MAP Breakfasts Gather Leaders to Discuss Top Issues Impacting CPA Firms

More than 30 CPA firm leaders are gathered at the Richmond CPA Center this morning to discuss top issues affecting firms. It’s this year’s second Virginia Society of CPAs (VSCPA) Management of an Accounting Practice (MAP) Breakfast, the first of which was held yesterday morning in Northern Virginia.

On the agenda? The results of the latest American Institute of CPAs (AICPA) Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey.

The discussion has been great this week. Here are some of the highlights:

• Staffing has been the dominant issue for many firms over the last decade, but for the first time in several years, staffing isn’t the number one issue in the PCPS CPA Firm Top Issues Survey. For sole practitioners, tax complexity isn’t the number one issue, as it has been in recent years. Although results varied based on firm size in the last survey, conducted in 2007, the 2009 survey now has the same top issue for all size firms — client retention. No doubt the economy has something to do with this result. Other common issues include technical complexity, succession planning, marketing to new clients and human capital.
• Based on the results, most firms, no matter size, felt the recovery won’t start much before 4th quarter 2009 with the majority being in 2010.
• Across all sizes and categories, firms expect A/R strain and reduction of revenue will most impact them.

Learn more about the survey results online at www.vscpa.com.