put your firm in the best possible position.
by gale crosley
for the rosenberg map survey
now more than a year from the start of the pandemic, the long-term ramifications to the accounting industry show us morphing into an “anytime anywhere” work environment.
more: three ways the accounting profession has changed | ramping up for the year ahead
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you choose when and where you want to work – not necessarily just office or home, but wherever you are with your laptop or mobile device. as consultants, we have already been living this life for years. our office is in an airplane, airport, starbucks, hotel lobby, etc.
greater focus on the quality of life and enhanced self-actualization will mean a much greater investment in the hr function to support our partners and workforce. this goes beyond traditional hr compliance, recruiting, retention and training. it could include such areas as career counseling, physical and mental wellness, child care and diversity.
to best position your firm for future success, many are turning to acquisitions of technology-based business consulting firms.
regardless of the size of your firm, it will take us too long to rely merely on recrafting our current workforce to become consultants.
additionally, consultants are often wired differently from cpas, and therefore suited for different kinds of work than our traditional services. firms are now in a perfect position with their clients to offer consulting services.
a hybrid firm of both cpas and consultants will be the winner.
2 responses to “why it’s time for an acquisition”
lesley orr
i have been following the numerous recent posts on cpatrendlines and other sources. this seems to be a “hot topic.” i have personally been providing 100% consulting services for many years. my engagement letters always include unambiguous wording that the client is not receiving my services as a cpa.
it needs to be stressed that providing both cas/consulting and attest services to the same client gives not merely “the appearance” of but also creates an actual conflict of interest. i believe, based upon the cpe ethics courses i have taken, that it is wrong to ‘certify’ (express an opinion) on financial statements where you have, in effect, participated in the company’s management.
when you consider the overall negative effect on our profession of enron, worldcom and similar debacles, it is difficult for me to see the good in this. the reason we are allowed to be licensed professionals and not merely off the shelf consulting amateurs is to protect the public.
frank stitely
interesting thoughts about the likelihood of our current accounting staff becoming consultants. i have been puzzled over how to turn accounting grads into consultants. basic consulting skills, like being able to read financial statements, don’t seem to be part of any curricula anywhere. these skills also don’t seem to regularly develop organically. i think the genesis of the problem may be the brain wiring for exactness in everything of accountants. business information exists in two states: useful and not useful for decisions. that’s not the accounting mindset. it’s right or it’s wrong.