6 ways we’re working for our small firm members
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6 ways we’re working for our small firm members

3 years ago · 2 min read · AICPA Insights Blog

Supporting your firm is a top priority here at the AICPA. That’s why we travel across the country, speak with practitioners at conferences and events, and gather feedback via email and phone — all to make sure we grasp the pressing issues for firms of your size.

With this knowledge, we develop tools and resources to help your practice run more smoothly. Below are six ways we’re championing you, our small firm members.

1. Navigating tax law changes

We know the past year hasn’t been easy, but we’re here to help. Looking for news, answers to common questions, guides or learning opportunities? You’ll find them and more on our Tax Reform Resource Center.

And we know you still have a lot of questions about tax reform. We’ve asked the IRS for guidance on many technical questions related to the Tax Cuts and Jobs Act. Our advocacy team also is monitoring several issues while looking out for the profession’s best interests. For the latest news on tax advocacy, visit our CPA Advocate webpage.

2. Resources to address your pain points

Survey results from firms like yours shape the top-notch information and tools we develop. Whether you are looking to increase your cybersecurity knowledge, learn about service opportunities in the financial planning space or master audit risk assessment, our resources can help.

Mark your calendar and join us on Thursday, Dec. 12, 2:00 p.m. ET for a free webcast to learn about top trends, challenges and opportunities practitioners face. We’ll also cover best practices used by successful firms.

3. An alternative to revenue recognition

If your small business clients are having difficulty with the new revenue recognition standard, consider another option. We’ve developed an accounting framework with the small business\ community in mind. The Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is an alternative that simplifies reporting, uses a traditional approach for recognizing revenue and may be used when GAAP financial statements are not required.

4. The pathway for future-ready skills

Improve your firm’s productivity and efficiency by putting new technologies and emerging services to work. Whether you’re interested in the basics or in becoming a certified expert, AICPA resources have you covered.

If data analytics speaks to you, start with the resources on the Data Analytics page and consider pursuing certificates in the Data Analytics Certificate Programs. If building a cybersecurity practice is your goal for 2020, check out the tools in the PCPS Cybersecurity Toolkit.

5. Your voice for standards

Advocating on your behalf is a priority of ours. Our Technical Issues Committee (TIC) is a committee of CPA practitioner volunteers who represent the views of local firms and their clients in the standards-setting process. TIC reviews proposed and issued standards and shares recommendations in the form of comment letters.

Check out TIC’s efforts, including their comment letter to the Financial Accounting Standards Board (FASB) encouraging a delayed effective date for the leases standard. FASB’s ultimate decision to postpone the leases effective date for private companies reflected several of TIC’s recommendations.

6. Serving clients across multiple states

We know that getting a firm license in each state with a client presence is a big compliance burden. We’re working with state CPA societies and state boards of accountancy on CPA firm mobility — the ability for your practice to help your clients across state lines without unnecessary red tape. Reach out to your state CPA society to get involved.

We work hard to support our small firm members and know there’s always more we can do. How can we serve you better in 2020? Drop us a note and let us know.

Lisa Simpson, CPA, CGMA

Lisa is Vice President — Firm Services for the AICPA. She leads the Private Companies Practice Section (PCPS) team in the development of practice management tools that address topics most important to firm owners. Lisa and her team develop and foster relationships with firms of all sizes, including through the AICPA’s Major Firms Group and Group of 400 initiatives as well as networking groups for small firms. Lisa began her career with EY gaining audit and tax experience in her six years with the firm. She then worked for a small firm in Lexington, Kentucky for five years. Lisa has 20+ years of industry experience as well, having served as the CFO for non-profit and for-profit organizations before joining the AICPA in 2012. Lisa graduated from Eastern Kentucky University and is licensed as a CPA in NC and KY.

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