{"id":127670,"date":"2024-07-18t19:51:00","date_gmt":"2024-07-18t23:51:00","guid":{"rendered":"\/\/www.g005e.com\/?p=127670"},"modified":"2024-08-29t23:52:47","modified_gmt":"2024-08-30t03:52:47","slug":"tax-and-accounting-priorities-shifting-in-turbulent-times","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/07\/18\/tax-and-accounting-priorities-shifting-in-turbulent-times\/","title":{"rendered":"tax and accounting priorities shifting in turbulent times"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-127671\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges.png\" alt=\"bar chart\" width=\"1600\" height=\"1147\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges.png 1600w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges-424x304.png 424w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges-849x609.png 849w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges-768x551.png 768w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges-1536x1101.png 1536w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges-300x215.png 300w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_topchallenges-600x430.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/strong><\/p>\n<p><strong>three actions that firms can take.<\/strong><\/p>\n<p><em>by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n<p>a multinational thomson reuters survey of tax professionals has found accounting firms shifting their priorities after a year of unexpected developments and before a year of unexpected developments.<\/p>\n<p>that\u2019s a lot of unexpected developments.<\/p>\n<h4 style=\"padding-left: 40px;\"><b>more: <\/b><a href=\"\/\/www.g005e.com\/2024\/07\/16\/report-efficiency-still-the-top-priority-for-accounting-firms\/\">report: efficiency still the top priority for accounting firms<\/a> | <a href=\"\/\/www.g005e.com\/2024\/07\/14\/is-tech-causing-both-cpa-shortage-and-low-salaries\/\">is tech causing both cpa shortage and low salaries?<\/a> | <a href=\"\/\/www.g005e.com\/2024\/06\/13\/staffing-tops-list-of-woes-at-cpa-firms\/\">staffing tops list of woes at cpa firms<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/28\/why-the-dry-pipeline-its-about-time\/\">why the dry pipeline? it\u2019s about time<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/22\/whole-person-retention-when-its-not-just-the-money\/\">whole person retention: when it\u2019s not just the money<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/14\/seven-enticements-to-keep-talent-on-board\/\">seven enticements to keep talent on board<\/a> | <a href=\"\/\/www.g005e.com\/2024\/04\/30\/amy-welch-disruptors-pros-chat-talent-crisis-offer-solutions\/\">disruptors: talent crisis? what talent crisis?<\/a> | <a href=\"\/\/www.g005e.com\/2024\/04\/07\/seven-steps-to-a-stronger-future\/\">seven steps to a stronger future<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-49700 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1603911598474.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2024\/07\/18\/tax-and-accounting-priorities-shifting-in-turbulent-times\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>in 2023, the annual survey saw firms and their clients hunkering down for a year of post-covid-19 unknowns, a recession that never came, inflation that wouldn\u2019t quit and interest rates that persisted at uncomfortable heights.<\/p>\n<p>this year, it looks like firms are reassessing where they stand and where they are going. times are turbulent \u2013 technologically, economically, politically, environmentally \u2013 so recovering from the past and preparing for the future are going to require some changes.<br \/>\n<!--more--><\/p>\n<h3>fundamentals that always apply<\/h3>\n<p>unsure of what\u2019s coming down the pike, firms are focusing on the fundamentals that always apply regardless of change and challenges. the report finds that accounting firms are<\/p>\n<ul>\n<li>streamlining operations wherever possible<\/li>\n<li>finding elusive efficiencies, especially through automation<\/li>\n<li>recruiting and training the best people they can find<\/li>\n<li>improving client quality (as opposed to mere quantity)<\/li>\n<li>expanding service offerings to meet client needs<\/li>\n<li>exploring alternative pricing models to boost revenue<\/li>\n<\/ul>\n<p>the survey reached out to professionals at firms of all sizes in the u.s., uk, canada, australia, brazil and argentina. about half were with midsized firms (4-29 people), and 38 percent were with smaller firms. just over half were in the u.s. data was collected in the first quarter of 2024.<\/p>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-127672\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities.png\" alt=\"\" width=\"1600\" height=\"1010\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities.png 1600w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities-424x268.png 424w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities-849x536.png 849w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities-768x485.png 768w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities-1536x970.png 1536w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities-300x189.png 300w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/tr24_strategicpriorities-600x379.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/h3>\n<h3>priorities vary<\/h3>\n<p>the report finds that priorities vary with firm size.<\/p>\n<ul>\n<li>small firms are clinging to the status quo in the struggle to retain talent and keep up with at least some of the new technology.<\/li>\n<li>midsize firms are more aggressive in the search for talent, the adoption of automation and the streamlining of workflows.<\/li>\n<li>large firms are able to pursue more priorities at once. they are investing in more sophisticated technologies and exploring more pricing models for their broad range of clients.<\/li>\n<\/ul>\n<p>last year, among all firms, the top priorities were efficiency, client service, growth and talent, in that order.<\/p>\n<p>in 2024, the priorities are shifting to efficiency and automation, talent, pricing and revenue, and client services, with firm growth and strategy ranking fifth.<\/p>\n<h3>the top challenges<\/h3>\n<p>oddly enough, the top challenges weren\u2019t the same as the top priorities.<\/p>\n<p><b>the retention and recruitment of talent<\/b> has become by far the most pressing challenge, reported by 26 percent.<\/p>\n<p><b>time management, meeting deadlines and timely filings<\/b> come in second at 13 percent.<\/p>\n<p><b>keeping up with tax law<\/b> is cited by 11 percent.<\/p>\n<p>surprising low on the list: <b>new technologies and ai<\/b>, a challenge to only 3 percent, and client retention and growth at the same level.<\/p>\n<h3>what to do<\/h3>\n<p>the report delves into the details of all the above, then recommends action for any firm that wants to get ahead and stay ahead in a business environment that is bound to be, to put it nicely, exciting.<\/p>\n<ul>\n<li><strong> technology and automation:<\/strong> firms need a five-year plan that includes technology goals, strategies to reach those goals, and specific steps to reach them. waiting for a crisis will be waiting until too late.<\/li>\n<li><strong> client services:<\/strong> everyone is looking to expand advisory services. consequently, competition will increase. firms need to inventory their strengths and weaknesses, identify their areas of expertise, and then figure out how to differentiate their services.<\/li>\n<li><strong> pricing and revenue:<\/strong> though billing by the hour is still the norm, it will have to change to equate the actual value of services. innovative new services will be an opportunity to do so. it will be easier to offer new pricing structures for new services offered to new clients than to get old clients to accept new pricing for traditional services.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p><strong>three actions that firms can take.<\/strong><br \/>\n<a href=\"\/\/www.g005e.com\/2024\/07\/18\/tax-and-accounting-priorities-shifting-in-turbulent-times\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-127678\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/250_tr24_topchallenges.png\" alt=\"\" width=\"250\" height=\"125\" \/><\/a><br \/>\n<em>by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n","protected":false},"author":17,"featured_media":127671,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,3120,3002],"tags":[],"class_list":["post-127670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-outlook","category-pro-member-exclusive","category-special"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>tax and accounting 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