the questions aren’t new, but the answers should direct your strategy.
by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics
as gale crosley, of crosley+consulting, notes in the 2022 rosenberg survey, we are in the midst of “an unusual year of high uncertainty, unpredictability and sapped energy among our profession’s leaders.”
more outlook 2023: the 12 winning traits of a great cpa firm | what accounting firm start-ups are doing right | workflow is a problem. so why aren’t firms buying solutions? | top five trends | compensation gets creative | cpa partners rejoice on surging fee growth | the office is over | the great resignation or a reshuffling? | accounting firms face down private equity |
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the profession, once characterized as staid and stable, has been hit by a confluence of what crosley calls “major thunderbolts,” to wit:
- disruptive technologies
- shifting economic conditions
- non-traditional competition
- fast-moving regulation
- extensive talent constraints
- work-from-anywhere options
- unexpected market demand
- private equities investing in firms
- baby boomer retirements
note that none of these has anything to do with accountancy, the actual crunching of numbers. the business of a cpa firm is now in a swirling sea of change that cannot be ignored.
consequently, every firm, large and small, has to face a myriad of questions, one of which is, “which questions need to be answered and which can be safely ignored?”
some of the questions
in addition to the survey’s trove of numeric cpa firm management data are comments by the industry’s top consultants, people whose job is to look beyond traditional accountancy to assess its trends and wider context.
here are some of the questions and concerns they raise:
1. should a given firm remain independent of outside investors?
private equity companies are showing interest in cpa firms. is the potential leverage worth the loss of independence? what remains unknown in the unexplored world of business?
2. should we consider merging up?
the reasons are many:
-
- efficiencies of scale
- lack of new partners
- to make retirement possible
- profitability
- effectively acquire staff
- access better technology
3. should we acquire another firm?
it’s a buyers’ market. now’s the time. but is it wise to buy another firm’s problems?
4. will today’s booming business continue?
there are plenty of potential clients out there. many are willing to pay higher fees. many can’t find an accountant. many want advisory services. but now long will this last?
5. how do we balance growth and capacity?
oh, the irony! just as growth becomes most possible, capacity has never been more limited. tech’s expensive. rules and regs are complicated. professionals are hard to find.
6. how much should we invest in technology?
tech isn’t cheap, and it’s always changing. when are the changes really improvement? can a firm afford to buy the latest? can it afford not to? and which tech’s right for you – tech for accounting or tech for cas?
7. is it time to go remote or to come back to the office?
the potentials of remote work range from reaching a vast new pool of talent to savings in office space. but what’s lost along with the loss of in-person contact?
8. should we expand into cas advisory services?
cas is the trend. the potentials are huge, but it calls for a major shift in business strategy to consider new kinds of marketing, technology and personnel.
9. what happens when we can’t replace a partner?
the boomers are retiring. professionals are fleeing public accounting for the corporate sector. there’s a reluctance to assume the responsibilities of a partner. what happens to a firm and its retirees if the firm becomes hampered or unviable because of lack of leadership?
10. how can we retain talent?
given the shallow talent pool out there, retention has never been more important. what do staff and pros want? more money? less work? better benefits? time off? flexible hours? work from home? cushy office? better cpe? fast track to partnership? picnics in the spring?
11. how much can we stress personnel?
staff and professionals are being stretched to their limits. too little help. too many clients. so many changing regulations. so much tech to learn. and there are just so many hours in the day. something has to give.
12. do we need a new business model?
your business model is probably the same as 20 years ago. but the business world isn’t the same. it’s time to do some thinking. if there’s a holistic answer to all the above questions, it’s in the creation of a new – radically new – business model.
maybe you don’t need a new business model and overhauled business strategy. but you do need to think about it.