• Double-digit growth trend of CAS continues
• Nearly three out of four firms believe their pipelines indicate a strong opportunity for growth
• Net client fees per professional (NCFPP) among Top Performers increased 25%

NEW YORK (Dec. 6, 2022) – Client Advisory Services (CAS) practices reported a median growth rate of 16%, and firms are optimistic about the continued opportunity in this practice area, according to a new survey by CPA.com and the American Institute of CPAs (AICPA). Respondents projected 15% continued growth in the current year, with 72% of All Respondents and 81% of Top Performing firms expressing confidence that their pipeline shows opportunity for continued growth.

CAS has been the fastest growing service area in public accounting and is projected to continue its impressive trajectory, according to the CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey report. The report, which polled a cross-section of U.S. firms with CAS offerings and collected data from calendar year 2021, reflected a continued double-digit growth trend since the survey began tracking benchmark data in 2018. Additionally, net client fees per professional (NCFPP) increased to $231,217 for Top Performers (compared to $185,000 in 2020), suggesting more leverage among CAS practices and increasing use of automation capabilities.

The survey also indicated CAS practices are continuing to use technology to innovate and embrace new business models to maximize value for staff and clients. This year's report identified an emerging trend related to the business model with more than a quarter (26%) of All Respondents and 33% of Top Performers outsourcing bookkeeping services, freeing up staff to focus on higher value client work.

“For more than a decade, we’ve recognized the potential of client advisory services to help CPA firms provide more value for clients through expanded offerings,” said Erik Asgeirsson, president and CEO, CPA.com. “Today, firms that have been intentional and strategic in their approach to building and scaling their CAS practice are thriving and poised for continued growth.”

The AICPA and CPA.com define CAS as Client Advisory Services, a practice to help clients outsource their accounting needs with services spanning a spectrum of financial, accounting, and advisory-related offerings. The vision of CAS is to provide higher value to clients and deepen the trusted advisor relationship, allowing clients to focus on their core competencies and deliver on their value proposition to customers. CAS offerings are enabled by technology and processes that deliver timely data and provide clients with deeper business insights to inform strategy and decision-making. While basic compliance work and operational services are foundational to CAS, continuous business planning and advisory discussions supported by financial and non-financial data, delivered through industry-specific KPIs, is fundamental to the differentiation and success of this service in the accounting profession.

The survey offers numerous insights about the evolution of CAS offerings and opportunities for future growth. Some of the takeaways include:

• Dedicate staff. Focusing team members on the CAS practice will enable them to develop into experienced CAS contributors faster and likely produce more consistent and higher quality work. Among Top Performers, 57% report having staff dedicated only to client advisory services.
• Use technologies to drive efficiencies. Workflow tools, data analytics and budgeting and forecasting tools have remained popular to help CAS practices enhance service delivery. Continue to explore opportunities to implement artificial intelligence and robotic process automation to further expand a firm’s capacity for higher level work.
• Standardize processes. Standardization enables team members to serve multiple clients without having to learn or employ new tools or procedures for each one. More than 70% of respondents report using a workflow tool to track and route engagements, a best practice that enables standardization.
• Raise fees to reflect the value provided. Pricing strategies should reflect the added value, demand for services and scarcity of resources delivered through CAS. If firms are using existing hourly rates as the basis for fees, or closing new clients at a high rate, they are likely underpricing. Higher fees will better represent the work being done and lower stress on fast-growing practices.
• Explore creative staffing and capacity-building measures. Explore offshoring, outsourcing, contract workers, non-accounting graduates, administratively minded service coordinators, and more to address staffing shortages and bring new capabilities into the practice.
• Educate clients and staff on CAS and the value provided. More than two-thirds (69%) of respondents reported misconceptions about CAS practice value as a top hurdle for growth, and 36% say staff don’t understand the value of CAS or confuse it with bookkeeping. CAS leaders need to create their value proposition and keep it at the forefront of all discussions with clients or staff.

