The new year is always a good time to evaluate future goals and make plans to achieve them. 2019 will be a year of big changes for many firms. One firm on the leading edge of change is Randy Jentzsch and Company. In a recent webinar called “Transforming your tax practice,” the firm’s Tax Manager, Jeremy Allen, shared some insight into how to bring innovation into your firm. Here are three important take-aways.
The office of the future may be virtual
Logging 80 hours per week in the office will no longer be the norm for a profession that’s eager to attract young staff. In the webinar, Allen explains how the firm was able to keep a valued employee on after an out-of-state move, hire new out-of-state staff, and even offer current staff the ability to work remotely for extended periods of time while travelling. Geography no longer has to be a limitation when solving staffing challenges.
Not all growth is created equal
As taxes become more automated, tax compliance work is becoming less profitable. Even if firms can achieve double-digit growth in terms of number of returns filed, they will experience diminishing profits. According to Allen, Randy Jentzsch & Co has achieved high growth moving from compliance to advisory work. They meet with clients more frequently and dive deeper into their clients businesses.
What worked yesterday won’t work tomorrow
The whole point of transforming your tax practice is to adapt to changes in the profession. We are in a period of unprecedented change, and firms will find less and less success by operating the same ways they always have. Its important for firms to be proactive to avoid falling behind.