How accounting firms are innovating in 2024

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2024 top priorities

Key Insights from the 2024 State of Tax Professionals Report

Preparing your firm for the future

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

• • Enhanced focus on efficiency and automation:
    • Firms are prioritizing the streamlining of operations through advanced automation and technology. This shift not only enhances efficiency but also boosts productivity by integrating artificial intelligence (AI) in routine tasks.
  • Talent management is crucial:
    • In the wake of the Great Resignation, there’s a heightened emphasis on attracting, training, and retaining skilled professionals. Firms are investing more in creating supportive work environments and competitive compensation packages to keep valuable employees.
  • Innovative pricing models:
    • The traditional hourly billing model is being reconsidered. More firms are adopting alternative pricing strategies such as flat-fee, value-based, and retainer models to better meet client expectations and enhance revenue predictability.
  • 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:
    • While growth remains a priority, the focus has shifted towards optimizing the quality of the client base and leveraging technology to better serve existing clients. Firms are also exploring strategic mergers and acquisitions to expand their capabilities.

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.