American Wealthy Turning to CPAs for Help
To be sure, tax advice is still the primary service (96 percent) delivered by a
CPA, but...
Almost half of affluent investors surveyed view the CPA as a key source of investment advice (45 percent).
More than 25 percent of the affluent respondents consult a CPA for comprehensive financial planning, retirement income planning or estate planning services.
"The evident shift in the affluent investor's view of accountants is exciting and promising for CPAs who are considering offering more comprehensive financial services to their clients and stepping up to take a broader advisor role," according to Richard A. Karas, resident of NFS Distributors Inc., the distribution arm of Nationwide Financial, based in Columbus, Ohio.
"The survey indicates there is great opportunity for CPAs to expand their services, deepen client relationships and potentially grow their business with high-dollar clients."
CPAs get high marks in:
- Takes time to explain things I don't understand... 91%
- Presents an objective analysis... 89%
- Researches all options... 83%
- Stays in touch... 82%
Thursday, January 15, 2004
How Do You Like Your Job?
6 in 10 CPAs say they're satisfied. But what if you're among the other 4? The seeds of dissatisfaction, stress and insecurity are ever-present, too.
If you're like many CPAs, you either love your job or hate it -- but, for certain, you're not indifferent.
"Great co-workers make coming to work enjoyable," said a staffer at a small local public accounting firm.
But for every CPA who rises in the morning eager to get to work, there may be almost as many who awake with dread.
"The negatives," according to a middle-manager at a large retailer, "are few or non-existent professional growth opportunities, the inefficient use of technology, and unwillingness to invest in upgrades or new enterprise solutions."
The comments are drawn from an informal canvass of Career Insider readers. Overall, 58 percent said they were "somewhat" or "very" satisfied with their jobs. Forty-one percent expressed dissatisfaction. And, at 2 percent, there was hardly a blip for the undecided.
But, perhaps importantly, 46 said their level of job satisfaction has decreased in the past year. For example, a senior executive at a large company explained the effect of new and irreconcilable pressures.
"Compliance with regulations and meeting analyst expectations are opposing forces," the executive said. "You cannot retain an adequate number of competent individuals to deal with your business and the ever-growing level of regulation, and make record profits at the same time."
On the other hand, 38 percent of respondents said their job-satisfaction levels had not changed in the past year, and 16 percent said satisfaction had increased.
One of those who is happier now than a year ago was a finance director, who said, "I work for a local government agency and derive satisfaction from helping make the community a better place."
Stress emerged as a key element in job satisfaction. For instance, 82 percent of CPAs said their job was "somewhat" or "very" stressful. Only 18 percent answered "not very" and no one said "not at all."
CPAs know well the toll that long hours and tough deadlines can take on their emotional lives. "I would rather spend more time with my children," said a middle manager in government.
Finally, the study examined issues of job security, finding that about two-thirds of CPAs generally feel safe in their jobs.
Some 64 percent, for instance, "somewhat" or "strongly" agree with the proposition "I have a strong sense of job security." About 20 percent seem to fear for their jobs.
The full story appears the latest Career Insider.
6 in 10 CPAs say they're satisfied. But what if you're among the other 4? The seeds of dissatisfaction, stress and insecurity are ever-present, too.
If you're like many CPAs, you either love your job or hate it -- but, for certain, you're not indifferent.
"Great co-workers make coming to work enjoyable," said a staffer at a small local public accounting firm.
But for every CPA who rises in the morning eager to get to work, there may be almost as many who awake with dread.
"The negatives," according to a middle-manager at a large retailer, "are few or non-existent professional growth opportunities, the inefficient use of technology, and unwillingness to invest in upgrades or new enterprise solutions."
The comments are drawn from an informal canvass of Career Insider readers. Overall, 58 percent said they were "somewhat" or "very" satisfied with their jobs. Forty-one percent expressed dissatisfaction. And, at 2 percent, there was hardly a blip for the undecided.
But, perhaps importantly, 46 said their level of job satisfaction has decreased in the past year. For example, a senior executive at a large company explained the effect of new and irreconcilable pressures.
"Compliance with regulations and meeting analyst expectations are opposing forces," the executive said. "You cannot retain an adequate number of competent individuals to deal with your business and the ever-growing level of regulation, and make record profits at the same time."
On the other hand, 38 percent of respondents said their job-satisfaction levels had not changed in the past year, and 16 percent said satisfaction had increased.
One of those who is happier now than a year ago was a finance director, who said, "I work for a local government agency and derive satisfaction from helping make the community a better place."
