OUTLOOK & ANALYSIS

Accountants Bullish on Income

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… but salary costs will outweigh some of it.

By CPA Trendlines Research

Early results from the CPA Trendlines Outlook 2024: Emerging Issues, Opportunities and Trends survey show CPAs generally optimistic about their upcoming year.

MORE: CPAs Culling Clients for Better Work-Life Balance | Are You Offering the Right Services? | Which Niche’s the Best Niche? | Women-Owned Businesses Upbeat but Need Help | 42% of Accountants Turn Away Work Over Staff Shortages | Ethics on Sustainability Puzzle Some Accountants | Accountants to the Rescue as Startups Struggle | Talent Gap Widening: Be Very Scared
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But there will be challenges, among them the ability of small businesses to pay for the predicted success.
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‘Great Shakeup’ in CPA Firms on the Way

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Those that continue to make deep and sustainable investments will excel; “grinders” will face serious challenges to staying relevant.

By Allan Koltin
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?

As I look to the next 12 months (July 1, 2023, to June 30, 2024) I see the “hourglass” half full! I know we have been in and out of a recession and flattening economy for the past 3.5 years, but I believe that in 2024 the economy will be better and stronger (I know I may be a minority opinion here!).

MORE: 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 | It’s Time for a New Business Model | Rosenberg MAP: Partner Incomes Surge 11.4%
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Whether I’m right or wrong may not matter though, as CPA firms continue to have strong performance in good and bad times. I realize that in a recession, the use of certain advisory and consulting services may be reduced or put on hold, but that aside, I think 2024 will be a strong year for firms as they continue to right-size and reimagine what their firm can be.
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AI for Accounting Automation Will Be Significant

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Cybersecurity remains a concern.

By Roman Kepczyk
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?

Positive Optimism: Barring an even larger international political crisis in the next 12 months, the opportunities within the accounting profession for firms both providing traditional compliance services and those that have expanded into advisory practices will simply be phenomenal! From a technology perspective, the evolution of artificial intelligence capabilities within accounting applications for process automation will be the most significant trend and while there will be a lot of early hype, good solutions will be able to prove themselves out fairly quickly.

MORE: 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 | It’s Time for a New Business Model | Rosenberg MAP: Partner Incomes Surge 11.4%
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Watch for what Microsoft does with Copilot and integrated virtual assistance within Excel, Outlook, their Edge Browser and, in particular, Microsoft Teams. Then start watching what individual accounting profession applications start integrating virtual assistance tools for tax research and projections, audit work program assistance, and use of tools to acquire and analyze accounting data and reporting, and the breadth of practical opportunities will start to unfold.
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SURVEY: CPAs Culling Clients for Better Work-Life Balance

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Accountants don’t want just more clients, they want better ones.

By CPA Trendlines Research

Some interesting early results from the CPA Trendlines Outlook 2024: Emerging Issues, Opportunities, and Trends:

  • 57 percent of respondents say staffing and retention are their biggest challenge.
  • 48 percent say burnout and the work-life balance is their biggest challenge.

Note how these two most common challenges relate to each other. A shortage of staff is linked to an excess of burnout and imbalance.

MORE: Are You Offering the Right Services? | Which Niche’s the Best Niche? | Women-Owned Businesses Upbeat but Need Help | 42% of Accountants Turn Away Work Over Staff Shortages | Accountants to the Rescue as Startups Struggle | Talent Gap Widening: Be Very Scared | Accountants Hopeful, Concerned and Confused about AI | Looking for Recent Grads? Good Luck
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Now look:

  • 34 percent say getting BETTER clients is their biggest challenge.
  • 31 percent say raising prices and billing rates is their biggest challenge.

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