The PCPS CPA Firm Top Issues Survey is a biannual study that identifies the most significant challenges facing practitioners across the country. This year the survey also included a few economic questions to gage the effect that the current economic environment has had on CPA firms and their clients. Following is a brief synopsis of the economic-related questions results.
According to 2009, 2010 and 2011 CPA firm economic question results, small firms appear to be weathering the storm remarkably well. Note in the chart below that over 40% of the smallest firms indicated that their business was not affected by the economic crisis. Furthermore, the 2011 results show a shift in the right direction from 2010, when roughly 25% of firms of all sizes were in crisis, to now, where the majority of firms are in recovery.
Which statement best describes your views of the economic recovery, in relation to your practice?
Consistent with 2009 and 2010 responses, the 2011 results demonstrate the CPA firms fared much better than their clients. The following chart shows that the majority of firms’ clients are also in recovery and the number of clients in recovery mode is higher than those who were in 3rd quarter 2010.
Which statement best describes your views of the economic recovery, in relation to your clients?