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Monday, August 20. 2007
EXECUTIVE PREVIEW: Big Issues, Big Ideas
See the article: 9 Big Ideas for Turbulent Times
Join the Survey. Get the Results.
Email your comments.
Join the Survey. Get the Results.
Email your comments.
IN YOUR OPINION, what are the biggest ISSUES or OPPORTUNITIES facing the profession? Why?
(Selected verbatim comments)
• Staffing
• Comparable compensation to other starting professions.
• Increased regulation. Specialization.
• Trustworthiness and Credibility. Independence has been questioned quite often lately. In addition, there is a concern about whether risk assessment can be accomplished in a manner that is of sufficient quality to meet the demands of tomorrow.
• Lack of new talent.
• Over-reliance on tax season to produce enough revenues for survival for small firms.
• staffing
• Recruiting and retention of staff,
Succession planning for Baby Boomers,
Mobility Issues for CPAs in a Global Environment, Standards overload.
• Adaptability. The green eyeshade cannot be on. Compliance is of less value. "What does this mean?" will be the biggest question for our clients.
• 1)Standards overload
2) Staffing shortage
3) The "tax gap" that exists in our current self-assessed-tax system
• Staffing - cannot handle the additional services and clients we are able to attract due to lack of middle staff
• People issues: as baby boomers begin to retire and/or merge firms, will the supply of new entrants into the profession be sufficient?
• Succession issues with so many partners over age of 50.
Greatest opportunities for medium sized firms is growth of larger firms resulting in a lower level of service to their smaller clients.
• Recruiting talent; loss of talent and client relationships due to aging partners and insufficient transition plans.
• cost containment and salaries & benefits
• Tax patents (against)
Ethics particularly with Big 4 firms and loose attitude towards tax rules
Computer enhancements that drive productivity (opportunities)
• Increasing demand for quality services and decreasing supply of competent service providers will be the biggest issue and the biggest opportunity for me between now and my retirement. I expect it to be financially lucrative, but not much fun.
• business is becoming more competitive, finances and accounting is becoming more complicated, individuals with our skills are going to be more useful
• Issues: Repairing reputation for independence and maintaining the appearance of independence:
Opportunities: New accounting standards assistance to clients. With major overhauls of statements as well as integration of international standards, there is a lot of opportunity for client support services.
• Staffing is the biggest issue in Southern California
• Biggest issue is the new regulations that are coming on the scene almost daily - impossible to keep up with everything! New opportunities arise with a specialty in certain areas - cannot be everything to everybody - need to develop a specialty and stick to it
• The changes in the tax laws are our biggest opportunity. People are scared of the IRS and they trust CPAs to prepare their tax returns accurately.
• The biggest issue I have is cash flow and client retention. The months after busy season are like a roller coaster. Also, the economy in Ohio isn't that good.
• PCAOB, Independence issues, Economy
• Being sued when clients go bankrupt
• IT, Staffing, Ongoing Training to most effectively use all of the developments in IT.
• Staffing - new college graduates with a strong work ethic and are team players are hard to come by.
• Lack of available workforce. Lack of succession planning in accounting firms as a result - lack of training. Opportunities- there are more chances to work in any field you want... just more time having to do it will be required.
• More consulting roles for accountants.
• Finding and training staff.
• Lack of Qualified Personnel. in other words the numbers of professionals ( CPAs or CIAs or CMAs...etc) is not increasing equally to the increase in Demand for such professionals
• Technology, independence and ethics
• Congress making laws that they have no idea what they are doing
• Unethical behavior in business can have an adverse impact on the profession.
• Manpower. I think that anybody willing to truly apply themselves in the accounting profession will succeed. It is my observation that an increasing number of young people do not want to seriously work toward the accounting professional status of CPA. I think this creates an opportunity to those that do - the young hungry professionals and the older generation that stays current with the pertinent issues.
• Audits of public companies and the SEC
• The huge amount of regulation and changes in the accounting and auditing regulations, the majority of which force compliance of small CPA firms with costly changes affecting what amounts to a relative small part of their practices, but nonetheless necessary to be able to provide the same services to our clients.
• Declining labor force - large demand for services and no one to fill that demand
• biggest issue - finding staff
opportunity - ability to raise rates
• Issues: If we can keep up with the demand.
Opportunities: Specialization.
What's the most important thing that CPAs MUST DO to best prepare for the future?
(Selected verbatim comments)
• Improve client relationship and provide more internet links for research.
• Apply knowledge of risk assessment in and independent and competent manner.
• Constant training.
• Convince clients that monthly proactive service is in their best interest so that a steady stream of revenue is available to be a viable firm.
