{"id":82769,"date":"2021-04-25t19:20:12","date_gmt":"2021-04-25t23:20:12","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=82769"},"modified":"2023-10-05t09:12:39","modified_gmt":"2023-10-05t13:12:39","slug":"the-future-of-the-accounting-profession","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/04\/25\/the-future-of-the-accounting-profession\/","title":{"rendered":"how today’s staffing crisis can forecast your future"},"content":{"rendered":"

\"copyright<\/p>\n

you can read the tea leaves in who’s getting hired today because they’re the generation that will re-define the tax and accounting firms.<\/strong><\/p>\n

by steven e. sacks<\/i>
\nthe new fundamentals<\/i><\/a><\/p>\n

the accounting profession is at a crossroads: increasing pressure on keeping up with technology to serve more varied and complex clients, while a quick peek at the landscape indicates the ongoing struggle to attract and retain talent.<\/p>\n

more: <\/b>7 signs your accounting firm agreement falls short<\/a> | effective networking is an art<\/a> | courtesy still matters<\/a> | bigger firm, bigger thinking<\/a> | 5 steps to better time management<\/a> | swot\u2019s the purpose?<\/a> | is your firm\u2019s culture a magnet or a repellent?<\/a> | click here for more by steven sacks<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

but what is meant by this, actually?<\/p>\n

what will be the type of necessary talent? will it be a mixture of technical gaap and gaas know-how and technology-driven knowledge like artificial intelligence? or will the necessary technical expertise be superseded by a deep understanding of blockchain technology and data analytics? if that, then how will firms draw the right people to deliver the value-added services that leverage technology?<\/p>\n

<\/p>\n

\u201cit is not the strongest or the most intelligent who will survive but those who can best manage change.\u201d \u2013 charles darwin<\/p><\/blockquote>\n

salary and work-life balance<\/strong> will still be major concerns. if firms see they are behind the curve, will this mean rather than making major investments in new and existing personnel, they will acquire (or be acquired) by non-cpa consulting firms that specialize in the new growth areas?<\/p>\n

succession planning<\/strong> is a big concern these days. will technology force the unavoidable to move at a faster clip? i suspect it would. i cannot imagine partners with 25 years or more of experience going back to school to learn the latest in technologies. they may seek only a cursory level of understanding. and if there is no desire, then the existing client service mix won\u2019t be sufficient; it will be diminished in value.<\/p>\n

at the beginning of this millennium there was talk about government takeover of the audit function<\/strong> in the aftermath of enron, worldcom and other major financial frauds. this caused a big hullabaloo. but what if this were to be revisited today? would it make sense for firms to transition from a compliance-orientation mindset to become true business consultants, a la mckinsey, bain & company and boston consulting group \u2013 they of the far end of the business consulting spectrum?<\/p>\n

will the cpa designation, the exam and the education that supports it evolve into a more master\u2019s-level education at the undergraduate level?<\/p>\n

the public accounting profession owns the audit franchise. but will this be the case five or 10 years from now, especially in light of alternatives to banks for loans, such as asset-based lenders such as crestmark and commercial capital llc? many asset-based lenders will not require a financial audit, though they will exercise a comprehensive due diligence study of a business\u2019s operations. with netsuite, xero and quickbooks being major players in the cpa space and driving down fees for producing financial reports, where will this leave the cpa? the doctrine of \u201cbill, bill and bill some more\u201d can\u2019t be maintained if new trends and the accompanying tools will make work more efficient, resulting in a reduction of hours to be billed.<\/p>\n

there are other challenges for the cpa, to be sure, and technology is just one of them.<\/p>\n

so many threats abound:<\/p>\n