Changes Coming Fast for the Accounting Profession

Source: CPA Trendlines

The following includes excerpts, reproduced with permission, from an article by Bruce W. Marcus.

The accounting profession is so bound by traditions, rules, regulations, and laws, that any suggestion of serious structural change is seen as a virtual assault on the profession. But now, there are cracks appearing in the wall.

The potential for conflict between the ethical rules and their protection of integrity, and the need for successful competitive marketing, can be intense. Still, some things in the profession are different now than they were about a decade ago:

• We now have an increasing number of firms replacing hourly billing with value billing.
• We now have social media and bounding changes in technology.
• Firm governance is beginning to resemble corporate structure.
• There is talk of firms going public.
• Where once associates who seemed not to be partner material were let go, now they are being kept for their specific talents and experience – the so-called two-tier firm.
• The accounting profession, recognizing the growth of globalization, is now seriously considering international accounting standards.

The changes in professional firm practices seem to be coming fast, giving rise to Professional Services Marketing 3.0.

For the complete article, read “Six Quick Reasons Why CPA Firms Will Never Be The Same.”

From CPA Trendlines' email newsletter, Professional Services Marketing 3.0, http://cpatrendlines.com, March 23, 2012.