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challenges for the accounting profession: private equity, offshoring, training new hires

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chalkboard saying indicating that time to change is now

new tech will force firms to examine value pricing if they haven’t already.

by gale crosley
the rosenberg national survey of cpa firm statistics

private equity interest in the profession will continue. new pe organizations are dotting the landscape, showing interest in firms from the top to the near bottom of the market. family offices and esop investment bankers/consultants are appearing. in the future, firms will have multiple alternative sources of equity capital.

editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:

    • 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: recalibration is key for accounting profession | 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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private equities that have already invested are starting to more fully understand the vast operational differences between corporate america and cpa firms. this will put pressure on pe-backed firms to perform in more sophisticated ways. on the revenue growth side, corporate-world staples such as effective firmwide pipeline processes, professional sales organizations and a repeatable innovation (product management) process will start cropping up.
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lauren clemmer: confidence, collaboration, and the future of accounting marketing | capstone conversations

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firms that embrace marketing as a strategic priority unlock better opportunities.

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capstone conversations
by jean caragher
for 卡塔尔世界杯常规比赛时间

the world of accounting marketing is one of transformation, resilience, and adaptability. few individuals embody these qualities as profoundly as lauren clemmer, the former executive director of the association for accounting marketing (aam) and one of its most recent hall of fame inductees. in a recent capstone conversation, clemmer shared her journey, insights, and advice for navigating the challenges and opportunities in accounting marketing.

follow jean caragher on 卡塔尔世界杯常规比赛时间 here. | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | catch jean caragher’s other show, gear up for growth, on fridays here. | and browse all the shows in the 卡塔尔世界杯常规比赛时间 broadcast network here

clemmer’s career began outside the accounting industry, which initially presented challenges. she emphasized the importance of understanding accounting firm dynamics and building relationships with firm partners. “i had to learn how to communicate in a way that resonated with accountants,” she explains, citing her decision to invest in executive coaching to bridge communication gaps.

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business-minded approach helps build a better firm

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how this one attribute strengthens others.

by alan anderson, cpa
transforming audit for the future

“far and away the best prize that life offers is the chance to work hard at work worth doing.” – theodore roosevelt

when you think about business leaders like bill gates or reed hastings, the founder of netflix, it’s clear that these people did not create their empires by focusing on narrow measures like realization rates or increasing their profit margin. neither of these organizations would have become the household names they are if their founders had had such narrow views, and if they had not been able to move these very large companies in new directions in response to changes in the world.

more: are you looking at the big picture? | meet your client all year, not just during audit | give your audit teams tasks that increase business acumen | are you using the right business model? | give advice while remaining independent | stop mixing up your v’s and losing your best people | empower your team by dumping c and d clients | the new formula for an accounting business | how to upgrade c and d clients | eleven types of audit clients and which to fire | don’t risk losing good employees for bad clients | can a service center model solve audit staffing shortages? | don’t take on audits in an industry you don’t understand | four questions to make your firm more successful as a business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

business-mindedness in audit has deeper dimensions than making a reasonable profit and delivering an audit report on time. even if you’re not concerned about the future of audit, strengthening the attribute of business-mindedness in your firm will strengthen your firm and make it more attractive to clients and team members. let’s talk about some of the tangible benefits.
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why cpas are best positioned to become financial advisors

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portrait of blake oliver
oliver
 blake oliver is a cpa and the founder and ceo of earmark, an app that offers nasba-approved cpe and irs-approved ce credits for listening to your favorite accounting and tax podcasts. he also co-hosts the accounting podcast, the world’s most popular podcast for accountants.

you have a lot of advice to offer beyond taxes.

by blake oliver
the holistic guide to wealth management.

“isn’t it ironic? we ignore those who adore us and adore those who ignore us.” – author ellen hopkins

every cpa i know wants to help clients make the best financial decisions. study after study shows cpas are their clients’ most trusted advisors because they have integrity, are prudent, and don’t engage in the hard sell, especially when it comes to financial services.

more: how wealth management has evolved | introducing you to a fulfilling return on relationships | rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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most cpas claim to do tax planning. but how can you do proper tax planning without knowing a client’s financial goals? you need to know much more about a client than merely their tax liability. yet that’s often where the accountant’s relationship with their client stops every year. how many people have a great tax guy/tax gal whose only goal is to minimize their client’s tax liability? that’s their job, right?
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susan bryant: set boundaries and elevate client services for better results | accounting influencers

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accountants who stay silent risk disappointing–and probably losing–clients.

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accounting influencers
with rob brown

accountants, take charge of your client relationships, says susan bryant, cpa, in this episode of accounting influencers.  bryant’s on a mission to empower accountants to refine their client base, set professional boundaries, and elevate client interactions to meet today’s high expectations.

bryant, a cpa and co-owner of a firm in plano, texas, has built her career on driving excellence in accounting. known for her expertise in advisory services, she’s passionate about transforming how accountants view client relationships and service delivery. “accountants today must redefine what a good client looks like,” bryant stated. “in this industry, it’s time to align with clients who truly value and respect the work we do and are ready to invest in that relationship.”

