Top Issues for G400 Firms Ensuring a Bright Future
In December, members from the American Institute of Certified Public Accountants (AICPA) and North Carolina Association of Certified Public Accountants (NCACPA) visited MSA to gain information about our firm as we are in the top 400 firms (G400) in the country based on the number of CPAs on staff. At this informative meeting, the speakers discussed top issues facing G400 firms. In many aspects of life, it’s essential to have a thorough understanding of where a person or entity has come from, where the person or entity is now, and where the person or entity is going to be in the future. The past has given rise to the top issues G400 firms are currently dealing with. The key lies in being proactive in addressing these issues to ensure a bright future. No matter if it is in the realm of taxation or auditing, we must carefully analyze the past and present in order to be successful in the future.
Some top issues noted at the meeting were finding qualified staff, retaining qualified staff, bringing in new clients, and managing work/life balance initiatives. Qualified staff are the backbone of any successful organization, regardless of the industry. Organizations must make the proper amounts of investment in finding qualified professionals and bringing them on-board. With this said, the process does not stop there. Continuous investment must be made in employees in order to retain them long-term. Continuity of staff working on engagements from year to year as well as succession planning related to top management are essential to organizations. Bringing in new clients is critical to ensure that the business has sufficient cash flow for operations and in order to avoid dissolution. With so-called “busy seasons” in auditing and tax, it can be especially difficult to manage a healthy work/life balance. It’s required that all staff members share the workload throughout the year to ensure some staff members are not overworked compared to other staff. Accounting firms and businesses alike must continuously analyze these areas to remain leaders in the profession both today and in the future.Submitted by Matt Braswell