U.S. Adoption of Popular Domain for CPAs Has Been Strong

NEW YORK (Oct. 26, 2021) – Licensed CPAs and CPA firms in Canada can soon apply for .cpa web domains to enhance their brand positioning in the digital world and promote greater trust and security with clients in online communications. The restricted web domain, which is administered by the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com, officially launches in Canada at 11 a.m. Eastern time on Nov. 2. To be eligible, Canadian CPAs and CPA firms must be licensed.

The .cpa domain service was first launched by the AICPA in the United States in September last year and has received a high degree of interest from firms of all sizes. To date, thousands of .cpa domains have been registered by U.S. CPAs and firms, ranging from sole practitioners to a majority of the top 500 U.S. accounting firms.

“Restricted domains are more secure, promote greater trust and credibility with clients and the general public, and enable stronger branding opportunities,” said Erik Asgeirsson, president and CEO of CPA.com. “We’ve seen great interest and creativity in the types of domains that CPAs have sought since the service began last year. We look forward to bringing this important capability for the CPA profession to Canada as we end 2021 and we’ll be launching it in more countries in 2022.”

Many firms have been strategic in the names they’ve pursued, securing shorter, more relevant .cpa domains that best suits their brand, rather than settling for whatever remaining .com addresses are available.

“When our third-party vendors or clients are receiving our emails, they know it’s a legit email with .cpa,” said Tracee Buethner, CPA, a partner with Widmer Roel, a firm based in Fargo, N.D., that secured wr.cpa. “While firm leaders were most excited about the brand development opportunities, the trust and security that come with the adoption of a .CPA domain has been equally important in practice.”

The AICPA was awarded ownership and oversight of .cpa in 2019 by the Internet Corporation for Assigned Names and Numbers (ICANN), the nonprofit organization that oversees the Internet’s naming system. CPA.com is responsible for managing the service globally.

To learn more about .cpa or to apply for the new service, please visit domains.cpa/canada.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

• CPA.com and AICPA compiled benchmark data for this increasingly strategic accounting practice area
• Growth trend shows significant improvement from 2018
• Profit margins for CAS compare favorably to traditional practice areas

NEW YORK (Oct. 13, 2021) – Client Advisory Services (CAS) practices reported a median growth rate of 20%, better momentum than the 15% projected and a significantly stronger performance than other practice areas, according to a new survey by CPA.com and the American Institute of CPAs (AICPA). Interestingly, survey data from the early months of the global pandemic indicated similar growth, suggesting these advisory services are a critical part of ongoing small business operations during difficult business cycles.

CAS has been the fastest growing area of consulting in public accounting and is projected to continue its impressive trajectory, according to the CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey, which polled a cross-section of U.S. firms with offerings in this area. The report collected data from fiscal year 2019 and the early part of 2020, reflecting the onset of the pandemic. When the survey was last conducted in 2018, CAS practices reported a 12% growth rate.

The survey also indicated CAS practices are profitable, with median profit margins of 34% for all firms and 47% for top performers. That compares favorably to margins of 28% - 34% for all firm service categories, as reported by other benchmark surveys for the profession.

CAS firms have also managed remote work well during the pandemic, particularly top-performing firms who have embraced the move to digital, enabling efficient workflow solutions and cloud-enabled services. Some 96% of CAS firms helped clients apply for forgivable loans through the Small Business Administration’s Payroll Protection Program (PPP) and other relief programs. More than half (55%) of firms also said that their revenue was up because of the work that came out of the pandemic.

“Client Advisory Services have become an increasingly strategic component of CPA firms’ offerings, and this was never more clear than during the pandemic,” said CPA.com President and CEO Erik Asgeirsson “Looking forward, we see new opportunities in business forecasting, business funding and other categories that will drive growth and provide greater value for clients.”

The AICPA and CPA.com define CAS as a practice where firms advise clients across a spectrum of financial and accounting related decisions, with the goal to deliver higher value and deepen the trusted advisor relationship. CAS practices leverage technology and processes to provide timely updates and deeper business insights to their clients. The most common offerings by CAS firms are:

1. Financial Statement Preparation (offered by 96% of surveyed firms)
2. CFO/Controller Advisory Services (92%)
3. Accounts Payable (90%)
4. Forecasting/Budgeting (89%)
5. 1099 Creation and Filing (89%)

The survey offers numerous insights about the evolution of CAS offerings and opportunities for future growth. Some of the takeaways include:

