Public accounting firms can be quite competitive. Not only in their recruitment process getting those cream of the crop students or experienced hires, but also in acquiring new clients and setting themselves apart from each other.
So why does this matter to you?
Well, if you are looking to get into the accounting profession, this is an exciting time, and that’s because there are so many public accounting and auditing firms out there that have so much to offer. Or maybe you’ve been around the block, and you’ve been in the profession for a while, but you’re looking for a change in environment or company culture or trying different types of accounting. So this is an excellent time for you as well as an experienced hire because again there’s just so much that they’re offering now that you can look outside of the box and not just look for things like salary and benefits and work-life balance, of course those are important, but other factors that show that a firm has longevity and relevance and is going to be around for a long time and you can grow with the company, and it’s a company that you would be proud to work for. So, today’s topic covers five ways public accounting firms stay competitive. Of course, the firms themselves are interested in this topic because they want to keep up with the demand. So let’s start with number one.
Innovation. Now, change is critical for public accounting because it’s ever-changing. I mean, there’s always new tax laws and new technologies, and it’s essential for a firm to keep up on all these changes, but not only keep up but also stay ahead of them and pave the way for new ones.
Expanding the global footprint. This is a very significant way that firms can grow their business internationally and have that brand awareness globally as well. Two ways firms do this is they will either be a member of a global alliance, or they will have an international affiliate firm, and often the larger firms will do both.
Growth through mergers and acquisitions. This is a way for a firm to stay competitive because they can now have a geographic growth plan, taking on new locations. They can maybe take on a new niche or expand an existing one that’s already established. Also, talent is in high demand in accounting, so this is a great way as well to gain new solid skill.
Preparing the next generation. So it’s critical for firms to stay competitive not only by hiring top experienced talent, but taking on the newcomers into the profession and training them properly and honing them because they’re going to be the next leaders and influencers in the accounting profession.
Conclusion made by Marketing Companies about Philanthropy in Accounting Audit Firms
In this day and age, big accountant audit firms are pretty much expected to give back to the communities that help them grow. Not only is this good PR for them and goodwill with their clients, but it shows their employees that they’re not just concerned about the bottom line.