Rick Telberg's Insider: CPA Firms as Business Incubators
July 12, 2000 (SmartPros) — Business incubators, those hothouses of entrepreneurial fervor and investment, have been springing up across the nation. But they're nothing new to many accountants.
In fact, accountants have long been pioneers in making their own firms into test labs for ingenuity.
In Nashville, Tenn., for example, Kraft CPAs says only half of the firm's clients are actually clients of the core CPA firm. The rest buy from the Kraft Technology Group (a computer consultancy), or Second Generation Capital (merchant bankers), or Centennial Valuation Group (for asset and business appraisals), or the Kraft CPAs Employee Benefits Team (for qualified benefit plans). When the units get healthy enough, they get spun off, like the HR Group did last year.
You'd hardly think that the firm is 42 years old. "Everything we do within the firm is to meet the needs of our clients," Kraft chief Vic Alexander says. "If our clients have these needs and we don't meet them, the competition will."
What's next? Maybe a division to handle eldercare services.
Here's another example: BDO Seidman is spinning-off its e-business consulting practice as WaveBend Solutions LLC. The unit, which was launched in 1995, saw its revenues grow 51 percent last year. WaveBend's clients include Barnes & Noble, DaimlerChrysler, and Northrup Grumman. Although a separate entity, WaveBend will continue to deliver e-business services to BDO Seidman clients and will continue to have access to the BDO International consulting practices.
"We believe that by spinning-off the Business and Technology Solutions consulting practice into a separate entity, we can unleash this practice from the constraints that are often associated with traditional accounting firm partnerships,'' said Denis Field, chairman and chief executive officer of BDO Seidman.
The entrepreneurial bent at BDO must be working. Field yesterday announced revenue for the fiscal year ended June 30, 2000, of $408 million, a 37 percent increase over last year’s level. The revenue jump was led by growth in the firm’s taxation, technology and specialized services business lines.
Or take Deloitte & Touche: The London branch of the firm has confirmed that it would float its CSL outsourcing subsidiary early next year in an initial public offering worth up to $500 million. A wholly owned subsidiary of Deloitte's British partnership, CSL had profits last year of about $15 million on revenues of about $250 million, mostly from streamlining government agencies. But it has work in the pipeline of over $1 billion and must go public to make the acquisitions it needs to scale up. Deloitte acquired the unit in 1993 when it was spun off by the government.
Big Five firms are complaining that independence-minded regulators are forcing them to break up their practices. And maybe that's part of the story. But CPA firms seem today to be merging and de-merging, acquiring and divesting, dissolving and re-forming at a pace unheard-of in the past.
Monday, July 03, 2000
Accounting Education Gets Blame
by Rick Telberg
July 3, 2000 (SmartPros) — Some college accounting professors appear to be poised to recommend that accounting education and recruitment begin in high schools. While none of the supporters of the idea asserts that it's the only remedy for the profession's brain drain, it has stirred some passion and debate.
The proposal was aired by W. Steve Albrecht, associate dean at Brigham Young University. Along with professor Robert J. Sack of the University of Virginia in Charlottesville, Albrecht will present the findings of "Strategic Thinking on Accounting Education for the 21st Century" in August at the American Accounting Association annual meeting in Philadelphia.
"Steve and Bob are correct in the causes of the decline but I don't like their recommendation at all," commented Ed Ketz, an outspoken professor at Pennsylvania State University. "One thing they leave out is that academics are mostly Ph.D.s trained in financial economics. Many have no experience. The problem that this causes is that they don't appreciate the changes in practice. And consequently they don't care about changing the curriculum. Changing the teaching of accounting in high schools is ridiculous. The vast majority of my accounting students never took accounting in high school, and I suspect that this true for other schools as well. I sure didn't. The high schoolers tend to be weak students who couldn't get into college."
"The issue is the value of the services," says Bob Elliott, chairman of the American Institute of CPAs, a top executive at KPMG and one of the profession's true visionaries. "If it doesn't rise, we can't charge clients more and therefore can't pay CPAs enough to attract them away from information systems."
"Why is the value down relatively?" Elliot asks. And answers:
· "We are functioning at the middle of the information value chain (the production of information), not at the top (the use of information to create wealth), where the high compensation is." His solution: move up the value chain to consulting services.
· "We are auditing financial statements of declining relevance (backward-looking, annual balance sheets filled with the tangible assets of the industrial revolution, not the intangible assets of the post-industrial world)." His solution: refresh the accounting model. "That's the FASB's job, and they're working on it, though too slowly," he says. The profession must "move toward more frequent reporting, real-time assurance."