CPA.com will hold a free webinar Tuesday, Jan. 17 at 2 p.m. ET to highlight key insights from the survey and offer practical strategies for firms to strengthen and develop their CAS capabilities. The company’s CAS Roadmap, CAS Client Assessment and CAS Financial Planning & Analysis workshops, CAS Firm Self-Assessment, whitepapers and other resources are also available for firms looking to start or expand a CAS practice. To learn more, please visit cpa.com/client-advisory-services.

Methodology

The CAS Benchmark Survey was conducted online from June to August 2022 and includes data from calendar year 2021 from 167 CAS practices whose data was complete and valid. Besides general results, the survey analyzes the performance of top CAS practices, defined as those with the highest net client fees per professional (NCFPP).

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

John Pace, CAS leader at GRF CPAs and Advisors, wins top award

NEW YORK (Dec. 5, 2022) – John Pace, CPA, has been named the recipient of CPA.com’s Digital CPA Innovative Practitioner Award, which recognizes individuals who are driving the accounting profession forward through innovative thought leadership, processes, services and technology implementation. Pace successfully used technology and forward-looking practice development strategies to drive advisory services and deliver critical business support to clients.

Pace is the Partner & Director of Outsourced Accounting and Advisory Services at GRF CPAs and Advisors. Since being promoted to lead the firm’s client advisory service (CAS) practice in 2017, Pace has led a transformation that has grown the CAS practice from $3 million to $8.5 million in gross revenue. Along the way, he has built a culture that is flexible, consultative, and fully remote, encouraging time off and working hours that create a healthy work-life balance. This people-first approach has helped shield GRF’s CAS practice from the recruitment and retention challenges many other firms have encountered in recent years.

“While John is a great proponent of shifting business models, value-based pricing and technology implementation, it’s his focus on people that is enabling true transformation and maximizing value for his staff and his clients,” said Erik Asgeirsson, president and CEO of CPA.com. “His innovative approach to empowering, developing and creating balance for his team not only enables them to better serve clients, it creates a key competitive advantage for attracting next generation talent.”

Hannah Smolinski, president of Clara CFO Group, and Steve Chaney, founder and CEO of Chaney & Associates, were both named runners-up.

Smolinski, President of Clara CFO Group, created more than 100 videos when the pandemic struck in 2020 to provide education and guidance to small business owners who needed assistance from the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs.

Chaney, founder and CEO of Chaney & Associates, uses cloud-based solutions for GL, bill payment, spend management, payroll and more to close the books each week for clients. By relying on automation and shifting pre-accounting work to clients, his 20-person team is able to serve more than 1000 clients.

“All of the practitioners recognized this year have demonstrated the practical impact of embracing new technologies and innovative business models to deliver a higher level of service to their clients and grow their businesses,” said Kacee Johnson, CPA.com’s vice president – Strategy & Innovation. “For practitioners at firms of all sizes, these leaders are showing the way forward as our profession rises to meet new challenges and opportunities.”

Pace, along with those receiving runner-up and honorable mention awards, will be recognized onstage at Digital CPA, CPA.com’s annual conference for practitioners focused on technology and its impact on the accounting landscape.

To find out more about what sets this year’s nominees apart, and to see the full list of winners including honorable mentions, please visit CPA.com’s Digital CPA Innovative Practitioner Award page. For innovative tools and ideas that can help firms deliver even more value to clients, visit CPA.com.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

Transformation and Leadership Experts Headline Premier Austin, Texas, Event for Forward-Thinking Accounting Professionals Dec. 4-7

NEW YORK (Aug. 16, 2022) – Rapidly changing technologies and business models are reshaping the modern CPA firm, and the Digital CPA Conference offers practice leaders the tools and insights they need to understand and adopt the latest strategies, emerging technologies and data trends impacting accounting, finance and advisory roles.

The conference, which is now in its 11^th year, is hosted by CPA.com and the American Institute of CPAs (AICPA) and will be held on-site at the Fairmont hotel in Austin, Texas, from Dec. 4-7. Attendees also have the option of joining virtually.

