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Business Strategy

Is your firm ready for the year ahead?

2022 Strategic Planning Guide for tax and accounting firms now available

As we head into the new year, tax and accounting firms are emerging from the COVID-19 pandemic just in time to face an onslaught of new challenges. From a struggling labor market to information security concerns, to clients with mounting expectations, there’s a lot to plan for. That said, there are ways to embrace these challenges and use them as opportunities for growth and success in the year ahead. 

Our 2022 Strategic Planning Guide for tax and accounting firms offers guidance on addressing a variety of challenges so you can enter the new year with a sense of preparedness. Here’s just a taste of what you’ll find in this comprehensive guide.  

The importance of strategic planning 

Strategic planning is one of the most important activities a firm can perform. With the accounting industry changing at such a rapid rate — including the many new programs put in place in response to COVID-19 — comprehensive strategic planning establishes the firm’s direction and provides a vision for the firm to grow and prosper in the year ahead. 

With step-by-step instructions on the development of a successful strategic plan and insightful guidance on the following hot topics, you’ll find all you need to make the most of the year ahead.  

Recruiting and retaining staff 

In today’s market, most tax and accounting firms are facing difficulty recruiting and retaining top performing staff. Most of us think of recruiting as interviewing and making offers but it encompasses much more than that. Recruiting should represent a comprehensive program that culminates in hiring a particular individual to fill an open job position. Your recruitment process should be ongoing, even when your firm is not actively looking to hire for a specific role.  

When it comes to retaining employees, remember that lifestyle choices and job satisfaction are major factors employees consider when deciding whether to stay with a firm. Adequate compensation and benefits are obviously important and necessary, but the firm’s culture is often just as important. Proactive firms take the time to critically evaluate and improve the culture that surrounds their employees on a day-to-day basis.  

Digital transformation and information security 

When it comes to going paperless, it’s important to understand that the digital environment encompasses all the elements that contribute to creating, using, and managing many kinds of data in a digital format.  

Our guide will help you understand the advantages of transitioning to a digital environment including access, organization, security, and storage. You’ll also get a primer on evaluating document management systems, portals, and an overview of cybersecurity best practices for accounting firms.  

Making the move to advisory services 

With accounting firms devoting more and more time to performing consulting and other nontraditional services, it may be time to expand your firm’s practice to include advisory. Industry experts predict that 78% of finance processes can be automated, which will eventually lead many firms to a reduction in revenue. Meanwhile, advisory services have emerged as in demand.  

With a desire to take on a new, larger role with clients, more and more firms are automating processes and redirecting their time to more meaningful (and highly profitable) advisory services. It’s the perfect way to meet modern client expectations in the year ahead. 

For detailed insight and guidance on each of these critical topics, download the 2022 Strategic Planning Guide 

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