Wednesday, July 15, 2009

Is Client Retention Your Biggest Concern?

According to the AICPA's 2009 CPA Firm Top Issues Survey, the most significant challenge facing CPA firms of all sizes across the nation today is client retention.

This certainly indicates how the economy is affecting business practices for accountants and other professional service providers.

The CPA Firm Top Issues Survey gathers information from a wide range of practitioners in five different size segments from sole practitioner to firms with over 21 professionals in an effort to get a snapshot of the most critical challenges facing AICPA members.

Marketing and practice growth reappeared in the AICPA's Top 5 issues list for the first time since 2005 across all five of the firm sizes that were surveyed.

Technical training standards and succession issues also topped the 2009 list. The top issues varied by firm size.

After client retention, tax law complexity and changes were top concerns for sole practitioners while partner accountability and succession planning are top issues for firms with more than 20 professionals.