Despite the significant growth seen in the new 2019-2020 edition of the Rosenberg MAP survey, CPA firms still face the challenge of an ever-changing technological and competitive landscape.
The MAP Survey reports that the average CPA firm is growing at a rate of 7.7%, up from 7% in last year’s survey and reversing a two-year decline. Firms also saw a bump in organic growth at 5.9% from 4.3% last year.
But growth doesn’t displace the challenges ahead, said lead survey author Charles Hylan. He points out that while profits can cover up a lot of issues in a firm, weak areas will eventually be exposed as the technology transformation progresses. He also advises firms to be proactive in managing change in a changing profession.
