Finding qualified staff at all levels is the most critical concern for the majority of accounting firms with multiple professionals, underscoring the staffing crisis facing the accounting profession, according to the 2007 American Institute of CPAs management accounting practice issues survey.
Retention, a separate issue, grows more important as firm size increases; for the first time this year, the survey listed this issue separately from hiring to get a better understanding of the challenges recruiting and retention pose for firms. For sole practitioners, tax complexity and concerns about standards and technology dominate the list, with work/life balance another important consideration.
Other Findings
Keeping up with new regulations and standards is the second most top issue for all firms with up to 20 professionals.
Succession planning is a major concern for all firms with six or more professionals.
Developing new partners is an issue for firms with 11 or more professionals.
The chief issues facing practices with 21 or more professionals all involve human capital concerns.
“CPAs can use these lists to benchmark their own experiences against those of other practitioners in firms much like their own,” said Jim Metzler, AICPA vice president for small firm interests. “They can confirm that similar practices are facing the same challenges and identify trends that will affect their own firms as they grow. In addition, we at PCPS use the data to create programs and resources that meet the real needs of our members.”