OUTLOOK & ANALYSIS

SURVEY: Are You Offering the Right Services?

By

Accountants share where to find the opportunities.

By CPA Trendlines Research

Service lines are the life-sustaining arteries of every CPA practice. Nobody can offer all possible services. You have to pick and choose. The trick is to go where the opportunities are.

The CPA Trendlines Outlook 2024 survey on Emerging Issues, Opportunities and Trends is asking which service lines will give you the most opportunities next year.

MORE: SURVEY: 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 | CPA Biz Is Booming, But for How Long? | Accountants Economic Outlook Brightens
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

We’re seeing predictable preferences for the traditional tax work, bookkeeping and business advisory, with substantial numbers for client accounting services.

We’re also seeing surprises.
READ MORE →

PE, Consolidations to Keep Impacting Accounting Profession

By

Cash infusions make the recruiting environment more competitive.

By Angie Grissom
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?

I believe competition will continue to increase and firm leaders will continue to make changes regarding business structure. Leaders will continue to innovate their strategies to meet the market demands. Private equity infusions and consolidations will continue at a steady pace, as structures will evolve to align with each individual firm’s leadership goals.

MORE: 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%
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Firms will continue to place priority on building advisory practices and streamlining operations to increase efficiency and communication. Firm governance structure, clear goals and increased transparency and accountability will be required to remain competitive.
READ MORE →

Despite Staffing Crunch, Firms Freeze Pay Raises

By

line chart
Average hourly earnings of all employees in the accounting profession. Hint: Don’t show this chart to recruits.

 

Millennials say compensation isn’t the most important thing. Employers say, “Heard.”

By Beth Bellor

Suppose you’re a leader in a field that has fretted for months over staff shortages. Would you put on your thinking cap, plug it in for a while and come up with… frozen pay?

MORE: Tax & Accounting Firms Grow for 9th Straight Month | Tax & Accounting Profession Grows, but Wages Don’t | Tax and Accounting Pay Advancing at 5.9% Pace | Accounting Jobs Up 4% for Year
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Strangely enough, that’s what the latest tax and accounting profession earnings data show. Compared to previous months, the trend is stagnant or even down. The only bright spot was in payroll services staff, which also added bodies – but cut hours.

(How’s that song go? If it weren’t for bad luck?)
READ MORE →

SURVEY: Which Niche’s the Best Niche?

By

bar chart

Find your fit.

By CPA Trendlines Research

Which niches offer the best opportunities for new business next year?

MORE: Women-Owned Businesses Upbeat but Need Help | SURVEY: 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 | Accountants Hopeful, Concerned and Confused about AI | Looking for Recent Grads? Good Luck | CPA Biz Is Booming, But for How Long?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

According to early results from the CPA Trendlines Outlook 2024 Emerging Issues, Opportunities and Trends survey, America’s accountants see more business in the niches they know best – the sectors where they already have experience and proven competency.
READ MORE →

OUTLOOK: A 40-Hour Workweek Is Feasible

By

Business development can be done remotely, but it can’t be skipped.

By Carl George
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?

Firms will continue to upgrade their client profiles and disengage from clients that no longer fit. Disengagement is one of the major initiatives that must occur to meet the challenge of the “40-hour guarantee.”

MORE: Five Ways Staff Shortages Are Changing Firms Forever | OUTLOOK: Soft Skills Are Front and Center | OUTLOOK: It’s Time for a New Business Model | Rosenberg MAP: Partner Incomes Surge 11.4%
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

As it was explained so eloquently by a CEO of a large firm, “We do not have a staffing shortage, we have a ‘D’ client overage!” Well said. Traditionally difficult for us to do, but we do not have the option of not executing this critical strategy.
READ MORE →