State chairman stresses importance of using CPAs

Robert P. Torretta, a certified public accountant and individual practitioner in St. Charles, is the 2007 chairman of the Missouri Society of Certified Public Accountants, a professional development organization representing nearly 10,000 CPA members in public practice, industry, government and education.
Established in 1909, the MSCPA provides members with continuing education, governmental advocacy and networking opportunities, while working to further the future of the CPA profession through student-focused initiatives.

CBT: How has the increased use of products such as QuickBooks and TurboTax affected CPAs in Missouri? What should small-business owners consider when deciding whether to hire a CPA or do the work themselves?

Torretta: While Quickbooks and TurboTax have helped many people with their simple returns, the majority of taxpayers still rely on their CPAs to help them with the more complex returns. Especially in today’s heavy regulatory environment, it’s more important than ever to turn to CPAs with small business taxation. It is very difficult to fully understand the magnitude and complexity of the regulatory environment today.

CBT: As you pointed out in a recent letter to your members, CPAs consistently say their biggest concern is finding and keeping quality staff. The challenge will only get harder as baby boomers are retiring. What is MSCPA’s strategy to help?

Torretta: Through its nationally renowned student recruitment initiative, LEAD (Lead and Enhance the Accounting Profession), MSCPA is working to raise awareness of the profession and help young people understand the rewards of becoming a CPA. Thankfully, accounting is now the No. 1 declared major in Missouri and throughout the country. And MSCPA is committed to keeping this trend on the increase.

CBT: What are some of the technology trends in the accounting practice? Are significant numbers of clients preferring to go paperless?

Torretta: Like all professions, accounting has been significantly affected by advancing technology. Many firms here in Missouri are reporting that they’re working toward a paperless system. Information systems security continues to be the biggest technology issue with which CPAs are dealing.

CBT: Are clients expressing more concerns about the economy this summer than in the past? If so, what are there some common areas of concern?

Torretta: In my practice, I have some independent auto repair shops; they are experiencing a decrease in business not because of the economy but due to the proliferation of new cars and their extended warranties. But overall, business for both clients and their CPAs is strong and growing.

CBT: In recent years, business operators are increasingly viewing CPAs more as partners than as people who keep the books straight. What are a few of the reasons for the expanded role of accountants?

Torretta: CPAs have diversified their services into many areas over the years. Businesses now, rely on their CPAs as strategic business advisers, assisting in all aspects of their businesses’ strategies, productivity and profitability.