Editor's Note: This is the first in a series of articles from Steven Piascik and the team at PIASCIK. The stories will cover a broad range of topics for today's accounting professionals.
When the pandemic began impacting businesses in March 2020, my CPA firm, PIASCIK, received floods of calls from clients all over the US needing advice on navigating the just-announced Paycheck Protection Program (PPP). My team of 17 CPAs had to pivot immediately.
How did your firm fare in the pandemic? At a time when other CPAs were telling clients to call their banks for PPP guidance (which sent callers down a maze of automated frustration), my team jumped in head-first to guide them on critical business decisions. In so doing, all our clients who needed PPP were first in line with submitting applications, even before the banks had opened their portals. This guaranteed that they received financial relief when they needed it most.
We were able to pivot and help our clients because we had been providing business advisory services for 20 years. In founding PIASCIK in 2001, on Day One, I implemented a Routine Tax Consulting policy that offers every client the opportunity for client advisory services in their engagement with us. This has proven invaluable to clients all over the world—clients who know they can call us for advice at any time and not receive a bill for this.
Over the past 20 years, my firm has successfully built and maintained a relationship-driven client base that includes multinational corporations; international businesses; multistate, domestic and real estate firms; medical practices; and high net worth individuals and families. Our clients are all over the US and in 60 countries. Large CPA firms often outsource their international tax function to us.
And it has paid off. In 2021, Inside Public Accounting named us one of the “Top 5 CPA Firms in North America,” in addition to being a “Top 10 Best of the Best” firm for four consecutive years.
A 2021 survey by Thomson Reuters found that 95% of accountants had clients seeking business advice from them during the pandemic. However, most reported they lacked confidence in giving their clients business advice outside of tax advisory services. My team’s ability to not only provide complex tax solutions has enabled us to serve as a trusted business advisor to our clients when they are making important decisions.
Our industry is facing sweeping tax changes guaranteed to raise income tax rates, capital gains, estate taxes, and more. Countless businesses will come asking not only for innovative tax minimization strategies, but also tax efficient business advice.
Our clients hear from us throughout the year, not just during tax season. We check in with them once a quarter to review financials and to brainstorm opportunities for business growth and solutions for profitability.
With tax hikes looming and most likely taking effect in 2022, clients are facing myriad decisions to make before year-end. Not only will they see individual and corporate tax rates go up, but the tax increases will be seen across investments and capital gains. We are advising clients on critical decisions, now in 2021, which ultimately will reduce their tax liabilities in the years ahead.
A great example of client retention is One South Realty Group LLC, a real estate brokerage for residential and commercial properties, developers and builders. They came to us 15 years ago, as they were expanding their portfolio with buying into new construction and development properties. Their complex tax situation was more than their existing tax preparer could provide. Through our services, we have enabled them to take advantage of historic tax credits and complex ownership, legal and tax structures—strategies that have proven very beneficial.
Is there a magic formula for client engagement and retention? Your success is up to you, your team and your firm. Consider these three R’s:
Relationships
“Our relationship to PIASCIK has been mutually beneficial all along. I know that PIASCIK is strong in international tax, so when I have clients engaging in imports or exports, I connect them with Ryan Losi [leads PIASCIK’s international tax division]. Likewise, Ryan will reach out to me when his clients require complex tax law. Although they are a small firm, PIASCIK is sophisticated when it comes to niche expertise and client service. Nowadays firms like ours really value that.” — Brian Pitney, Partner, Sands Anderson
Recognition
“When you’re a small company trying to manage cash flow and credit lines, having someone looking out for your business is huge. Steve Piascik is always searching for how else he can provide value, beyond preparing tax returns. This value has included implementing a tax saving strategy called IC-DISC when ARS was doing a significant portion of international business.” — Paul Boulden, President, Appendix R Solutions
Respect
“I have 100% assurance that Steve Piascik is going to minimize our tax burden, and he’s going to make it easy for us. His team makes sure we’re accounting for everything, even on an account where I only made 11 cents in 2020. I have a high degree of confidence that if I ever get an audit, they’ve got my back.” — Tony Pericle, Founder/CEO, Profit Optics
Looking ahead to 2022, is your firm prepared to build and maintain invaluable client relationships? Our industry is facing sweeping tax changes guaranteed to raise income tax rates, capital gains, estate taxes, and more. Countless businesses will come asking not only for innovative tax minimization strategies, but also tax efficient business advice.
Are you ready? I encourage you to be that trusted business advisor—the one who can look out for your clients’ best business interests, before it is too late.
Steven M. Piascik, CPA, MT, is founder and president of PIASCIK, a CPA firm headquartered in Richmond, Virginia that provides specialized tax and financial services to a broad range of clients throughout the world. Established in 2001, PIASCIK has served publicly traded companies, multi-million-dollar international companies, real estate, medical practices and high wealth individuals and families. In 2021, PIASCIK was named a “Top 5 CPA Firm in North America” in Inside Public Accounting’s annual “Best of the Best” survey of firms. He can be reached at 804-527-1815 or by email spiascik@piascik.cpa. For more information, visit www.piascik.cpa.
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