What Do You Think?

We are asking our readers to contribute to our topic conversations and share a little about what they do in their firms.

Last month, we asked about how your firm is handling consulting and advisory services, and here is how you answered:

Q1: Do you have a separate practice for consulting and advisory or is it offered within your other practices?

Yes, we have a consulting practice that’s almost as robust as our tax and audit practice

37.5%
Yes, we have a consulting practice that is fairly new and growing  12.5%
Our consulting and advisory is offered within our tax and audit practice     50%
We do not have a consulting practice      0%

 

Q2: What consulting services do you currently have?

What consulting services do you currently have?    8.43%
Outsourced Accounting / Client Accounting Services 10.80%
Internal Audit / SOX  8.43%
SOC 1, 2 or 3 12.05%
Technology Implementation / Optimization 14.5%
Transactional Advisory Services

13.3%

Business Valuation 12.05%
Risk Advisory  9.6%
Cybersecurity   6.02%
Family Office 4.82%


Q2 Comments:
 

  • M&A, Employee Benefit plans, forensic evaluations, exit planning
  • HR consulting, and industry-specific (agriculture) business analytics, succession planning & leadership consulting, sustainability, government policy and federal affairs consulting, and more.
  • Fraud, divorce litigation, claims analysis
  • Corporate Real Estate Advisory, Forensic Investigation Litigation Services


Looking at the responses to our survey, we can see that many of you are offering consulting and advisory services within your tax and audit practice.  According to Accounting Today, “traditional accounting and tax skills remain important, but as client systems and technology evolve, there is more emphasis on specialized skillsets”. 

It’s our duty as marketers to begin that dialogue with our stakeholders about the importance of expanding their consulting and advisory practice. Forward-looking firm leaders will begin examining the effects these consulting and advisory services may have on the way they do business and position themselves in their local markets.

I will leave you with these final thoughts.  According to the Journal of Accountancy, “Leaders of the profession agree that CPAs will retain an important role in the new business environment, and the U.S. Bureau of Labor Statistics continues to predict a positive future for the profession, with a forecast job growth for accountants and auditors of 10% between 2016 and 2026.  Remember, either your firm will embrace change, or it’ll be left behind.

We ask that you please take a minute for the minute and answer this month’s poll questions about your firms experience with mergers and acquisitions.