I have been asked by an editor of a publication to answer 2 questions on the accounting profession. In case my words are twisted, deleted or otherwise changed –  here are the 2 questions and my direct answer.

What kind of a year was it for the CPA profession in 2011?

The accounting profession hardly moved in performance due to the fact that (in general) it did not start being proactive with marketing and servicing their existing clients with value added services. If the only strategy is to reduce costs then, yes, profits will increase, however new clients and much needed services to existing clients will not eventuate. The profession could be wiped out by internet based accounting systems. It needs to step up and take it’s rightful place as the trusted advisor

What kind of a year are we expecting in 2012, given that the year is half over already?

The proactive firms are doing well. They always will. The reactive firms will always turn in a mediocre result. This year will be a ‘same same’ year as last year. The profession makes too much money too easily and as such apathy creeps in. I think most partners of firms are lazy – especially when it comes to servicing clients properly by offering value added services. A tsunami of change is on the way with internet based accounting systems. Firms need to get ready for a reduction in annual tax work over the next few years. I am a big believer that this needs to happen. To remain relevant innovation and new services must be introduced – otherwise many firms will go the way of the dinosaur.

Very quick 4 day trip from Australia to the USA. Arrived Wednesday afternoon on Qantas (via LAX) and then right into tourist mode. Went down to the world famous Fisherman’s Wharf for a quick bite and then dinner out with the world famous Alex Goldfayn & Freda Valassakis.

On Thursday did lunch with the world famous Simma Leiberman and John Weathington, bit of work then dinner out with some lovely guests from North Carolina (Steve & Karen Moss) and some old work buddies from the 90’s. It was awesome to dine with the world famous Natalie Nixon, Colin Dunn, Wendy Gleeson & Shannon Vincent.

The reason I was here was for Friday when I presented my “7 figure business coaching” model to a bunch or people who had flown in from all over the country. The feedback was awesome – they loved what I do – and more importantly a bunch of them want to do what I do – 7 figure business coaching.

On Friday night I booked a private room at ‘The Boulevard” restaurant for 8 of us. Truly magical to be with many including the world famous David Lingle.

On Saturday it was all being a tourist. Met up with our dear friends and the world famous Mark & Molly Smith to spend the day together. We dined, went on the rocket boat, cable car, union square, out to dinner at an awesome restuarant then caught the live show of Christopher Cross (Sailing, Ride like the wind, Best that you can be) – simply awesome.

Sunday was very subdued, lunch at Fisherman’s Wharf then a taxi out to the world famous Cliff House restaurant on the Pacific Ocean.

Time to go home knowing that what we do in Australia is directly transferable to the USA. Very cool few days. Enjoy the pics.

Bay bridgecable carhanging out the cable carOne in and one outpacific ocean beachStinky sealsRob & Nat Cliff houseChristopher Cross