{"id":56267,"date":"2018-10-19t16:03:29","date_gmt":"2018-10-19t20:03:29","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=56267"},"modified":"2024-08-14t11:27:03","modified_gmt":"2024-08-14t15:27:03","slug":"survey-three-reasons-to-be-bullish-on-cpas","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/10\/19\/survey-three-reasons-to-be-bullish-on-cpas\/","title":{"rendered":"survey: three reasons to be bullish on cpa firms"},"content":{"rendered":"

\"photo<\/p>\n

new practice management study reveals four strategies to\u00a0maximize your profits.<\/strong><\/p>\n

by charles hylan, cpa<\/em>
\nrosenberg survey<\/a><\/em><\/p>\n

\"\"
hylan<\/figcaption><\/figure>\n

charles hylan is one of the authors of the rosenberg survey report and a shareholder in the growth partnership, a business development training and consulting firm for cpa practices, which fields the survey.<\/em><\/p>\n

what an exciting time to be working in the accounting profession!<\/p>\n

why do i say this?\u00a0three reasons:<\/p>\n

    \n
  1. the shift from compliance to advisory work.<\/li>\n
  2. unlimited career paths.<\/li>\n
  3. record levels of profitability<\/li>\n<\/ol>\n

    our profession would be better off if younger staff and managers knew what a lucrative career they could have in the industry. i\u2019m not suggesting that partners share tax returns or w2s and k1s. however, education around practice management topics would enable the profession\u2019s future leaders to understand the \u201cbusiness\u201d side of the profession, the entrepreneurial opportunities, and the economic upside.<\/p>\n

    let’s run the numbers…<\/p>\n

    <\/p>\n

    automation: opportunity, not threat<\/strong><\/p>\n

    we all know about the technologies that are changing the way we do business\u2026blockchain, artificial intelligence, cloud computing, etc. just look at willrobotstakemyjob.com<\/a><\/u>. the last time i check on accountants and auditors, the site said, “you’re doomed!” with a 94% chance that automated technologies will take your job.<\/p>\n

    according to accounting today<\/em>, the issues that keep the leaders in accounting firms up at night:<\/p>\n

      \n
    1. the impact of blockchain, artificial intelligence, and automation.<\/li>\n
    2. keeping up with technology in general.<\/li>\n
    3. adapting to non-stop change.<\/li>\n
    4. the ongoing staff shortage.<\/li>\n
    5. the evolution and revolution of the audit.<\/li>\n<\/ol>\n

      technology has been a part of the accounting profession for as long as i can remember (i started with price waterhouse in 1990) and always will be. i know many people are fearful of the change, but technology presents a tremendous opportunity for our profession.<\/p>\n

      here are some of the benefits and opportunities accounting firms can realize if they embrace the inevitable transition:<\/p>\n