• Recognize that younger CPAs are not motivated by the same things that motivated
older CPAs. Flexible work arrangements are the future, and the criteria for making partner has to be more flexible recognizing the changing demographics in the work place.
• Know what they do best. You cannot be everything to everyone, or if you try, you are not providing the best solutions.
• Embrace technology
2) Adhere to professional ethics
3) Educate clients about increased complexity in accounting and tax environments
• Take care of the clients that we now have
• Specialize.
Seek ways to partner with other firms.
Have a sound succession plan in place.
Rid themselves of non profitable clients
• Stay ahead of the curve and our clients on technology matters.
• Keep it transparent and honest
• Computer enhancements (drive productivity)
• embrace technology and develop better communication skills.
• Learn how to apply our knowledge to the real world, communicating what we learn into positive actions that business leaders can act on.
• Always be ready for changes. Keep up with PCAOB, SEC and FASB deliberations. Keep up with technology. Expect changes in the business environment.
• Keep a proactive mindset. Look for every avenue to improve your client's lives.
• With the event of virtual office - the need for workspace and paper trails will be gone. In addition, financial advising is becoming a realm of the future and nothing to take lightly. Now is the time to focus on advising clients instead of just doing their work
• Research and really study the changes in the law. Make sure you fully understand before taking on a project.
• I think CPAs need to be flexible and well-versed on a variety of financial issues.
• Broaden the scope of services available to the established client base
• Technology, Technology, Technology. Then client management skills.
• Quit focusing on compliance work and meet the business needs of our clients.
• Train the future generation, get processes in place, understand now that everything must be flexible if you want to keep your staff.
• Good business acumen and strong communication and interpersonal skills.
• Train internal staff. Work on retaining qualified staff.
• We should Increase the awareness and training of Information Technology... everything will be automated sooner or later !
• Continuing education
• Stay educated
• Continue to learn and expand base of knowledge.
• Stay current.
• Be independent, but also be there support for non-SEC clients
• Encourage the AICPA and all other governing agencies affecting the services we provide to become easier to work with, not more difficult. I was very discouraged after the last accounting update I attended. I was most upset with FASB 157. For small firms and the small businesses they work with, it is ridiculous. I used to love public accounting, now I am glad I am on the downside of my career. We are being regulated to death. I can understand many of the reasons for such actions, but in my opinion, the "big boys" are carrying this too far.
• Be prepared for change. Don't get stuck in a rut.
• continue to broaden there education and specialize
• Developing relationships, become more of a business partner and not so much a transaction processor or a "reporter".
See the article: 9 Big Ideas for Turbulent Times
Join the Survey. Get the Results.
Email your comments.
(Selected verbatim comments)
• Staffing
• Comparable compensation to other starting professions.
• Increased regulation. Specialization.
• Trustworthiness and Credibility. Independence has been questioned quite often lately. In addition, there is a concern about whether risk assessment can be accomplished in a manner that is of sufficient quality to meet the demands of tomorrow.
• Lack of new talent.
• Over-reliance on tax season to produce enough revenues for survival for small firms.
• staffing
• Recruiting and retention of staff,
Succession planning for Baby Boomers,
Mobility Issues for CPAs in a Global Environment, Standards overload.
• Adaptability. The green eyeshade cannot be on. Compliance is of less value. "What does this mean?" will be the biggest question for our clients.
• 1)Standards overload
2) Staffing shortage
3) The "tax gap" that exists in our current self-assessed-tax system
• Staffing - cannot handle the additional services and clients we are able to attract due to lack of middle staff
• People issues: as baby boomers begin to retire and/or merge firms, will the supply of new entrants into the profession be sufficient?
• Succession issues with so many partners over age of 50.
Greatest opportunities for medium sized firms is growth of larger firms resulting in a lower level of service to their smaller clients.
• Recruiting talent; loss of talent and client relationships due to aging partners and insufficient transition plans.
• cost containment and salaries & benefits
• Tax patents (against)
Ethics particularly with Big 4 firms and loose attitude towards tax rules
Computer enhancements that drive productivity (opportunities)
• Increasing demand for quality services and decreasing supply of competent service providers will be the biggest issue and the biggest opportunity for me between now and my retirement. I expect it to be financially lucrative, but not much fun.
• business is becoming more competitive, finances and accounting is becoming more complicated, individuals with our skills are going to be more useful
• Issues: Repairing reputation for independence and maintaining the appearance of independence:
Opportunities: New accounting standards assistance to clients. With major overhauls of statements as well as integration of international standards, there is a lot of opportunity for client support services.
• Staffing is the biggest issue in Southern California
• Biggest issue is the new regulations that are coming on the scene almost daily - impossible to keep up with everything! New opportunities arise with a specialty in certain areas - cannot be everything to everybody - need to develop a specialty and stick to it
• The changes in the tax laws are our biggest opportunity. People are scared of the IRS and they trust CPAs to prepare their tax returns accurately.
