April 19th, Now What? and The 2 words on most CPA leaders’ mind
April 2015 -
Dear Friends and Colleagues,
Tax season Part I for 2015 is history.
Kind of amazing how the profession has changed in the sense of becoming busy almost all year.
I don't mean to minimize the effort and stress of year-end tax and financial reporting, but the number of other "hard" deadlines has proliferated over the years including specialized industries and international filings to name a few. I was speaking with a partner friend who was sharing that the pace doesn't really slow till after June 30th when there will be a little respite until the September and October crunches.
It's good I suppose in the sense of more year around work, but not so much in that so much of the work is compliance/government regulated. Is this just a sign of the times due to government need for more taxes and harnessing more information about you and your business?
My personal opinion is yes... and that is certainly not all that productive. I have wondered at times why practicing CPAs don't meet more often with clients and end up realizing more advisory and consulting type of engagements. The need is clearly there in areas like exit strategies for business owners, family personal financial planning, elder care issues and much, much more. The problem is finding time to inquire about and engage that work, which I suspect most feel the same way... it's more interesting and easier to get paid!
Which leads me to part two of this missive.
What are the two words on most CPA partner leaders' mind? It could be:
Thank God (it's over)
But they aren't. The words are simply
Recruiting and Retention
Much more so than in years past, I have had calls from CPA firm owners during tax season and even including April 14th and 15th on these topics. Common refrains have been:
- Business is better
- Need people at most levels including:
- New positions
- Some replacements
- Not enough market-facing partners
- How to keep the stars/future partners
With the right people in the right jobs and a commitment from the top, perhaps more of the advisory and consulting work can be captured resulting in more revenue, profits and professional satisfaction!
For now, take a deep breath and enjoy this nicer weather, finally!
If you would like to discuss this or any other issues related to your practice or career, please don't hesitate to contact me. My direct line is (212) 490-9700. Or email me at email@example.com. Absolute confidentiality always assured.