CBIZ Accounting, Tax & Advisory Services Competition
Now Viewing CBIZ Accounting, Tax & Advisory Services's competition in: Accounting Services (primary)
Call Preparation Questions
Customers, Marketing, Pricing, Competition
How many clients does the firm have? - The size of the client base varies greatly from firm to firm.
What percentage of clients are individuals? Businesses? Nonprofits? Government agencies? - Some accounting firms specialize by customer segments.
If serving business clients, what industry specialties does the firm have? - Accounting firms may specialize by customer industry.
Does any client account for a significant amount of the firm's revenue? - A business generally is at risk if one customer provides too large a percentage of revenue.
How does the firm find new clients? - Referrals are important, but active marketing is becoming more common.
What types of marketing does the firm do? - Major types of industry marketing are direct mail, customer visits, seminars, and ads in Yellow Pages, newspapers, and magazines.
How does the company charge for its services: hourly or fixed price? - Rather than bill for hours of work, some firms negotiate a fixed price based on the value of their work.
How much competition does the firm get from large national firms? - National accounting firms have name recognition from marketing and advertising.
Competitive Landscape
Demand for accounting services depends on new business formations, the increasing complexity of corporate business, and higher personal income. The profitability of individual firms depends on the right mix of services and effective marketing. Large firms have advantages in providing a range of services to large corporate clients and having the resources to serve customers with many locations. Small firms can compete effectively by specializing and providing superior service. The industry's average annual revenue per worker is $100,000.
Business Challenges
CRITICAL ISSUES
New Regulatory Restrictions - Congress can legislate changes in regulations that affect how accounting firms operate and how companies and other organizations report on their operations and pay taxes. The Sarbanes-Oxley Act (SOX) created more disclosures and greater federal scrutiny of the public accounting industry and increased accounting fraud penalties. SOX bans accounting firms from providing many services to audit clients and subjects foreign operations to new US rules.
Dependence on Skilled Personnel - Accounting firms depend heavily on the reputation and expertise of senior partners and the competence of junior accountants, who often do most of the actual work. In large firms, turnover can be high, especially among entry-level personnel, due to the heavy work load. Experienced employees often find that their large firm experience is highly valued at smaller practices. The departure of a senior partner in a small firm can greatly impact revenue.
Industries Where CBIZ Accounting, Tax & Advisory Services Competes
- Financial Services
- Accounting(primary)
CBIZ Accounting, Tax & Advisory Services Industry Codes (SIC & NAICS)
