outlook & analysis

2020 outlook: demand is high

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ai, blockchain most likely to impact largest firms.

by chris frederiksen

what do i see for 2020?

cybersecurity: there is a heightened awareness around protecting client data and protecting firms from what appear to be increased incidents of hacking. firms are encouraged to move from in-house servers to entirely cloud-based solutions.

more: 2020 outlook: business development goes borderless | data import on the rise | becoming the most valuable advisor | top three tips for 2020 success | where do you want to be? | dicey disruptions | upstream mergers | 2020 outlook: staffing gets creative
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tax season: most of the firms i work with reported last year as the most brutal tax season on record. this was caused by lack of human resources – especially for firms that still had not adopted outsourcing – coupled with the need to spend extra time to comply with the new tax rules and to explain the changes to clients.
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2020 outlook: business development goes borderless

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be ready to try new things faster.

by jennifer wilson

the traditional business model is under attack in so many ways including terrifically short staffing, which is leading to record profits for many firms, but also the cause of burnout and a growing sense of hopelessness and turnover, too. leaders are being forced to rethink traditional staffing models and are realizing many of the jobs inside their firms do not require accounting graduates or cpa candidates to do them.

more: 2020 outlook: data import on the rise | 2020 outlook: becoming the most valuable advisor | top three tips for 2020 success | 2020 outlook: where do you want to be? | 2020 outlook: dicey disruptions | 2020 outlook: upstream mergers | 2020 outlook: staffing gets creative
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firms are simply overpaying for those roles today. this is leading to the exploration of non-cpa hires, and firms embracing outsourcing and offshoring options, especially for lower-level leveraged positions.
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2020 outlook: data import on the rise

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microsoft power bi likely to become the visualization standard.

by roman h. kepczyk
quantum of paperless

security continues to be a significant and increasing threat, but many firm owners continue to assume it is being managed by their it team. we find traditional firm it does a good job on the internal components they control, but there are consistent shortfalls in the use of multifactor authentication, intrusion detection/prevention and staff training.

more: 2020 outlook: becoming the most valuable advisor | top three tips for 2020 success | 2020 outlook: where do you want to be? | 2020 outlook: dicey disruptions | 2020 outlook: upstream mergers | 2020 outlook: staffing gets creative
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with cloud providers having significantly better security and disaster recovery resources than on-premise networks, we expect this will be another reason that the majority of firms give up managing their own networks (with the uber-large firms having their own it/security consulting being the exception). however, all firms need to be training personnel on safe computing when remote, on being suspicious of unexpected emails (phishing), as well as social engineering attacks that could expose their login/password as well as put the firm at risk of ransomware.
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2020 outlook: becoming the most valuable advisor

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staying independent? be bold.

by allan koltin
rosenberg map survey

it amazes me that there are still firms out there unaware of the industry disruption and changes going on in the marketplace.

more: top three tips for 2020 success | 2020 outlook: where do you want to be? | 2020 outlook: dicey disruptions | 2020 outlook: upstream mergers | 2020 outlook: staffing gets creative
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i am envisioning a scenario in which we will see major changes in associations, alliances, and networks from how we know them today.

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top three tips for 2020 success

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as talent wars drive tech strategies.

by sarah dobek

heading into the new year, firms are diversifying their services to strengthen their position in the market and gain the ability to go deeper with clients.

more: 2020 outlook: where do you want to be? | 2020 outlook: dicey disruptions | 2020 outlook: upstream mergers | 2020 outlook: staffing gets creative
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the most popular new offerings are wealth management, client accounting services and some version of consulting.

however, the majority of firms are struggling to define and build out their consulting practice. there is still a lot of confusion between consulting and advisory services.
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2020 outlook: the four big questions

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even staying still requires planning.

by dan hood

the opening of the year was busy and confusing, with firms struggling with the technical complexities of the tax cuts and jobs act, the search for new clients, and, particularly for firms over $1 million in revenue, the war for talent.

more: 2020 outlook: dicey disruptions | 2020 outlook: upstream mergers | 2020 outlook: staffing gets creativegoprocpa.com

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but we also saw them wrestling with four bigger, more strategic questions: read more →

dicey disruptions

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and the five strategies your firm will need.

by gale crosley

a year ago, firms were struggling. the organic growth of the top 100 slid down to 4.6 percent, the lowest level since 2011.

more: 2020 outlook: upstream mergers | 2020 outlook: staffing gets creative
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was it because…?

  • the profession was resource-constrained?
  • was it the distraction of technology transformation?
  • what about distractions caused by mergers?
  • or possibly all of the above?

here are the five best strategies to consider going forward:

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2020 outlook: top 5 emerging risks for cpas

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young businessman walking on bungee cord between question mark and dollar signand the top five emerging opportunities, if you handle them right.

by ken mackunis
executive vice president
aon affinity, professional firms

risk can come from unexpected places. as cpas look to capitalize on economic and industry trends to grow their business in 2020, they need to be vigilant in identifying and mitigating the risks that go hand in hand with the expansion of capabilities and capacity.

here’s a look at the top five areas that can pose the most risk – and reward – for cpas in the new year. read more →