzZjZTExNWY4NGZiOTg5NjcyNmQzMTAzOWF

iZTU&hl=en&ved=2ahUKEwj_yuSE9a_lAhULbawKHVcpCo8QieUEegQIABAI&ep=6&at=1571748953391

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The Small Biz Brunch Podcasts

Introduce millennial all-stars – small business owners, entrepreneurs, freelancers – along with a cool, millennial CPA• Spooky small biz money myths• So you want to start your own small biz• Leaving your job and monetizing your passion• The financial side of work-life balance• Cryptocurrency and small business• Revenue recognition and small business

PCPS WebcastsWe’ve partnered with CPAFMA on MAPCasts!

• PCPS members can now attend at the CPAFMA member rate

• Topics covering current practice management, the latest trends, best practices and developments

• CPE eligible

• Registrants receive recorded session via email

• Learn more at https://cpafma.org/webcast.php

AICPA/PCPS Resources

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PCPS Web Tour

Firm Practice Management:• Resource Centers• Toolkits• Communications• Events, such as networking groups and web

events• Discounts on AICPA conferences and

publicationsAdvocacy• PCPS provides the small and medium firm

perspective to standard setters through its Technical Issues Committee (TIC)

Topics Overview:• Strategy & Planning• Practice Growth & Client

Service• Human Capital• Technical: Quality and

Services Delivery• Financial and Admin

Operations

Sign up online!Every other Thursday at 1 PM ET.

Share with others in your firm so they can learn more!

PCPS activities

• Small firm philosophy podcasts continue to be popular

• Firm practice management blogposts spotlight our resources

• 2019 ENGAGE was a big success• 2020 ENGAGE planning underway

Mark your calendar!

2020 ENGAGE

June 7 – 11, 2020

Aria Resort, Las Vegas

aicpaengage.com

Resources to help• Practice Growth & Client Service

• AICPA’s Tax Practitioners Marketing Toolkit

• Firm inMotion e-Toolkit

• Expand Service Offerings• Client Accounting Advisory Services:

CPA.com and PCPS CAS Benchmarking Survey

• Cybersecurity Assurance and Consulting

• AICPA’s Cybersecurity Resource Center

• PCPS Exploring Cybersecurity Toolkit

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Resources to help• Improve Turnover / Staffing Initiatives

• PCPS Diversity & Inclusion Toolkit –including a resource on Conducting “Stay Interviews”

• PCPS Mentoring and Coaching Guides

• PCPS Human Capital Resource Center

• Billing Practices • Trusted Client Adviser Toolbox

• Pricing Tool

• Overcoming Pricing Objections Tool

© 2019 Association of International Certified Professional Accountants. All rights reserved.

TOP ENGAGED CONTENT OF 2019Share these trending articles on your personal and professional channels.

PROFESSION ISSUES• Keeping pace in a tax environment that never slows. A blog highlighting proposed changes to

AICPA’s Statements on Standards for Tax Services (SSTSs). Click to share.

• Don’t overlook this crucial part of estate planning. An overview of how to properly help clients plan for the future and how the TCJA can impact estate planning. Click to share.

• Enabling finance as a business partner. An article about the value of integrated business planning (IBP) to support business growth. Click to share.

• #CPAPowered national awareness campaign. A series of short, humorous videos that highlight the value CPAs bring to small businesses. Click to share.

TECHNOLOGY

• The 5 questions CPA leaders should ask every week. An article about challenging your assumptions. Click to share.

• Watchlist for future finance innovators. A high-level review of technology that will revolutionize the accounting profession. Click to share.

HUMAN SKILLS

• Are you overlooking emotional intelligence in your career? A blog discussing how emotional intelligence can help you get ahead. Click to share.

• Your stress isn’t just affecting you; it’s hurting business. An article outlining tips on how to manage stress levels during busy times. Click to share.

