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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

CPAs are looking for solutions that help them transform their services from compliance to advisor offerings, increase loyalty, attract new clients, and stay competitive with their pricing.

Current CPA Demographics

The demographics of accounting have moderately changed throughout the years. However, times are changing. A major market change is on the horizon. In the next 5 years, the market will see a dramatic change in gender roles, race, and age.

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

The expansion of cost-effective capability due to advanced technology and robotics solutions

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

Andy is a CFO of a company that brings in 2-30 million a year. He’s been using QuickBooks software for the past 10 years. He’s willing to spend money on things that improve his capabilities for his company.

Software – Quickbooks

Occupation – Franchise Owner
Salary – $150k

Education – MA
Age – 55
Gender – Male

Family Status – Married

Pain Point

Andy is busy and it is hard for him to run his financing but he knows it is important. 

Personality Traits

  • INTROVERT | EXTROVERT 75% 75%
  • THINKING | FEELING 60% 60%
  • VERBAL | WRITING 50% 50%
  • SMALL TALK | ALL BUSINESS 50% 50%
  • OPEN | SKEPTICAL 20% 20%
  • PASSIVE | AGGRESSIVE 90% 90%
  • TIMID | CONFIDENT 100% 100%

Technology Usage

  • NONE | MEDIUM | HEAVY 25% 25%

Social Media

  • Linkedin 20% 20%
  • Youtube 20% 20%
  • Facebook 60% 60%
  • Twitter 0% 0%
  • Instagram 0% 0%

Motivation to Buy

  • INCREASE VALUE OFFERING 10% 10%
  • REDUCE COST OF DOING BUSINESS 30% 30%
  • PRICE 100% 100%
  • INCREASE PRODUCTIVITY 30% 30%
  • SOCIAL PROOF 75% 75%
  • VALUE ADD 100% 100%

S.B.P. Sale Cycle

NAICS – 579,812 Business | $10.3m Potential Yearly Revenue | 1% market share | $149 Subscription

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Valued

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Close

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Discount

Days

Trial

LOCAL CPA | BOOKKEEPING PERSONA

Isabella’s rates are fairly cheap. She does exactly what it says on the tin. She is a small firm that focuses her efforts on a specific local market. She does not provide the same complex services for her clients as larger organizations; focusing instead on bookkeeping and other general accounting activities.

Software – Quickbooks

Occupation – Bookkeeper
Salary – $45k

Education – No degree
Age – 49
Gender – Female

Family Status – Married

Pain Point

Provide exactly what their clients want. Don’t upsell. Provide cheap services.

Personality Traits

  • INTROVERT | EXTROVERT 30% 30%
  • THINKING | FEELING 50% 50%
  • VERBAL | WRITING 90% 90%
  • SMALL TALK | ALL BUSINESS 90% 90%
  • OPEN | SKEPTICAL 90% 90%
  • PASSIVE | AGGRESSIVE 90% 90%
  • TIMID | CONFIDENT 20% 20%

Technology Usage

  • NONE | MEDIUM | HEAVY 15% 15%

Social Media

  • Linkedin 5% 5%
  • Youtube 20% 20%
  • Facebook 70% 70%
  • Twitter 5% 5%
  • Instagram 25% 25%

Motivation to Buy

  • INCREASE VALUE OFFERING 90% 90%
  • REDUCE COST OF DOING BUSINESS 30% 30%
  • PRICE 100% 100%
  • INCREASE PRODUCTIVITY 80% 80%
  • SOCIAL PROOF 75% 75%
  • VALUE ADD 100% 100%

Bookkeeping Sale Cycle

1,707,700 Bookkeepers | $6.1m Potential Yearly Revenue | 05% market share | $60 Subscription

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Valued

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Close

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Discount

Days

Trial

SMALL CPA PERSONA

Jarom is an experienced Chartered Accountant who branched out on his own and take a handful of loyal clients with him when he left the mid-sized firm he worked with. He focuses on a highly-specific, but a lucrative, area of accounting; providing world-class customer service to a range of middle-market clients. Jarom is a step above small local accounting firms in terms of size and prestige.

Software – Quickbooks
Firm – Personal Firm
Salary – $150k+
Education – BA
Age – 35
Gender – Male
Family Status – Married

Pain Point

Finding ways to present complex financial data in simple formats for clients who don’t understand their own complex business structures. The current software does not allow me to do what I need to. 
He has big unattainable goals. 

