Any business expert will tell you that if you have the right people in the right seats, your organization will thrive. This is just as true for accounting firms as for any other company in Pennsylvania. Your accounting team probably already consists of accountants and CPAs who are adept at accurately handling any bookkeeping, financial statements, or end-of-year tax filing that your clients need. But have you analyzed your team to determine if you have the right mix to help your firm grow into the future? Expertise Before evaluating your team mix, determine your goals for your firm, define you ..read more

EBITDA can sound like a strange acronym to your clients, and they may wonder, “Why another calculation? What about all the other metrics? Aren’t they enough?” However, Pennsylvania businesses will benefit when their accountants and CPAs can explain the importance of this measurement and help them leverage it to make beneficial business decisions. EBITDA, the acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization, is easily calculated.  EBITDA = Net Income + Interest + Taxes + Depreciation + Amortization  EBITDA measures operating profits as a percentage of revenu ..read more

Pennsylvanians who invest in real estate, whether for a personal residence, rental property, or investment, need the help of a CPA to navigate the complex tax issues involved in order to maximize profit and minimize their tax burdens. At PSTAP, we offer ongoing education to accountants and CPAs, including in the area of real estate. Please visit the course catalog on our website and watch for upcoming seminars on real estate in order to give your clients the best advice and most up-to-date tax support and to grow your practice. For your clients whose only real estate property consists of a per ..read more

Pennsylvania is a great state for small businesses. Accountants and CPAs who choose to enter into the small business start-up niche will find their work very rewarding and will be able to provide a variety of valuable services to new small companies. But before the new company can open, your client will have to spend a good deal of money, from ideation to opening day. Helping your clients be realistic about their start-up costs and track them accurately will increase the chance that the new company will prosper. Types of start-up costs Every business is different, so it can be difficult to est ..read more

When it comes to growing your accounting firm here in Pennsylvania, nothing tops direct referrals. But the second most important component to growing your business is client testimonials. If you are an accountant or CPA in Pennsylvania, you should have client testimonials on your website.  Your website is how you reach out to a broader audience. Without client testimonials, you will look like just one of hundreds of other accountants and there will be no reason to choose YOU. Give your prospective clients that reason with a robust testimonial section on your website.  Who to ask When ..read more

2023 Q&A – Final ..read more

About a quarter of all taxpayers wait until the last two weeks before Tax Day to begin to prepare their tax returns. This can translate into a tremendous headache for Pennsylvania tax accountants and CPAs. To prevent a sudden rush of clients at the end of tax season, proactively reach out to schedule tax meetings as the fiscal year closes and immediately after. Scheduling meetings You don’t have to call each client, leave a message, and play telephone tag until you are able to actually talk to your client and schedule a meeting. This can take days or weeks, wasting valuable time and creating s ..read more

Pennsylvania accountants and CPAs will have a lot of economic markers to watch during 2024 to help their clients, especially small- and medium-sized businesses, continue to grow. Work with your clients to develop strategies to properly ride the tide and, where possible, take advantage of opportunities to grow. Inflation and consumer spending: Inflation is still causing pain for many consumers, but trends indicate that the inflation rate may be dropping. If this trend continues into 2024, we should see an improvement in consumer spending. However, many consumers have long memories and may be sl ..read more

About half of Pennsylvania’s accountants are CPAs, or Certified Public Accountants. CPA is a more advanced certification, requiring additional education, examination, and experience. While CPAs can perform any of the accounting functions that an accountant can perform, there are certain services that only the CPA can provide. PA requirements to be a CPA and maintain licensure The fundamental requirement is a bachelor’s degree that includes 150 semester hours of study fulfilling a variety of subjects, including general accounting, business law, auditing, and finance, from an accredited institut ..read more

Accountants in PA and throughout the United States are often targeted by hackers for the sensitive client data they possess. Data protection and cybersecurity are not optional. A data breach can not only harm your clients, it can harm your reputation and cost you financially through lawsuits, loss of your customer base, and possible fines from regulatory agencies for non-compliance.  Cyberattack statistics In 2020, the FBI’s Internet Crime Complaint Center (ICCC) received 3,000 to 4,000 reports of cyberattacks daily, and it takes an average of 280 days to detect a breach. This means hacke ..read more