• The biggest issue I have is cash flow and client retention. The months after busy season are like a roller coaster. Also, the economy in Ohio isn't that good.
• PCAOB, Independence issues, Economy
• Being sued when clients go bankrupt
• IT, Staffing, Ongoing Training to most effectively use all of the developments in IT.
• Staffing - new college graduates with a strong work ethic and are team players are hard to come by.
• Lack of available workforce. Lack of succession planning in accounting firms as a result - lack of training. Opportunities- there are more chances to work in any field you want... just more time having to do it will be required.
• More consulting roles for accountants.
• Finding and training staff.
• Lack of Qualified Personnel. in other words the numbers of professionals ( CPAs or CIAs or CMAs...etc) is not increasing equally to the increase in Demand for such professionals
• Technology, independence and ethics
• Congress making laws that they have no idea what they are doing
• Unethical behavior in business can have an adverse impact on the profession.
• Manpower. I think that anybody willing to truly apply themselves in the accounting profession will succeed. It is my observation that an increasing number of young people do not want to seriously work toward the accounting professional status of CPA. I think this creates an opportunity to those that do - the young hungry professionals and the older generation that stays current with the pertinent issues.
• Audits of public companies and the SEC
• The huge amount of regulation and changes in the accounting and auditing regulations, the majority of which force compliance of small CPA firms with costly changes affecting what amounts to a relative small part of their practices, but nonetheless necessary to be able to provide the same services to our clients.
• Declining labor force - large demand for services and no one to fill that demand
• biggest issue - finding staff
opportunity - ability to raise rates
• Issues: If we can keep up with the demand.
Opportunities: Specialization.
What's the most important thing that CPAs MUST DO to best prepare for the future?
(Selected verbatim comments)
• Improve client relationship and provide more internet links for research.
• Apply knowledge of risk assessment in and independent and competent manner.
• Constant training.
• Convince clients that monthly proactive service is in their best interest so that a steady stream of revenue is available to be a viable firm.
• Recognize that younger CPAs are not motivated by the same things that motivated
older CPAs. Flexible work arrangements are the future, and the criteria for making partner has to be more flexible recognizing the changing demographics in the work place.
• Know what they do best. You cannot be everything to everyone, or if you try, you are not providing the best solutions.
• Embrace technology
2) Adhere to professional ethics
3) Educate clients about increased complexity in accounting and tax environments
• Take care of the clients that we now have
• Specialize.
Seek ways to partner with other firms.
Have a sound succession plan in place.
Rid themselves of non profitable clients
• Stay ahead of the curve and our clients on technology matters.
• Keep it transparent and honest
• Computer enhancements (drive productivity)
• embrace technology and develop better communication skills.
• Learn how to apply our knowledge to the real world, communicating what we learn into positive actions that business leaders can act on.
• Always be ready for changes. Keep up with PCAOB, SEC and FASB deliberations. Keep up with technology. Expect changes in the business environment.
• Keep a proactive mindset. Look for every avenue to improve your client's lives.
• With the event of virtual office - the need for workspace and paper trails will be gone. In addition, financial advising is becoming a realm of the future and nothing to take lightly. Now is the time to focus on advising clients instead of just doing their work
• Research and really study the changes in the law. Make sure you fully understand before taking on a project.
• I think CPAs need to be flexible and well-versed on a variety of financial issues.
• Broaden the scope of services available to the established client base
• Technology, Technology, Technology. Then client management skills.
• Quit focusing on compliance work and meet the business needs of our clients.
• Train the future generation, get processes in place, understand now that everything must be flexible if you want to keep your staff.
• Good business acumen and strong communication and interpersonal skills.
• Train internal staff. Work on retaining qualified staff.
• We should Increase the awareness and training of Information Technology... everything will be automated sooner or later !
• Continuing education
• Stay educated
• Continue to learn and expand base of knowledge.
• Stay current.
• Be independent, but also be there support for non-SEC clients
• Encourage the AICPA and all other governing agencies affecting the services we provide to become easier to work with, not more difficult. I was very discouraged after the last accounting update I attended. I was most upset with FASB 157. For small firms and the small businesses they work with, it is ridiculous. I used to love public accounting, now I am glad I am on the downside of my career. We are being regulated to death. I can understand many of the reasons for such actions, but in my opinion, the "big boys" are carrying this too far.
• Be prepared for change. Don't get stuck in a rut.
• continue to broaden there education and specialize
• Developing relationships, become more of a business partner and not so much a transaction processor or a "reporter".
See the article: 9 Big Ideas for Turbulent Times
Join the Survey. Get the Results.
Email your comments.
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