Concerns for CPA Firms Differ Based on Size

🎆Fourth of July week and it’s been a hot summer here in Central Florida. What’s hot in CPAland? Recruiting and retaining talent – shocker. ⚡

The AICPA’s recent PCPS CPA Firm Top Issues Survey, unveiled at ENGAGE 2024, highlighted that finding qualified staff remains the most pressing concern for accounting firms, excluding sole practitioners. Firms with 2 or more employees overwhelmingly cited staffing challenges as their top issue 👥. This concern extends beyond recruitment, with larger firms (11-20 professionals and 21+ professionals) also emphasizing the importance of retaining qualified staff 🔄.

Sole practitioners, on the other hand, are primarily focused on navigating the complexities of the U.S. tax code 📚. Challenges with the IRS emerged as another significant issue for firms with fewer than 21 professionals 🏛️. Additionally, smaller to mid-sized firms are increasingly concerned with developing the next generation of leaders and addressing the aging of current partners 👨‍💼👩‍💼. This one is a seminar all unto itself between recruiting, retention, succession planning, M&A and private equity. 😖

The survey also highlighted the growing importance of technology in addressing these staffing challenges 💻. Firms that leverage technology effectively can provide higher value services and attract innovative professionals 🌟.

As the accounting industry adapts to these challenges, the study encourages CPA firms to invest in both technological advancements and leadership development to remain competitive and meet future demands 🚀

#CPAFirms #TalentAcquisition #warfortalent #cpacareers