One issue at the forefront of every firm leader’s mind right now is attracting and retaining top talent. Hiring and keeping talented staff leads the list of concerns for accounting firms of all sizes except for sole proprietors.
With a desire to help firms overcome turnover woes, Boomer Consulting, Inc. undertook our first ever Attrition Survey. We reached out to employees who left member firms within the last 24 months to get to the heart of why employees are leaving. Here, we present the major findings from that survey as well as actions we believe firms should take to address unwanted attrition.
Measuring tangible and intangible benefits to prioritize IT projects and judge efficiency.
Every day, accounting firm partners and IT Directors face decisions about investing in IT projects. Often, there are more opportunities or projects than a firm can reasonably expect to devote their limited time and financial resources toward. Do firms choose their areas of investment by looking at which ones will give the greatest return in a relevant timescale? What about intangible benefits that cannot be quantified by traditional ROI calculations?
There’s little debate that the accounting world has changed dramatically through emerging technology. However, while the availability of apps that automate tedious workflows and connect accountants to clients in new ways seems to be a tide that raises all ships, the gap between high-and low-performing CPA firms is wider than ever, begging the question: What are successful CPAs doing differently in today’s fast-paced, brave new world?
Is using a specific set of apps the earmark of today’s successful CPA firm? Is it a minute-or-less client response time on Facebook or Twitter? Is it investing in an intuitive, functional client portal? Is it adding new revenue streams to compete and maintain relevance?
The answer, surprisingly, is all of these things—and none.
Who doesn’t want to improve profitability? Firms look to efficiency metrics to improve profit. Small changes in efficiency can have a huge impact on the success of your firm. The metrics your firm uses to measure efficiency have a direct impact on the level of profit it can attain. Are your efficiency metrics holding you back?
In today’s ever-changing world, technology has become both an accelerator and a disruptor for CPA firms. Many predict that within 10 years, compliance work will be almost 100% automated with limited necessity for human intervention. It is critical that CPA firms have a solid technology plan in order to adapt to these changes. So what does that plan look like? Great question; however, the answer is not simple and your plan should not be the same as your competitors’. Your technology plan should be fully integrated with your people, processes and clients.
Firm technology should have three fundamental consistencies:
IT has a seat at the Management Table
Technology as a Strategic Asset
Firm Technology and Strategic Plan are fully integrated