tax & accounting regains 3,800 jobs
tax prep down, payroll sees big swings.
by beth bellor
outlook & analysis
survey: where do you get clients?
can you say “referrals”?
by randy johnston and brian tankersley
the accounting firm operations and technology survey
22 predictions for 2021
it’s not the time for minding and grinding.
by joseph tarasco
during these unprecedented times, it is difficult to predict the future. thus, leadership should focus on planning for various options based upon as many possibly scenarios as possible. this type of planning explores plausible potential business models and implementation processes for impending unknowns.
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however, consider the following predictions and trends in your strategic planning for 2021 and beyond:
- covid-19 and its effects on businesses have increased audit risks and will eventually escalate professional liability claims and settlements.
4 big issues that firms face
plus: how the merger picture hasn’t changed.
by marc rosenberg
the rosenberg map survey
an extraordinarily perfect storm was experienced by cpa firms in 2020: the endless tax season plus the virus. in mid-july, five months after the virus’s onset, no one knew anything for sure going forward – neither the science of the virus and people’s health nor the economic impact of the virus on the business world.
more: pandemic highlights value of digital files | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | we adapted to remote work … now what?
here is data from a survey we took of 61 cpa firms in mid-june. virtually all firms had annual revenue of $35 million or less, with the average being about $10 million. it is important to understand these firm sizes because the top 25-50 firms were making more drastic operational moves (mainly layoffs and partner draw reductions) than typical local cpa firms.
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survey: what is the hardest part of your job?
recruiting remains the sorest spot.
by randy johnston and brian tankersley
the accounting firm operations and technology survey
pandemic highlights value of digital files
cpe and training needs are evolving.
by roman kepczyk
last year’s extension to july 15 made for a very drawn-out busy season but did allow firms to shift resources to assist clients with ppp loans and other compliance. second, the move to remote/cloud was forced rapidly and pointed out the advantage of firms already utilizing cloud vendors and hosting providers as their transition was seamless.
more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | firms face business realities | more complex work = higher fees, right? | you like being remote, but what about your clients? | remote work is more productive
third, the difficulty and caution in physically meeting firm members and clients face to face forced adoption of virtual solutions such as zoom and microsoft teams and pointed out the value of having a digital workflow tool as well as the importance of having all files in a digital format accessible remotely.
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stop trying to get ‘back to normal’
you’ll be missing opportunities if you do.
by art kuesel
the thirst for knowledge about how to manage and lead a firm in difficult times has gone through the roof, as has the focus from important to urgent. firms took a while to adjust to a fully remote work force, but many of the related challenges such as productivity and team development were met with creative and effective solutions.
more: pandemic lesson: innovate faster | more complex work = higher fees, right? | advisory services: real commitment or just talk? | 2021: you’ll never see ‘normal’ again | covid brought us more and better client communication
it’s my opinion that several challenges have yet to be tackled, including managing 100 percent remote client engagements effectively, virtual business development and achieving a sustainable and less disruptive approach to “daily” life within the firm. everyone is dealing with so much change, and it is nearly impossible to plan long-term. we are still very much dealing with urgent issues daily, leaving important ones for another day.
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how to prosper in a pandemic
crisis brings needed change and new opportunity.
by allan koltin
the most significant changes our profession have seen so far are remote workplaces and, not surprisingly, remote client service. i think the dust has settled at this point and firms understand that these are not flavors of the month, but rather permanent changes to the landscape of our profession.
more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | survey: we adapted to remote work … now what?
it’s fascinating that the covid pandemic was responsible for speeding up what otherwise would have taken 5-10 years into 5-10 weeks.
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blockchain implications for cpas
futurist jack shaw explains how blockchain is changing the way cpas practice.
with steven sacks
solutions to results llc
the economist magazine describes blockchain as the most important advance in business record keeping since the innovation of double-entry bookkeeping, in florence, italy in over 500 years. but now, blockchain may eventually even replace double-entry bookkeeping.
more 卡塔尔世界杯常规比赛时间 video: blockchain implications for business | the myths of performance management | how covid rewrites the rules for recruiting | the art and science of hiring: three essentials for the covid age | what’s a bot? new tech tools to boost your practice | replay: covid impact on cpa firm m&a | your competition isn’t who you think it is | replay: how to dazzle clients in the covid age |
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six key takeaways
1 – we will see more business being reflected in blockchain-based transactions.
survey: business is still about taxes
pandemic lesson: innovate faster
be prepared to seize unexpected opportunities.
by kristen rampe
the rosenberg map survey
covid proved which firms were up to date on their technology and ability to manage via strong relationships and trust. it was fascinating (and occasionally tragic) to watch, and an eye opener for those on the less-prepared end.
more: remote work is more productive | covid-19 shakes up m&a activity | 2021: you’ll never see ‘normal’ again | we adapted to remote work … now what? | 2020’s disruptions are only the beginning
most significant changes we noted:
- cpas gained confidence in their ability to work remotely. it may not have been pretty, but they did it! some firm leaders even said they may never go back to their old commute.
- increased consulting engagements. this was driven because it was forced on firms (e.g., ppp loan assistance). however, the fact that many firms were willing and able to charge clients (when appropriate) for this work demonstrated their ability to be in the game beyond compliance work.
remote work success helps solve staffing shortages
tax reform boosted those ready for consulting.
by carl george
the two most significant changes that i have seen so far are:
- “covid has forced us to run our businesses better!” with so much being unknown when covid first started, many firms developed plans and forecasts under numerous disaster scenarios. accountability (and in some cases, behavior changes) of each owner was essential and i have seen many firms “pay more attention” to running the business. i believe these changes will become permanent.
- “we became more comfortable with our technology capabilities and it saved us!”
more: covid-19 shakes up m&a activity | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
the most significant change we will see long-term will be a significant portion of a firm’s practice will be accomplished by a permanent remote work force – at least 25 percent. we have seen that it works, we will continue to refine the model, and firms will be more efficient and profitable once the final model is in place.
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firms face business realities
pandemic means there’s no room for those who can’t embrace change.
by angie grissom
the working from home mandate has changed the way people think, work and communicate and has accelerated the move by four to five years (at least) over what i think would have happened without the pandemic. this has impacted the adoption of technology (teams, zoom, adobe connect, etc.) and has shown team members what works and what doesn’t work.
more: remote work is more productive | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
people now know how and where they are the most effective. clients are also seeing accounting providers as more essential and more as advisors, especially those dealing with the ppp loans and other programs that assist them with staying afloat during this time.
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