Firm Management
Predictions for 2020
We're featuring predictions in this issue as well as highlighting the winners of the 2019 40 Under 40 and 20 Under 40 awards – that's a lot to digest for people who might think the accounting profession is a stagnant place.
Dec. 18, 2019
We’re featuring predictions in this issue as well as highlighting the winners of the 2019 40 Under 40 and 20 Under 40 awards – that’s a lot to digest for people who might think the accounting profession is a stagnant place. This profession is far from same old, same old, and if you’re among those who have been doing the same job for your entire career, I predict your life is about to change!
Some of the predictions for the year ahead focus on technology, which is no surprise in general since we’re certainly not going backwards in that area. But the surprises come in the form of the programs we have been using for years now transforming themselves to automate more of our mundane work (data entry, summarization, calling attention to potential errors) and providing us with analysis tools so that we can actually start using the information we process to help point our clients on paths to future success.
I encourage you to pay attention to the recipients of the 40 Under 40 in the Accounting Profession Awards and the 20 Under 40 Influencer Awards – these are the people who will be leading the profession in the very near future. Already many of them are partners in CPA firms, owners of innovative firms and companies, technologists who are breaking new ground, consultants, speakers, and writers. Individually, these innovators are taking paths that have not been traveled in the past. Collectively they are moving the profession ahead at a record pace and they are not allowing themselves to be tied to traditional firm structures or methodologies.
We see some key changes on the near horizon that we believe will impact our readers and their clients:
- The remote workforce will continue to grow resulting in shared desks, communal work areas, and overall reductions in space needed by many companies. Restructured leases, more modern office build-outs, and office building vacancies will create new opportunities (or headaches).
- See first bullet point – if you have a remote workforce and you’re not using a team software such as Slack, Yammer, Microsoft Teams, or any of the other team chat and collaboration programs out there, you will be.
- The software subscription marketplace is here to stay and thus the concept of you having to upgrade your software is a thing of the past. Will this result in users stepping out of their comfort zone and deciding to try new products? We think it might.
- The line is blurring regarding the types of services that accountants offer to their clients. Going beyond auditing, compilations, and tax prep, accountants have been caught providing clients with retirement plan services, software selection and training, estate planning, data security, forensic accounting, business valuation, outsourced CFO services, marketing and rebranding, retreat facilitation, and much more. We see an expanded service line in your future too.
Most importantly, we see a bright future for progressive and innovative accountants, led by a stellar group of enthusiastic younger members of the profession who are making life better for accountants and their clients.