In good times and bad, service line strength at an accounting practice is valuable. Here are 10 very appealing service areas and the reasons they are worthy of consideration at your CPA firm.
High Net Worth. In every economy, there will always be individuals that need help managing their wealth and navigating complexities. The fees bring lots of value-added opportunities.
Trust Accounting and Planning. Trusts are becoming more challenging, so accounting for trusts is becoming more necessary. It’s a value-added expertise which not a lot of CPA firms focus on, but those that do, do well.
SALT. More and more state and local governments and municipalities are looking for revenues. Helping clients manage their multi-state challenges is going to become even more necessary.
Forensics. Investigatory skills do not go out of style. They can be redeployed in various ways and provide stronger billing rates and memorable results endearing to clients.
Special Purpose Auditing. Contract compliance is a perfect place for accountants and more and more transactions will include incentives and hurdle points that will need verification. Emerging data analytics efficiencies fit appropriately here. It’s a good way to differentiate the firm, and there is no seasonality to the work.
Outsourced Accounting. Businesses are happy to focus on what they do best. Serving as the back office and accounting department has and will continue to be a growth area.
Not for Profit Accounting Support. Maintaining the books and records for not for profits and being the liaison with the outside auditor will become more and more appealing. It’s a win-win for the nonprofit with less internal overhead—and a plus for you and the outside auditor who gets a better package.
Healthcare Consulting. A significant part of the economy is healthcare oriented. Expertise in planning and strategies for healthcare companies will be an exciting area for CPA firm services.
HR Support and Consulting. Work platforms are going to continue to evolve and businesses are going to need help defining requirements, skills, designing compensation systems and engineering accountability. Accounting firms are the right resources to guide businesses if they have the expertise.
Technology Systems. Technology is a powerful lifeline. Bringing efficiencies and progress to life is a great road map to deepening client commitment and to value-added service, as well.