The great resignation is real as is the war for talent. Salaries in public accounting are going up dramatically. Accountants have leverage and you must pay well, provide awesome work, maximum flexibility and fewer hours. Note to CPA firms: you are NOT competing against other CPA firms on the war for talent. You are competing against private industry and remote technology jobs.
Prices of other goods and services are going up eg. inflation. CPA services are in high demand. Taxes are going up.
The industry is at a strategic point of inflection with a limited supply of CPAs, boomers retiring and demand continuing to rise.
CPAs are notorious pricing apologists. How can our average charge rates be that much lower than attorneys yet we are the natural trusted advisors?
So the question is, will CPAs keep up and raise their prices to reflect their true value?
What got you here will NOT get you to the next level.
If you think about it, unless you get clarity on your target client service offering and then develop your sales skills, you run the risk of under-servicing your clients, which benefits no-one.
Most people, by default, because they don’t think big, don’t aim high, and end up developing very average or below average habits.