How accounting firms are innovating in 2024
In the ever-evolving landscape of tax and accounting, professionals are continually adapting to new challenges and opportunities.
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In the ever-evolving landscape of tax and accounting, professionals are continually adapting to new challenges and opportunities. Having weathered the waves of post-pandemic anxiety, many tax & accounting firms are now shifting their attention back to business fundamentals.
Indeed, 2024 is shaping up to be a year of re-assessment and re-building — a year in which firms take stock of their strengths and weaknesses, and move forward with concrete plans to fortify their operations against the inevitable uncertainties to come.
The 2024 State of Tax Professionals Report by Thomson Reuters provides a comprehensive overview of the current state and future directions of the industry.
This summary highlights key insights from the report, offering a glimpse into the strategic priorities, challenges, and innovations shaping tax and accounting firms today.
2024 Top Priorities
Source: 2024 Thomson Reuters
Key Insights from the 2024 State of Tax Professionals Report
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- Enhanced focus on efficiency and automation:
- Talent management is crucial:
- Innovative pricing models:
- Expanding service offerings:
- To stay competitive, firms are broadening their services beyond basic tax preparation. This includes offering more advisory services and financial planning, tailored to the evolving needs of their clients.
- Growth and client management:
Prepare your accounting firm for future innovation
The 2024 State of Tax Professionals Report underscores a dynamic period of transformation within the tax and accounting industry. As firms navigate through technological advancements and changing market demands, they are finding innovative ways to enhance efficiency, manage talent, and meet client needs.
For a deeper understanding of these trends and to prepare your firm for the future, explore the full report below.
