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• W265189869 abstract "Many people have predicted that small CPA firms will not be able to survive into the next century because of competitive and cost pressures. David Schlotzhauer, a partner of the six-person, Kansas-based Mills & Schlotzhauer firm, has spoken to numerous small practitioners across the country in the last several years, and he strongly disagrees with such predictions. He believes, however, that firms must face up to one major challenge: the need for monumental change in the way they will practice. A NEW APPROACH Schlotzhauer, the chairman of the American Institute of CPAs small firm advocacy committee, has developed a deep understanding of the issues facing local practitioners from his experience in his own firm and from the small firm roundtables the committee sponsors around the country. Here are some of the ways he believes the environment will differ in the future: 1. type of work firms do will have to change. There will be more movement away from compliance work and into consulting, Schlotzhauer predicts. His own firm performs all the traditional services for its closely held small business clients, but it has expanded its business consulting to the point where it now makes up 25% of revenues. Involvement in projects such as mergers and acquisitions much more fun, he says. Although compliance is important, the clients does not easily perceive the value. Offering consulting services enhances the firm -- client relationship. Schlotzhauer believes. become very personally involved with clients; they come to rely on you totally: You become their strategic business adviser. firms have done this for years, but it's really mushrooming now. One reason for this new trend is because of threats to long-standing CPA services, such as recurring discussions of flat or consumption taxes. Tax work is a huge part of the of small firms. One practitioner I spoke with recently said 90% of his was tax compliance. If that goes away, what do you do? CPAs are asking themselves that question. 2. Firms will have to change their hiring approaches. Practitioners must have more than number-crunching skills. This fact has long been accepted in the profession, but Schlotzhauer says clients' attitudes have changed and they now expect all firm members to offer analytical skills. The computer hardware and software are there to crunch the numbers. You have more numbers than you know what to do with. Now clients want to know how to interpret them and what you can do to help them run their businesses better. In his own firm, Schlotzhauer has committed to alter his hiring methods to find staff who will meet clients' expanded expectations. He has done this by changing what he's looking for in recruits. We seek not only technology skill but also thinking skills and maybe even an entrepreneurial outlook. not always possible to find the right match in a very subjective process, he admits. One of his regrets is hiring someone who wasn't right and trying to make the arrangement work despite obvious Small firms become like families. If you get the wrong person, it can really create problems. In terms of hiring, he has found no scientific method to finding the right person, but he no longer attempts to keep on an employee who is not working out. 3. New practice alliances will form. Many firms fail to enter specialized niches because of the risks of narrowing their client bases. It's hard to make the transition, he says. How do you give up a $10,000 audit or one that is 20% of your practice? Schlotzhauer foresees a time when even the smallest of forms will associate in local, national or even international referral networks that allow them the flexibility to specialize in one area while referring work to and receiving referrals from other practitioners in the group. Each associated firm would have its own specialty, including everything from traditional services to business valuation or M&A work. …" @default.
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• W265189869 title "A Prescription for Change" @default.
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