More than ever, managing partners at Maryland CPA firms say they need someone to scan the horizon for them — to identify future trends before they happen, to monitor and affect change on legislation and regulations, to train their people and help them grow their businesses in an era of great change and complexity.
To make them future-ready, in other words.
That much was clear during the MACPA’s most recent meeting of key managing partners. With the help of a virtual collaboration aid called ThinkTank, the firm leaders offered eye-opening insights about the issues that are keeping them up at night and how they believe the MACPA can help.
Here’s what they had to say:
Legislation / regulationManaging partners offered strong support for the MACPA’s legislative agenda. Their top five legislative priorities mirrored many of the MACPA’s top issues in recent years. They include:
Managing partners also encouraged the MACPA to continue its opposition to the Department of Labor’s new overtime rule, which increases the salary threshold for overtime exemption from $23,600 per year to $47,476 per year.
Innovation and firm growthMaryland’s managing partners aligned closely with the result of a nationwide AICPA survey on innovation priorities for CPA firms. Maryland’s firm leaders said they are focused most intently on the following innovation activities:
Each of those priorities also appears on the AICPA’s list of nationwide firm innovation activities. In fact, the move toward innovative new business models is well under way, with firms nationwide reporting a 91 percent increase in advisory services and outsourced business process work. Such advisory services accounts for nearly one-third of revenue at the top 100 accounting firms.
Professional developmentIt’s a new era for talent development. The proof is in the list of skills that Maryland managing partners say are most important at today’s CPA firms. Topping that list are:
What the MACPA is doingHere are just of a few of the ways in which the MACPA is helping its members meet these challenges.
The message is clear: As CPAs stay focused on the important work of today, the MACPA will keep looking out for the next critical issues that will impact their businesses.