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survey: cpas culling clients for better work-life balance

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bar chart

accountants don’t want just more clients, they want better ones.

by 卡塔尔世界杯常规比赛时间 research

some interesting early results from the 卡塔尔世界杯常规比赛时间 outlook 2024: emerging issues, opportunities, and trends:

  • 57 percent of respondents say staffing and retention are their biggest challenge.
  • 48 percent say burnout and the work-life balance is their biggest challenge.

note how these two most common challenges relate to each other. a shortage of staff is linked to an excess of burnout and imbalance.

more: are you offering the right services? | which niche’s the best niche? | women-owned businesses upbeat but need help | 42% of accountants turn away work over staff shortages | accountants to the rescue as startups struggle | talent gap widening: be very scared | accountants hopeful, concerned and confused about ai | looking for recent grads? good luck
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

now look:

  • 34 percent say getting better clients is their biggest challenge.
  • 31 percent say raising prices and billing rates is their biggest challenge.

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pe, consolidations to keep impacting accounting profession

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cash infusions make the recruiting environment more competitive.

by angie grissom
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?

i believe competition will continue to increase and firm leaders will continue to make changes regarding business structure. leaders will continue to innovate their strategies to meet the market demands. private equity infusions and consolidations will continue at a steady pace, as structures will evolve to align with each individual firm’s leadership goals.

more: a 40-hour workweek is feasible | five ways staff shortages are changing firms forever | soft skills are front and center | it’s time for a new business model | rosenberg map: partner incomes surge 11.4%
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

firms will continue to place priority on building advisory practices and streamlining operations to increase efficiency and communication. firm governance structure, clear goals and increased transparency and accountability will be required to remain competitive.
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despite staffing crunch, firms freeze pay raises

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line chart
average hourly earnings of all employees in the accounting profession. hint: don’t show this chart to recruits.

 

millennials say compensation isn’t the most important thing. employers say, “heard.”

by beth bellor

suppose you’re a leader in a field that has fretted for months over staff shortages. would you put on your thinking cap, plug it in for a while and come up with… frozen pay?

more: tax & accounting firms grow for 9th straight month | tax & accounting profession grows, but wages don’t | tax and accounting pay advancing at 5.9% pace | accounting jobs up 4% for year
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

strangely enough, that’s what the latest tax and accounting profession earnings data show. compared to previous months, the trend is stagnant or even down. the only bright spot was in payroll services staff, which also added bodies – but cut hours.

(how’s that song go? if it weren’t for bad luck?)
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outlook: a 40-hour workweek is feasible

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business development can be done remotely, but it can’t be skipped.

by carl george
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?

firms will continue to upgrade their client profiles and disengage from clients that no longer fit. disengagement is one of the major initiatives that must occur to meet the challenge of the “40-hour guarantee.”

more: five ways staff shortages are changing firms forever | outlook: soft skills are front and center | outlook: it’s time for a new business model | rosenberg map: partner incomes surge 11.4%
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as it was explained so eloquently by a ceo of a large firm, “we do not have a staffing shortage, we have a ‘d’ client overage!” well said. traditionally difficult for us to do, but we do not have the option of not executing this critical strategy.
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five ways staff shortages are changing firms forever

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stock image of businessman pushing a giant stack of documents isolated on white background

top professionals provide their insights.

by 卡塔尔世界杯常规比赛时间 research

two crucial questions:

  1. what is causing the shortage of accounting professionals?
  2. what is the shortage of accounting professionals causing?

more: outlook: soft skills are front and center | outlook: it’s time for a new business model | rosenberg map: partner incomes surge 11.4%
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

each question has a few answers.
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survey: 42% of accountants turn away work over staff shortages

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bar chart
complete answers include “we’re turning away work because of it,” “we’re outsourcing at least some work” and “we’re upgrading comp & benefits packages.”

 

survey respondents offer their strategies.

by 卡塔尔世界杯常规比赛时间 research

the most shocking stat to come out of early results in the 卡塔尔世界杯常规比赛时间 outlook 2024 emerging issues, opportunities and trends survey is also the most painful.

it’s this: 42 percent of responding firms are turning away work for lack of staff.

more: ethics on sustainability puzzle some accountants | accountants to the rescue as startups struggle | talent gap widening: be very scared | accountants hopeful, concerned and confused about ai | looking for recent grads? good luck | cpa biz is booming, but for how long?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

that’s a big ouch for firms that have spent time, effort and money on marketing, only to find that they can’t reap the results.

data is still coming in from firms across the continent (and a few from across the ocean), but the trend is definitely toward critical. and the prognosis isn’t good.
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talent gap widening: be very scared

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pie charts

 

five strategies for retention.

by 卡塔尔世界杯常规比赛时间 research

how long will your cpa firm or finance department be a going concern if a quarter of your accounting professionals walk out?

you shouldn’t just worry about that; you should be downright scared.

more: accountants hopeful, concerned and confused about ai | looking for recent grads? good luck | cpa biz is booming, but for how long? | survey respondents see exciting year coming up | survey: accountants economic outlook brightens | understanding the full cost of a data breach
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

devastating losses of staff and a dearth of job candidates have reached crippling proportions, according to a study from the institute of management accountants and personnel placement firm robert half, “talent retention in the u.s. accounting and finance profession.”
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looking for fresh accounting grads? good luck

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line chart of degree trends

the pipeline is just a trickle.

join the new staffing survey.

benchmark your firm.
be the first to get the winning strategies.
by 卡塔尔世界杯常规比赛时间 research

the american institute of cpas 2023 trends report on new graduation data has good news and bad.

