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AICPA Study: New Clients a Top Issue

aicpa logoComplexity 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.

Obtaining new clients was ranked No. 1 by firms with two to five professionals, those with six to 10 professionals and also with firms that have 11 to 20 professionals.

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.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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