ThinkTWENTY20

At no time have accounting firms had to be more adaptable than over the past two years. This is thanks to the global pandemic, which has presented us with an unprecedented array of new and unique challenges to overcome just to maintain some semblance of operational normalcy, let alone be proactive and aggressively forward-thinking. 

CaseWare’s first annual State of Accounting Firms Trends Report provides a window into what’s happening in accounting offices around the world by going straight to the source. The report “presents a wealth of findings from our recent survey that asked accounting professionals about their top challenges in the face of truly unique circumstances. We discovered what they’re doing to attract today’s top talent, how they are interacting with clients and colleagues in a mostly virtual world, and how technology is helping them survive and thrive — among many other key practice management topics.”

CaseWare conducted the 2022 State of Accounting Firms Survey from September to the end of November, 2021. It was offered in three languages: English, Spanish and French, and elicited 3,095 survey completions. Nearly half of the respondents (47%) were located in the United States, with Canada being the second-most represented country, with 17%.

The report’s “Highlights at a Glance” tell us that:

• The move to the cloud is on: Most firms are adopting either a full or hybrid cloud model, capitalizing on its efficiencies, eliminating traditional headaches and ensuring they stay competitive. 
• Remote working is here to stay:Some form of work-from-home strategy will continue to be deployed by most accounting firms for the foreseeable future, quite possibly forever. 
• Mastering electronic client collaboration will become essential: As long as the pandemic continues to be a factor in the day-to-day operations of accounting firms, virtual client collaboration will remain a necessity. 
• Firms must be flexible in their quest for talent: The human resources landscape continues to change, and firms must be nimble to succeed in attracting the right people — and helping current staff thrive. Visibility is set to open up: While many respondents indicated they struggle with a lack of insight into their firm’s operations, technology will increasingly alleviate these concerns.

For the details on the findings and explanations,  please see: CW_2022_State_of_Accounting_Firms_Trend_Report_Final.pdf (hubspotusercontent30.net).