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 owners are trying to figure out how they are going to transition their practices.
During a presentation TuesDay at the AiCPA spring Council meeting in New Orleans, Koziel desCRibed the changes firms are experiencing and provided a road map for how they can remain relevant in the future.
The AiCPA Private Companies Practice Section (PCPS) has CReated a “Firm inMotion” toolkit that expands upon the CPA Horizons 2025 Report and provides the “how”—how firms can transition to being a high-performing firm of the future. The toolkit addresses firm structure and strategy, technology, clients and relationship building, and staff development. A fifth section of the toolkit that remains under development addresses globalization.
in developing the toolkit, a PCPS TASk force asked practitioners what they wanted firms to look like in the future. The TASk force developed a “transition continuum” and checklist for firms as they consider how they need to evolve to be successful in the future.
The tool is based on the premise that making the transition to a high-performing firm of the future doesn’t have to be an overwhelming ordeal. Many firms are already moving forward without realizing their progress, so understanding where you are in the process can help you move forward. One way to get started is to look closely at three primary areas of your firm and where each falls on the continuum.