Building Your Growth Wish List: Strategies for CPA Firms Heading Into the New Year

With 2025 in full swing, let's lay our cards on the table and recognize where we are today, so we can purposely be somewhere better tomorrow. Is your firm where you want it to be heading into the new year? What can you do differently to get to where you want to be?

Let’s start with the 30,000-foot view. As a whole, the accounting industry faces several challenges, including a talent shortage and the increasing complexity of our work. The workload is growing, but the number of professionals isn't keeping pace. We also struggle with the perception of accounting as a dull, number-crunching job with long hours.

It's a great time for local accounting firms to reflect on their "wish list" items and consider how they can break free from old patterns. There are always things we can do to improve our life-work balance, fuel our professional growth, and change our narrative.

The profession is moving toward a more advisory role. Clients have been asking for this for years, but compliance work often takes precedence. Advisory services, such as strategic business discussions and long-term tax planning, offer substantial value to clients. We need to shift our focus from billable hours to the impact and value we provide.

Technology will continue to play a significant role in this transition. As AI and automation handle more of the routine tasks, we can dedicate more time to advisory services. This shift will require us to rethink our pricing models and how we measure success, focusing on the value delivered rather than the hours worked.

We also need technology to enable our talent to focus on meaningful client interactions. By doing so, we can reduce overtime and make our firms more attractive places to work. It's about leveraging the strengths of different generations within our workforce and fostering a culture of continuous learning and adaptation. We each have something to teach one another, and we should all be eager to learn.

Rooted in Community

Maintaining independence and staying rooted in our communities is paramount. Local firms understand the nuances of their areas and provide personalized service that larger, faceless corporations can't match. By leveraging national resources through alliances, we can remain competitive without losing our local touch.

One strategy for staying independent is to consider acquiring other local firms. This helps keep the business within the community and ensures clients continue to receive the local service they value. It's also essential to focus on leadership development within our firms to ensure a smooth succession plan and continued service excellence. This strategy also puts you on offense, adding clients and local talent to your team, rather than playing defense against being acquired. Write your own destiny.

Finding Joy

We often talk about helping people as a primary motivation for entering the accounting field, but we should also focus on the joy our work can bring. Accounting offers opportunities to stay connected to our passions, whether it's working in industries we love or supporting causes we care about. By aligning our work with our interests, we can find greater satisfaction and fulfillment.

Imagine being a big Dodgers fan and working at Chavez Ravine or a theater enthusiast working at Radio City Music Hall. These opportunities make our work more enjoyable and meaningful. It's about creating a work environment where efficiency and value go hand in hand, allowing us to pursue projects that excite us and bring joy to our lives.

Growth Checklist for the New Year

1. Make more money in fewer hours: Leverage technology and streamline processes to increase efficiency.
2. Create a busy season that doesn’t suck: Implement strategies to manage workload and reduce stress during peak times.
3. Develop a specific niche or service: Specialize in areas where you can offer unique value to clients.
4. Be the acquiring firm in your market: Consider strategic acquisitions to grow your firm and maintain local service.
5. Maximize the use of automations: Use automation to handle routine tasks, freeing up time for high-value advisory work.

Why Join an Alliance?

Joining an alliance offers local accounting firms access to national-level resources. This means we can tap into specialized teams and share knowledge with peers across the country. It's tough for a local firm to have all the resources needed to fully service clients and thrive in the community. It’s harder to sift through all the information available and find out what fits for your firm. An alliance allows the community to come together and create a safe space for accountants to hold discussions, making it easier to navigate the complexities of our profession. Plus, an alliance gives you a safe space to find a home for the project your client asks for that your firm doesn’t do.

One of the most valuable resources we offer at Aprio Firm Alliance is our "no homework questions.” Members can consult with Aprio professionals on unique client situations without needing painstaking research. This quick access to knowledge helps us stay on the right track and often reveals insights we hadn't considered.

The “wish list” above is a summary of what you can do to make 2025 amazing. We have gone in depth on these topics in the past and know some actionable steps to make each one successful. We also know the landscape is constantly changing so we adapt as new information and technology becomes available. We would be delighted to talk through your specific circumstances, challenges, and opportunities for any of the above items, or others that you are considering implementing.

Have questions or need help creating your own growth wish list for 2025? Contact me today at [email protected].