Adrian Johnson
TLDR:
The 2024 State of Tax Professionals Report by Thomson Reuters Institute highlights the challenges faced by tax professionals and accounting firms, as well as the strategies they are implementing to boost revenue and business growth.
- Accounting firms are focusing on driving efficiency, retaining talent, exploring new pricing models, improving client services, and growing strategically in 2024.
- Technology, including AI, is playing a significant role in reshaping the tax and accounting profession, with firms embracing automation for efficiency and exploring alternative pricing strategies.
A majority of respondents in the survey reported a 24% increase in revenue over the past year, with expectations of further growth in the next 12 to 24 months. The report emphasizes the importance of adapting to the evolving business landscape and leveraging new business opportunities to ensure success in the industry.
Key Elements of the Article:
Having weathered uncertainty, tax professionals and accounting firms are focusing on streamlining operations, diversifying service offerings, and positioning for future growth. Key points include:
- Results from the 2024 State of Tax Professionals Report suggest a rebuilding year for accounting firms, with a focus on strategic priorities such as efficiency, talent retention, and pricing models.
- Technological innovation, including AI, is reshaping the industry, leading firms to invest in automation for efficiency gains and exploration of new pricing strategies.
- Despite challenges, accounting firms are seeing revenue growth, with a positive outlook for future expansion and adaptation to the evolving business landscape.
