According to recent survey published by The Sleeter Group the top 6 services desired by companies currently using a CPA are:
- Business Planning
- Business Strategy
- Create Dashboards to monitor business
- Business Analytics
- Represent me at Government Audits
- Tax planning
Compare that to the top 5 services received:
- Tax return preparation
- Tax planning
- Compile, review, audit business records
- Represent me at government audits
Why are They Different?
There is a general misconception about the types of services CPA firms are able and willing to provide small and medium sized businesses (SMBs). Lots of SMBs don’t think about their CPA when making technology decisions. And lots of CPA firms focused on the SMB market do not have the expertise or knowledge to make qualified recommendations. Technology is rapidly advancing and enabling SMBs to have access to enterprise quality solutions to provide invaluable information about their company. Businesses who plan revenues, margins, and operating income regularly and compare actual results to these plans will do significantly better than those who do not. Without technology it is extremely time consuming and difficult to get access to the necessary information which leads to many SMBs flying by the seat of their pants.
CPA Firms Should Be Ahead of the Technology Curve
The top 4 desired services can be achieved by SMBs with technology. Large corporations are already using accounting firms for technology services. It makes sense for the SMB market to start to do the same.