Royalty Accounting Services’ SWOT Analysis

SITUATION ANALYSIS

Royalty Accounting Services is exceedingly reliant on profits from tax planning and preparation for businesses and individuals. I will need to expand the profits base to realize constant growth and steadiness in a shifting business.

SWOT Analysis

The subsequent SWOT analysis discourses the strengths and weakness within Royalty Accounting Services and the opportunities and threats that exist in the environment. This breakdown highpoints zones to be leveraged and points out where we must progress and develop within the business and within our industry and marketplace.

Strengths

• A group of extremely talented CPAs that have proven exceptional reputations within our marketplace

• Exceedingly qualified and skilled employees with a surge in total billable periods.

• Extraordinary customer retention, offering constant recommendations to the business.

• Proficiency in particular vertical markets of dental, medical/health and lodging businesses.

• A high-tech computer system, using the modern software that remains to improve our efficiency and increase our capacity.

• Four CPAs who bring in a projected 75% of the new customer work.

Weaknesses

• Extremely dependent on tax preparation work from business customers and individuals, consequently, a deficiency of divergence in our income sources.

• Incapable to produce adequate billable hours when the season is over, founded on the existing capacity of our organizations and employees.

• Struggle in retaining bellicose non-partner CPAs, as they move to smaller businesses that will make them associates quicker.

• Being professed as a non-advanced, "too traditional" business and maybe disregarded as a feasible choice for new customers.

• Some people within the trained employees...

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... facilities in lieu of the services we promote and offer. This customer category may contemplate these preparers on the base of "self-preparation avoidance" rather than looking for practical/ expertise guidance and advice.

Software - Growing competition from individual software, mainly Intuit's "Turbo Tax" and H&R Block Financials' "Tax Cut."

Customer Analysis

A gathering of our most important customers have practiced significant achievement and development. Meeting these customers' necessities will bring us along to offer additional facilities and offer a chance for us to advantageously increase and magnify the facilities we provide. As we gain knowledge and inaugurate our reputation in these regions, we market those to other customers and utilize them as a point of interest to appeal new customers. Pension planning facilities are one example of this occurrence.