which would you like first?

more: cpa biz is booming, but for how long? | survey respondents see exciting year coming up | survey: accountants economic outlook brightens | research: accounting pros cautiously optimistic about generative ai | why the u.s. must act now to protect our online privacy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

spoiler alert: even the good news is pretty bad.
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wanted: great audit mentors

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professional audit mentors are scarce.

by alan anderson
transforming audit for the future

instant download:
“the new manifesto for accountants.“

i was lucky in the entirety of my career to have been empowered to try doing things differently. i had mentors who encouraged me to keep learning. but today, this forms-filling exercise that audit has become discourages people like me from staying. the ones who stay in audit are the ones who like filling out those forms.

more: is audit in crisis because of definitions? | stop sending the wrong message to audit teams | the big issues in audit: frustration, inconsistency and technology | talent retention: five tips for an audit adjustment | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

new audit staff rarely have a mentor who gives them the big picture of what audit is supposed to be. instead, they learn how to fill out the forms better and more accurately. they don’t get review notes that ask them to think about what they’re doing. they get review notes about the way they reference their supporting documentation.

this lack of mentorship means that the best and brightest, the ones who like to keep learning, eventually leave. we are making the problem worse for future generations.

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giles pearson: fix the staffing crisis by swapping experience for education

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promoting cas services to entrepreneurial students can add better recruits to the profession.

subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).


the disruptors
with liz farr

new zealand doesn’t have a tax season. this is largely because all tax returns are due one year after the standard march 31 year-end for businesses and individuals. but also: fewer than 20% of individuals actually need to file a return.

more podcasts and videos: jina etienne: practice fearless inclusion | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa | ira rosenbloom: with m&a, nobody wants a fixer-upper | peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

“the returns that accounting firms are filing are for business owners and people with more complex investment structures,” says giles pearson, ceo and co-founder of accountests, an online knowledge-testing company that focuses on recruitment, selection and development assessments for chartered accountants, accounting graduates and candidates.

pearson adds that while a few do wait until the last minute, “the reality is for a lot of smaller firms here, by january, they’re literally twiddling their thumbs.”

this is something that pearson suggests the aicpa and the profession could be lobbying congress to adopt in america. alas, the profession has been trying for years, to no avail.

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tax & accounting firms grow for 9th straight month

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line graph
overall accounting profession employment

 

bookkeeping is playing the tortoise game.

by beth bellor

bit by bit, the accounting profession is growing. despite a staffing shortage. despite an uncertain economy. despite everything, tax and accounting firms are steadily adding to headcounts.

more: tax & accounting profession grows, but wages don’t | tax and accounting pay advancing at 5.9% pace | accounting jobs up 4% for year
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as tax and accounting professionals begin planning for the year ahead, the 卡塔尔世界杯常规比赛时间 research team is fielding a new survey to check the pulse of the profession, detect emerging trends, and identify the best success strategies going into 2024.
join the survey. get the results.
click here to launch the 10-minute survey.

according to the latest data mined by 卡塔尔世界杯常规比赛时间 research, new highs were reached in september in employment overall, staff, cpa firm staff, bookkeeping, women overall and women in cpa firms. staff also hit a new mark for hourly earnings.

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chris vanover: question the why or stay with the status quo

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challenge yourself to do things differently.

subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).

see the disruptors

the disruptors
with liz farr

chris vanover is on a mission “to make accounting and auditing better.”

initially, auditclub helped firms mainly with quality control, but over time that grew into offering fractional support on a subscription basis to audit firms that can’t find the talent they need.

more podcasts and videos: jason deshayes: what we’re doing isn’t working | heather satterley: you’ve got to meet people where they are | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa | ira rosenbloom: with m&a, nobody wants a fixer-upper | peter margaritis: the power skills every accountant needs | joe montgomery: find the sweet spot of the right clients, right services and right prices | marie green: your bad apples are ruining you | megan genest tarnow: hire for curiosity rather than compliance | clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

audit firms are challenged to plan a year or even a month out, so auditclub offers members weekly access. this weekly flexibility allows auditclub to take a concierge approach to help their member firms out a week at a time. plus, vanover may have the secret sauce to getting employees to perform at their optimum levels daily.

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150 hours revisited: the profession needs a facelift

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what if pipeline issues aren’t related to education or experience but rather just image?

with steven sacks
the new fundamentals: thriving in disruption

while firms and accountants continue to lament staffing challenges and research continues into finding workable solutions for firms and finance teams of all sizes, one idea that is beginning to gain more traction has less to do with education versus experience and more to do with marketing.

david bergstein, cpa, citp, cgma, discussed the future of the profession, specifically the ongoing discourse surrounding the perceived necessity of a fifth year in accounting education.

more steve sacks: how do you value your most important asset? | which is better: a year of education or a year of experience? | sell service, not hours | private equity vs. the cpa firm partnership | cas or caas? getting clarity | fine-tuning the subscription fee model | when cyber-crime hits close to home | how to build a winning proposal | six ways to fix your firm agreement | the great resignation or a reshuffling? | listen to learn | build the framework to a solution with five answers | try for success, not a win
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

bergstein challenged the conventional wisdom surrounding the 150-hour requirement for cpa eligibility, suggesting that the industry’s primary challenge lay not in the academic threshold but in the misperception of accounting as a lackluster career. “we’re beating a horse that’s almost dead,” he remarked, questioning the emphasis on extending education rather than redefining the profession’s image.

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