Top growth areas for CPAs
February 22, 2024
By Edward Mendlowitz
There seems to be inordinate concern about the future of public accounting and especially for smaller practices. I do not understand the pessimism and see only a great future ahead. To support my views, the following are some growth areas that CPAs could jump on. These can be done by smaller practices, individual partners in larger firms or by any practicing CPA:
Client accounting services (CAS) and fractional CFO services: This is a rapidly growing area where the market is starting to recognize the advantages of not having inhouse bookkeeping, accounting or CFO personnel. These are essential but non-core services every business and not-for-profit organization needs and can best be done by accounting firms that have the wide array of trained professionals that could handle in a pretty seamless manner most issues that arise.
Niche development and expansion: Clients are fully recognizing that accountants familiar with their industry and its peculiarities and subtleties are much better able to handle their accounting, tax, control and advisory needs. Any firm with a concentration of clients in an industry, even two or three clients, should look to leverage that experience, expand their knowledge and provide further value-added services to their clients.