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PEOPLE. PRINCIPLES. POSSIBILITIES. IFAC SMP Forum 2007

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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

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