Stress emerged as a key element in job satisfaction. For instance, 82 percent of CPAs said their job was "somewhat" or "very" stressful. Only 18 percent answered "not very" and no one said "not at all."
CPAs know well the toll that long hours and tough deadlines can take on their emotional lives. "I would rather spend more time with my children," said a middle manager in government.
Finally, the study examined issues of job security, finding that about two-thirds of CPAs generally feel safe in their jobs.
Some 64 percent, for instance, "somewhat" or "strongly" agree with the proposition "I have a strong sense of job security." About 20 percent seem to fear for their jobs.
The full story appears the latest Career Insider.
Tuesday, January 13, 2004
Tax Season: 'Ya Gotta Love It'
At Large
It's tough work, filled with impossible deadlines and long hours. But tax practitioners truly enjoy most of the challenges.
"I really look forward to seeing my clients each year," said one tax pro. "I know that they count on me, and that really keeps me going as well. And if things get too stressful I always know that it will end at some point in the future."
... at AICPA's cpa2biz
At Large
It's tough work, filled with impossible deadlines and long hours. But tax practitioners truly enjoy most of the challenges.
"I really look forward to seeing my clients each year," said one tax pro. "I know that they count on me, and that really keeps me going as well. And if things get too stressful I always know that it will end at some point in the future."
... at AICPA's cpa2biz
Wednesday, January 07, 2004
The Sarbanes-Oxley Blues Jingle
from AccountingWeb.com
From the "interesting but not newsworthy" department, AccountingWeb came across a little jingle called the "Sarbanes-Oxley Blues." Turn up the volume on your PC, and listen here.
from AccountingWeb.com
From the "interesting but not newsworthy" department, AccountingWeb came across a little jingle called the "Sarbanes-Oxley Blues." Turn up the volume on your PC, and listen here.
AccountingSoftware411 Cites JofA Piece
"Telberg thinks differently"
"It's fair to say that many CPAs and accounting system consultants have the impression that it is difficult and maybe even impossible to make a living selling and supporting low end accounting systems. Contrary to this belief, Rick Telberg, in his article titled Making Money With Basic Accounting Software thinks differently. Mr. Telberg notes, 'Small business owners need just as much help as ever—from assistance with basic installation and solutions for a range of setup problems to higher-value CPA services, financial reporting and management consulting.' The article provides loads of advice for practitioners interested in expanding their services and seeking additional ways to generate revenue. From AS411. Or see the JofA item.
"Telberg thinks differently"
"It's fair to say that many CPAs and accounting system consultants have the impression that it is difficult and maybe even impossible to make a living selling and supporting low end accounting systems. Contrary to this belief, Rick Telberg, in his article titled Making Money With Basic Accounting Software thinks differently. Mr. Telberg notes, 'Small business owners need just as much help as ever—from assistance with basic installation and solutions for a range of setup problems to higher-value CPA services, financial reporting and management consulting.' The article provides loads of advice for practitioners interested in expanding their services and seeking additional ways to generate revenue. From AS411. Or see the JofA item.
Monday, January 05, 2004
Whatever Happened to MDP's?
They died with Enron and Arthur Andersen.
The New York Law Journal reports that the Sarbanes-Oxley Act dealt a blow to the Big Four accounting firms' legal services initiatives and whatever remains of their multidisciplinary practice ambitions. The global law networks that once rivaled the world's largest law firms are in the midst of a vast restructuring. Meanwhile, in the United States and overseas, the migration of prominent tax lawyers into the giant accounting firms appears to have reversed course. 'It will be a long while before multidisciplinary practice turns up again, if ever,' said Sherwin P. Simmons, chairman of the tax group at Steel Hector & Davis of Miami and former chair of the American Bar Association's former Commission on Multidisciplinary Practice. " More at NYLawyer.
They died with Enron and Arthur Andersen.
The New York Law Journal reports that the Sarbanes-Oxley Act dealt a blow to the Big Four accounting firms' legal services initiatives and whatever remains of their multidisciplinary practice ambitions. The global law networks that once rivaled the world's largest law firms are in the midst of a vast restructuring. Meanwhile, in the United States and overseas, the migration of prominent tax lawyers into the giant accounting firms appears to have reversed course. 'It will be a long while before multidisciplinary practice turns up again, if ever,' said Sherwin P. Simmons, chairman of the tax group at Steel Hector & Davis of Miami and former chair of the American Bar Association's former Commission on Multidisciplinary Practice. " More at NYLawyer.
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