2024 OUTLOOK: ‘Specialization Is the Future’

man holding pen touching the word "specialization" floating in air with symbols

Audit troubles meet staffing shortages; uh-oh.

By Carrie Steffen
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?

There are a couple of interesting stories on the horizon. First is the Public Company Accounting Oversight Board’s crackdown on audit deficiencies and how that will play out vs. a push to ease some of the requirements to become a CPA.

MORE: Remote Work Will See Cuts; PE Will Trickle Down | Three Ways Firms Can Succeed in 2024 | New Energy Comes from New Ways of Doing Business | AI for Accounting Automation Will Be Significant | A 40-Hour Workweek Is Feasible | It’s Time for a New Business Model
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With a perception of the quality of audits declining and the number of CPA candidates dropping, how will the profession reconcile the pressure to improve quality with fewer people to do the work and the proposed solution of lowering the threshold to become a CPA?
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OUTLOOK 2023: Authenticity Comes to the Workplace

CAS continues to be a huge opportunity.

By Carrie Steffen
The Rosenberg MAP Survey: National Study of CPA Firm Statistics

During the pandemic, sheltering in place is allowing s to be more human and ourselves.

MORE: OUTLOOK 2023: 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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In marketing and sales and in managing relationships at work, we’re moving away from “personas” and toward “person.”  That will translate into more individualized marketing, supported by automation tools like email marketing.

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Leadership Growth Is a Two-Way Street

Road with painted arrows heading two directionsFive skills to nurture.

By Carrie Steffen

Bemoaning a lack of future leaders within the firm is not a solution to the perceived problem. Instead, it behooves current leaders to identify and nurture potential leaders, helping them develop the relevant skills and clearly communicate a defined path to leadership as well as expectations for applying targeted competencies. Young professionals with aspirations of leadership, in turn, must embrace opportunities and demonstrate willingness to meet current leaders partway.

MORE: How to Encourage Firm Ownership | Change When? Continuously | Win with an Intentional Culture | Each Generation Must Change
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Firms are at a crossroad when it comes to transitioning to the next generation of leaders. According to the CPACA study on Succession Readiness, 48.3 percent of firms of all sizes cite “lack of future leadership talent” as a primary obstacle in their succession.
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COVID Brings More and Better Client Communication

PPP and CARES: Big opportunities to be trusted advisors.

By Carrie Steffen

The year 2019 seems like a lifetime ago and yet, as I reflect on the year it was, it strikes me that some of the trends we saw clients embrace positioned some firms to pivot more quickly in 2020 than others.

I saw an increased investment in people development – particularly the soft skills that become differentiators. Areas like relationship development, communication, curiosity, and generosity took their rightful place among the areas in which firms invested in developing their people.
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7 Ways to Secure Client Loyalty in Uncertain Times

Businesswoman speaking on phone in officeStay on top of the issues that affect them.

By Carrie Steffen

There is a lot of uncertainty right now. Deadlines are shifting. Rules are changing. Even that which seemed straightforward is open to interpretation (like payroll costs!). There is comfort and security in routine, and now that has been disrupted.

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But now is a perfect opportunity to strengthen client relationships and secure their loyalty. After taking care of your employees and mobilizing for their safety and well-being, your next focus should be clients. Here are some practical actions to take sooner, rather than later.
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2020 Outlook: The New Growth Model

Younger employees should have more say in the firm’s vision than those about to retire.

By Carrie Steffen

The need for additional capital to fund technology (among other things) is compelling leading firms to focus on better integration of the growth function into the overall management of the firm.

MORE: 2020 Outlook: Making Volume Manageable | More Engagement, Less ‘Efficiency’ | Non-Traditional Hires Might Be the Answer | Focus on Business Development | 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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The previous growth model consisted one or two rainmaking partners creating most of the opportunities with the support of tactical marketing managers or directors supporting the effort through event coordination, sponsorships, branding, online marketing and other positioning tactics. Marketing lived in a separate bucket from other areas of the practice.
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2019: Client Service Moves to Fore

Advisory services crop up in a couple of ways.

By Carrie Steffen
The Rosenberg Survey: National Study of CPA Firm Statistics

We’re seeing what I would call cautious optimism. Optimistic because we’ve had a relatively good growth year for most, but cautious because firms are struggling with the question of how to sustain that growth and remain relevant in a changing environment.

MORE FROM THE MAP SURVEY: 2019: Expect More Alliances | 2019 Trends: Client Service Changes | 2019: Shifts in Hiring & Office Space | 2019: Firms Grapple with Change | Staff Policies Improve, But Not Mentoring
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Merger activity continues at a steady pace, with some firms looking at non-CPA firm mergers, such as cybersecurity firms, in response to the relevancy issue.
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Growing and Developing Future Leaders Is a Two-Way Street

Businessman with briefcase riding on rocket5 leadership skills to hone and 4 questions to ask about your firm.

By Carrie Steffen
Bridging the Gap

Bemoaning a lack of future leaders within the firm is not a solution to the perceived problem. Instead, it behooves current leaders to identify and nurture potential leaders, helping them develop the relevant skills and clearly communicate a defined path to leadership as well as expectations for applying targeted competencies. Young professionals with aspirations of leadership, in turn, must embrace opportunities and demonstrate willingness to meet current leaders partway.

MORE: They Don’t Want to Be Owners! | The Culture of Continuous Improvement | A Winning Culture Is an Intentional Culture | A Call for Change: An Open Letter to Each Generation
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Firms are at a crossroad when it comes to transitioning to the next generation of leaders. According to the CPACA study on Succession Readiness, 48.3 percent of firms of all sizes cite “lack of future leadership talent” as a primary obstacle in their succession.
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