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Complexity of standards and tax law complexity ranked as important issues among small firms, according to the 2011 PCPS CPA Firm Top Issues Survey released this week by the AICPA. But in a difficult economy, it should not be surprising that bringing in new clients was the top issue for three of the five categories of firms surveyed. And getting new clients was a top five concern of all five groups.

Tax complexity was the top concern of firms with one professional. Their previous No. 1 issue, retention of clients, dropped to No. 2, while bringing in new clients rose to No. 3 for 2011, up from No. 8 two years ago. Keeping its spot at No. 4 was an issue related to complexity: keeping up with accounting and attest standards.

For firms with two to five professionals, the complexity issues moved up from No. 9 on their list in the survey two years ago. Retention of existing clients was this group's No. 2 concern and keeping up with changes to and complexity of tax law was No. 3.

Client retention also came in at No. 2 among those firms with six to 10 professionals. These organizations picked bringing in new clients as the top issue, up from No. 5 the last time the survey was conducted. They put retaining clients at No. 2 and retaining staff at No. 3

Firms with 11 to 20 professionals put an increased emphasis on partner accountability/unity. That issue came in at No. 2, up from the previous No. 7 ranking. Retention of current clients was ranked was No. 3 by these professionals.

Firms with 21 or more professionals selected partner accountability as the No. 1 issue with bringing in new clients at No. 2 and retention of clients at No. 3.

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