THIS season has not been as busy as the April one. It should be time for us CPAs to look back at the work we completed or are winding up and see what we have done right and at the same time learn from mistakes. One important thing we should also evaluate is if all the effort and sacrifices made translated to improved net worths or bottom lines. Of course, some will say it is more for the love of the profession and that money isn't everything. Money, however, is obviously needed to allow a firm to continue providing quality services to clients and also livelihoods to the partners. Our clients are businesses whose goals are not just to provide their own services to customers but also to gain enough profit to keep their operations going or to improve their standards of living.
We do not only have to grow our knowledge of the profession to help clients, we also have to help improve our bottom lines so we can continue servicing those clients. To do this, we have to improve the standards of living of our partners and people. In an April 2019 Accounting Today article, Anthony Glomski said that research had shown that only a tiny fraction of the CPAs who ran their own firms or rose to the level of partner were consistently making $1 million per year. These millionaire CPAs were not limited to the Big 4 firms or even the top 100. The research was done in the United States and I do not have statistics for the Philippines but I can surmise that it is the same here but with lesser amounts involved.
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