Changes in the Market that Affect CPAs
“We cannot continue to sustain the accelerated success our profession has been enjoying for the past few decades by doing what we have always done. We have to be able to shift our services to deliver higher-value to our clients.”
- More and more global competitors will enter the market.
- The licensing process could be at risk.
- Soft skills are not where they need to be.
- Technology abilities are becoming foundational.
- Demographically poised to have a shrinking profession changing perception and offerings
- Thousands of retiring CPAs with many having their largest assets – their firms – at risk.
- Client landscape is changing (age, race and expectation)
The Need
Current CPA Demographics
CAPs – 1.3M accountants only 654,375 are actively licensed CPAs or 50%
Gender – The percentage of female equity partners in large firms grew, from 17% to 19%, but it actually declined in the smallest firms.
Focus – Nationally, large firms saw a large increase in financial advisory services
Partner Income – $430,000
Age – Babyboomers 55-73 yrs 43% of CPAs. Retirement will drastically shift the age demographics in the next 5 years.
New Wants
Ethnicity
Gender
Education
REACH YOUR AUDIENCE
Recruit (Advertise) | Educate (Demo) | Activate (Trial) | | Close (Subscription) | Help (Support)
Reach Reporting helps CPAs transform financial compliance services into trusted advisory engagements with visually enhanced reports that stimulate future-focused client discussions.
SINGLE BUSINESS PERSONA
Software – Quickbooks
Occupation – Franchise Owner
Salary – $150k
Education – MA
Age – 55
Gender – Male
Family Status – Married
Pain Point
Personality Traits
- INTROVERT | EXTROVERT 75%
- THINKING | FEELING 60%
- VERBAL | WRITING 50%
- SMALL TALK | ALL BUSINESS 50%
- OPEN | SKEPTICAL 20%
- PASSIVE | AGGRESSIVE 90%
- TIMID | CONFIDENT 100%
Technology Usage
- NONE | MEDIUM | HEAVY 25%
Social Media
- Linkedin 20%
- Youtube 20%
- Facebook 60%
- Twitter 0%
- Instagram 0%
Motivation to Buy
- INCREASE VALUE OFFERING 10%
- REDUCE COST OF DOING BUSINESS 30%
- PRICE 100%
- INCREASE PRODUCTIVITY 30%
- SOCIAL PROOF 75%
- VALUE ADD 100%
S.B.P. Sale Cycle
NAICS – 579,812 Business | $10.3m Potential Yearly Revenue | 1% market share | $149 Subscription
%
Valued
%
Close
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Discount
Days
Trial
LOCAL CPA | BOOKKEEPING PERSONA
Software – Quickbooks
Occupation – Bookkeeper
Salary – $45k
Education – No degree
Age – 49
Gender – Female
Family Status – Married
Pain Point
Personality Traits
- INTROVERT | EXTROVERT 30%
- THINKING | FEELING 50%
- VERBAL | WRITING 90%
- SMALL TALK | ALL BUSINESS 90%
- OPEN | SKEPTICAL 90%
- PASSIVE | AGGRESSIVE 90%
- TIMID | CONFIDENT 20%
Technology Usage
- NONE | MEDIUM | HEAVY 15%
Social Media
- Linkedin 5%
- Youtube 20%
- Facebook 70%
- Twitter 5%
- Instagram 25%
Motivation to Buy
- INCREASE VALUE OFFERING 90%
- REDUCE COST OF DOING BUSINESS 30%
- PRICE 100%
- INCREASE PRODUCTIVITY 80%
- SOCIAL PROOF 75%
- VALUE ADD 100%
Bookkeeping Sale Cycle
1,707,700 Bookkeepers | $6.1m Potential Yearly Revenue | 05% market share | $60 Subscription
%
Valued
%
Close
%
Discount
Days
Trial
SMALL CPA PERSONA
Software – Quickbooks
Firm – Personal Firm
Salary – $150k+
Education – BA
Age – 35
Gender – Male
Family Status – Married
Pain Point
Personality Traits
- INTROVERT | EXTROVERT 95%
- THINKING | FEELING 50%
- VERBAL | WRITING 50%
- SMALL TALK | ALL BUSINESS 50%
- OPEN | SKEPTICAL 15%
- PASSIVE | AGGRESSIVE 90%
- TIMID | CONFIDENT 100%
Technology Usage
- NONE | MEDIUM | HEAVY 65%
Social Media
- Linkedin 20%
- Youtube 20%
- Facebook 30%
- Twitter 5%
- Instagram 25%
Motivation to Buy
- INCREASE VALUE OFFERING 90%
- REDUCE COST OF DOING BUSINESS 30%
- PRICE 65%
- INCREASE PRODUCTIVITY 90%
- SOCIAL PROOF 75%
- VALUE ADD 100%
Small CPA Sale Cycle
41,600 Small CPA | $2.6m Potential Yearly Revenue | 3% market share | 3 x $60 Subscription
%
Valued
%
Close
%
Discount
Days
Trial
Medium CPA
Brent is a Managing Partner at a mid-tier Firm that provides an out-sourced CFO. His annual income is $240,000. Brent works with middle-market companies and is constantly attempting to secure business from larger clients and expanding all the time.
Software – Excel
Firm – Now CFO
Salary – $240k
Education – MBA with a concentration in accounting
Age – 48
Gender – Male
Family Status – Married
Pain Point
Personality Traits
- INTROVERT | EXTROVERT 25%
- THINKING | FEELING 25%
- VERBAL | WRITING 95%
- SMALL TALK | ALL BUSINESS 100%
- OPEN | SKEPTICAL 85%
- PASSIVE | AGGRESSIVE 100%
- TIMID | CONFIDENT 100%
Technology Usage
- NONE | MEDIUM | HEAVY 60%
Social Media
- Linkedin 50%
- Youtube 30%
- Facebook 20%
- Twitter 0%
- Instagram 0%
Motivation to Buy
- INCREASE VALUE OFFERING 100%
- REDUCE COST OF DOING BUSINESS 75%
- PRICE 10%
- Increase Productivity 100%
- SOCIAL PROOF 20%
Medium CPA Sale Cycle
300 Medium CPA | $1m Potential Yearly Revenue | 3% market share | 100 x $50 Subscription
%
Valued
%
Close
%
Discount
Days
Trial
LARGE CPA FIRM
Software – NetSuite, Intacct
Firm – Ernst & Young
Salary – $940k
Education – MA
Age – 70
Gender – Male
Family Status – Married
Pain Point
Personality Traits
- INTROVERT | EXTROVERT 30%
- THINKING | FEELING 15%
- VERBAL | WRITING 90%
- SMALL TALK | ALL BUSINESS 100%
- OPEN | SKEPTICAL 80%
- PASSIVE | AGGRESSIVE 90%
- TIMID | CONFIDENT 100%
Technology Usage
- NONE | MEDIUM | HEAVY 30%
Social Media
- Linkedin 100%
- Youtube 0%
- Facebook 0%
- Twitter 0%
- Instagram 0%
Motivation to Buy
- INCREASE VALUE OFFERING 90%
- REDUCE COST OF DOING BUSINESS 70%
- PRICE 10%
- INCREASE PRODUCTIVITY 75%
- SOCIAL PROOF 25%
Large CPA Sale Cycle
100 Large CPA | $600K Potential Yearly Revenue | 1% market share | 1000 x $50 Subscription
%
Valued
%
Close
%