Question to our CPA firm friends and particularly those who take care of clients every day: what are your typical client’s biggest challenges today? We’re going to talk about two of the big challenges in the marketplace today and how those challenges might help your CPA firm.
Today we’d like to address what is your client’s biggest challenge. We have two in mind that we read about every day – talent availability and technology changes.
CPA Firm Client Challenges
In the marketplace today finding skilled talent is many times listed as the biggest challenge a client faces. Is that true for your clients? Or is it the speed with which artificial intelligence and variety of major changes technology allows within various industries becomes a big challenge and how the client is going to adapt to that technology to make their business healthy?
If you think about those two challenges for your clients, my next question: do you look at advisory services as a growth strategy for your firm? The big CPA firms in the country, in the world, focus today significantly on advisory services. Our personal experience: our firm at least a few years ago, where audit and tax were the core businesses; that’s true for most firms of the firms from #100 to #300 in size in the country. If you’re doing tax, if you’re doing audit, you know that core business. And most partners have built a practice, either as a tax or an audit specialist.
But today, specific niche-oriented technology services, many of them with a capacity to apply technology in the industries where we serve, may be the best growth strategy for your CPA firm.
And the other core issue, talent acquisition for CPA firms, perhaps the best way to attract good talent is to expand your advisory services and hire individuals who have a background in those specialties and build those specialties around the acquired talent?
Future of Public Accounting
As I look at the future in public accounting, we hear a lot about talent acquisition, and we hear a lot about technology changes and the significant changes that it is expected to cause in many industries over the next five years. But think strategically about how you’re going to grow. We’ve heard from managing partners who tell us that niche-building within technology, growth-oriented advisory services, a big part of their strategic plan. And if you can do that, you might significantly address that talent acquisition issue, too.
For more discussion on this topic, contact us at the information below.
Is your CPA firm positioned to solve your client’s biggest challenges? Tune in as Dan Toussant, Executive Recruiter explains two challenges facing your clients today and how your firm can offer advisory services to solve those issues.