How to adopt a growth mindset at your accounting firm

Jump to:

If you’re an accountant, you know that the profession is in the midst of a profound change. For most of us, adapting to this change is not easy. To succeed in a world of increasing demands and limited capacity, it takes a change in mindset that requires us to reassess our routines and open our minds to growth. 

From regulatory changes to increasing client demands to the war for talent, today’s accountants face a perfect storm of challenges. To thrive amidst these pressures, adopting a growth mindset is essential. This approach involves creating capacity within your firm, enabling a focus on career development, and leveraging a dynamic blend of effective time management and AI-powered tax technology. 

Identifying common capacity challenges

If you and your staff are feeling stressed, you’re not alone. Capacity issues at many accounting firms often stem from inefficient processes and a fixed mindset — and they are exacerbated by factors like tax season workload, talent shortages, regulatory changes, and increasing client demands.  

The consequences of these challenges include a strain on staff that often results in eroded morale, higher rates of turnover, client dissatisfaction, and a decline in profitability. Addressing these issues often requires a multifaceted approach, including investment in technology, strategic hiring, process optimization, and an ongoing investment in training and development. 

The first step to addressing common accounting firm challenges is understanding them. Ask yourself:  

If you answered yes to any of these questions, it’s time to take the first step in creating capacity and opening the door to growth.

Report Quiz  Thomson Reuters Advisory Report Quiz Identify areas for growth and gain a competitive edge Discover actionable recommendations on how to improve your advisory services

Creating capacity and growth with AI-powered tax software

Creating capacity and growth within your accounting firm is not about doing more of what you are already doing. It’s about using the tools available to you to free up time to learn, grow, and implement a value-added approach. 

Leveraging AI-powered tax technology is the foundation of adopting a growth mindset. By automating routine tasks — such as data entry, compliance, and tax calculations — your firm will increase efficiency, accuracy, and free up time for even junior level accountants to engage in strategic analysis and advisory roles. 

So, how does AI create capacity and growth for accounting firms? Let’s take a look.  

• Increased workflow efficiency. With enhanced AI capabilities and expert insights, you’ll save valuable tax workflow time with complete federal, state, and local tax programs that link business entities and personal tax returns, pull in previous-year data, and easily prepare multi-state returns. 

• Powerful tax research. Predictive search, advanced filters, and suggested concepts help you find what you’re looking for fast. Multi-state tax charts let you make quick comparisons across the board and reduce state and local tax (SALT) time. 

By implementing powerful AI tools and best-in-class tax research, your firm can not only increase efficiency, mitigate risk and provide premium client services, but also free up time to upskill your staff.  

How to grow your CPA firm in the midst of change As busy accountants, it’s easy to get stuck in survival mode. It can take some effort to think outside the box to grow your CPA firm into a truly successful firm of the future.

Enabling a focus on development and growth

Accounting firms looking to remain competitive in today’s evolving market are recognizing the value of a comprehensive learning curriculum. In fact, implementing a learning strategy and fostering a culture of growth is arguably one of the most important undertakings for future-ready firms. 

When you use AI-powered software to streamline processes and optimize resources, you free up time for strategic initiatives and personal development that ultimately supports a growth mindset. By reducing time spent on routine tasks, your firm can enable staff to focus on higher-value activities and career growth, which in turn drives both staff engagement and client satisfaction. 

Firms that offer hands-on training opportunities, along with an emphasis on continuing professional education and professional development initiatives, often have a competitive edge. Further, when it comes to providing a larger sense of purpose, consider offering your staff the ability to build specialty practices, work collaboratively with clients, and find new ways to help business clients grow. 

For many firms, this vision translates into offering profitable advisory services alongside traditional tax compliance work. By building deeper and more meaningful relationships with clients, you can boost staff engagement and offer them the long-term job stability they are looking for.  

Are you ready to adopt a growth mindset?

For accounting firms, adopting a growth mindset involves creating capacity for personal and professional growth, leveraging time management, and adopting AI-powered technology. With a renewed focus and clear goals, you’ll undoubtedly foster a culture of continuous improvement and enhance productivity, innovation, and client satisfaction. 

Ready to learn how to embrace these strategies? Register now for our Adopting a Growth Mindset webinar to learn how to address the common challenges faced by many firms, along with the ways in which cultivating a growth mindset can help you carve out sufficient time for development and growth. 

Webcast Adopting a growth mindset Register for our webinar to learn actionable resources and strategies to help you create the necessary capacity for sustained growth.

Story originally seen here