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automation can be exciting in client accounting services

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businessman pressing virtual "automation" button

raise client expectations.

by hitendra patil
client accounting services: the definitive success guide

we know that cas generally constitutes three key service segments:

  • after-the-fact financial statement preparation, i.e., “write-up,”
  • business transaction processing and
  • outsourced cfo and controller services.

more: eight steps for better client accounting services | do you have the client accounting services mindset? | four ingredients to your cas ‘why’ | cas clients are ‘stickier’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

tax planning/tax strategy services may also become part of your cas offering if you have interest/expertise in that segment.

have your clients’ needs changed now?
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tim allen: my secret to niche success | gear up for growth

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how specialization can drive unparalleled success.

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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间

with over 30 years of experience in winery finance and a thriving boutique firm dedicated exclusively to the wine industry, tim allen, cpa, shares the journey that led him to carve out this unique niche.

gear up for growth spotlights the best strategies for smart and efficient growth in today’s competitive landscape. more gear up for growth every friday here | more capstone conversations with jean caragher every monday | more jean caragher here | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | more 卡塔尔世界杯常规比赛时间 videos and podcasts here

allen’s story began in san francisco, working for deloitte, where he unexpectedly found himself immersed in the wine industry. despite wine not being the most sought-after specialty, it allowed him to remain close to family in santa rosa, california, and sparked a passion that would define his career. what started as an unconventional choice evolved into a remarkable trajectory, culminating in the creation of the allen wine group in 2009.

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four steps could close the tax gap

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the difference between what’s owed and what’s paid is $625 billion.

by 卡塔尔世界杯常规比赛时间 research

what’s more aggravating than paying all the taxes you owe while other people cheat?

maybe this: that the biggest tax cheats are the wealthy while it’s the lower-income taxpayers who get audited more.

more: art werner: how to turn tax prep into tax advisory | quick tax tip | art werner: navigating business structure decisions amid tax law changes | quick tax tip | tax season memo from staff to managing partner | is the irs adequately tracking corporate tax evasion? | irs still unsure how to measure audit rate | art werner: estate planning strategies | quick tax tip | art werner: post-mortem estate planning | quick tax tip | pause to praise the tax pro volunteers | irs vs. fraudsters | imagine! the national tax advocate does | art werner: maximizing fringe benefits
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the financial consequences of noncompliance are staggering. according to the annual public report issued by the internal revenue service advisory council, an estimated $688 billion in taxes went unpaid in 2021.
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better communication = better retention

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high angle view of business people stacking hands in a teamwork gesture

tips for policies, staff meetings and just plain fun.

by marc rosenberg
cpa firm staff: managing your #1 asset

“i have yet to find a company that has earned high levels of customer loyalty without first earning high levels of employee loyalty.” – frederick reichheld

we have discussed key ways to retain staff. this post looks at scheduling and managing, accountability, communication and ideas for having fun at the office.

more: eight strategies for recruiting | why developing women partners matters | a better way to provide performance feedback | training? cpe? they’re not the same | six tips for setting compensation | staff crave advancement and challenge | what leadership looks and feels at cpa firms | eleven things that good mentors do | give the recognition your staff needs | the importance of great bosses | how remote work is impacting accounting firms | make work flexibility work for everyone | why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

scheduling of staff

organized, effective centralized scheduling enables firms to staff client projects so the client work is promptly completed. other benefits:

  1. it matches staff with the assignments each needs to grow and develop technically. example: a staff member may have worked on nonprofits and needs more experience in the for-profit sector.

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bissett bullet: actions speak louder than words

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today’s bissett bullet: “show respect for the time that a prospective client has set aside to meet with you by arriving on time for your meeting. not doing so speaks volumes to them about how important they really are to you.”

by martin bissett

even if you call ahead, arriving late for that vital first meeting will raise questions in their mind around whether they’re a priority to you and how much time you will actually have spent preparing for the meeting or researching their business. always arrive promptly to avoid doubt and create a great first impression.

today’s to-do:

check your diary. does the time you have allowed for future meetings give you sufficient time for travel and allow for unexpected holdups? if you are unsure, allow for more time than you need and take some work with you to fill your time, if you arrive early.

see more bissett bullets here

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angie grissom: next gen inspo for accountants | arc

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“leadership and culture define the future of accounting firms.”

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more arc: analysis, reaction, comedy

accounting arc
with donny shimamoto.
center for accounting transformation

when angie grissom first stepped into a nashville-based consulting firm, she likely didn’t foresee owning and transforming it. yet, over two decades later, she leads the rainmaker companies, a firm dedicated to empowering accounting professionals through leadership development, business growth strategies, and culture-building initiatives. 

more accounting arc: does accounting belong in stem? | rose wang: where numbers meet strategy and creativity | tiktok fraud exposes gaps in financial literacy | how accounting pros own the stage in public speaking | greg kyte: being a cpa is like being the marie kondo of numbers | rachel bashore: a lawyer’s case for reinventing accounting | beyond the basics in ethics eduction | bailey lenart: from ledger sheets to transformational change | election tax plans: what cpas need to know | leadership for the future: stakeholders, sustainability, and strategic vision |

“selling is helping,” grissom says in accounting arc. “business development is about uncovering opportunities and serving clients holistically. it’s about being a true advisor.” 

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