Practice Management

Technical Complexity and Staffing Dominate 2007 PCPS Top MAP Issues Survey

Dealing with technical complexity and finding and retaining qualified staff are among the top practice management issues facing CPAs in smaller firms, based on the 2007 PCPS Top MAP Issues Survey.

The PCPS Top MAP Issues Survey gathers information from a wide range of practitioners in firms of various sizes to get a snapshot of the most critical challenges facing PCPS members. For the first time this year, PCPS is not issuing one overall Top MAP Issues list because it was determined that averaging the answers from many different types of firms does not necessarily accurately mirror the concerns of each segment. Instead, PCPS is releasing five separate Top MAP Issues lists that reflect the views of CPAs who are sole practitioners and those in firms with two to five professionals, six to ten professionals, 11 to 20 professionals and more than 21 professionals.

“CPAs can use these lists to benchmark their own experiences against those of other practitioners in firms much like their own,” said Jim Metzler, AICPA Vice President, Small Firm Interests. “They can confirm that similar practices are facing the same challenges and identify trends that will affect their own firms as they grow. In addition, we at PCPS use the data to create programs and resources that meet the real needs of our members.”   

It is interesting to note that marketing/practice growth and client retention—two challenges that appeared on the 2005 PCPS Top MAP Issue lists—do not appear on any of the 2007 lists. Instead, in 2007, CPAs’ main concerns are maintaining their technical competence and finding and keeping high-quality staff.

For sole practitioners, tax complexity and concerns about standards and technology dominate the list, with work/life balance another important consideration. Finding qualified staff at all levels is the most critical concern for all other firms, underscoring the staffing crisis facing the profession. Retention—a separate issue--grows more important as firm size increases. The survey listed this issue separately from hiring for the first time this year to get a better understanding of what kind of challenge recruiting and retention each pose for firms. The results by firm size were enlightening.

Keeping up with new regulations and standards is the #2 issue for all firms with up to 20 professionals. Succession planning is a major concern for all firms with six or more professionals and developing new partners is an issue for firms with 11 or more professionals. The chief issues facing practices with 21 or more professionals all involve human capital concerns.

2007 PCPS Top MAP Issues lists by Firm Size:

• Sole Practitioners
• Firms with 2 to 5 Professionals
• Firms with 6 to 10 Professionals
• Firms with 11 to 20 Professionals
• Firms with 21 or more Professionals

Sole Practitioners

Below is the graph showing the top 10 MAP issues for Sole Practitioners.  Here is a list of the top 5.  Below each issue is a link to an AICPA/PCPS resource that can assist you in solving this issue:

1. Tax complexity and changes
1. PCPS Tax Resource Page
2. AICPA Tax Section (separate membership required)
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. AICPA Conferences and CPE
2. The effect of new regulations and standards on small firms
1. PCPS Risk Assessment Standards Toolkit
2. PCPS SAS 112 Toolkit
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. Keeping up with standards
1. PCPS Standards Resources
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA Conferences and CPE
4. Keeping up with technology
1. PCPS Technology Resources
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA’s Information Technology Center (separate membership required)
5. Work/life balance initiatives
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA’s Work/Life Balance Center

Firms with 2 to 5 Professionals

Below is the graph showing the top 10 MAP issues for firms with 2 to 5 Professionals.  Here is a list of the top 5.  Click on the issue to obtain the PCPS resources available to assist you with solving this issue:

1. Finding qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
2. The effect of new regulations and standards on small firms
1. PCPS Risk Assessment Standards Toolkit
2. PCPS SAS 112 Toolkit
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. Tax complexity and changes
1. PCPS Tax Resource Page
2. AICPA Tax Section (separate membership required)
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. AICPA Conferences and CPE
4. Keeping up with standards
1. PCPS Standards Resources
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA Conferences and CPE
5. Retaining qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA’s Work/Life and Women’s Initiatives Center

Firms with 6 to 10 Professionals

Below is the graph showing the top 10 MAP issues for firms with 6 to 10 Professionals.  Here is a list of the top 5.  Click on the issue to obtain the PCPS resources available to assist you with solving this issue:

1. Finding qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
2. The effect of new regulations and standards on small firms
   1. PCPS Risk Assessment Standards Toolkit
   2. PCPS SAS 112 Toolkit
   3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. Retaining qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA’s Work/Life and Women’s Initiatives Center
4. Keeping up with standards
1. PCPS Standards Resources
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA Conferences and CPE
5. Developing a succession plan
1. PCPS Succession Planning Resources
2. AICPA/PCPS Publication Securing the Future: Building a Succession Plan for Your Firm by William L. Reeb, CPA
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. AICPA Conferences and CPE

Firms with 11 to 20 Professionals

Below is the graph showing the top 10 MAP issues for firms with 11 to 20 Professionals.  Here is a list of the top 5.  Click on the issue to obtain the PCPS resources available to assist you with solving this issue:

1. Finding qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
2. The effect of new regulations and standards on small firms
1. PCPS Risk Assessment Standards Toolkit
2. PCPS SAS 112 Toolkit
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. Retaining qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA’s Work/Life and Women’s Initiatives Center
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. Developing a succession plan
1. PCPS Succession Planning Resources
2. AICPA/PCPS Publication Securing the Future: Building a Succession Plan for Your Firm by William L. Reeb, CPA
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. AICPA Conferences and CPE
5. Developing new partners
1. PCPS Human Capital Center
2. AICPA Business Solutions Workshop
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. AICPA/PCPS Emerging Partner Training Forum  - This forum, held in the summer each year is now in its 3rd year and has sold out quickly in the first 2 years.  The next Emerging Partner Training Forum will be held in June, 2008, so stay tuned!

Firms with 21 or more professionals

Below is the graph showing the top 10 MAP issues for firms with 21 or more Professionals.  Here is a list of the top 5.  Click on the issue to obtain the PCPS resources available to assist you with solving this issue:

1. Finding qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
2. Retaining qualified staff (at all levels)
1. PCPS Human Capital Center
2. AICPA’s Work/Life and Women’s Initiatives Center
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. Developing new partners
1. PCPS Human Capital Center
2. AICPA Business Solutions Workshop
3. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
4. AICPA/PCPS Emerging Partner Training Forum  - This forum, held in the summer each year is now in its 3rd year and has sold out quickly in the first 2 years.  The next Emerging Partner Training Forum will be held in June, 2008, so stay tuned!
4. Work/life balance initiatives
1. PCPS Human Capital Center
2. AICPA/PCPS Practitioners Symposium – May 4-7, 2008, Las Vegas, NV
3. AICPA’s Work/Life Balance Center
5. Management of human resources/Seasonality/workload compression (tie)
1. PCPS Human Capital Center
2. AICPA’s Work/Life and Women’s Initiatives Center
3. PCPS Seasonality Success Newsletter