Cut backs - true saving or false economy?

An interesting article in 'USA Today' reveals that the economic downturn has resulted in a steep drop - perhaps almost 20% - in the number of US citizens having their tax returns prepared professionally this year.  With all the pressures normally created in 'Tax Season', some US CPA firms may actually welcome this reduction, but it does raise a number of interesting issues.

First, the decision to take a 'do-it-yourself' approach to a tax return may make sense if your affairs are relatively straightforward, but the saving of perhaps $200 may be a false economy if errors are made and allowances are overlooked.  Much more worrying, though, is the likelihood that a similar cost-cutting approach is being taken by businesses when looking at professional fees. 

As the recession continues to bite in many corners of the globe, cost reduction is a natural reaction when the bottom line is being squeezed.  But businesses must retain the focus between expense items which are, in reality, unnecessary costs, and those which should be seen as an investment. 

Good advice should provide a return.  The right advice from the right firm is undoubtedly a sound investment.  Which is, presumably, why so many of the MSI Global Alliance (www.msiglobal.org) members are continuing to develop and prosper during these difficult times, with more and more clients of the very large firms realising the value of good advice, and the availability of such advice from mid-tier firms around the world.

James Mendelssohn   (jmendelssohn@msiglobal.org)
Chief Executive

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Hey thats a good blog you have posted.. i believe may be government try to hide their lacking through such things..