· "Companies a generation ago lacked the internal capacity to prepare GAAP financial statements. They needed the CPA to do it. Today (through hiring many CPAs from practice, to the extent that CPAs in industry now outnumber those in practice), most companies have internalized all the skills they need. Solution: "Provide value-added services that companies have not yet internalized," Elliott says.
"If we don't do these things, the sweetest talking recruiter -- whether in high school or college -- won't be able to attract students to accounting."
"Having said that," Elliott adds, "I believe that the profession is working on the solutions. I believe that the profession is more attractive (in the sense of opportunities) today than it has been in a long time. But students (like most people) are still laboring under obsolete information and images."
Irv Gleim, the straight-talking head of the Gleim CPA review based in Gainesville, Fla., is tired of waiting. He says succinctly: "What would you have your child major in, accounting or computer information systems?"
In fact, they are all correct. Solving the profession's brain drain must begin everywhere at once -- in colleges, providing professors with practical experience; in the marketplace, by enhancing the value of the services delivered; and in the high schools, by letting youngsters know that accounting provides a surefooted entrée into the business world.
July 3, 2000 (SmartPros) — Some college accounting professors appear to be poised to recommend that accounting education and recruitment begin in high schools. While none of the supporters of the idea asserts that it's the only remedy for the profession's brain drain, it has stirred some passion and debate.
The proposal was aired by W. Steve Albrecht, associate dean at Brigham Young University. Along with professor Robert J. Sack of the University of Virginia in Charlottesville, Albrecht will present the findings of "Strategic Thinking on Accounting Education for the 21st Century" in August at the American Accounting Association annual meeting in Philadelphia.
"Steve and Bob are correct in the causes of the decline but I don't like their recommendation at all," commented Ed Ketz, an outspoken professor at Pennsylvania State University. "One thing they leave out is that academics are mostly Ph.D.s trained in financial economics. Many have no experience. The problem that this causes is that they don't appreciate the changes in practice. And consequently they don't care about changing the curriculum. Changing the teaching of accounting in high schools is ridiculous. The vast majority of my accounting students never took accounting in high school, and I suspect that this true for other schools as well. I sure didn't. The high schoolers tend to be weak students who couldn't get into college."
"The issue is the value of the services," says Bob Elliott, chairman of the American Institute of CPAs, a top executive at KPMG and one of the profession's true visionaries. "If it doesn't rise, we can't charge clients more and therefore can't pay CPAs enough to attract them away from information systems."
"Why is the value down relatively?" Elliot asks. And answers:
· "We are functioning at the middle of the information value chain (the production of information), not at the top (the use of information to create wealth), where the high compensation is." His solution: move up the value chain to consulting services.
· "We are auditing financial statements of declining relevance (backward-looking, annual balance sheets filled with the tangible assets of the industrial revolution, not the intangible assets of the post-industrial world)." His solution: refresh the accounting model. "That's the FASB's job, and they're working on it, though too slowly," he says. The profession must "move toward more frequent reporting, real-time assurance."
· "Companies a generation ago lacked the internal capacity to prepare GAAP financial statements. They needed the CPA to do it. Today (through hiring many CPAs from practice, to the extent that CPAs in industry now outnumber those in practice), most companies have internalized all the skills they need. Solution: "Provide value-added services that companies have not yet internalized," Elliott says.
"If we don't do these things, the sweetest talking recruiter -- whether in high school or college -- won't be able to attract students to accounting."
"Having said that," Elliott adds, "I believe that the profession is working on the solutions. I believe that the profession is more attractive (in the sense of opportunities) today than it has been in a long time. But students (like most people) are still laboring under obsolete information and images."
Irv Gleim, the straight-talking head of the Gleim CPA review based in Gainesville, Fla., is tired of waiting. He says succinctly: "What would you have your child major in, accounting or computer information systems?"
In fact, they are all correct. Solving the profession's brain drain must begin everywhere at once -- in colleges, providing professors with practical experience; in the marketplace, by enhancing the value of the services delivered; and in the high schools, by letting youngsters know that accounting provides a surefooted entrée into the business world.
Thursday, June 15, 2000
Insider: Rick Telberg
Fads or Trends? Choose Right and Choose Success
By: Rick Telberg
June 15, 2000 (SmartPros) — Distinguishing between passing fads and lasting trends can spell the difference between life and death in this business. Dan Sautner has spent a lifetime making the right calls. In 1982 he was the second person at Canada's Clarkson Gordon, now Ernst & Young, to use an Apple II on audits. The experience convinced him that the economics of the profession were about to change profoundly and he set out with a partner to create what is today the 300-unit chain of Padgett accounting shops.
