PEOPLE. PRINCIPLES. POSSIBILITIES. IFAC SMP Forum 2007

333 views
260 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
333
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • SMPs have had to develop alternatives to compliance driven services to grow their practice and/ or to survive in the marketplace.
  • Reviews and Comps – Limited assurance Prospective – Forecasts and projections Forensic Services – Fraud prevention and investigation
  • Succession Planning – “Baby Boomers” reaching retirement age. Also tied to estate planning. Human Resources – Executive Search; Screening/Interviewing; Employee testing
  • Financial Services – Significant growth area – “Baby Boomers” moving to retirement age
  • Security and Compliance – Financial Institutions
  • Most common new service areas added in the past three years.
  • To be successful, services need to be related to what your firm already does successfully Our unsuccessful ventures Leasing of software Document storage facility Consulting services “outside” of our client base
  • PEOPLE. PRINCIPLES. POSSIBILITIES. IFAC SMP Forum 2007

    1. 1. IFAC SMP Forum 2007 SMP Support of SMEs Brian Bluhm, CPA
    2. 2. Professional Landscape in the US <ul><li>Increase in complexity and number of accounting and auditing standards </li></ul><ul><li>Increasing independence considerations </li></ul><ul><li>Significant competition in the SMP/SME marketplace </li></ul><ul><li>No mandatory audit – many (most) clients of SMPs do not have an audit requirement </li></ul>
    3. 3. Assurance Related Services <ul><li>Reviews and Compilations </li></ul><ul><li>Prospective Financial Statements </li></ul><ul><li>Accounting Services </li></ul><ul><ul><li>“ Write-up” Services – Monthly/Quarterly financial statement preparation </li></ul></ul><ul><ul><li>Payroll Processing </li></ul></ul><ul><li>Forensic Services </li></ul>
    4. 4. Tax Related Services <ul><li>Tax Planning and Advice </li></ul><ul><li>Estate Tax Planning </li></ul><ul><ul><li>Primarily to individuals and SME business owners </li></ul></ul><ul><ul><li>Referrals to Financial Services professionals </li></ul></ul>
    5. 5. Consulting Services <ul><li>General Business Consulting </li></ul><ul><ul><li>Business Strategic Planning </li></ul></ul><ul><ul><li>Succession Planning </li></ul></ul><ul><ul><li>Corporate Finance </li></ul></ul><ul><ul><li>Human Resources </li></ul></ul><ul><li>Business Valuation </li></ul><ul><ul><li>Litigation Support </li></ul></ul><ul><ul><li>Succession Planning – Valuation of SMEs </li></ul></ul><ul><ul><li>Audit Support </li></ul></ul>
    6. 6. Consulting Services <ul><li>Employee Benefits </li></ul><ul><ul><li>Benefit Plan Design </li></ul></ul><ul><ul><li>Benefit Plan Administration </li></ul></ul><ul><li>Corporate Learning </li></ul><ul><ul><li>Leadership Development </li></ul></ul><ul><ul><li>Dale Carnegie Training </li></ul></ul><ul><li>Financial Services </li></ul><ul><ul><li>Estate and Financial Planning </li></ul></ul><ul><ul><li>Investment Management and Advisory Services </li></ul></ul>
    7. 7. Consulting Services <ul><li>Technology Consulting </li></ul><ul><ul><li>System Design and Implementation </li></ul></ul><ul><ul><li>Security and Compliance Services </li></ul></ul><ul><ul><li>Staffing Assistance </li></ul></ul><ul><ul><li>Audit Support </li></ul></ul>
    8. 8. AICPA Private Companies Practice Section Annual Survey – 2006* <ul><li>Most Common “Non-Traditional” Services </li></ul><ul><ul><li>Estate tax planning </li></ul></ul><ul><ul><li>Services to not-for-profit entities (especially smaller firms) </li></ul></ul><ul><ul><li>Payroll processing </li></ul></ul><ul><ul><li>Forecasts and projections </li></ul></ul><ul><ul><li>Litigation support </li></ul></ul><ul><ul><li>* AICPA PCPS 2006 MAP Survey Commentary </li></ul></ul>
    9. 9. AICPA Private Companies Practice Section Annual Survey – 2006* <ul><li>New Service Areas </li></ul><ul><ul><li>Cost segregation </li></ul></ul><ul><ul><li>Business valuation </li></ul></ul><ul><ul><li>Litigation support </li></ul></ul><ul><ul><li>Outsourced controllership </li></ul></ul><ul><ul><li>Investment advisory services </li></ul></ul><ul><ul><li>* AICPA PCPS 2006 MAP Survey Commentary </li></ul></ul>
    10. 10. Lessons Learned <ul><li>Stay connected to core competencies </li></ul><ul><ul><li>Service Areas – Audit and Tax </li></ul></ul><ul><ul><li>Industry Expertise </li></ul></ul><ul><li>Patience </li></ul><ul><ul><li>Allow the necessary time to develop expertise and connections to existing service areas and practice partners </li></ul></ul>
    11. 11. Questions

    ×