Out-of-the-box thinking for CPA firms seeking new growth strategies.
By Bill Carlino
The accounting profession has traditionally had three strategies for growth.
- Organic growth - adding one client at a time.
- Beginning a new client service line that was not previously offered.
- Merging with another CPA firm.
But that was then and this is now.
With technologies such as blockchain, AI and robotics promising to revamp the accounting process there will be significant changes afoot – whether the profession is ready or not.
For one, within five-to-seven years, the audit process will likely be automated, sending the folks who normally perform that “Type A” audit or tax work, seeking assignments in other areas such as high end consulting and advisory services.
As a result, the past few years have seen a number of firms adopting a fourth option toward achieving their respective growth targets – that of merging in “non-traditional” businesses.