• Invest in talent. CAS practices deepened staff expertise and skillsets through additional training, with all practices increasing the number of average training hours from 27 to 37 per full-time equivalent (FTE) and top performers from 28 to 44. Firms should also explore non-traditional talent options to build their capacity to grow, including remote team members.
• Leverage technologies to drive efficiencies. Evaluate opportunities to implement robotic process automation and artificial intelligence or take advantage of unused capabilities already available in your cloud-based technology stack. IT investments will pay off by creating a much-needed capacity to serve clients. Challenge CAS team members to identify processes that can be further automated, made simpler or more efficient.
• Improve data collection and reporting. As CAS practices grow, leaders will need better data management, relevant KPIs and consistent reporting to effectively run their practices and get buy-in from firm leaders. There is still too much variability firm to firm on service metrics.
• Pilot changes in pricing, billing and benchmarking. CAS practices made a big shift to fixed fee and value billing models in the past two years, with a majority (60%) offering these structures to clients. Value billing models offer numerous benefits to both the firm and client and is an area where CAS practices can lead the way in the profession. The survey also suggested that, with an average close rate of 75%, CAS practice leaders may be underpricing their services.
• Communicate and market value to clients and internal stakeholders. The top three areas of resistance when selling new services arose from perceptions about the value of CAS services and questions about pricing. CAS leaders need to create their value proposition and regularly communicate it to stakeholders, including staff and external audiences. The survey also indicated that while marketing spending was up slightly for CAS practices, this was an area of opportunity for firms as total spend is still below standards for comparable industries and professions.
• Secure leadership buy-in and sponsorship. Nearly half (46%) of top performers reported a major barrier to success is internal firm team members who don’t understand the value of CAS, equate it with lower-value bookkeeping, or push back on the CAS business model. Firm leadership must effectively address these issues with clear, consistent messaging regarding the value of CAS.

CPA.com will hold a free webinar today at 2 p.m. ET to highlight key insights from the survey and offer practical strategies for firms to strengthen and develop their CAS capabilities. The company’s CAS Roadmap and CAS Client Assessment workshops, new CAS Firm Self-Assessment, whitepapers and other resources are also available for firms looking to start or expand a CAS practice. To learn more, please visit cpa.com/client-advisory-services.

Methodology

The CAS Benchmark Survey was conducted online from August to December last year with assistance from Convergence Coaching LLC and includes data from fiscal year 2019, as well as the early part of 2020, from 111 CAS practices. Besides general results, the survey analyzes the performance of top CAS practices, defined as those with the highest Net Client Fees Per Professional (NCFPP).

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Companies Must Apply for Program by Nov. 30, 2021

NEW YORK (Sept. 8, 2021) – CPA.com and the Association of International Certified Professional Accountants, representing AICPA & CIMA, are seeking applicants for their 2022 startup accelerator program, which specializes in accounting and regulatory technology. This year’s program is also expanding to early-stage companies devoted to environmental, social and governance (ESG) issues.

The accelerator is open to pre-Series A startups worldwide. Successful applicants get a deep dive into the accounting profession and access to business intelligence from senior leaders of both the Association and CPA.com, as well as the program’s advisory board members who have diverse backgrounds and complementary skills in entrepreneurship, startup tech companies, accounting and finance. In addition, companies receive $25,000 in seed funding.

“Being accepted into the accelerator program was a shot in the arm when we needed it most. It validated our technology and business model,” said Jim Dowd, founder of North Capital Investment Technology, Inc., a previous graduate of the program.

Applications for the 2022 accelerator close on Nov. 30, 2021, and selections will be announced in January. Companies that are chosen will be featured next summer at AICPA & CIMA ENGAGE 2022, one of the leading accounting and finance conferences in the world, and later in the year at the AICPA/CPA.com Digital CPA Conference, which specializes in accounting technology and practice development topics.

“Innovation across the accounting and finance profession has never been greater or more important,” said Erik Asgeirsson, president and CEO of CPA.com. “The startup accelerator keeps us deeply connected to the companies driving this transformation and to collaborate in a strategic and meaningful way for the benefit of the profession.”

To be eligible, companies should be:

• At seed or pre-Series A stage (with some exceptions)
• Have a working product or service
• Focused on fintech, regulatory technology or ESG solutions

“I’m a seasoned entrepreneur but what I’ve realized is we’re always learning,” said Sherwood Neiss, co-founder and principal of Guardd Inc., another graduate of the program. “One of the coolest things about the accelerator is it connected me to people and influencers who’ve helped me shape the way I’m thinking about growing this company in a new way that’s very different from the way I’ve started companies in the past.”

For questions about the program, please contact Kacee Johnson, senior director of strategy and innovation for CPA.com, at kacee.johnson@hq.cpa.com. To apply, please visit the startup accelerator program page at cpa.com/accelerator.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession. 

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Dec. 5-8 Event in Nashville Offers Insight on Technology Adoption and Practice Management

NEW YORK (Aug. 5, 2021) – Technology and new business models are reshaping the modern CPA firm, and the Digital CPA Conference gives practice leaders the tools and insight they need to succeed and grow.

