Templeton Solutions Blogs

The Growth Platform for CPA Firms

By: Steven Templeton, CPA, CVA, Managing Partner

I entered the accounting profession more than 35 years ago.  While many things have changed over the years, one thing remains constant: CPA’s are the trusted advisor of choice for mid-market America.  I am constantly impressed by the high level of professionalism almost universally delivered by CPA’s.  They genuinely care about their clients, act with a high level of integrity, develop young staff, and get involved in their community.  When clients need help with a myriad of issues, they naturally turn to their most trusted advisor, their CPA.  Not that the CPA knows everything, but they know he or she will compassionately listen to them and give them common sense feedback.

Yet, there is no doubt that the winds of change have come.  Without sacrificing all that is good with our profession, CPA firms have become business enterprises.  Mega firms have emerged across the country over the past 15 to 20 years and technology is the enabler.  The names of the top 100 accounting firms in the country have changed dramatically due to mergers, acquisitions, and the rapid growth of the “upstart” firms.  And this trend continues as there seems to be a renewed emphasis on new business acquisition.

Now that the Sarbanes-Oxley “glory days” are over, the largest accounting firms focus their attention on re-growing the consulting tail, and are even eyeing the mid-market as the next growth opportunity.  Competition for great clients in the mid-market space is fierce indeed.  However, the CPA profession, while taking advantages of the latest technologies, must never lose sight of our characteristic traits: excellent, caring client service.

So what should we look for as we embrace current technology to enhance our productivity and support our firm growth while enabling client intimacy?  If productivity is defined as “empowering people to be more efficient and effective with their time and resources at work and at home,” the following must be considered:

• A single database and access point
• Outlook – anytime and anywhere
• In the cloud computing
• Mobile access
• Client portals
• Robust, easy to use marketing and business development capabilities
• Standardized workflows
• Social media connectivity

These technologies must be leveraged to support a growing CPA firm’s culture, vision and strategies.

The best practice is for firms to explore and embrace technologies that will:

• Deliver a rich client experience
• Facilitate sharing of knowledge across practice groups and geographies
• Allow CPA’s and their people to work together when and where they prefer
• Provide dashboards for key performance indicators
• Enable firms to rapidly assimilate merged or acquired firms on a common platform      

Thoughtful CPA firm leaders are considering how to make their firm a sustainable growth platform that can comfortably provide for partner retirement as well as incent and motivate their younger professionals for a rewarding and financially successful career in their chosen profession by giving them the tools they need to take the practice to the next level.

To learn more about our solution, visit www.tcpracticemanagement.com or email info@templetonco.com.