1.
For More Information
CCHGroup.com/PreparednessSurvey
2015-0163-1 © 2015 CCH Incorporated and its affiliates. All rights reserved.
Charting a Course
for the Future
For today’s firm, change is constant. The ever-evolving realities
of the profession inspired Wolters Kluwer to explore two major
questions in our 2014 Accounting Firm Preparedness Survey.
1. What trends will have the most significant impact on
accounting firms and their clients over the next five years?
2. How well prepared are accountants to
take advantage of these trends?
The responses were telling. Fewer than 1 in 5 survey
participants (18%) report feeling “very prepared” to take
advantage of the profession’s most significant trends.
What are these firms doing that others aren’t?
18%Very Prepared
Very Prepared Firms
These firms report feeling
very well-equipped to
shoulder a future filled
with changes in people,
processes and technology.
The Very Prepared vs. the Less Prepared
These two groups are largely similar except for their attitudes towards technology.
FIRM SIZE — Number of Employees
Very Prepared Less Prepared
69%
<50
71%
<50
29%
50+
YEARS IN THE PROFESSION
Very Prepared
43%
<10 Years
57%
10+ Years
Less Prepared
43%
<10 Years
57%
10+ Years
FIRM SERVICES
Less Prepared
IndividualReturns
86% Non-IndividualReturns
77%
ConsultingServices
68%
Very Prepared
IndividualReturns
82%
Non-IndividualReturns
80%
ConsultingServices
69%
FinancialAudits
79%
FinancialAudits
78%
ATTITUDE TOWARDS TECHNOLOGY — Technology is having a very significant impact on my firm
Less PreparedVery Prepared
On average 69% On average 37%
Getting Results from Technology
SPEED OF INVOICING
from initial client engagement
From the onset of a client
engagement, “Very Prepared”
firms are able to put cash
in the bank 10 days faster
than “Less Prepared” firms.
Very Prepared
14DAYS
Less Prepared
DOES YOUR FIRM HELP CLIENTS TAKE
ADVANTAGE OF THESE TRENDS?
GROWTH OBJECTIVES — Growth
of 6% or more over the next 3 years
“Very Prepared” firms make a
concentrated effort to think
ahead, anticipate future needs
and use technology to be more
productive and profitable.
Technology will definitely have a major impact on:
Benefits achieved/expected from the mobile solutions:
Technology integration will definitely have a major impact on:
Very Prepared
51%
Less Prepared
44%
87%
38%
Information
Security
“Very Prepared” firms are better equipped to understand and
anticipate client needs and help their clients manage critical
business issues.
36%
Increasing
Regulatory
Complexity
84%
34%
Digital
Mobility
Demands
77%
Very Prepared
Less Prepared
TREND
NUMBER
1
TREND
NUMBER
5
TREND
NUMBER
2
Increased Focus on
Client Service
Social Media as a Business Tool
Technology Integration
Challenges
Very Prepared
Less Prepared
Very Prepared
Less Prepared
76%
38%
Client retention
58%
55%
Improve
client service
Improve
productivity
Improve work/
life balance
Communication
and collaboration
37%
63%
Leverage greater
use of staff
Reduce real estate
requirements
27%
37%
40%
Accessing, analyzing and
applying
3rd
party information
Achieving competitive
advantage
Using client-provided
information and data
Winning new
clients
76%
37%
Work more at
client sites
Attract and retain
employees
49%
48%
Supporting firm’s growth
and profitability
Managing workflow and
increasing productivity
76%
38%
72%
39%
70%
39%
73%
37%
67%
36%
63%
33%
69%
37%
Providing more
strategic service
41%
40%
Expand locations
served
Increase
billable time
Creating work
products for clients
“Very Prepared” firms are more likely to be ready to take advantage
of talent management and staff succession planning in the future.
TREND
NUMBER
3
Digital Mobility
Opportunities
TREND
NUMBER
4
Talent Management &
Succession Planning
Very Prepared
70%
Less Prepared
30%
Very Prepared Firms
Among “Very Prepared” firms,
69% have already implemented
social media as a business tool,
and 28% plan to implement
it in the near future.
Less Prepared Firms
Among “Less Prepared” firms,
55% have already implemented
social media as a business tool,
and 34% plan to implement
it in the near future.
Overall
Only 10% of all firms stated they have
no plans to use social media for client
service, collaboration or communication.
31%
50+