Here's Sautner's thinking on fads vs. trends, drawn from a comprehensive and thoughtful analysis he has performed for the National Association of Tax Practitioners:
Fad No. 1: Tax simplification. The hoopla for tax reform has faded with a booming economy. But, Sautner says, "the pain of the customer -- the taxpayer -- rests with the IRS." Sautner gives Commissioner Charles Rossotti high marks for reforming the Internal Revenue Service, which will ease the pressure on Congress to institute a massive overhaul.
Fad No. 2: Consolidation. After an initial spurt, the wave of acquisitions has slowed considerably. The easy pickin's are gone. But grassroots mergers among like-minded independents may surge. "The past three and next seven years will see the greatest number of retirements in our profession," Sautner says. And the new buyers may increasingly turn out to be refugees from the corporate world.
Fad No. 3: Dot-coms. The mindless rush to put up a Web site that is little more than a hard-to-read firm brochure are over. "This is not to say that the Internet will fade," Sautner cautions, or that organizations will not have sites. I am merely saying that the dot.com is only a tool to somewhere else and not the end product."
Now, the trends:
Trend No. 1: Connectivity. From cell phones to Palm Pilots, he notes, "we are connected in every part of our life." This puts new pressures on practitioners to respond faster, even preemptively, to client issues and concerns. Geography no longer matters. "Location, location, location" as a business mantra is fast being replaced by "information, information, information." But the headaches of hardware and software maintenance and upgrades will now be alleviated by rented software -- always updated, and delivered via the Net with round-the-clock service. If it sounds like the old service bureau, you too are giving away your age.
Trend No. 2: Education. Professionals understand the value of knowledge. But much professional knowledge is quickly becoming obsolete. Instead of a lifelong education constructed of building blocks, professionals must learn to un-learn, or forget, what they've been taught and replace it with new knowledge -- a difficult and disorienting task. At the same time, clients are demanding deeper knowledge into special areas. Take taxes, for example. "In the past, it was enough to know the law," Sautner says. "Now we are expected to know the legal cases, the history of the law and the political ramifications of the law, and whether the law will change and what is driving this change."
Trend No. 3: Lifestyle. All the stakeholders in our lives and in our work -- family, friends, employees, vendors, clients -- are seeking a new spiritual balance. "There is an ongoing push to prevent business activities from taking over our lives," Sautner notes. Today, he says, "attending your child's sports event seems more a badge of honor than working a 90-hour week."
Fads or Trends? Choose Right and Choose Success
By: Rick Telberg
June 15, 2000 (SmartPros) — Distinguishing between passing fads and lasting trends can spell the difference between life and death in this business. Dan Sautner has spent a lifetime making the right calls. In 1982 he was the second person at Canada's Clarkson Gordon, now Ernst & Young, to use an Apple II on audits. The experience convinced him that the economics of the profession were about to change profoundly and he set out with a partner to create what is today the 300-unit chain of Padgett accounting shops.
Here's Sautner's thinking on fads vs. trends, drawn from a comprehensive and thoughtful analysis he has performed for the National Association of Tax Practitioners:
Fad No. 1: Tax simplification. The hoopla for tax reform has faded with a booming economy. But, Sautner says, "the pain of the customer -- the taxpayer -- rests with the IRS." Sautner gives Commissioner Charles Rossotti high marks for reforming the Internal Revenue Service, which will ease the pressure on Congress to institute a massive overhaul.
Fad No. 2: Consolidation. After an initial spurt, the wave of acquisitions has slowed considerably. The easy pickin's are gone. But grassroots mergers among like-minded independents may surge. "The past three and next seven years will see the greatest number of retirements in our profession," Sautner says. And the new buyers may increasingly turn out to be refugees from the corporate world.
Fad No. 3: Dot-coms. The mindless rush to put up a Web site that is little more than a hard-to-read firm brochure are over. "This is not to say that the Internet will fade," Sautner cautions, or that organizations will not have sites. I am merely saying that the dot.com is only a tool to somewhere else and not the end product."