This year’s agenda, organized under the theme “The Future in Focus,” includes sessions on practice management, disruptive technology and new service line opportunities. Featured keynote speakers include:

• Marcus Buckingham, a global researcher and best-selling author, who will discuss unlocking strengths and challenging preconceptions about achievements to get to the core of what drives success.
• Simon T. Bailey, an award-winning speaker, author and success coach, who will speak on how to act like an employee and think like a CEO to unleash your potential and produce tangible results.
• Nancy Giordano, a strategic futurist, corporate strategist and best-selling author, who will talk about emerging technologies and shifting cultural expectations, and how to effectively harness the innovations heading our way.

Further rounding out the speaker lineup are Barry C. Melancon, CPA, CGMA, CEO of the Association of International Certified Professional Accountants, representing AICPA & CIMA, who will provide a professional issues update, and Erik Asgeirsson, president and CEO of CPA.com, who will give his annual state-of-the-union on Digital CPA trends with special guests.

“The Digital CPA Conference brings together the practice leaders and trailblazers who are forging the future of the accounting profession," said Asgeirsson. “This year’s future-focused theme conveys a sense of clarity around how we can drive value for our clients. We’ve navigated through change and tumultuous times. The opportunity for firms and clients has never been greater.”

The Digital CPA Conference is designed for CPA firm partners, managers and staff responsible for rolling out cloud solutions, as well as business development, firm marketing and Client Advisory Service (CAS) leaders.

Event sponsors expect record attendance in 2022, following a sold-out on-site event for the 2021 conference. Practitioners who register before Aug. 31 can save $300 on the registration fee.

Visit digitalcpa.com for more details on the event, as well as access to on-demand and upcoming live webcasts aimed at continuing the conversation beyond DCPA.

Media access: Reporters who would like press credentials to attend the event can contact Sonia Bauer, Sonia.Bauer@hq.cpa.com. Online access to sessions is also available.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Application window open until Nov. 30, 2022

NEW YORK (Aug. 11, 2022) – CPA.com and the American Institute of CPAs (AICPA) are seeking applicants for the 2023 startup accelerator program, which specializes in early-stage technology companies benefiting the accounting and finance ecosystem. The 2023 program is open to pre-Series A startups around the world. Successful applicants receive $25,000 in seed funding and insider-level access to the subject matter experts, executives, firms, and finance leaders. They also benefit from business intelligence and insights from senior leaders at both the AICPA and CPA.com, as well as the program’s advisory board members, who bring diverse backgrounds and complementary skills in entrepreneurship, startup tech companies, accounting and finance.

“This program helped us accelerate our learning by 12-18 months,” says Adam Bercovici, founder and chief revenue officer for Canada-based LumiQ, a participant in the 2022 program. “LumiQ had a front row seat to the people shaping the future of the accounting professional globally. The team opened doors for us, made introductions to their network, and gave us the credibility we needed to enter the US market with a bang.”

Applications for the 2023 accelerator close on Nov. 30, 2022. Selections will be announced in February 2023. Companies that are accepted into the program will be featured next summer at AICPA & CIMA ENGAGE 2023, one of the leading accounting and finance conferences in the world. Later in the year, they will be featured at the AICPA/CPA.com Digital CPA Conference. “At CPA.com, we’re focused on applying practical innovation every day,” said Erik Asgeirsson, president and CEO of CPA.com. “That’s what makes this program so special – it allows the profession to tap into some of the most exciting innovations, and it helps these startups develop products and services that are finely tailored to the needs of the profession.”

To be eligible, companies should:

• Have a working product or service
• Be at seed or pre-Series A stage (with some exceptions)
• Focus on accounting, tax, fintech, regulatory technology, cyber or ESG solutions

“This program gave us access to finance and accounting professionals, which proved invaluable in helping us better understand the industry’s pain points on environmental, social and governance issues, as well as climate disclosure,” said Alyssa Rade, chief sustainability officer for Sustain.Life. “This has been instrumental in helping us build solutions that meet those unique needs.”