Personality Traits

  • INTROVERT | EXTROVERT 95% 95%
  • THINKING | FEELING 50% 50%
  • VERBAL | WRITING 50% 50%
  • SMALL TALK | ALL BUSINESS 50% 50%
  • OPEN | SKEPTICAL 15% 15%
  • PASSIVE | AGGRESSIVE 90% 90%
  • TIMID | CONFIDENT 100% 100%

Technology Usage

  • NONE | MEDIUM | HEAVY 65% 65%

Social Media

  • Linkedin 20% 20%
  • Youtube 20% 20%
  • Facebook 30% 30%
  • Twitter 5% 5%
  • Instagram 25% 25%

Motivation to Buy

  • INCREASE VALUE OFFERING 90% 90%
  • REDUCE COST OF DOING BUSINESS 30% 30%
  • PRICE 65% 65%
  • INCREASE PRODUCTIVITY 90% 90%
  • SOCIAL PROOF 75% 75%
  • VALUE ADD 100% 100%

Small CPA Sale Cycle

41,600 Small CPA | $2.6m Potential Yearly Revenue | 3% market share | 3 x $60 Subscription

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Valued

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Close

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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

Get into books and build their metrics and KPIs. Spot potential problems and mitigates it before it becomes a crisis to build happy, trusting, and referring clients. My clients need specific metrics to be displayed. 
Hard to be open to new technology.

Personality Traits

  • INTROVERT | EXTROVERT 25% 25%
  • THINKING | FEELING 25% 25%
  • VERBAL | WRITING 95% 95%
  • SMALL TALK | ALL BUSINESS 100% 100%
  • OPEN | SKEPTICAL 85% 85%
  • PASSIVE | AGGRESSIVE 100% 100%
  • TIMID | CONFIDENT 100% 100%

Technology Usage

  • NONE | MEDIUM | HEAVY 60% 60%

Social Media

  • Linkedin 50% 50%
  • Youtube 30% 30%
  • Facebook 20% 20%
  • Twitter 0% 0%
  • Instagram 0% 0%

Motivation to Buy

  • INCREASE VALUE OFFERING 100% 100%
  • REDUCE COST OF DOING BUSINESS 75% 75%
  • PRICE 10% 10%
  • Increase Productivity 100% 100%
  • SOCIAL PROOF 20% 20%

Medium CPA Sale Cycle

300 Medium CPA | $1m Potential Yearly Revenue | 3% market share | 100 x $50 Subscription

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Valued

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Close

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Discount

Days

Trial

LARGE CPA FIRM

Gene is a principal partner at Mazuma and prides himself and the firm on utilizing cutting edge technology and ushering in the new age of businesses for CPAs.

Software – NetSuite, Intacct

Firm – Ernst & Young
Salary – $940k

Education – MA
Age – 70
Gender – Male

Family Status – Married

Pain Point

Clients are expecting stellar service, and they expect their CPA to be not just accountants, but problem solvers. We are always looking for the next big thing to provide to our clients. 

Personality Traits

  • INTROVERT | EXTROVERT 30% 30%
  • THINKING | FEELING 15% 15%
  • VERBAL | WRITING 90% 90%
  • SMALL TALK | ALL BUSINESS 100% 100%
  • OPEN | SKEPTICAL 80% 80%
  • PASSIVE | AGGRESSIVE 90% 90%
  • TIMID | CONFIDENT 100% 100%

Technology Usage

  • NONE | MEDIUM | HEAVY 30% 30%

Social Media

  • Linkedin 100% 100%
  • Youtube 0% 0%
  • Facebook 0% 0%
  • Twitter 0% 0%
  • Instagram 0% 0%

Motivation to Buy

  • INCREASE VALUE OFFERING 90% 90%
  • REDUCE COST OF DOING BUSINESS 70% 70%
  • PRICE 10% 10%
  • INCREASE PRODUCTIVITY 75% 75%
  • SOCIAL PROOF 25% 25%

Large CPA Sale Cycle

100 Large CPA | $600K Potential Yearly Revenue | 1% market share | 1000 x $50 Subscription

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Valued

%

Close

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Discount

Days

Trial

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