Public Accounting Report – Trends Impacting the Accounting Industry
As a firm specializing in international, closely held businesses, I am often in conversations with business owners focused on organizational growth. What we’ve observed over the past couple of years, and expect to see more of, is continued consolidation, especially among companies in the automotive industry. This consolidation often includes both acquisition and global expansion. For example, we have seen a notable uptick in the China market in 2017 and expect accelerated growth and continued U.S. investment. A trend impacting the entire industry is in the area of workforce development.
In our industry’s search for high-quality talent, CPA firms need to be more flexible and modern to attract employees today and in the future. Investments in technology and training are critical, as are policies that meet the needs of this next generation of employees. Firms like ours are implementing concepts like “dress for your day,” for example, in addition to initiatives such as health and wellness programs, flex time, community service opportunities, busy season concierge services, investments in technical, leadership, and marketing training. Firms grow, and clients are best served, through exceptional employees, and firms like ours are doing everything they can to keep employees engaged in the field of public accounting.
Originally Featured in Public Accounting Report – July 2017, Volume XLI, NO. 7