outlook & analysis
pandemic lesson: innovate faster
be prepared to seize unexpected opportunities.
by kristen rampe
the rosenberg map survey
covid proved which firms were up to date on their technology and ability to manage via strong relationships and trust. it was fascinating (and occasionally tragic) to watch, and an eye opener for those on the less-prepared end.
more: remote work is more productive | covid-19 shakes up m&a activity | 2021: you’ll never see ‘normal’ again | we adapted to remote work … now what? | 2020’s disruptions are only the beginning
exclusively for pro members. log in here or 2022世界杯足球排名 today.
most significant changes we noted:
- cpas gained confidence in their ability to work remotely. it may not have been pretty, but they did it! some firm leaders even said they may never go back to their old commute.
- increased consulting engagements. this was driven because it was forced on firms (e.g., ppp loan assistance). however, the fact that many firms were willing and able to charge clients (when appropriate) for this work demonstrated their ability to be in the game beyond compliance work.
remote work success helps solve staffing shortages
tax reform boosted those ready for consulting.
by carl george
the two most significant changes that i have seen so far are:
- “covid has forced us to run our businesses better!” with so much being unknown when covid first started, many firms developed plans and forecasts under numerous disaster scenarios. accountability (and in some cases, behavior changes) of each owner was essential and i have seen many firms “pay more attention” to running the business. i believe these changes will become permanent.
- “we became more comfortable with our technology capabilities and it saved us!”
more: covid-19 shakes up m&a activity | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
the most significant change we will see long-term will be a significant portion of a firm’s practice will be accomplished by a permanent remote work force – at least 25 percent. we have seen that it works, we will continue to refine the model, and firms will be more efficient and profitable once the final model is in place.
read more →
firms face business realities
pandemic means there’s no room for those who can’t embrace change.
by angie grissom
the working from home mandate has changed the way people think, work and communicate and has accelerated the move by four to five years (at least) over what i think would have happened without the pandemic. this has impacted the adoption of technology (teams, zoom, adobe connect, etc.) and has shown team members what works and what doesn’t work.
more: remote work is more productive | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
people now know how and where they are the most effective. clients are also seeing accounting providers as more essential and more as advisors, especially those dealing with the ppp loans and other programs that assist them with staying afloat during this time.
read more →
more complex work = higher fees, right?
also: some pushback on virtual work environments.
by jeff pawlow
anytime that complexity goes up, it seems that accounting fees follow. that said, the current economic environment may not allow firms to capture as much additional work as they may have in other turbulent/changing environments.
more: remote work is more productive | advisory services: real commitment or just talk? | 2021: you’ll never see ‘normal’ again
clearly, clients are tightening their belts, and it now becomes imperative for firms to bring more to the table than just “debits and credits.” the role of a trusted advisor is paramount in this uncertain time and firms that embrace the challenge will leap ahead of the pack. unfortunately, many firms are slow to adopt this posture. providing clear value for fees is a non-negotiable moving forward.
read more →