That's true to a point, but accountants also play a role as the watchdogs of the business world.
By Lee Frederiksen, Ph. May 17, Share Any decision-maker at an accounting or financial services firm knows the industry is undergoing dramatic changes.
The effects of those changes are hitting firms from every angle and producing a whole new set of major business challenges.
At CPA firms across the country, aging baby boomers in senior roles are approaching retirement and driving consolidation. Throughout the marketplace, a pitched battle is underway to secure the top talent. In this demanding and highly competitive environment, the ability to anticipate emerging challenges can spell the difference between market leaders and also-rans.
Download the Marketing Planning Guide: Third Edition As part of its annual High Growth Study of professional services firms, the Hinge Research Institute surveyed over professional services firms of many different industries and firm sizes.
Within this larger sample, we identified accounting and financial services firms. These firms employed overprofessionals. And because this is an annual study, we were able to look at how these concerns have changed since the previous year.
The results were revealing. A shortage of top talent Last year, the need for new business topped the list. This year, the top concern is finding the talent to service that business.
And this concern is not unique to accounting and financial services. Firms across the professional services spectrum struggle with the same issue. Winning the talent wars has been a growing concern.
Last year it was number two on the list. This year it is the most widely reported business challenge. While it offers no easy solutions, the study did show that there are many opportunities for firms to improve their ability to attract and retain top talent.
Downward price pressure on services Not even making the top five last year, downward price pressure is the second most frequently cited business issue in the study.
When we talked with top management, it became clear that multiple factors are driving this concern. Unsurprisingly, commoditization of services see 3 below is front and center. But it is not the only force in operation. Increased competition and automation also play important roles.
You may have such experts in your firm already: Commoditization of services Commoditization simply means that the services your firm offers are viewed by potential clients as interchangeable with the same services offered by numerous competitors.8 Accounting and Auditing Issues You Can’t Afford to Ignore Sponsored by AICPA Conference on Current SEC and PCAOB Develop-ments.
Schnurr said that in speaking with various parties about the standard, the SEC became aware of many application Accounting and Review Services (SSARS) No. 21, Statements. The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
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