Busy Season 2014: What Lies Ahead

Source: Public Practice 

In this article, Rick Telberg reports findings of the CPA Trendlines Busy Season survey of accountants across the United States. Following are highlights of the 2013 survey results:

• A majority of accountants surveyed are optimistic about the 2014 busy season – at least relative to last year's “worst tax season ever.”
• Because many CPAs have learned lessons from last year and are applying new strategies, the upcoming busy season has the potential to be especially competitive.
• Common strategies to increase revenues and profits include 1) raising rates, 2) letting go of difficult, unprofitable clients, 3) increasing efforts to acquire new clients, and 4) gaining additional revenue from existing clients whose needs are becoming more complex.
• General strategies CPAs will apply this year as a result of lessons learned last year:
  • Manage clients – Help clients develop appropriate expectations, start working with clients earlier, and utilize portals and electronic communication.
  • Business development – Increase marketing, but spend less. Depend more on social media and online options.
  • Technology – Use the cloud, and paperless and integrated systems, to be more efficient and reduce turnaround times.
  • Staffing – Get additional staff early, and invest in staff training.
  • “Obamacare” is a concern as well as a possible benefit for CPAs. The uncertainty it is causing may slow business activity, but it may also bring additional business because clients will need help figuring out the new law. 

For the complete article, read “Busy Season Outlook: Tough, Competitive and Uncertain.” 

From Public Practice, Texas Society of CPAs, December 2013, http://www.tscpa.org/.