Platform Expands Small Business Advisory Services Role for Firms

NEW YORK (Dec. 7, 2021) –The CPA Business Funding Portal, a cloud-based financing platform for accounting firms developed by CPA.com and leading fintech Biz2Credit, has added a business term loan option for CPA firms’ small business clients. Existing users of the portal can offer term loans to their clients immediately, while new subscribers can begin offering the service later this week.

The CPA Business Funding Portal has been a highly effective platform for CPAs and CPA firms assisting clients with government-backed business relief, such as funds distributed through the Small Business Administration’s Paycheck Protection Program (PPP). With a user-friendly dashboard and other streamlined loan management tools to ease the process, the portal has allowed users to process and obtain around 40,000 PPP loans, securing over $1 billion in business relief for their clients.

Adding the term loan financing option to the portal is a natural extension of capabilities for CPA firms, particularly as the recovery continues, and reflects the key role firms play in guiding critical business decisions for clients.

“CPA firms played a critical role in supporting small business owners throughout workplace shutdowns and the emerging recovery,” said Erik Asgeirsson, President and CEO of CPA.com. “As trusted advisors, they’re being asked to do more for their clients and need sophisticated tools to deliver these services efficiently and effectively. The evolution of the CPA Business Funding Portal reflects this expanding role, as well as the profession’s swift movement into business financing advisory services.”

Features of the portal’s expanded functionality include:

• Competitive financing terms, including a discount on the cost of financing for CPA clients, amounting to approximately 1.00-2.00% on the loan annual percentage rate (APR), depending on loan amount
• Quick turnaround on loan decisions thanks to the power of fintech
• Funding amounts ranging from $25,000 to $1 million
• Non-variable interest rates for loans secured through Biz2Credit
• An all-online application and closing process
• Option for firms to earn commissions on funded financing applications

“The ability to capitalize quickly on opportunities can be a huge difference maker for small and medium-sized businesses,” said Rohit Arora, co-founder and CEO of Biz2Credit and a leading expert on small business finance. “With our industry-leading business funding platform, the time between filling out an application and having the funds in hand can be as little as 72 hours. Now, thanks to the new features on the CPA Business Funding Portal, CPA firms can provide this excellent service speed to their small business clients.”

Tony Khait, CPA, PFS, the owner of Eco-Tax, Inc., a Brooklyn-based CPA firm, used the CPA Business Funding Portal over the past year to secure PPP funding and forgiveness for clients. He says he now plans to leverage the platform to support his clients’ business financing needs.

“No one knows my clients’ businesses better than my staff and me,” Khait said. “We’re looking at their financials every day. We know their short and long-term business goals. With the CPA Business Funding Portal, we can strengthen our connection as their trusted advisor by recommending the right term loan to meet their unique needs.”

A webcast on the new term loan option is available at 10 a.m. Eastern time this Thursday, Dec. 9. To learn more about the CPA Business Funding Portal, please visit cpa.com/business-funding.

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 Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $7 billion in small business financing. Biz2Credit is focused on funding what’s next for small business. The company leverages data, cash flow insights, and the latest technology to give business owners an automated small business funding platform to fit their financial needs. With over 500 employees globally, the Biz2Credit team – made up of top-notch engineers, marketers, and data scientists – is building the next generation in business lending solutions.

Biz2Credit has been named to the Inc. 5000 and Inc. Magazine’s Private Titans list for 2020, is a three-time winner of the Deloitte Technology Fast 500 and was named a Great Place to Work in 2020 and 2019. Visit Biz2Credit.com to learn more about the company.

Zunie Nguyen of Yogi CPA and Julie Smith of Harper & Co. Share Recognition

NASHVILLE (Dec. 6, 2021) –  Zunie Nguyen, CPA, and Julie Smith have been named dual 2021 recipients of CPA.com’s Innovative Practitioner Award, which recognizes innovation in process, services and technology implementation. Both practitioners successfully used technology and forward-looking practice development strategies to drive advisory services and deliver business relief to clients.

Award winners are chosen primarily through a vote of their peers. Both recipients will be recognized onstage at Digital CPA, CPA.com’s annual conference for practitioners focused on technology and its impact on the accounting landscape. Here’s a closer look at the winning candidates and their achievements:

• Zunie Nguyen is founder and CEO of Yogi CPA, an Orange, Calif.-based firm focused on financial independence for high-income earners. Nguyen set up her practice to be totally paperless and offers consistent educational updates, including videos, social media posts and a monthly newsletter, to better inform clients. During the pandemic, her firm helped clients secure over $4 million in Paycheck Protection Program (PPP) loans and $1 million in Economic Injury Disaster Loans.
• Julie Smith, a practice manager for Harper & Co. in Columbus, Ohio, is a driving force behind efficiency, technology and revenue growth at the firm. In 2017, when the 12-person firm decided to embrace advisory services, Smith built out its tech stack to include robust practice management, document management and research tools. When the pandemic hit, the firm was able to conduct 72 PPP loan engagements while continuing to manage its robust tax work. In a testament to its efficiency, Harper & Co. has tripled its growth over the past four years without adding new staff.

