SURVEYS & RESEARCH

Firms Rev Up Expansion Plans

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via Canopy

Mull new software for remote staff, CAS and AI.

By CPA Trendlines Research

A new survey reveals widespread plans for growth, with firms looking for more staff, more services to offer, and more territory to serve over the next 18 months

MORE: Research: Accounting Pros Cautiously Optimistic about Generative AI | How Auditors Can Beat AI | How Tax Practitioners Became Cybersecurity Risks | Why the U.S. Must Act Now to Protect Our Online Privacy | Top Tax Vendors Caught Red-Handed Selling Private Taxpayer Data
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In a time when qualified professionals are scarce, a staggering 85 percent of firms say they will definitely or probably be hiring more remote staff with flexible work arrangements, according to the poll of 250 firms by the practice management software company Canopy.

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Overcoming the Five Hurdles to Advisory Services

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Face these issues to achieve firm growth.

The smartest route to advisory:
Join the survey. Get the roadmap

By Donny Shimamoto, CPA, CITP, CGMA
The Center for Accounting Transformation

Are you tired of feeling overwhelmed and stuck in the compliance workload, unable to provide valuable insights to your clients? Do you feel that your firm has the potential to grow and create a lasting impact, but capacity issues hinder your progress? 

MORE DONNY SHIMAMOTO:  How Trusted Advisors Transform Businesses | The Future of Accounting: A Vision of Trust, Clarity, and Hope | Donny Shimamoto: Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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You’re not alone. Many accounting firms are struggling with the same challenges. But what if there was a way to break through these barriers and elevate your firm to new heights? Read on to discover how to overcome the challenges associated with providing advisory services and transform your firm into a thriving, client-centered business.
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Research: Accounting Pros Cautiously Optimistic about Generative AI

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Expert says we must work together to balance the benefits of technology and unintended consequences.

By Rick Richardson
Technology This Week

Thomson Reuters, a global content and technology company, recently released new research on generative AI that gauged the sentiment of professionals across legal, tax, and accounting firms in the United States, the United Kingdom, and Canada. The research sought to understand better how the technology is perceived and applied within the professional services industry. The report uncovered a mix of optimism and caution in adopting generative AI. 

MORE TECH THIS WEEK: ChatGPT Passes CPA Exam on Second Try | Smartwatch Saves Two Lives | First e-Road Charges Electric Vehicles as They Drive | Stanford Scientists 3D-Print Heart Tissue | Four of Today’s New Technologies That Will Be Tomorrow’s ‘Norm’ | Cyber Insurance Costs Rise in Health Care as Attacks Soar | Phishing Attack Hackers Have a New Trick
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“Generative AI can disrupt and redefine the professional landscape, but it is clear from our findings that there is a trust gap with professionals,” said Steve Hasker, president and CEO of Thomson Reuters. “The future of professional work is set to be revolutionized by generative AI, and as an industry, we need to work together to find the right balance between the benefits of technology and any unintended consequences. We believe this will help our customers first to trust the transformative power of generative AI and then harness the opportunity to shape the future of their professions.”

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Why Compliance Still Matters. But It’s Not Enough.

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Resistance is futile… and silly because it’s necessary for the profession.

The smartest route to advisory:
Join the survey. Get the roadmap

By Donny Shimamoto, CPA, CITP, CGMA
The Center for Accounting Transformation

In the world of accounting, compliance work is often seen as the unglamorous side of the profession. But what if I told you that compliance is the heart and soul of accounting, the unsung hero that makes advisory work possible?

MORE DONNY SHIMAMOTO:  How Trusted Advisors Transform Businesses | The Future of Accounting: A Vision of Trust, Clarity, and Hope | Donny Shimamoto: Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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Let’s explore the importance of compliance work in the accounting profession and why it’s time for us to stop minimizing its significance. READ MORE →

New Businesses Mean New Business

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bar chart
What do you consider the top issue facing your business? Owners see economic uncertainty as the top issue and have started increasing cash reserves. From Gusto.

 

Some are side hustles that flourished. Seven lessons for accountants.

By CPA Trendlines Research

New businesses are burgeoning. Last year, 5 million new businesses entered the market, according to a survey from the Gusto company. Entrepreneurialism is 42 percent higher than it was just before COVID-19 hit.

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Every one of these new businesses – and they include full-time leadership as well as part-time side hustles – is a potential client for  a CPA practice. But the demographics – and thus the marketing strategies – are quite different from the historical white males who used to comprise most of the entrepreneurial cohort.
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How to Transform Your Team into Trusted Advisors

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woman ladder binoculars city view outlook vision success climb AdobeStock_57204649.jpegAre you looking in the wrong place?

The smartest route to advisory:
Join the survey. Get the roadmap

Or scan this:

Launch survey

By Donny Shimamoto, CPA, CITP, CGMA
The Center for Accounting Transformation

There’s a secret lurking in the depths of the public accounting world. A hidden treasure, a powerful weapon that can catapult your firm to new heights of success. It’s called “advisory services.” And yet, despite its immense potential, many firms are not yet experiencing its transformative power. Why? Because they’re looking in the wrong place.

MORE DONNY SHIMAMOTO:  How Trusted Advisors Transform Businesses | The Future of Accounting: A Vision of Trust, Clarity, and Hope | Donny Shimamoto: Future Firm Growth Requires a Mindshift | AI, OCR, NLP & CPAs: Oh My!   |  Accounting Nerds, Unlock Your Super Powers  | Early Adopters Gain an Edge in Audit | Dustin Wheeler: For Serious CAS Success, Hire Tech Teams | CSR for CPAs: The Missing Ingredient | Donny Shimamoto Explains How ‘Agile’ Applies to CPA Firms |  Staff Retention for Remote Workers | Why the Future is in Risk Advisory |  Ready for Non-CPA “CPA” Firms?
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The truth is, advisory services are not just about technical skills and compliance knowledge. It’s a whole different game. And if you want to play and win, you need to invest in your team’s development and give them the tools they need to become trusted advisors.
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Accounting Jobs Up 4% for Year

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Payroll services up over 7 percent.

By Beth Bellor
CPA Trendlines Research

Employment in the accounting profession continues to climb, according to the most recent federal jobs data. New highs were set in

  • employment overall and for staff, CPA firm staff, payroll, payroll staff, bookkeeping and women
  • earnings overall and for staff, and for payroll staff

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Total nonfarm payroll employment rose by 339,000 in May, with the unemployment rate ticking up by 0.3 percentage point to 3.7 percent. The professional and business services sector added 64,000 jobs, similar to April.
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Tax Pros File 54% of Season’s Returns

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Refunds down over 7 percent.

By Beth Bellor
CPA Trendlines Research

The IRS issued its last weekly update of the spring and every figure but one was down for the year.

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The agency received 142.6 million individual income tax returns, down 1.2 percent from the same week the previous year. It processed 140.2 million returns, up 0.5 percent, the only positive note in the report.
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