Covid-19 Impact on the Accounting and Legal Professions in the United States
A recent study by QuickFee, a financial technology company providing digital payment and Buy Now Pay Later (BNPL) solutions to professional service firms, shows that over 63% of leading accounting and law firms in the United States have seen an increase in demand for their services during the Covid-19 pandemic, and while most are describing their outlook of the future as "cautiously optimistic," firms have also seen a significant decrease in firm cash flow due to firm clients being reluctant or incapable of paying their fees.
LOS ANGELES, June 18, 2020 /PRNewswire-PRWeb/ -- A recent study by QuickFee, a financial technology company providing digital payment and Buy Now Pay Later (BNPL) solutions to professional service firms, shows that over 63% of leading accounting and law firms in the United States have seen an increase in demand for their services during the Covid-19 pandemic, and while most are describing their outlook of the future as "cautiously optimistic," firms have also seen a significant decrease in firm cash flow due to firm clients being reluctant or incapable of paying their fees.
"How has the COVID-19 pandemic affected the accounting and legal professions in the United States? Are accounting and law firms seeing an increased or decreased demand for their services? How are they fairing when it comes to workloads, cash-flow, salaries, and even partner drawings? What is their general prognosis on the future? These were the type of questions we wanted to be answered," says Andreas Diwing, QuickFee Sr. Director of Marketing. "We surveyed our member firms in the accounting and legal space not just once, but twice in a 7-week period, asking the exact same questions. Our goal was to see what, if anything, changed."
Highlights:
- In May 63.8% of firms have seen an increase in demand for their services (down 8.4% since March 2020)
- The most common response to increased demand is partners working longer hours
- More than 85% of firms have applied for an SBA loan
- A third of firms are currently, or have in the past assisted clients with SBA loan applications
- In May 2020 a third of firms are saying that 25% or more of their clients are showing signs of financial distress
- 20% of firms believe that some practices won't survive
- Almost a third of firms think that there will be at least another 5 weeks before they will be working out of their office again.
Full survey results available here.
About QuickFee
QuickFee is a financial technology company providing digital a financial technology company providing digital payment and Buy Now Pay Later (BNPL) solutions to professional service firms. The QuickFee mission is to bridge the gap between a professional service firms right to be paid on time, every time, and their clients desire for flexible payment solutions. Firms using QuickFee services range from progressive 2 partner suburban firms right through to the Big 4 accounting firms.
SOURCE QuickFee
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