Imagine this: you’re at a cocktail party, and someone asks what you do for work. You say, “I’m a tax pro,” and what do they envision? Chances are that your companion has an outdated idea of what a career in accounting entails. They might imagine you working long hours (evenings and weekends, too!), wearing a green visor and sitting under a banker’s lamp, using an adding machine to prepare one tax return after another, hour after hour, and day after day.
Even worse, it’s not only laypeople who are mistaken. This common misunderstanding is limiting students’ choices to pursue a career in tax work and is causing an industry-wide labor shortage. In a recent article titled More Predictions about the Profession’s Future published in The CPA Journal, CPA Yigal Rechtman worried that the future of his profession is at risk and offered some thoughts about what’s driving the decline, writing, “The current impediments to growth are mostly driven by the perception of prospective entrants to the CPA profession.” Research supports Rechtman’s assessment of the effect of this negative perception. The International Federation of Accountants reports that “one impact felt by professional accountancy organizations is a diminishing pipeline of graduates ready to enter certification programs.” The IFAC attributes this to “fewer young people than historically has been the case [being] attracted at an early age to pursuing a career as an accountant.”
These people don’t know that the work itself has changed, as has the cutting-edge technology that top firms are using to get it done. Do you? These days, to maximize both profits and professional satisfaction, you’ve got to focus energy in two directions: broadening your services to create more revenue streams and attracting new business from existing and potential clients. The team at IRS Solutions, a Tax Pro’s Best Friend, has some tips to help you.