“Zunie and Julie demonstrate not just innovation but agility in a time of unprecedented change, when CPA firms were under intense pressure,” said Kacee Johnson, CPA.com’s senior director of strategy and innovation. “It says great things about the profession when we see such a wave of creativity in firm’s business models, use of technology and value creation for clients.”

To read more about Nguyen, Smith and previous honorees, please visit the Innovative Practitioner Award page. To learn more about strategies for transforming your firm, please 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.

Licensed CPAs and CPA Firms Can Now Apply for Their Preferred Domains on a First-Come, First-Served Basis

NEW YORK (Nov. 2, 2021) – CPAs and CPA firms in Canada can today apply for .cpa web domains to strengthen their brand and promote greater trust and security with clients in online communications.

The restricted web domain, administered by the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com, officially launches in Canada this morning at 11 Eastern time. To be eligible, Canadian CPAs and CPA firms must be licensed. Preferred names will be awarded on a first-come, first-served basis.

.CPA is part of a new wave of specialty top-level domains, a term that refers to the handful of letters at the end of a web address. It was first launched by the AICPA in the United States in September last year and received a strong response, with thousands of U.S. CPAs and firms registering .cpa domains to date.

“Restricted domains are more secure, promote greater trust and credibility with clients and the general public, and enable stronger branding opportunities,” said Erik Asgeirsson, president and CEO of CPA.com. “We’ve seen great interest from the profession in this service offering and we’re excited to bring this important capability to CPAs in Canada now and to more countries in 2022.”

.CPA domains offer a way for CPAs and firms to promote their credentials and stand out in today’s crowded digital marketplace.

“We all worked hard to obtain our CPA licenses – that’s not a trophy everyone receives,” said Ryan King, CPA, a partner at Michigan-based King & King. “The .cpa domain directly communicates that distinction, which is one reason we were so excited to put it to work for our firm.”

The AICPA was awarded ownership and oversight of .cpa in 2019 by the Internet Corporation for Assigned Names and Numbers (ICANN), the nonprofit organization that oversees the Internet’s naming system. CPA.com is responsible for managing the service globally.

To learn more about .cpa or to apply for the new service, please visit domains.cpa/canada. A French language version is available at domains.cpa/canada/fr.

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 696,000 AICPA and CIMA members, students and engaged professionals in 192 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.

U.S. Adoption of Popular Domain for CPAs Has Been Strong

NEW YORK (Oct. 26, 2021) – Licensed CPAs and CPA firms in Canada can soon apply for .cpa web domains to enhance their brand positioning in the digital world and promote greater trust and security with clients in online communications. The restricted web domain, which is administered by the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com, officially launches in Canada at 11 a.m. Eastern time on Nov. 2. To be eligible, Canadian CPAs and CPA firms must be licensed.

The .cpa domain service was first launched by the AICPA in the United States in September last year and has received a high degree of interest from firms of all sizes. To date, thousands of .cpa domains have been registered by U.S. CPAs and firms, ranging from sole practitioners to a majority of the top 500 U.S. accounting firms.

“Restricted domains are more secure, promote greater trust and credibility with clients and the general public, and enable stronger branding opportunities,” said Erik Asgeirsson, president and CEO of CPA.com. “We’ve seen great interest and creativity in the types of domains that CPAs have sought since the service began last year. We look forward to bringing this important capability for the CPA profession to Canada as we end 2021 and we’ll be launching it in more countries in 2022.”

Many firms have been strategic in the names they’ve pursued, securing shorter, more relevant .cpa domains that best suits their brand, rather than settling for whatever remaining .com addresses are available.

“When our third-party vendors or clients are receiving our emails, they know it’s a legit email with .cpa,” said Tracee Buethner, CPA, a partner with Widmer Roel, a firm based in Fargo, N.D., that secured wr.cpa. “While firm leaders were most excited about the brand development opportunities, the trust and security that come with the adoption of a .CPA domain has been equally important in practice.”

The AICPA was awarded ownership and oversight of .cpa in 2019 by the Internet Corporation for Assigned Names and Numbers (ICANN), the nonprofit organization that oversees the Internet’s naming system. CPA.com is responsible for managing the service globally.

To learn more about .cpa or to apply for the new service, please visit domains.cpa/canada.

