Public Accounting Conundrums: Supply and Demand
- Geoff Bruskin
Below are two supply and demand-related challenges our public accounting clients are facing:
1040 Heavy Practices - High Supply, Low Demand
As a result of the retirement wave among the baby boomer generation, the supply of 1040 heavy practices is on the rise. However, with changing client expectations, technology advancements, and an increasing preference for specialized services, many of these practices are considered low value in today's competitive landscape, making a sale, and thus, a lucrative exit, difficult to achieve.
CPAs - Low Supply, High Demand
Conversely, the supply of CPAs is experiencing a shortage, while the demand for their expertise continues to grow. As the accounting profession evolves to meet the demands of a digital and data-driven world, the need for skilled CPAs is greater than ever. The shortage of CPAs is attributed to several factors, including the rigorous requirements for certification, the retirement of experienced CPAs, and the unfavorable work environments (i.e. exhausting hours) that have historically been typical to the sector, making it a less-than-attractive career choice.
The Good News...
White Tiger Connections is committed to helping our clients navigate these supply and demand dynamics. Whether you're a 1040 practice owner looking to enhance your value proposition or a firm in need of skilled CPAs, we're here to facilitate connections and provide strategic guidance.
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