growth is being sustained by offshoring.
by art kuesel
the rosenberg national survey of cpa firm statistics
i think a great word for the next 12 months will be recalibration. i think it is fitting in so many areas. firms are recalibrating their investments in technology to gain efficiency and drive capacity. firms are recalibrating their investments in staffing as technology and outsourcing impart their influence process. firms are recalibrating their succession plans as movement on the bench continues. and firms are recalibrating their pricing strategies to raise the bar on new and existing clients.
editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:
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- how do you think the next 12 months will unfold? trends? predictions? other thoughts?
- how would you assess the last 12 months? trends? observations? struggles?
more: people development still a concern | focus on intentional growth | accounting firms upshift to corporate model | tech anxiety paralyzing some accounting firms | what’s going to happen? lots, say consultants | growth and complacency must concern accounting firms this year | solving staffing requires intention | how accounting firms are handling the staff shortage | the future of fees | as private equity closes in, firms seek new answers to staffing problems | when staffing falls short, clients get culled | how accounting firms are dealing with retirement | next five years are critical for accounting firms | staffing turnover’s down, but why? | what’s your firm worth? private equity wants to know | the new pipeline: outsourcing and offshoring | is this the last year of accounting’s golden age?
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nothing is sacred – anything that got us to where we are today will not necessarily get us where we need to be in the future. it’s a tsunami of change (and opportunity) and the best firms are leaning into it with vigor.
growth continued in both the top-line and bottom-line categories while firms did the best they could to sustain and grow capacity. it was the first time that firms reconciled the need to offshore and outsource to support growth. nearly 80 percent of the firms i work with have started using a combination of onshoring or offshoring in tax, caas and/or audit. many of these efforts are in their first or second year of implementation, and the processes are still being dialed in.
in the areas of staff development, firms continued their push to invest in and develop their teams with success skills programs, leadership development and path-to-partner programs. finally, as private equity re-emerged in the profession, many leaders were exploring the different models and solutions offered and how (if) they could be a match to the technology, succession and staffing challenges faced by these firms.