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 696,000 AICPA and CIMA members, students and engaged professionals in 192 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.

• CPA.com and AICPA compiled benchmark data for this increasingly strategic accounting practice area
• Growth trend shows significant improvement from 2018
• Profit margins for CAS compare favorably to traditional practice areas

NEW YORK (Oct. 13, 2021) – Client Advisory Services (CAS) practices reported a median growth rate of 20%, better momentum than the 15% projected and a significantly stronger performance than other practice areas, according to a new survey by CPA.com and the American Institute of CPAs (AICPA). Interestingly, survey data from the early months of the global pandemic indicated similar growth, suggesting these advisory services are a critical part of ongoing small business operations during difficult business cycles.

CAS has been the fastest growing area of consulting in public accounting and is projected to continue its impressive trajectory, according to the CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey, which polled a cross-section of U.S. firms with offerings in this area. The report collected data from fiscal year 2019 and the early part of 2020, reflecting the onset of the pandemic. When the survey was last conducted in 2018, CAS practices reported a 12% growth rate.

The survey also indicated CAS practices are profitable, with median profit margins of 34% for all firms and 47% for top performers. That compares favorably to margins of 28% - 34% for all firm service categories, as reported by other benchmark surveys for the profession.

CAS firms have also managed remote work well during the pandemic, particularly top-performing firms who have embraced the move to digital, enabling efficient workflow solutions and cloud-enabled services. Some 96% of CAS firms helped clients apply for forgivable loans through the Small Business Administration’s Payroll Protection Program (PPP) and other relief programs. More than half (55%) of firms also said that their revenue was up because of the work that came out of the pandemic.

“Client Advisory Services have become an increasingly strategic component of CPA firms’ offerings, and this was never more clear than during the pandemic,” said CPA.com President and CEO Erik Asgeirsson “Looking forward, we see new opportunities in business forecasting, business funding and other categories that will drive growth and provide greater value for clients.”

The AICPA and CPA.com define CAS as a practice where firms advise clients across a spectrum of financial and accounting related decisions, with the goal to deliver higher value and deepen the trusted advisor relationship. CAS practices leverage technology and processes to provide timely updates and deeper business insights to their clients. The most common offerings by CAS firms are:

1. Financial Statement Preparation (offered by 96% of surveyed firms)
2. CFO/Controller Advisory Services (92%)
3. Accounts Payable (90%)
4. Forecasting/Budgeting (89%)
5. 1099 Creation and Filing (89%)

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

• Invest in talent. CAS practices deepened staff expertise and skillsets through additional training, with all practices increasing the number of average training hours from 27 to 37 per full-time equivalent (FTE) and top performers from 28 to 44. Firms should also explore non-traditional talent options to build their capacity to grow, including remote team members.
• Leverage technologies to drive efficiencies. Evaluate opportunities to implement robotic process automation and artificial intelligence or take advantage of unused capabilities already available in your cloud-based technology stack. IT investments will pay off by creating a much-needed capacity to serve clients. Challenge CAS team members to identify processes that can be further automated, made simpler or more efficient.
• Improve data collection and reporting. As CAS practices grow, leaders will need better data management, relevant KPIs and consistent reporting to effectively run their practices and get buy-in from firm leaders. There is still too much variability firm to firm on service metrics.
• Pilot changes in pricing, billing and benchmarking. CAS practices made a big shift to fixed fee and value billing models in the past two years, with a majority (60%) offering these structures to clients. Value billing models offer numerous benefits to both the firm and client and is an area where CAS practices can lead the way in the profession. The survey also suggested that, with an average close rate of 75%, CAS practice leaders may be underpricing their services.
• Communicate and market value to clients and internal stakeholders. The top three areas of resistance when selling new services arose from perceptions about the value of CAS services and questions about pricing. CAS leaders need to create their value proposition and regularly communicate it to stakeholders, including staff and external audiences. The survey also indicated that while marketing spending was up slightly for CAS practices, this was an area of opportunity for firms as total spend is still below standards for comparable industries and professions.
• Secure leadership buy-in and sponsorship. Nearly half (46%) of top performers reported a major barrier to success is internal firm team members who don’t understand the value of CAS, equate it with lower-value bookkeeping, or push back on the CAS business model. Firm leadership must effectively address these issues with clear, consistent messaging regarding the value of CAS.

CPA.com will hold a free webinar today 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 and CAS Client Assessment workshops, new 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 August to December last year with assistance from Convergence Coaching LLC and includes data from fiscal year 2019, as well as the early part of 2020, from 111 CAS practices. 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 696,000 AICPA and CIMA members, students and engaged professionals in 192 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.