Outsourcing, Remote Work Will Help Firms Grow Capacity, Revenue

Three people speaking by videoconference

Another option: new hires who are not accounting majors.

By Art Kuesel
The Rosenberg MAP Survey

EDITOR’S NOTE: Every year, the Rosenberg MAP Survey asks the industry’s top consultants to share their observations from CPA firms across the country. How do you think the next 12 months will unfold? Also, how would you assess the last 12 months?

With the market for accounting talent remaining incredibly tight, and the demand for accounting and consulting services remaining relatively strong, I see the opportunity for continued double-digit revenue increases and strong margin growth at most firms. This won’t be without issue as we know how reluctant firms can be about charging what they are worth and increasing fees for current clients!

MORE: ‘Great Shakeup’ in CPA Firms on the Way | AI for Accounting Automation Will Be Significant | Private Equity Leading to Corporate-style CPA Firms | PE, Consolidations to Keep Impacting Accounting Profession | A 40-Hour Workweek Is Feasible | Five Ways Staff Shortages Are Changing Firms Forever | Soft Skills Are Front and Center
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And, the main issue at hand is how firms will continue to service existing clients while at the same time building capacity. Outsourcing and remote talent will continue to be a popular means of maintaining and building capacity.
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OUTLOOK 2023: Change Becomes a Constant

Recruiting and capacity remain challenges.

By Art Kuesel
The Rosenberg MAP Survey: National Study of CPA Firm Statistics

Firm leaders will respectfully ask for a day, week or even a month to catch their breath, but will not get it. Running a business today is unlike anything anyone has ever contemplated. The past year brought permanent changes in how our firms operate, and the pace of change will continue. Those awaiting a return to the way things were should strongly reconsider.

MORE: OUTLOOK 2023: Grow Your Own Partners | Authenticity Comes to the Workplace | Private Equity Pumps Up Paychecks | Tech Automation Takes Hold | IRS Hires Will Add Pressures | Look Who’s Making Money Now | Capacity Strategies Drive Change | Top Five Trends | Compensation Gets Creative | The Office Is Over | Accounting Firms Face Up to Private Equity
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Merger activity will continue as staffing challenges strain capacity, internal succession plans can’t be fulfilled, and needed technology investments balloon. The declining talent pipeline of accounting graduates and CPA candidates will require fresh perspective on how we grow and staff our firms in the future.
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Five Tough-Love Strategies for 2022

Can you follow the same advice you’d give your clients?

By Art Kuesel

Over the past few weeks, I have been working on some thoughts that I wanted to share with you. They have finally been penned with a clear mind mostly free of distractions. Like many of you, I am inspired by the amazing clients I have the privilege to serve.

MORE OUTLOOK 2022: SURVEY: Tech Is the Path to a Better Tax Season | Private Equity at the Gates | 20 Predictions for the Year Ahead | 12 Shifts to Ensure Firm Success | Why It’s Time for an Acquisition | How to Reinvent the Firm for the COVID Age | Accounting Will Never Be the Same | 10-Point Plan for the Year AheadCompeting for Talent in a Private-Equity World | Your Best Advice: Get Smart, Get Tech, Get Moving | SURVEY: Worries for Small Business Clients |

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While I see considerable fatigue out there, I also see brilliance, resilience, and optimism. While some of you need a pep talk, some of you need an “Atta boy” or “Atta girl.”

Please take a moment to read and reflect on the five factors that will dominate our future in 2022.

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How to Reinvent the Firm for the COVID Age

Look for clients who are open to new relationships.

By Art Kuesel
For The Rosenberg MAP Survey

The pandemic has been a time for all of us to re-think why and how we do what we do.

MORE: Why It’s Time for an Acquisition | Three Ways the Accounting Profession Has Changed | Ramping Up for the Year Ahead
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It’s time to start fresh. I’d start with a handful of clients who would be open to what a new relationship could look like and start the conversation with different questions, which will allow us to find different answers and ultimately reposition our role as an advisor for success. READ MORE →

Stop Trying to Get ‘Back to Normal’

You’ll be missing opportunities if you do.

By Art Kuesel

The thirst for knowledge about how to manage and lead a firm in difficult times has gone through the roof, as has the focus from important to urgent. Firms took a while to adjust to a fully remote work force, but many of the related challenges such as productivity and team development were met with creative and effective solutions.

MORE: Pandemic Lesson: Innovate Faster | More Complex Work = Higher Fees, Right? | Advisory Services: Real Commitment or Just Talk? | 2021: You’ll Never See ‘Normal’ Again | COVID Brought Us More and Better Client Communication
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It’s my opinion that several challenges have yet to be tackled, including managing 100 percent remote client engagements effectively, virtual business development and achieving a sustainable and less disruptive approach to “daily” life within the firm. Everyone is dealing with so much change, and it is nearly impossible to plan long-term. We are still very much dealing with urgent issues daily, leaving important ones for another day.
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2020 Outlook: Focus on Business Development

Consider spreading the responsibility.

By Art Kuesel

Few firms have truly unlocked the keys to above-average organic growth. Those that have unlocked the keys display distinct differences from many firms that haven’t.

MORE: 2020 Outlook: Innovate and Anticipate | Balance Advisory and Compliance | Talent Shortage Drags On | Demand Is High | Business Development Goes Borderless | Data Import on the Rise | Becoming the Most Valuable Advisor | Top Three Tips for 2020 Success | Where Do You Want to Be? | Dicey Disruptions | Upstream Mergers | Staffing Gets Creative
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One is a strong bench of young and up-and-coming partners with above-average potential to contribute to business development. Not only is this a succession planning strategy, it can double as a growth strategy.
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2019: Appetite for Growth Unabated

Hand watering small plant in pot shaped like upward arrowFirms revisit old initiatives with fresh eyes.

By Art Kuesel
The Rosenberg Survey: National Study of CPA Firm Statistics

Business development investment continues to increase for growth-minded firms. There’s significant demand for traditional business development training and coaching for individuals at all levels.

MORE FROM THE MAP SURVEY: 2019: Doing More With Less | 2019: The Biggest Tech Changes Yet | 2019: Three New Trends to Watch | 2019: Client Service Moves to Fore | 2019: Shifts in Hiring & Office Space | 2019: Firms Grapple with Change
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A handful of firms are pursuing non-traditional business development efforts such as converting a client service professional (partner, manager or supervisor) to part-time or even full-time business development.

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Putting Big-Firm Growth Strategies to Work at Small Local Firms

Forked rural road in forestBalancing hi-tech with hi-touch to remain the essential advisor.

By Art Kuesel
Rosenberg MAP Survey

Increases in needs for revenue growth and people development to fulfill succession plans are fueling several macro-trends led by small, local firms.

MORE FROM THE MAP SURVEY: Technology Evolving Faster Than Accounting Firms | Will Staffing Challenges Change the Definition of Partner? | Firms Focus on Profitable Growth, True Leadership | Technology Playing Center Stage in CPA Profession
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First, smaller local firms are adopting robust organic growth strategies once only reserved for large local, regional or national firms. Early indications suggest that these plans have begun to deliver expected organic results, though not enough to solve the problem. So, additional resources, additional strategies are under consideration to fuel growth.

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