For questions about the program, please contact Vendela Hale, manager of corporate alliances for CPA.com, at vendela.hale@hq.cpa.com. You can also join our upcoming AICPA and CPA.com Startup Accelerator webinar, Oct. 19 at 2pm ET, to learn more about emerging technologies and meet the startup companies representing the 2022 cohort.

To apply for the 2023 cohort, please visit the accelerator program page at https://accelerator.cpa.com.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

AICPA and CPA.com host inaugural Environmental, Social and Governance (ESG) Symposium to discuss the opportunities and impact of ESG for the accounting and finance profession

NEW YORK (May 25, 2022) – Top leaders in the environmental, social and governance (ESG) space convened yesterday at the inaugural AICPA and CPA.com ESG Symposium to exchange ideas and perspectives on emerging issues and to discuss the critical role of the finance and accounting profession within the ESG category.

The event, hosted by the American Institute of CPAs (AICPA) and its business and technology arm CPA.com, brought together a diverse group of more than 50 investors, CPA firm leaders, corporate finance officers, technologists, standard setters, lenders and thought leaders to identify, categorize and prioritize the myriad interest areas in the ESG ecosphere for the accounting and finance profession.

“We couldn’t be more energized by the success of our first ESG Symposium. The event brought together top leaders to discuss the accelerating market demand for ESG services, the opportunities it offers for the accounting and finance profession, and the leadership underway across the various stakeholder groups,” said Erik Asgeirsson, president and CEO of CPA.com. “We look forward to continuing to build on this momentum to provide leadership across the entire ESG ecosystem.

The symposium agenda covered topics ranging from changing regulatory requirements, new reporting standards, marketplace demands and the growing need for ESG advisory and assurance services. CPA.com will release a special report later this year that recaps key themes and takeaways from the event. Some of those include:

• The confluence of proposed international and national ESG regulations that are creating momentum in the ESG space. The profession has a strong voice in helping shape the future of global ESG standards.
• CPAs are well positioned to meet marketplace demands with the innate skills, experience and systems to assure the performance of quality services and core values of independence, integrity and competency. Firms are already building on services to help clients with their ESG strategy, reporting and assurance needs.
• Corporate finance leaders are beginning to lead internal efforts to gather and report on ESG efforts to improve decision-making and demonstrate value creation.
• ESG covers broad and nascent topics. Accounting and finance professionals will need to expand their knowledge of the category to best advise clients and organizations on ESG best practices.
• Today’s consumers and employees want to buy from - and work for - organizations whose values align with their own. Firms and organizations that adopt ESG practices will be well positioned to secure top talent and build strong client and customer relationships.
• Investors, particularly the younger generation, want to work with companies that invest responsibly and balance purpose with profit. ESG reporting will become a cornerstone of financial reporting.

The ESG Symposium will become an annual event and will follow a similar format to the AICPA & CPA.com Blockchain Symposium, which is now in its sixth year.

“AICPA & CIMA have worked hard to promote the consolidation of global standards for ESG, and the category is a significant strategic focus for us as it becomes more central to business decision-making,” said Susan Coffey, CPA, CGMA, CEO – Public Accounting, Association of International Certified Professional Accountants. “We’ve been supporting ESG initiatives for well over a decade and we’re seeing new momentum from policy makers and heightened demand from investors, lenders and other market participants for this kind of information. The symposium serves as a great listening post and source of input from key leaders in the ESG space in accounting and finance.”

Resources to support accounting and finance professionals

The Association of International Certified Professional Accountants, the unified voice of AICPA and CIMA, recognizes the growing opportunity for CPAs and finance professionals to elevate their role as trusted advisors in the ESG space and has introduced several initiatives and resources including:

• Sustainability Attestation Guide
• Sustainability Assurance online course
• ESG Practice Aid – Considerations of ESG in an Audit
• ESG update from AICPA Town Hall
• An ESG-focused Startup Accelerator cohort to support the development of ESG technology tools for the profession
• ESG Fundamental Course – coming soon

For more information, please visit http://aicpa.org/esg.

About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership.

We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.