ALEXANDRIA, VA / ACCESSWIRE / May 21, 2021 / In today’s business world the expectations business owners have for their CPAs has expanded to include many more services than a simple tax return. Because of this increased expectation, CPAs face high levels of stress, loss of income themselves, and often are asked to do things they have to refer out to another specialist. Many have reported feeling like their quality of life is being compromised, working endless hours during tax season and finding themselves frustrated as they lose clients and income. Senior business advisor Joe Bonaccorsy of Corebiz Advisory, LLC increases the profitability of these businesses, particularly smaller CPA firms by helping them transition to a more efficient CPA Team Based Business Model that includes a virtual family office.
CPAs are facing many challenges when it comes to profitability in the current business landscape. Attracting and developing new business, keeping clients satisfied, limited availability, and continuously changing IRS code is just part of it. Rising demands and expectations of affluent clients, not enough time for all clients, and common access to information that used to be proprietary have made their jobs all that more difficult, getting in the way of doing their best work, and being profitable.
Bonaccorsy works with CPAs, Enrolled Agents and other tax professionals to help them become “the most trusted advisor,” build a 7-figure accounting practice, and transition to a more forward-thinking family office model rather than the common, and antiquated, third-party referral-based business model. The old-school traditional CPA firm model is based on the CPA doing tax-related services and then referring clients to other professionals for things like investments, retirement planning, business succession planning, estate planning etc. This essentially takes business away from a CPA, the CPA Team Based Model serves CPAs and their clients in a far more beneficial way.
The CPA Team Based Family Office Model connects small and independent CPA firms with a large virtual family office, allowing them to access resources and a nationwide team of experts from many different fields to serve clients. With this model, when a client asks their CPA for advice on investments, real estate, or any other matter, the CPA relays the inquiry to Bonaccorsy, the team’s consultant who in turn, relates the information to the team specialist to provide solutions for the CPA. The team-based model allows the CPA to be more proactive and holistic, creating far more value-added and retaining the business of that client, even if they are not an expert in all financial areas.
Transitioning to a family office model allows for clients to rely solely on the CPA, and the CPA gets to count on the team as a behind-the-scenes resource to back them up and provide the best services to clients. The middleman is cut out for both and the CPA retains organic growth through satisfied clients. Essentially, the team based model provides all of the back office support the CPA requires. As part of the program, clients have access to a variety of other resources such as cost recovery services to help recoup dollars for business owners. This can be done with energy audits, workers compensation audits, billing audits, insurance changes, property tax recovery and even methods of getting specialized tax credits through cost segregation analysis for commercial buildings of any size, warehouses, retail shopping centers, multifamily residential as well as tenant building renovations. There are a variety of ways the team can save an owner money the average business owner does not know are available.
In addition to supporting CPAs and their clients, Corebiz Advisory wants to help business owners that are struggling. The last year and a half has been brutal for businesses as they try to survive the impact of the COVID-19 pandemic. There are PPP assistance programs that a limited number of businesses have been able to get help from, however, it is not nearly enough, and many businesses have received no help at all. There are programs out there that people can use, they just do not know about them because they are not being talked about. These include tax credits for retaining employees, which could provide a business owner as much as $33,000 per employee in tax credits. In addition, there are tax credits for hiring new employees, grant programs, lending programs, and other resources designed for small businesses. Bonaccorsy can connect business owners with these valuable resources, which often make the difference between staying open and having to close.