Accounting 2024: Crunching Numbers for a Profitable Future

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As we enter 2024, it’s time to look ahead and consider what the new year will bring for accounting firms. Accounting Today conducted their annual Year Ahead survey to gain insights into firms’ expectations for 2024. The survey revealed that firms are optimistic about the future, but will face challenges such as ongoing staff shortages and major changes in how firms operate.

Key findings from the survey include:

  • Firms are expecting moderate growth in 2024, similar to their expectations for 2023. Despite staff shortages, firms plan to add employees in response to client demand and low unemployment rates.
  • The number of staff firms plan to hire has significantly decreased compared to 2023.
  • Work arrangements for staff are expected to remain largely unchanged in 2024.
  • Expectations for the upcoming tax season are more cautious compared to last year. While it is expected to be similar to 2023, which was an improvement over 2022, firms anticipate extending the tax season beyond April 15 for a third of their clients.
  • One positive note is that the percentage of firms requiring staff to work every Saturday during busy season has decreased.

The survey highlights the challenges and opportunities that accounting firms will face in 2024. While firms are optimistic about growth, they need to contend with ongoing staff shortages and adapt to changes in how firms operate. It will be important for firms to focus on recruitment and retention strategies to attract and retain talented professionals.

Additionally, firms should anticipate the extended tax season and plan accordingly to ensure they can meet client demand. This may require adjusting work schedules and providing flexibility to staff.

Overall, the survey provides valuable insights into the expectations and plans of accounting firms for the year ahead. By understanding these trends, firms can better prepare for the challenges and capitalize on the opportunities in 2024.

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