Now, the trends:
Trend No. 1: Connectivity. From cell phones to Palm Pilots, he notes, "we are connected in every part of our life." This puts new pressures on practitioners to respond faster, even preemptively, to client issues and concerns. Geography no longer matters. "Location, location, location" as a business mantra is fast being replaced by "information, information, information." But the headaches of hardware and software maintenance and upgrades will now be alleviated by rented software -- always updated, and delivered via the Net with round-the-clock service. If it sounds like the old service bureau, you too are giving away your age.
Trend No. 2: Education. Professionals understand the value of knowledge. But much professional knowledge is quickly becoming obsolete. Instead of a lifelong education constructed of building blocks, professionals must learn to un-learn, or forget, what they've been taught and replace it with new knowledge -- a difficult and disorienting task. At the same time, clients are demanding deeper knowledge into special areas. Take taxes, for example. "In the past, it was enough to know the law," Sautner says. "Now we are expected to know the legal cases, the history of the law and the political ramifications of the law, and whether the law will change and what is driving this change."
Trend No. 3: Lifestyle. All the stakeholders in our lives and in our work -- family, friends, employees, vendors, clients -- are seeking a new spiritual balance. "There is an ongoing push to prevent business activities from taking over our lives," Sautner notes. Today, he says, "attending your child's sports event seems more a badge of honor than working a 90-hour week."
Wednesday, June 14, 2000
Rick Telberg's Insider: Small Business Starts Embracing Internet
June 14, 2000 (SmartPros) — It's been said that the business of America is business. In fact, the business of America is small business. And it's the nation's local accountants who keep them humming.
"We are seeing a shift toward B2B e-comm in small business of all sizes." -- IDC analyst
Now there's new research from the data hounds at IDC in Framingham, Mass., which suggests that the nation's small business owners are jumping into e-commerce as a critical part of their survival success formula.
IDC says the number of U.S. small businesses engaged in e-commerce will increase from 400,000 in 1998 to almost 2.8 million in 2003. Small businesses embracing e-commerce may be well positioned to succeed, IDC says. Laggards could fail.
Most small businesses garner less than $5 million a year. But IDC found that companies adopting the Internet are raking in revenues "significantly higher" than those that rated it as less important.
"The Internet is a key component to success for small businesses," said Merle Sandler, senior analyst for IDC's small business program. "Consumers have been the focus of small business e-commerce activity, but we are seeing a shift toward business-to-business e-commerce in small businesses of all sizes."
Other key findings
Of 7.5 million small businesses, 11 percent were engaged in e-commerce in 1999.
One-third of Internet-enabled small businesses have a home page.
Small businesses profiting from the Internet are more involved in business and other services, manufacturing, and real estate than their e-enabled counterparts.
Small businesses that regard Internet-related revenue as important tend to have been in business for a shorter period of time than other small businesses.
20 percent of small businesses are selling online, by taking orders over the Internet or by phone or fax.
Among the smallest of the small, technology can provide the critical difference. Ray Boggs, vice- president of IDC's small office/home office research, reports there are currently 25.5 million SOHOs in the U.S., equaling one in every four households. IDC projects an increase of more than 6 percent annually, projecting 32.3 million SOHOs by 2003. IDC surveys also find 25 percent of SOHOs want to conduct online selling and 21.5 percent of them have a Web home page.
Boggs says that while the number of startups is increasing each year, the number of businesses folding is also increasing. "But," he says, "broadband and new technology will help the SOHO community compete effectively."
Clearly, this is an opportunity too big for smart accountants to pass up.
June 14, 2000 (SmartPros) — It's been said that the business of America is business. In fact, the business of America is small business. And it's the nation's local accountants who keep them humming.
"We are seeing a shift toward B2B e-comm in small business of all sizes." -- IDC analyst
Now there's new research from the data hounds at IDC in Framingham, Mass., which suggests that the nation's small business owners are jumping into e-commerce as a critical part of their survival success formula.
IDC says the number of U.S. small businesses engaged in e-commerce will increase from 400,000 in 1998 to almost 2.8 million in 2003. Small businesses embracing e-commerce may be well positioned to succeed, IDC says. Laggards could fail.
Most small businesses garner less than $5 million a year. But IDC found that companies adopting the Internet are raking in revenues "significantly higher" than those that rated it as less important.
"The Internet is a key component to success for small businesses," said Merle Sandler, senior analyst for IDC's small business program. "Consumers have been the focus of small business e-commerce activity, but we are seeing a shift toward business-to-business e-commerce in small businesses of all sizes."
Other key findings
Of 7.5 million small businesses, 11 percent were engaged in e-commerce in 1999.
One-third of Internet-enabled small businesses have a home page.
