Change can happen in a flash, such as when a tornado rips across a landscape and causes life-altering damage in a matter of seconds. Change can also occur at a pace that is imperceptible, like a mountain slowly eroding over millions of years.
Most types of change, however, take place at rates somewhere in between. We know change is happening, we can feel it, and we occasionally even see evidence of it. But quantifying its speed often seems incredibly difficult. Are things changing faster than they ever did in the past? What kind of concerns does that raise if they are, and what should we do about it? What can we do about it?
Speak to any accountant today and these kinds of questions are no doubt top-of-mind. Their industry is changing at a dizzying pace: new laws and regulations are constantly being introduced; the talent landscape seems to have been turned upside-down in this post-pandemic era; and new technologies with dazzling capabilities are being introduced at a rapid rate, each of which has to be considered and evaluated in today’s ultra-competitive accounting arena.
Although measuring all of this activity that is powering the profession into the future might seem like an impossible task, the comforting reality is that it isn’t. Caseware’s 2024 State of Accounting Firms Trends Report – available now – presents readers with a quantifiable assessment of what’s happening in the industry on a host of today’s most important topics, including:
- Hiring and retaining talent
- New technologies and firms’ plans to adopt them
- Client advisory services
- The rise of Generative AI software
- The increasing importance of ESG and DEI
- And many more
One of the most effective ways to ensure you’re prepared for change is to anticipate it. By gauging the sentiments and experiences of your peers who are experiencing the same challenges and opportunities, a picture can be created of what likely lies ahead on the horizon, not only in the year ahead but also further out.
Caseware’s third-annual report on the state of accounting firms does just that. It is based on a comprehensive global survey conducted in the fall of 2023. More than 2,000 accounting industry professionals from 49 countries completed it.
Some of the key findings that emerged from the survey and which are covered in-depth in the report include:
- Understanding, planning for and complying with new laws and regulations has emerged as today’s biggest challenge confronting accounting firms.
- Smaller firms – those with 50 or fewer employees – will experience the biggest growth in technology adoption over the next two years.
- Hiring and retaining talent persists as a key issue for practices, with 88 percent saying it was challenging to some degree.
- Client advisory services are proliferating, with 75 percent of respondents indicating their firm has seen growth in this area.
Download your free copy of the 2024 State of Accounting Firms Trends Report to glean more insights and ensure your practice is prepared for whatever change the future may hold.