How CPA firms can evolve for continued success

Written by promotiondept

November 12, 2018

How CPA firms can evolve for continuED success CPA firms are preparing to experience significant disruption over the next few years as a combination of factors will change the marketplace. Firms are using technology in innovative ways and taking advantage of opportunities to specialize in areas requiring specific expertise. Meanwhile, many small firms with aging […]

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How CPA frms can evolve for contnued success

CPA frms are preparng to experence fcant dsrupton over the next few as a combnaton of factors wll change the marketplace.

Frms are usng technology n nnovatve ways and takng advantage of opportuntes to specalze n areas requrng specfc expertse. Meanwhle, many small frms wth agng owners are tryng to fgure out how they are gong to transton ther practces.

Durng a presentaton Tuesy at the ACPA sprng Councl meetng n New Orleans, Kozel desbed the changes frms are experencng and provded a road map for how they can reman relevant n the future.

The ACPA Prvate Companes Practce Secton (PCPS) has eated a “Frm nMoton” toolkt that expands upon the CPA Horzons 05 Report and provdes the “how”—how frms can transton to beng a hgh-performng frm of the future. The toolkt addresses frm structure and strategy, technology, clents and relatonshp buldng, and staff development. A ffth secton of the toolkt that remans under development addresses globalzaton.

n developng the toolkt, a PCPS k force asked practtoners what they wanted frms to look lke n the future. The k force developed a “transton contnuum” and checklst for frms as they consder how they need to evolve to be successful n the future.

The tool s based on the premse that makng the transton to a hgh-performng frm of the future esn’t have to be an overwhelmng ordeal. Many frms are already movng forward wthout realzng ther progress, so understandng where you are n the process can help you forward. One way to get started s to look closely at three prmary areas of your frm and where each falls on the contnuum.

Strategy: We have developed a strategy or plan to our frm nto the future.

Acton: Our practce has a transton plan nto acton.

Focus: We focus on ryng out the plan each y, not just when t’s convenent. We track metrcs and reward success.

The transton contnuum and checklst provde best practces that frms can follow n the areas of culture, clents, and talent. Under “culture,” the checklst addresses:

The checklst tems under “talent” are:

“Clents” s the area wth the most checklst tems:

n each of these areas, you challenge yourself,” Kozel sad. “t esn’t matter f you’re a sole practtoner, small frm, medum frm, large frm. Every frm has a capablty to that.”

PCPS members can access the transton contnuum and checklist on the ACPA webste.

Ken Tysac (ktysiac@aicpa.org) s a JofA edtoral drector.


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