Small businesses profiting from the Internet are more involved in business and other services, manufacturing, and real estate than their e-enabled counterparts.
Small businesses that regard Internet-related revenue as important tend to have been in business for a shorter period of time than other small businesses.
20 percent of small businesses are selling online, by taking orders over the Internet or by phone or fax.
Among the smallest of the small, technology can provide the critical difference. Ray Boggs, vice- president of IDC's small office/home office research, reports there are currently 25.5 million SOHOs in the U.S., equaling one in every four households. IDC projects an increase of more than 6 percent annually, projecting 32.3 million SOHOs by 2003. IDC surveys also find 25 percent of SOHOs want to conduct online selling and 21.5 percent of them have a Web home page.
Boggs says that while the number of startups is increasing each year, the number of businesses folding is also increasing. "But," he says, "broadband and new technology will help the SOHO community compete effectively."
Clearly, this is an opportunity too big for smart accountants to pass up.
Tuesday, June 13, 2000
Rick Telberg's Insider: Clients Clamor for More from CPAs
June 13, 2000 (SmartPros) — CPAs are looking at huge untapped opportunities to expand their practices by offering business clients a wide array of new services, products and advice, according to new market research.
"The survey findings indicate the existence of real opportunities for accountants to build relationships with their clients and to provide advice to them on a broad range of issues," according to a memo to the American Institute of CPAs from the Washington-based polling firm Peter D. Hart Research Associates. The report is being used by supporters of the plan to launch an AICPA-sponsored dot-com business linking small business with suppliers via their CPA.
But it also buttresses the long-range strategy of the profession and firms to take on an expanded role in business decisions and transactions. Many firms have already adopted a new view of themselves as not merely service providers, but also as a conduit of marketing and distribution for services and products produced by others.
"When business leaders are asked to estimate the proportion of their total annual expenses over which their CPAs have influence, the mean proportion is an astounding 17 percent," says the unnamed author of the Hart report.
And business clients are clamoring for more. Some 58 percent said their expanded relationship with their CPA firm evolved mutually and organically, with no real plan or intention. Another 27 percent revealed that they had to go out of their way to ask their CPAs to take on extra work beyond taxes or accounting. And in only 9 percent of the cases did the CPA firm actually come in and ask for more work.
The Hart pollsters surveyed some 403 business leaders and then weighted the results to reflect the true influence of small business in the economy.
Key findings include:
70 percent report that their accountants influence at least some part of their business expenditures.
25 percent say at least 20 cents of every dollar spent was made after getting an accountant's input.
94 percent place a "high level" of trust in their accountants.
Only 82 percent say the same for their lawyers.
Management consultants get the nod from 37 percent.
And networking consultants garner 31 percent.
52 percent of all businesses use their accountants for more than just taxes or accounting.
CPAs are typically involved in 55 percent of a business's decisions about new financial services, including selecting insurance, investments, employee compensation and 401(k) plans.
CPAs get involved in 33 percent of the decisions about selling, general and administrative spending, like office equipment, overhead, leasing a company car, packaging, or temporary staffing.
And CPAs are consulted on 14 percent of decisions about technology products or services, such as communications networks, selecting service providers, and setting up Web sites and conducting e-business.
June 13, 2000 (SmartPros) — CPAs are looking at huge untapped opportunities to expand their practices by offering business clients a wide array of new services, products and advice, according to new market research.
"The survey findings indicate the existence of real opportunities for accountants to build relationships with their clients and to provide advice to them on a broad range of issues," according to a memo to the American Institute of CPAs from the Washington-based polling firm Peter D. Hart Research Associates. The report is being used by supporters of the plan to launch an AICPA-sponsored dot-com business linking small business with suppliers via their CPA.
But it also buttresses the long-range strategy of the profession and firms to take on an expanded role in business decisions and transactions. Many firms have already adopted a new view of themselves as not merely service providers, but also as a conduit of marketing and distribution for services and products produced by others.
"When business leaders are asked to estimate the proportion of their total annual expenses over which their CPAs have influence, the mean proportion is an astounding 17 percent," says the unnamed author of the Hart report.
And business clients are clamoring for more. Some 58 percent said their expanded relationship with their CPA firm evolved mutually and organically, with no real plan or intention. Another 27 percent revealed that they had to go out of their way to ask their CPAs to take on extra work beyond taxes or accounting. And in only 9 percent of the cases did the CPA firm actually come in and ask for more work.
The Hart pollsters surveyed some 403 business leaders and then weighted the results to reflect the true influence of small business in the economy.
