Association Management Companies provide untapped revenue potential for CPAs
Association management companies, or AMCs, are for-profit businesses that manage associations to help them grow and prosper. They offer the expertise, staffing and resources that allow professional societies, trade groups, not-for-profits and philanthropic organizations to effectively manage day-to-day operations and advance their long-term goals. AMCs are on the frontline in understanding their clients’ requirements and are often in a position to identify the need for -- and refer --accountancy services.
The Association Management Companies Institute (AMCI), recently led a learning lab at AICPA’s Non-Profit Conference to explore potential revenue streams for CPAs and to look at prospects for cross pollination.
Recent research undertaken by AMCI (AMCI’s Industry Impact Research 2016), finalized after the AICPA Conference is of interest to our industry in that it points to the size of the opportunity for CPAs:
• In 2015, the AMC industry spent over $10M dollars on outsourcing to vendors;
• 83% of AMCs report that they expect to increase of keep the spend on vendors the same this year; and
• For 43% of the AMCs, accounting services were the function they would be outsourcing.
We hope that AMCI’s participation at AICPA’s conference represents a first step in determining how we can work together to grow revenue streams across the board.
For more information on AMCI and to explore opportunities with them, please contact Erin Carter, Associate Executive Director, of AMCI at firstname.lastname@example.org.