staffing shortage

Big Growth Coming for Client Advisory Services

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But firms must prepare for it.

By CPA Trendlines Research

Firms committed to client advisory services are projecting a median growth rate of 99 percent over the next three years, according a benchmark survey issued by the American Institute of CPAs.

MORE: America’s Running Short of Financial Advisors | Maybe the Pipeline Problem Is Technology | What If the Staffing Shortage Is Just a Myth? | Staffing, Tech, Prices Top Tax Pros’ Concerns | Five Ways to Fill the Staffing Gap | Top 10 Red Flags to Watch for in Accounting Offices | ARC | Deals 2024: Over 100 CPA Firm Mergers and Acquisitions | Barry Melancon: Private Equity and the Partnership | Gear Up For Growth | CFOs See AI as Top Risk and Opportunity | Artificial Intelligence May Already Be Plateauing | Ten Ways to Manage Price Increases
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Yes, 99 percent. And yes, that’s a median. Half of the 206 participating firms expect to grow faster than that.

The survey lays out seven insights and conclusions plus commentary and suggestions for CPA firms.
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Five Ways to Make CAS Staffing Easier

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number 5 drawn in sand

Even solos can provide it. Here’s how.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

When we asked firms what is stopping you from offering client accounting services, their top response was that they don’t have the staffing.

The #1 CAS killer that emerged from the CAS survey results is, unfortunately, also the most misconceived perception. It is a myth.

MORE by Hitendra Patil
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The CAS survey results showed that even solo practitioners offer CAS. The number of firms that provide CAS is significantly higher than those that do not offer CAS for firms of all sizes. CAS firms provide about twice the number of services compared to non-CAS firms. “Staffing shortage” or “lack of relevantly competent staff” are not the reasons why you should not offer CAS. Let us see why.
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America’s Running Short of Financial Advisors

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Note: Values are estimates. Source: McKinsey analysis

 

Guess who can fill that gap.

By CPA Trendlines Research

Good news for accountants: America’s running short of financial advisors.

Bad news for accounting: America’s running short of financial advisors.

MORE: Maybe the Pipeline Problem Is Technology | What If the Staffing Shortage Is Just a Myth? | Staffing, Tech, Prices Top Tax Pros’ Concerns | Five Ways to Fill the Staffing Gap | Top 10 Red Flags to Watch for in Accounting Offices | ARC | Deals 2024: Over 100 CPA Firm Mergers and Acquisitions | Barry Melancon: Private Equity and the Partnership | Gear Up For Growth | Does Your Firm Suffer Cultural Deficiencies? | Opportunity Awaits Incoming AICPA CEO | Salary Guides for Accountants Vary Widely: Whom Do You Believe? | Are You Earning What You Deserve?
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110,000 Short

As if the accounting industry didn’t have enough of a talent shortage, the financial advice industry may soon be looking to scarf up money-savvy professionals from other financial areas. And CPAs will be a perfect fit.
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Maybe the Pipeline Problem Is Technology

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The percentage of accounting, finance and other business majors working in each occupation. The occupations chosen are the five most common for finance majors, according to the Census. The sample period spans 2009 to 2021.

 

Advances may have had an unintended effect.

By CPA Trendlines Research

Alarms have long been sounding over the dearth of new accounting professionals entering the field. The pipeline of talent running from colleges to entry-level jobs has been trickling just as it needs to gush.

MORE: What If the Staffing Shortage Is Just a Myth? | Staffing, Tech, Prices Top Tax Pros’ Concerns | Five Ways to Fill the Staffing Gap | Top 10 Red Flags to Watch for in Accounting Offices | ARC | Deals 2024: Over 100 CPA Firm Mergers and Acquisitions | Barry Melancon: Private Equity and the Partnership | Gear Up For Growth | Does Your Firm Suffer Cultural Deficiencies? | Audit Fees Continue to Climb | CFOs See AI as Top Risk and Opportunity | Does Accounting Belong in STEM? | Accounting ARC | Opportunity Awaits Incoming AICPA CEO
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Since 2015, the number of graduates with accounting majors has been in steep decline. The number of incoming professionals is by no means keeping up with those who are retiring or switching professions. The vectors point toward an imminent crisis in available talent.
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