The Relevancy Question: Are CPA Firms Threatened by Outdated Models?
There is talk within the industry that the issue of relevancy threatens the CPA profession. Firms are having a harder time attracting young talent. They need to change the way they approach clients, as well as their own staff. What does that mean for your CPA firm?
First, firms need to re-invent themselves. They need to expand both their range of services and their roles in their clients’ financial health. CPAs should present themselves as trusted advisors, rather than simply accountants. They must find ways to set themselves apart from their competitors.
Management needs to create a culture where ownership is not the only mark of success at the firm. The path to partner needs to be shorter, so dedicated CPAs can get there without waiting so long. There must be an increased emphasis on teamwork. At many firms, partners operate without much consistency between their processes. They keep their clients separate and there is not much collaboration. Teamwork needs to be encouraged and rewarded.
Firms need to minimize the anguish of tax season for their staff and accommodate the work-life balance that the younger generation is looking for in an employer. Instead of being focused on billable hours, shift that focus to training, firm management, and staff development.
For more about relevancy and the CPA profession, read the full article. Be sure to share!