ACADEMIC AND STUDENT INITIATIVES

FOR STUDENTS AND GRADUATES

• ThisWayToCPA.com and StartHereGoPlaces.com – explore career pathways in accounting and find support on your journey to the CPA

• AICPA Legacy Scholarships and AICPA Foundation High School Scholarship – learn about financial assistance for students committed to pursuing CPA licensure

FOR TEACHERS AND PROFESSORS• Accounting Education Center – get the resources you need, including curated course materials, faculty

award programs and a dedicated education newsletter

• AICPA Minority Doctoral Fellowship, Accounting Doctoral Scholars and William Ezzell Scholarship –discover programs and financial support for CPAs pursuing their Ph.D.

• AICPA Accounting Program for Building the Profession – access information about a training program and curriculum to teach advanced accounting courses in high school

• Student Engagement toolkit – access presentations, talking points and more to help inspire the next generation of CPAs

• Accounting Accreditation Practitioner Engagement Program – help increase practitioner engagement in the accreditation process by participating in this program with

Want to know more?

Sign up to receive our quarterly pipeline

updates.

© 2019 Association of International Certified Professional Accountants. All rights reserved.

Share these AICPA resources and programs with students, graduates, CPA Exam candidates and academics to support and inspire future CPAs.

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© 2019 Association of International Certified Professional Accountants. All rights reserved.

For more resources, click here.

Your clients want one source to address all their financial needs. Access these AICPA resources to help.

TOOLS• Analysis of a tax return – see tax returns through a new lens. Identify clients’ financial planning needs

• Personal finance scorecard – help clients see where they need your expert guidance

• Adviser’s Guide to Financial and Estate Planning – advise clients for different financial scenarios

• Sec. 199A flowchart – use this tool to determine the Sec. 199A qualified business income deduction

• Tax Technology Resource Center – leverage the latest insights and tools to embrace technology trends in your tax practice

RESOURCES TO BUILD OUT YOUR PRACTICE

• Roadmap to developing a planning and tax advisory business – learn steps to grow your practice

• Planning and tax advisory services hub – get the why, what and how of growing your firm’s advisory services

• Tax Practitioner’s Marketing toolkit – explain key tax topics and develop stronger client relationships

AND A FEW MORE RESOURCES TO FUEL YOUR KNOWLEDGE

• PFP Certificate Program – take the next step to fine-tune your expertise in financial planning

• Human Intelligence series – sharpen critical ‘human’ skills such as people management and decision-making

PLANNING AND TAX ADVISORY SERVICES

© 2019 Association of International Certified Professional Accountants. All rights reserved.

For more resources, click here.

Thriving in the digital era requires both digital intelligence and human intelligence. Access these AICPA resources to guide you.

INSIGHTS

• Human Intelligence series – sharpen critical ‘human’ skills such as people management and decision-making through our library of resources, including a new eBook

• Go beyond disruption podcast – hear how to leverage technologies including blockchain, data analytics, robotic process automation and more, to bring greater value to your clients or organizations

• Go beyond disruption videos – expand your knowledge about disruptive technologies and processes such as blockchain and automation with these short videos

LEARNING PROGRAMS

• Data analytics – discover tools and insights to help you build and implement data-driven strategies

• Blockchain – build your knowledge about this rapidly developing technology and its growing impact on business

• Robotic process automation – find out how to leverage RPA for significant competitive advantage

• Cybersecurity – learn what you should be doing as a non-IT professional to help protect your clients or organization from cyber threats

GO BEYOND DISRUPTION

PCPS References and Contact Information

• PCPS Firm Practice Management Center –www.aicpa.org/pcps

• PCPS email address – [email protected]

• PCPS Webcasts – www.aicpa.org/pcps > PCPS Events & Webcasts

• PCPS Hotline – 800.CPA.FIRM (272.3476) or 866.835.2938, option #2

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Thank you© 2019 Association of International Certified Professional Accountants. All rights reserved. This presentation’s images are subject to copyright protection and used under license from third parties.Do not use images from this presentation in other presentations or documents without first consulting with Legal. The use of copyrighted images outside the licensed scope constitutes copyright infringement and subjects the user to monetary damages and other penalties.

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