Trouble for the CPA Profession?
Source: Accounting Today
In this article, Stephen Bonick offers a grave outlook on the CPA profession. Bonick explains that there are currently four big firms, and that even those may consolidate in the future, which means more work for small and midsize firms. Bonick offers the following reasons why smaller firms are NOT in a position to receive the extra work:
- A shortage of talented staff due to an inability to identify talent and an unwillingness to pay staff members well.
- A lack of planning for the future — that is, no succession plans or buy-sell agreements.
- Firm owners in a position to retire are still serving most of the clients.
- Existing clients are not being served as they should.
Bonick suggests that small and midsize firms seek the help of an outside consultant to get a fresh perspective and insights. He also recommends training staff to meet the challenges of the new millennium and cutting down on the billable hour mandate, which he says is causing burn-out.
For the complete article, read “Why the CPA Profession is in Grave Danger.”
From Accounting Today, October 24, 2016, www.accountingtoday.com.