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firms name their top 3 challenges

trend watch: recruiting talent issues are back with a vengeance, while focusing on managing the practice has come to the forefront.

accounting firm operations and technology survey

 

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answers are below. for more breakout stats and thought leadership, see the accounting firm operations and technology survey.

 

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4 responses to “firms name their top 3 challenges”

  1. tom hood

    our results from a maryland major firm meeting a few weeks ago had talent, technology, state legislative issues impacting firms as top three. it is interesting to see many more ‘practice’ areas showing up which i think are signals of business model changes tied to transformation. focusing on efficiency should be more about capacity building, process improvement, workflow, etc. in addition there should be a focus on upskilling and reskilling their people as they automate.

  2. hitendra r. patil

    great insights! some of the challenges mentioned seem to be the symptoms or outcomes of the real underlying issues. e.g. profitability, once the firm is as efficient as it can be, can actually be a business model issue. another aspect – marketing is rated as a challenge by a low percentage of firms but attracting new clients is consistently rated as a challenge by a larger percentage of firms – which seems like a paradox. interesting insights that demand deeper analysis!

    • virginia nicols

      hitendra patil is right on with the comment that “getting new clients” and “marketing” ought to be linked closely together! the fact that they appear to be separate is puzzling.

      • hitendra r. patil

        glad my comment resonated with you, virginia! thanks to the afot survey, at the very least accountants know that they may feel their marketing is working well and is not a huge issue but that feeling is not actually correct because on the other hand accountants have challenges getting new clients. the survey results have highlighted a clear gap in perceptions and understanding – and one really needs to re-examine one’s marketing methods objectively.