another option: new hires who are not accounting majors.
by art kuesel
the rosenberg map survey
editor’s note: every year, the rosenberg map survey asks the industry’s top consultants to share their observations from cpa firms across the country. how do you think the next 12 months will unfold? also, how would you assess the last 12 months?
with the market for accounting talent remaining incredibly tight, and the demand for accounting and consulting services remaining relatively strong, i see the opportunity for continued double-digit revenue increases and strong margin growth at most firms. this won’t be without issue as we know how reluctant firms can be about charging what they are worth and increasing fees for current clients!
more: ‘great shakeup’ in cpa firms on the way | ai for accounting automation will be significant | private equity leading to corporate-style cpa firms | pe, consolidations to keep impacting accounting profession | a 40-hour workweek is feasible | five ways staff shortages are changing firms forever | soft skills are front and center
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and, the main issue at hand is how firms will continue to service existing clients while at the same time building capacity. outsourcing and remote talent will continue to be a popular means of maintaining and building capacity.
other ideas in the hopper include the use of more project managers on accounts, paraprofessionals, and new hires who are not accounting majors. these concepts should become more broadly accepted in the coming 12 months just like outsourcing has become more broadly accepted in the past several years.
however, if the capacity maintenance and expansion initiatives do not address the succession plan, that “can” will continue to be kicked down the road. at too many firms that can has been kicked and kicked and kicked and if the partners have any hope of getting their deferred compensation, those firms will have to merge upstream as their only viable succession planning option.
for firm leaders, the last 12 months have seen a continued, elevated level of change and volatility. running a firm today requires their leaders to be quick studies, agile and able to make decisions with the best information possible, even when it is not complete. there is no playbook for running a firm today and firm leaders continue to “learn on the job.”
for most firm leaders this style of operating is incredibly challenging and the opposite of how they have led up to this point. but for some, who are not afraid to fail, it can be energizing.
we’re now in a leadership environment where making some mistakes is acceptable, accepting risk is normal and building a new path forward is commonplace. the results and outcomes have had a propelling effect on the growth and success of firms in all tranches across the profession. despite the change and volatility, the financial results have never been better. double-digit revenue growth combined with considerable margin increases are the rewards that await firms willing to create the new status quo.