Accounting is often thought of as a profession of numbers. CPAs are very proficient at making sure that the “numbers” are right: that accounts balance, that revenues match expenses, that financial statements are accurate. But all professions, including accounting, are fundamentally about people. For example, running a successful CPA firm requires a cast of smart people with complementary skills, people who can collaborate with each other and learn from each other. It also requires finding clients and satisfying their expectations by providing them with excellent service. This entails no small amount of people skills, as firm partners learn quickly in their careers.
Readers of The CPA Journal will find a variety of ways to approach the “people problems” inherent in running a business, especially a CPA firm. Certainly, the much discussed “pipeline problem” boils down to a shortage of people entering the profession. A wide variety of solutions have been put forward, including some unconventional ideas. One of our authors suggests that firms look toward well-qualified international candidates who can bring their multinational experience to bear, and they implore universities and licensing bodies to streamline the licensing challenges international students currently face.
Even once an enterprise has the right people in place, they still need to do the work. CPA firms, especially those with a heavy tax practice, often work on a very compressed calendar—the notorious busy season we’re right in the middle of. Clients have high expectations, and sometimes they demand things that staff might deem impossible. The pressure of busy season can lead promising staff to burn out early. One of our articles asks whether CPA firms should reconsider paying overtime to staff accountants as one way to minimize turnover. This certainly fits with the broader conversation about how to retain talented professionals, as well as research which indicates that higher compensation is an important factor in recruiting young people considering other career paths.
People skills are also integral to finding clients and building those relationships. CPA firms have always relied on word of mouth, driven by quality service to current clientele, as a means of attracting new clients. But times change, and CPAs need to be where their clients are, and those places are not the same as they used to be. Just like commerce and business, social networking has been transformed by technology. Successful CPA firms need to keep up with current trends in digital marketing, and we have an article here that has suggestions for how firms can approach this technology landscape.
Another author discusses the concept of a “diversity audit.” Put simply, this means looking at an entities’ board leadership along a variety of dimensions and then comparing it to competitive benchmarks and strategic goals. Each organization decides what it is looking for—perhaps it’s gender or cultural diversity, but perhaps it’s a younger board, or industry longevity, or certain kinds of functional expertise—and then uses this tool to measure its own progress. Whichever dimensions one chooses, it makes sense that any professional firm wants to make sure that it is connecting with its clients and customer base.
I also want to stress that the NYCPA is here to help our members succeed—whether it’s managing a practice or working in industry, the academy, government, the not-for-profit sector, or another career path. After reading The CPA Journal, take advantage of the networking and development opportunities presented by our educational programs, our chapters, and our communities of practice.
Ever Upward!
