Does the Accounting Profession Have a Future?

Source: CPA Trendlines

The following includes excerpts, reproduced with permission, from a CPA Trendlines blog entry.

Some say the business has reached maturity (here and here) and may even be in decline (here). Others argue the best and biggest days lie ahead (here).

Readers have been weighing in. Here are a couple fresh comments. Read them, then tell us what you think in Comments or by email.

…. I think it is important for accountants to become skilled in the various areas of representation, audits, collections and collection alternatives. The Treasury department, and in particular the IRS, has had a massive effect on the public's failure to file, failure to pay, etc. They are no longer waiting for years to go after the underpaying or failure to file taxpayers. …There is also a field that is rapidly growing in the area of training the new category of Registered Return Preparers, who will need to really understand the tax laws and some accounting to get the work done accurately. …
– Lorry Sorgman, EA, MST, USTCP
President
Small Business Accounting Services
Newton Center, MA

I have seen a drop in my clientele only because businesses are affected by our economy slump and are trying different ways to cut costs. It is not that they do not need our services, it is a matter of cost. They are going to bookkeepers, etc.

On the other hand, I have also had people return to me to do their income taxes because they had a hard time managing Turbo Tax when they were trying to do their own return.
…
So, overall we are appreciated for what we do and if a business is successful it has no qualms about paying our fees.
— Georgette Hagerman, CPA

For the complete article, read “Is the Tax and Accounting Business in Trouble?”

From CPA Trendlines, http://cpatrendlines.com, August 25, 2011.