WebCPA.com has an interesting set of ideas from various luminaries on where the accounting profession will be in 5 years time.
The demographics of retiring boomers and the cultural differences of Gen-Y make recruiting and retention probably the most commonly highlighted challenge. Next probably comes concerns over standards and regulation.
A number of people expect businesses to look to accountants to increasingly provide more analytical and forward looking financial information.
I guess I’m most interested in the impact on the form and focus of accounting firms – the following comments were perhaps most aligned with my own thinking:
“There will be audit-only assurance firms and a wide array of consulting firms.” James Smart, Managing Partner, Smart and Associates“Someone will start a professional services firm where part-time is the default and full-time is the exception, and be inundated with strong applicants who want to work there.” Karen Pincus, Professor, University of Arkansas“.we’ll have more mega-firms….significant consolidation of the mid-market… Many smaller firms that make the choice to remain independent and invest in leadership will become service boutiques” Gale Crosley, President, Crosley + Co.
What kind of firm will yours be?
Technorati Tags : Accounting+Firms, Trends
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