Now that small accounting firms are waist-deep in busy season (aren’t all seasons “busy?”), it was time for another conversation with James C. Metzler, CPA, Vice President of Small Firm Interests at the AICPA to get that mid-February pulse of the profession.
What’s running through the minds of small firm partners as they deal with the host of recent tax changes, resulting in a later start to busy season this year, can perhaps be summed up in two words: Stress & Opportunities. Shedding light on current challenges at small public accounting firms, Jim Metzler got out the floodlight.
With the accounting software changes that we all know about resulting in an even more compressed busy season, the ballgame has been altered a bit. While the ability to have those customary early-in-the-year client seminars, published documents and marketing initiatives became more challenging, plenty of possibilities still abound. “The first out the door wins lots of new clients,” commented Metzler, “and harnessing these opportunities is crucial. The ‘glass is half-full’ people will take advantage; the ‘glass is half-empty’ people will suffer.”
A tough road ahead? Certainly. But what are some of the positive steps that small firms are taking now to increase their chances of a smooth (to the extent that’s possible) busy season? “Setting realistic expectations with clients is key,” remarked Metzler, “and communicating to your clients that there will be more extensions as a result of these recent changes.”
The light at the end of the tunnel, post-April 15, focuses on additional ways to assist clients and produce new engagements, ranging from healthcare reform issues to wealth management services. “These non-financial measures taken now will pay off after busy season,” proclaimed Metzler. “This is a great time to mine the gold in your own backyard, but what has to happen now is initiating contacts with clients—and measuring partners and senior people in these activities. Accountability for getting out there and talking to clients…”
Be sure to read this post from November:
Making Sense of a Changing and Complex World
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