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Started By
Message
Intuit TurboTax
Posted on 1/23/23 at 8:33 pm
Posted on 1/23/23 at 8:33 pm
I saw the power of Intuit / TurboTax today first hand.
Complicated return, no work by client, all documented up with support by TurboTax CPA…that CPA had a team….and signed the tax return.
With the next generation, this will be the killer of the small CPA tax preparation firm. It is simply too efficient and too well supported to not continue growing and improving.
I guess the money for CPAs will be on the audit / forensic accounting side.
I got online and asked the guy a farm tax question - the employee said, let me ask a team member - he had the right answer in 20 seconds.
Complicated return, no work by client, all documented up with support by TurboTax CPA…that CPA had a team….and signed the tax return.
With the next generation, this will be the killer of the small CPA tax preparation firm. It is simply too efficient and too well supported to not continue growing and improving.
I guess the money for CPAs will be on the audit / forensic accounting side.
I got online and asked the guy a farm tax question - the employee said, let me ask a team member - he had the right answer in 20 seconds.
6
Posted on 1/23/23 at 8:40 pm to KillTheGophers
quote:
guess the money for CPAs will be on the audit / forensic accounting side.
When I worked regional CPA was 40/40/20 tax/audit/writeup
Posted on 1/23/23 at 9:08 pm to KillTheGophers
quote:
Complicated return, no work by client
Interesting - curious what tax forms, what did you have to submit and what was the turnaround?
Posted on 1/23/23 at 9:35 pm to bobdylan
There was a complete team that had been handling / managing the books for an extended period - all the guy had to do was take pictures of invoices and some receipts - it was a done deal.
Posted on 1/23/23 at 9:56 pm to KillTheGophers
quote:
TurboTax CPA
quote:
small CPA tax preparation firm.
They are the same people.
Intuit has been going HARD after small firm 1040 guys with the lure of basically just doing tax prep and not having to worry about getting clients.
H&R Block is trying to do this as well.
Every decent size firm I know has been either jacking up min price or straight up disengaging their smaller 1040 clients.
quote:
guess the money for CPAs will be on the audit / forensic accounting side.
Tax planning.
The future will be two fold. Mass market tax prep for most Americans, and high market CPAs with shrinking client lists but more time and revenue per client, with most of that coming from planning… and as alternative practice structures grow… more of that will be affiliated with private investment money.
Posted on 1/23/23 at 11:00 pm to KillTheGophers
The much larger standard deduction has simplified most people’s tax returns unless you own a business or do complicated investing. A lot less people itemizing.
Posted on 1/24/23 at 12:31 am to KillTheGophers
quote:
this will be the killer of the small CPA tax preparation firm.
Quite the opposite. Business is booming. The money isn’t in returns that are getting out yesterday, the first day of efileing.
The entire small business CPA industry is glad TurboTax rolled out their full service business product. Minimum $1499 for an entity return currently early bird discounted to $999. And that’s assuming clean tax ready books.
You’re assuming intuit will be able to deliver a consistent positive experience across the board. I’ve picked up so much business from companies that used QuickBooks Live and dealt with total incompetence.
Posted on 1/24/23 at 12:40 am to LSUFanHouston
quote:
Intuit has been going HARD after small firm 1040 guys with the lure of basically just doing tax prep and not having to worry about getting clients.
at 25-40 an hour or so. Woof.
quote:
Every decent size firm I know has been either jacking up min price or straight up disengaging their smaller 1040 clients.
Yep our minimum has doubled since last season. We’re very upfront about it now on our onboarding materials so there’s no confusion later on. They’re still coming.
Same story, either my old CPA retired or coming from TurboTax because it got too complained. Demand is incredible right now.
quote:
Tax planning. The future will be two fold. Mass market tax prep for most Americans, and high market CPAs with shrinking client lists but more time and revenue per client, with most of that coming from planning… and as alternative practice structures grow… more of that will be affiliated with private investment money.
This this and this. We’ve already transitioned a good chunk of focus and resources on this. Over the past year I’ve sold a lot of ‘outsourced CFO’ monthly arrangements. Full access to me, planning, bookkeeping, payroll, office visits, returns, 1099s. Demand for that is insane.
Posted on 1/24/23 at 5:38 am to KillTheGophers
quote:
this will be the killer of the small CPA tax preparation firm
I hear this what seems like every January. We are as busy as ever. In the past we have been able to hold off on extending hours and working weekends until mid-February. This year I started 2 weeks ago. Seems like in our area, between COVID and hurricanes, many older CPAs decided to retire.
The issue right now is hiring. No one wants to live the public accounting life anymore and I can't really blame them.
This post was edited on 1/24/23 at 5:39 am
Posted on 1/24/23 at 11:16 am to macatak911
quote:
at 25-40 an hour or so. Woof.
I didn't say I was doing that
But I can't tell you how many times I've seen returns prepared by sole prop CPAs / EAs that are probably 2 hour returns and they are charging $150. Less than the Blockheads charge. It's insane. I guess if you are charging $75 an hour and have to pay overhead and software and downtime out of that, maybe $25-$40 an hour with no overhead and a constant stream of work sounds good.
quote:
Over the past year I’ve sold a lot of ‘outsourced CFO’ monthly arrangements. Full access to me, planning, bookkeeping, payroll, office visits, returns, 1099s. Demand for that is insane.
I was just starting out when QB started becoming mainstream. The firm I was at, lost 80% of their bookkeeping work in two years. Everyone thought they could do it themselves. But QB is a garbage in, garbage out program, and when it's the receptionist or the wife of the owner who is doing the "books", the quality showed, and some companies started looking for bookkeepers again.
Every year, there seems to be more and more small businesses who want that outsourced CFO stuff, because they can get access to someone who can do a lot of that work but also offer advice, and they don't have to bring that person on board full time.
Posted on 1/24/23 at 11:34 am to LSUFanHouston
quote:
Every year, there seems to be more and more small businesses who want that outsourced CFO stuff, because they can get access to someone who can do a lot of that work but also offer advice, and they don't have to bring that person on board full time.
I did this about 8 years ago. He's a 1099 CFO that comes in about 1.5-2 days a week. We weren't big enough to need a full-time CFO, but we definitely needed someone with a little more skill than your basic AR/AP person. He really earns his worth in banking relationships and banking lingo. I'm just a dumbass construction guy. I don't speak bankese.
My guy is going to retire in 2024, but I'll need a full-time CFO by then. I'm like just on the edge of needing a full-time one right now. The $3-10 million revenue companies are perfect for contract CFOs.
Posted on 1/24/23 at 11:37 am to BottomlandBrew
quote:
My guy is going to retire in 2024, but I'll need a full-time CFO by then. I'm like just on the edge of needing a full-time one right now. The $3-10 million revenue companies are perfect for contract CFOs.
Start looking now. Even if you have to bring someone on board a little early... the transistion will be well worth it.
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