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Significant Growth

Moments That Matter

Year-to-year steady growth is one thing for your firm, but significant growth is another. Maybe you took on a substantial new client or one of your existing clients grew exponentially. Maybe a new hire brought their book of business with them. Either way, changes in revenue can mean changes to your liability and it might be the right time to review your protection.

Big growth should be an exciting time and cause for celebration for your firm and business. Make sure you can enjoy these fruitful opportunities by considering a few key topics.

Things to Consider

Significant or rapid growth is likely to have implications across your firm.

  • Will you need to obtain any new licenses or train any staff to handle any of the new responsibilities?

  • Will any new services need to be offered, and how will you handle the training, oversight, and compliance issues that arise?

  • Do you have the right quality controls in place to review the work product and ensure there are no conflicts of interest?

  • Does this growth have any geographic implications, such as licensure requirements and quality control across borders?

Key takeaways

Assessing these issues early on allows your firm to make the necessary decisions that will help support your firm’s growth and deliver value to your clients. Failure to reflect on or account for these variables may cause you to scramble at the last minute to accommodate big hurdles that arise, or worse, may leave you exposed if your quality controls or coverage has not kept pace with your growth.

Plans that might help you

Professional Liability Program for CPA Firms
Professional Liability
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Assistance with the associated legal and defense fees in the event of a lawsuit for errors and omissions.

Cyber Liability
Cyber Liability
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Replace lost income and cover expenses caused by data breaches involving sensitive customer data.

Planning for the next step

As your firm begins to take on new challenges and opportunities make sure that you are also mitigating any new risk to the best extent possible. Here are a few additional resources to help.

Resources that might help you

Apples + Oranges = Risks in nontraditional acquisition
Any acquisition by a CPA firm involves professional liability risk, but there are special considerations to identify and address with nontraditional acquisitions.
The Dangers of Dabbling
Ensure that firm staff have the proper experience and training to take on the engagement.
Planning to mitigate risk in tax planning engagements
While tax planning may be rewarding and interesting work for many CPAs, these services also present professional liability risk.

Moments That Matter

Acquiring a Firm
Acquiring a Firm
There are many CPA firms up for sale, and it's not uncommon for entrepreneurial CPAs to buy into a firm instead of starting from scratch.
Dealing with a Cyber Incident
Dealing with a Cyber Incident
CPA firms are prime targets for cyber criminals.

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