The conference, hosted by CPA.com and AICPA & CIMA, is now in its 10th year. It will be held onsite at the Grand Hyatt Nashville from Dec. 5-8 and attendees also have the option of joining virtually.

“The guiding philosophy of Digital CPA focuses on innovation, skill-building and business model transformation,” said Erik Asgeirsson, president and CEO of CPA.com. “CPA firms that embraced this forward-looking approach over the past decade had a clear competitive advantage and offered great value to clients over the past 18 months, despite the challenges of workplace shutdowns. They really did lead the way for their clients’ businesses. We’re poised for even more change in the year ahead with the acceleration of technology adoption, and Digital CPA remains an essential road map for firms looking to grow and thrive.”

This year’s agenda, organized under the theme “Leading the Way,” includes sessions on practice management, disruptive technology and new service line opportunities. Featured keynote speakers include:

• Dr. Tasha Eurich, an organizational psychologist, researcher and New York Times bestselling author of “Bankable Leadership,” among other books, will speak on becoming a future-ready leader.
• George Blankenship, a former Tesla, Apple and GAP executive, will talk about removing barriers to reinvent the client experience.
• Pascal Finette, chair of entrepreneurship at Singularity University and co-founder of b radical, will lead a hands-on exercise about the foundations of practical futurism.
• Barry Melancon, CPA, CGMA, CEO of the Association of International Certified Professional Accountants, representing AICPA & CIMA, will provide a profession update.
• Erik Asgeirsson, president and CEO of CPA.com, will give his annual state-of-the-union for the Digital CPA community.

Practitioners who register before Aug. 31 can save $300 on the registration fee. Visit digitalcpa.com for more details on the event.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Leaders of Association of International Certified Professional Accountants Give Professional Update

LAS VEGAS (July 28, 2021) — The past year has been a defining time for CPAs and management accountants in their roles as trusted advisors to businesses large and small, with the profession proving its ability to adapt and thrive amid disruption and adversity, senior leaders of the Association of International Certified Professional Accountants (AICPA & CIMA) said during a keynote presentation at the AICPA & CIMA ENGAGE conference.

That resiliency will be needed going forward, with more changes to come from technological disruption, expanded categories of non-financial reporting, and the rapid evolution of new service lines and business opportunities, Association CEO Barry Melancon, CPA, CGMA, said during the panel session at ENGAGE, one of the leading events dedicated to accounting and finance. Clients and employers are also facing increased complexity on several fronts, many heightened by the pandemic, and they're looking for the profession to solve it for them.

"It's hard to argue with the notion that we are in a world reimagined," Melancon said, adding that the profession is nevertheless well positioned to capitalize on opportunities tied to change.

Some of the key topics discussed during the session included:

Digital Transformation. The shift to remote work due to the COVID-19 pandemic accelerated uptake rates for cloud solutions and related technology. Client advisory services (CAS) practices that embraced the cloud before the pandemic fared well during workplace shutdowns, and many firms showed great creativity in areas such as remote auditing that can have application in the post-pandemic world. "I do think we have to stop thinking of technology as a cost and more as a strategic investment," said Sue Coffey, CPA, CGMA, the Association's CEO of public accounting.

The leap forward that many firms and employers had to take on technology upgrades due to the pandemic sets the profession up well for the next level of changes involving artificial intelligence, particularly machine learning, panelists said. This will be manifested in such initiatives as the Dynamic Audit Solution, an AICPA and CPA.com effort that is transforming the way audits are performed.

Business Model Evolution. One of the great successes of the profession over the past 18 months was its work in small business relief, and it can have an enduring impact for clients as firms deepen new relationships with lenders, particularly the fintech sector, said Erik Asgeirsson, president and CEO of CPA.com. The Association's leaders also noted growth in CAS and other advisory services, as well as emerging areas of non-financial reporting bearing on sustainability, data integrity and supply chains, among others. "Making sense of a changing world – I don't think anyone does that better than a CPA," said Bill Pirolli, CPA, CFF, PFS, CGMA, the chair of the American Institute of CPAs.

Focus on Talent. Ensuring a robust pipeline of new CPAs and Chartered Global Management Accountants (CGMAs) and promoting diversity and inclusion are critical, panelists said. "As a profession, we need to look more like the clients we serve and we all need to be part of that solution," Coffey said.

Melancon said students are choosing career paths earlier, so it's essential to make the case for an accounting career before students get to college. That means firms should be showing up at career days and other events to talk up the profession. "We need to be in every high school in the country," he said.

To ensure newly licensed CPAs have the skills and competencies required today and into the future, the AICPA is collaborating with the National Association of State Boards of Accountancy to update the CPA licensure model. A new exam for the model, called CPA Evolution, is expected in early 2024

ENGAGE continues through tomorrow. To learn more, visit aicpaengage.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world's largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world's leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer's choice when recruiting financially trained business leaders.