Shared services benefits for CPAs
Client needs have become increasingly complex over the years and with this comes new opportunities for accounting firms to evaluate how they might increase the services they are able to offer clients without adding overhead or resources in-house. A solution some CPA firms have seen success with is a shared service model, where two CPAs firms collaborate to meet a complete range of client needs. As two firms grow a relationship they begin to rely upon each other. This type of arrangement affords firms additional growth opportunities.
There are many service areas in which this approach makes a great deal of sense, one is in audit and other assurance work, a discipline in which many CPA firms may not have in-house expertise. One firm may have certain other technical expertise such as taxation, however, when a client has the need for a financial statement audit or review and the firm does not provide such services, it can be beneficial to bring in another firm to provide these services to the client, while protecting the firm’s client relationship and the work the firm is able to provide.
In other cases, a firm may have a conflict of interest or independence issue which precludes the firm from providing accounting or business consulting services to their client. The other firm can provide such services allowing the firm to maintain independence or resolve potential conflicts.
There are multiple rewards from partnering with another CPA firm to service complex client needs.
ShindelRock has been successfully providing audit, other assurance services, accounting and business consulting services to otherwise “competing” CPA firms in our market for several years. We have looked to these relationships to help us maintain independence and resolve potential conflicts of interest with our clients as well.
Interested in a shared service model?
If you decide a shared service model is the right decision for you and your client, consider Novi- based ShindelRock. We have experience partnering with other CPA firms to provide; audits, reviews, compilations, 401(k) audit services, financial statement preparation, 10-K and 10-Q preparation and other business consulting services. For more information, please contact Marianne Lilly at 248-855-8833 or firstname.lastname@example.org.