Non-Medical Professional Practices
Initially, E&A’s professional practices segment was exclusively comprised of clients in medical fields. While they remain a core business segment, they were quickly followed by attorneys, other CPAs, surveyors, engineers, and other professionals because, while their needs and challenges differ from other types of businesses, professional practices share common characteristics. The business operations of professional services providers—both individuals and firms who practice law, medicine, architecture, financial services, engineering, consulting, etc.—are more alike than they are different.
Professional services businesses deliver knowledge and expertise—not tangible products—so, what they “sell” can walk out the door and it’s often very difficult to achieve economies of scale. Professional services providers have been one of E&A’s core business segments since its inception because their financial, management, and leadership challenges differ from other companies.
Over its 20+ years, E&A has developed and delivered specialized expertise to help professionals and their practices succeed. Our services range from traditional accounting and tax support to employee benefits and payroll, and to serving as a member of your senior management team. That allows you to focus on what’s important to you—your practice. Even more importantly, our team delivers the business acumen and insights they don’t teach in professional schools.
E&A works with you throughout the year to deliver the tools, resources, and ideas you need for a thriving practice—providing insight by converting complex data into useful information that helps you make sound business decisions and operate profitably. For example, we can help craft pricing strategies to drive customer behavior to meet your wishes. One client was able to drastically reduce appointment “no-shows” by implementing a pricing strategy E&A recommended.
The future holds still more challenges for professional practices. The full impact of the Tax Cut and Jobs Act (TCJA) has yet to be seen. Retiring “Baby-Boomer” professionals and customers make it imperative to find the next generation of both groups, and to find new ways to deliver services profitably. E&A’s team understands those and other challenges professional practices face, including, health-care reform, billing considerations, and TCJA’s major new tax risks and opportunities.