Building a Consulting Practice

For many small to midsized firms, it is no longer enough to provide only traditional services. New areas of concentration can help certified public accounting firms succeed by increasing client retention rates and improving results for client companies. The small business is one of the most valuable...

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Bibliographic Details
Published in:Journal of accountancy 1991-07, Vol.172 (1), p.69
Main Author: Lentini, Fern
Format: Magazinearticle
Language:English
Subjects:
Accounting
Accounting firms
Activity based costing
Alliances
Compensation
Consultants
Corporate planning
Costs
CPAs
Employees
Human resources
Implementations
Information management
Liability insurance
Market positioning
Product development
Professional development
Professional relationships
Services
Skills
Small business
Software
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Summary:For many small to midsized firms, it is no longer enough to provide only traditional services. New areas of concentration can help certified public accounting firms succeed by increasing client retention rates and improving results for client companies. The small business is one of the most valuable client types to cultivate. Close personal contact during a business' early stages gains the client's confidence and puts CPAs on the inside track when service needs expand. To begin or expand a consulting practice, firms must identify internal resources, such as staff expertise. All firm members should be made aware of the new services, and partners should target existing clients who might benefit from the service. Firms also should consider sources of help outside the firm. Options include contracting for specific services, forming a strategic alliance, and finding a merger partner. Popular consulting areas include human resources, activity-based costing, and information management.
ISSN:0021-8448
1945-0729