The accounting and professional services industry has operated unchanged for decades, but a wave of change is about to wash over the sector.
Though it may seem like the proliferation of artificial intelligence would be the most prominent driver of this change, technology is only part of it. In the next decade, we can expect to see a fundamental shift in the space with a focus on transformation, technology, and talent. Long-term success will hinge on disrupting the status quo and reimagining what this industry could be. Winners will be decided not by their bottom lines alone, but also by the opportunities they offer their people and their clients.
The key is culture—one that puts people first and provides the resources your team needs to thrive.
The most successful CPA firms of the future will ensure culture is woven into every move they make, even as they scale. This type of “big small firm” will be defined by the integration of emerging technologies, the cultivation of multidisciplinary skills, and the adoption of more agile organizational structures.
Combining these things in ways that enable people to excel will elevate firms from traditional service providers to strategic advisors that shape business decisions and have a lasting impact on the space.
Count on culture
Accounting and professional services is, first and foremost, a people business. That’s been true for a century, and it’s one thing that won’t change in the coming decade. However, the way people work together will change dramatically.
The firm of the future will focus on creating a culture that maintains the heart of the business while giving its people more opportunities and its clients more capabilities. This type of firm can grow while still holding onto what makes it so special. People are the lifeblood of your organization, and the ROI of employees who feel seen and valued helps build the foundation for sustained success.
One way to invest in your employees is to prioritize tech adoption that solves actual business problems, like tools that streamline administrative tasks and other repetitive work. But tech alone is not enough. You must also invest in ongoing learning and development (L&D) opportunities to ensure your people are set up for successful usage of these tools.
L&D initiatives are an integral part of long-term success, especially when it comes to AI. AI has graduated from a novelty to a mainstay, and giving your employees opportunities to hone their AI-related skills now will help them flourish in the future as those skills become even more valuable.
AI tools can also boost efficiency and improve processes today, ultimately increasing the time your people have to do what matters most—serving their clients. Implementing a strategy for rolling out new technology is exciting, but more importantly, it is important to create a strategy that puts people first by focusing on offering expanded services for clients and enhancing employee efficiency.
Investing for the future
Investing in technology can be expensive, so some firms have turned to private equity partnerships to help fund their futures. When leveraged thoughtfully, PE can be an engine for growth for both the firm and the people that power it. But finding the right PE partner is mission-critical—they must be aligned with your organization’s values and goals, particularly when it comes to maintaining the existing culture of your firm. Cultural misalignment may result in failed partnerships and unhappy people.
With a strategic PE ally that champions your culture, you have a chance to cultivate an even more attractive workplace environment that draws in promising professionals and supports their advancement toward leadership roles. A firm where skilled individuals want to contribute and where clients want to engage is critical to staying competitive in the long run. Building such a desirable organizational culture is the ultimate achievement for a people-first business.
The right combination of technology and talent opens the door to transformation through increased agility and capability. But real agility goes beyond just moving fast. The agile firm of the future can sense changes early and respond effectively while maintaining quality and strategic direction. Agility and adaptability go hand in hand, and achieving both results in long-term resilience, especially as the organization scales.
Maintaining a people-focused strategy is the bedrock of the firm of the future. When it comes time to make decisions about growth, the firm of the future moves forward by taking a stakeholder perspective, not just a financial one, so talent and client relationships remain central to every decision. This approach means clients have access to trusted advisors who thoroughly understand their objectives and authentically care about their success, driving satisfaction and long-term loyalty. On the talent side, top performers are enticed by advancement opportunities and flexible pathways for professional development.
When employees are equipped with exceptional expertise, clients keep coming back, proving people-centric strategies are a win-win, and culture is the key to future-proofing success.
ABOUT THE AUTHOR:
Tim Brackney serves as CEO of Springline Advisory, a financial and business advisory firm dedicated to reshaping the mid-market accounting and advisory landscape. Prior to Springline, Tim had a successful 20-year career with Resources Global Professionals (NASDAQ: RGP), where he most recently served as president and chief operating officer, leading RGP’s global operations which included full P&L and operational responsibilities across North America, the United Kingdom and European Union, and Asia Pacific region. He earned his MBA from Stanford University Graduate School of Business and holds a BBA from the University of Notre Dame.
Photo credit: Naron Purba/iStock
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