ai, blockchain most likely to impact largest firms.
by chris frederiksen
what do i see for 2020?
cybersecurity: there is a heightened awareness around protecting client data and protecting firms from what appear to be increased incidents of hacking. firms are encouraged to move from in-house servers to entirely cloud-based solutions.
more: 2020 outlook: business development goes borderless | data import on the rise | becoming the most valuable advisor | top three tips for 2020 success | where do you want to be? | dicey disruptions | upstream mergers | 2020 outlook: staffing gets creative
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tax season: most of the firms i work with reported last year as the most brutal tax season on record. this was caused by lack of human resources – especially for firms that still had not adopted outsourcing – coupled with the need to spend extra time to comply with the new tax rules and to explain the changes to clients.
the effects of the new rules varied widely by client; a common refrain was “i have always had a refund coming – now you tell me i owe taxes!” some firms relished the new tax rules and used them as an opportunity to raise prices and add new services.
technology: while firms are bombarded with information about technology advances such as ai and the blockchain and their imminent arrival, we see this as being a slow burn, except for the very largest firms.
demand: because demand for services is very strong, this will be another great year for cpa firms. because supply of human resources is limited, we are seeing more firms abandon those 1040 clients that are not related to a business.