Key findings include:
70 percent report that their accountants influence at least some part of their business expenditures.
25 percent say at least 20 cents of every dollar spent was made after getting an accountant's input.
94 percent place a "high level" of trust in their accountants.
Only 82 percent say the same for their lawyers.
Management consultants get the nod from 37 percent.
And networking consultants garner 31 percent.
52 percent of all businesses use their accountants for more than just taxes or accounting.
CPAs are typically involved in 55 percent of a business's decisions about new financial services, including selecting insurance, investments, employee compensation and 401(k) plans.
CPAs get involved in 33 percent of the decisions about selling, general and administrative spending, like office equipment, overhead, leasing a company car, packaging, or temporary staffing.
And CPAs are consulted on 14 percent of decisions about technology products or services, such as communications networks, selecting service providers, and setting up Web sites and conducting e-business.
Monday, June 12, 2000
Rick Telberg's Insider: Professional Values Mean Professional Value
June 12, 2000 (SmartPros) — At perhaps no other time in the century-long history of the accounting profession have the opportunities for success been so broad and deep. It's a great time to be an accountant.
It's also a great time to begin a new phase in a career of serving accountants and business professionals. Hello, in case we haven't met, please allow me to introduce myself. My name is Rick Telberg, senior editorial director of SmartPros Accounting. First as a writer and editor at Accounting Today, and later as a vice president and publisher at Thomson Corp.'s Faulkner & Gray, I've followed SmartPros' growth and progress, its expanding vision, and its staunch commitment to the needs and aspirations of the serious professional.
SmartPros traces it's beginnings to three high school friends who saw opportunities on the Internet in 1994, long before the Internet was a household word. They gave birth to AccountingNet, now SmartPros, and soon to be fully re-launched with a new look and vastly broader offerings for a multitude of business professionals. We'll be relying on you, the working professional, to continue to guide us in our development.
Accountants are a special breed of professional. Their role in the marketplace is uniquely privileged and, well, accountable. No other professional works more passionately or diligently to help their client. And yet, the truly professional accountant remains independently objective and carries the burden of answering to a higher authority -- the public. Accountants hold a special regard for truth, fairness and accuracy.
But the opportunities for an accountant today are just as formidable. The accounting, auditing and bookkeeping industry this year will top $72 billion in revenue, an 11 percent increase from last year, according to the U.S. Commerce Dept., which projects similar double-digit percentage gains for the next five years. More than 700,000 people work in the business.
Counting members in corporate, government and academia, the tax and accounting profession is more than 1 million strong. These are the professionals we at SmartPros Accounting dedicate ourselves to serve. We will try to do it with as much professional integrity, independence and objectivity -- with as much respect for truth, fairness and accuracy -- as the community itself.
June 12, 2000 (SmartPros) — At perhaps no other time in the century-long history of the accounting profession have the opportunities for success been so broad and deep. It's a great time to be an accountant.
It's also a great time to begin a new phase in a career of serving accountants and business professionals. Hello, in case we haven't met, please allow me to introduce myself. My name is Rick Telberg, senior editorial director of SmartPros Accounting. First as a writer and editor at Accounting Today, and later as a vice president and publisher at Thomson Corp.'s Faulkner & Gray, I've followed SmartPros' growth and progress, its expanding vision, and its staunch commitment to the needs and aspirations of the serious professional.
SmartPros traces it's beginnings to three high school friends who saw opportunities on the Internet in 1994, long before the Internet was a household word. They gave birth to AccountingNet, now SmartPros, and soon to be fully re-launched with a new look and vastly broader offerings for a multitude of business professionals. We'll be relying on you, the working professional, to continue to guide us in our development.
Accountants are a special breed of professional. Their role in the marketplace is uniquely privileged and, well, accountable. No other professional works more passionately or diligently to help their client. And yet, the truly professional accountant remains independently objective and carries the burden of answering to a higher authority -- the public. Accountants hold a special regard for truth, fairness and accuracy.
But the opportunities for an accountant today are just as formidable. The accounting, auditing and bookkeeping industry this year will top $72 billion in revenue, an 11 percent increase from last year, according to the U.S. Commerce Dept., which projects similar double-digit percentage gains for the next five years. More than 700,000 people work in the business.
Counting members in corporate, government and academia, the tax and accounting profession is more than 1 million strong. These are the professionals we at SmartPros Accounting dedicate ourselves to serve. We will try to do it with as much professional integrity, independence and objectivity -- with as much respect for truth, fairness and accuracy -- as the community itself.
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