What does 2015 hold for accountants?
January 26, 2015

We're a few weeks into the new year and many businesses have thoroughly shaken off 2014 and are now looking to forge new paths. They want to take advantage of emerging opportunities now that 2015 is here. Think of it like New Year's resolutions - company leaders, no matter the industry, have likely crafted goals for their organizations.

However, the feasibility of making these dreams come true depends on a number of factors. Goals may not be met if the economy takes a dip, an international incident develops, the industry overarchingly adopts a new technology, the business itself sees high turnover and so on. It would be exceedingly easier if administrators had crystal balls.

Accountants could just have the next best thing - a number of experts have made educated guesses on where the sector is headed. Professionals might want to take some of these points to heart and mold their business plans to fit the likely avenues that will be popping up in the next 11 months.

Service expansion
Accountants Advisory Group President Joseph Tarasco told Forbes that he believes accounting firms are going to want to take a roll-call of their offerings in order to better serve clients. Some businesses and private citizens might think the professionals only do certain things, like file taxes or handle corporate audits, but that's certainly not the case. Bookkeepers can also help with everyday tasks like payroll, invoicing and others, in addition to serving as business consultants. 

Tarasco said that firms will be expected to produce real results, because the competition is getting more serious.

Some firms may struggle
Accounting firm owners might want to consider investing in marketing campaigns and other strategies to attract new business, as many in the industry think that this will be a significant challenge. According to a guest blog for AccountingWEB, Hinge's Lee Frederiksen noted that 70.5 percent of recently surveyed professionals are concerned about attracting and developing relationships with new clients.

Frederiksen pointed out that other major worries include retention, leadership change and technology woes.

More training is a must
Tarasco also told Forbes that development and training will probably become crucial in the next 11 months, as a real need for quality employees will skyrocket. This will be key in growing and allowing firms to compete in the market. As such, administrators might want to invest in more training resources, consult with peers about what they do and contact prominent accounting organizations.

Nexus: G-WEBCD2