ThinkTWENTY20

Erik Asgeirsson, President & CEO of CPA.com, writes in a blog that there has never been a better time to be in a firm and supporting clients if you have the following “transforming capabilities.” As you look towards 2022, he wants to leave you with several key takeaways from the most recent Digital CPA, the annual conference that brings together the entire accounting ecosystem to glean insights, exchange ideas and network:

Erik Asgeirsson, President & CEO of CPA.com, writes in a blog that there has never been a better time to be in a firm and supporting clients if you have the following “transforming capabilities.” As you look towards 2022, he wants to leave you with several key takeaways from the most recent Digital CPA, the annual conference that brings together the entire accounting ecosystem to glean insights, exchange ideas and network:

Take Client Advisory Services (CAS) to the next level to fully realize opportunity and explosive growth. New CPA.com research underscores the continued high growth of CAS related to other practice areas, and also highlights the key attributes of the high-performance firms. New capabilities in FP&A, business intelligence and other key areas also suggest there’s more room to define and expand the category and build client value. 

Focus on the evolution of client relationships to increase value. As former Tesla and Apple executive George Blankenship remarked during his keynote, the customer relationship is constantly evolving, and firms need to work to build long-term relationships. “Once you get people into your ecosystem and keep taking care of them, the chances of them going elsewhere are really small,” he said. How can firms create exceptional client relationships? By fostering innovation to maximize client value through new technologies and business models, including new pricing structures.

It’s critical to continue to specialize as technology advances. In his keynote, MIT Futurist David Autor discussed the future of work, including how the profession can augment its work by automating manual, rote processes. Doing so will free up accountants to focus on delivering business insights and strategic guidance to clients. Autor’s advice on how the profession can remain in high demand? Specialization. “There’s a scarcity of people who can take data and turn it into useful information. Allocate your efforts towards the area where expertise is needed,” he advised.

For more insights, see Outlook 2022: Four Takeaways from Digital CPA | Blog | CPA.com.