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A service for banking industry professionals · Friday, December 13, 2024 · 768,534,397 Articles · 3+ Million Readers

Research Challenges Assumptions About Successful Accounting Firm

Download the Advisory 360 Research Report at improvetheworld.net/research/advisory-360-research-report/.

Download the Advisory 360 Research Report at improvetheworld.net/research/advisory-360-research-report/.

Findings suggest advisory services may not be critical to firm fulfillment.

The notion that advisory-focused firms inherently perform better isn’t supported by our data. Instead, balanced firms shine.”
— Donny Shimamoto, CPA, CITP, CGMA

HONOLULU, HI, UNITED STATES, December 12, 2024 /EINPresswire.com/ -- The Center for Accounting Transformation has released its Advisory 360 Research Report, offering a comprehensive look into what drives success for accounting firms. The study, sponsored by Avalara and performed in collaboration with CPA Trendlines, challenges conventional narratives, revealing that both advisory- and compliance-focused firms can succeed when supported by strong foundational practices.

Key Finding: Balance Over Exclusivity
The study reveals that firms blending compliance and advisory services perceive themselves as more successful than those with a single focus. Successful firms reported an average of 5.67 on a scale from 1 (compliance-only) to 10 (advisory-only), emphasizing the value of balance rather than exclusivity in service offerings.

“Strong compliance foundations enable accurate and effective advisory work,” said Donny Shimamoto, CPA, CITP, CGMA, the founder and managing director of IntrapriseTechKnowlogies and the founder and inspiration architect of the Center for Accounting Transformation. “The notion that advisory-focused firms inherently perform better isn’t supported by our data. Instead, balanced firms shine.”

Additional Findings

--Defining Success Holistically: Highly successful firms prioritize continuous learning, technology use, and fostering distinct organizational cultures. These practices lead to faster growth and higher employee satisfaction.

--Specialization Isn’t Mandatory: While specialization (both vertical and horizontal) correlates with success, non-specialized firms also perform well, broadening pathways to growth.

--Employee Advocacy: Accounting firms recorded an average Employee Net Promoter Score (eNPS) of 57, considered excellent. Respondents—primarily composed of firm owners—cited team-centric practices and opportunities for growth as key factors in their own satisfaction, contributing to the prevailing belief that business culture drives employee satisfaction, performance, and retention.

The research highlights the evolving role of accountants, who stepped into advisory roles during the pandemic, providing critical guidance for businesses navigating unprecedented challenges. It also debunks the belief that advisory services are inherently superior, affirming the value of both compliance and advisory work.

The Advisory 360 Research Report is now available for download at improvetheworld.net/research/advisory-360-research-report/, and it is considered an essential resource for accounting firm leaders seeking actionable insights to refine their strategies and enhance team success.

“The Advisory 360 Research Report is more than just a study,” said Rick Telberg, CEO and publisher of CPA Trendlines, “It’s a blueprint for growth and innovation in accounting.”

About the Center for Accounting Transformation
The Center for Accounting Transformation provides accounting professionals with a framework for utilizing innovations that are ready for adoption, the training and resources necessary to apply the innovations, and an opportunity to engage the talent and community needed to further the pursuit of innovative accounting practices that drive responsible and mindful business performance. We are here to provide actionable tools, know-how, and a safe space for the cultivation of new ideas, inspire innovation in our profession as a force for meaningful transformation, create a community that supports all subscribers on a path toward a better future, and change the face of the profession. We are not here to convince people to change, but rather to empower those who seek an alternative to the status quo. As such, we offer our collaborators and subscribers an opportunity to enable transformation to help them understand organizational scalability through effective leadership. This includes resources and services that extend beyond “just CPE,” and pathways to certification in a variety of areas in the accounting profession.

Amy L Welch
IntrapriseTechKnowlogies
+1 405-641-1834
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