Quiz: How is Your Firm Adapting to Capacity Challenges?

The global accounting profession is grappling with an epic talent crisis.

Firm owners, Managing Partners, and Firm Leaders are finding it increasingly challenging to hire and retain staff. According to AICPA PCPS 2024 survey results:

• Finding qualified staff is the #1 challenge for firms of all sizes, except sole practitioners.

• Retaining qualified staff is the #2 top issue for the two largest firm categories (11–20 professionals and 21 or more professionals)

• Developing the next generation of firm leaders is a top 5 or higher issue for small to mid-size firms.

Staying competitive, being prepared for growth, and consistently meeting client demands has become more complex. 

The net result?

Staff are getting overwhelmed and burned out and leaving firms at an alarming rate. According to Bureau of Labor Statistics data, between 2019 and 2023, nearly 340,000 people left the accounting profession, i.e., nearly 17.5 % of the workforce employed in the profession.

It is all resulting in capacity challenges.

According to CPATrendlines Outlook 2024 Survey results, 42% of firms are turning away work due to capacity challenges.

But, it also means that the law of supply and demand is in play now in the accounting profession, i.e., prices are determined by the relationship between supply and demand. Accounting firms are able to charge higher fees if they can overcome capacity challenges.

How is your firm adapting to capacity challenges?

To evaluate that, you need to know the real, measurable negative impacts of talent crisis.

Our continuing research and experience working exclusively with CPA/accounting firms have identified the top common problems that staffing shortages cause firms. Are you, too, experiencing these issues?

Take this 2-minute short but precise quiz to discover how your firm is adapting to these challenges. You will instantly see your score and what that score means for your firm.

Click here to take this 2-minute quiz now!