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Even without a crystal ball, I can predict nine certainties for this year and beyond:
Art of Accounting: Nine predictions for the future
January 2, 2023 10:04 AM
The future will be different than now
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Client needs and services will be different than they are today
Our profession and the need for our services will be much different in the future. Some of the changes in the last 10 years have been revolutionary. Being prepared is the way to protect your practice. This is similar to the previous prediction, but I do not believe seeking new opportunities can be overemphasized.
Today’s staff will be tomorrow’s leaders
You will need to train, teach, empower, inspire and mold your staff so they will be able to assume control when you are in your waning years. The alternative to this is much less value for you to capture as you fade away.
Digital will be ubiquitous
It is already, and its uses are accelerating. You need to do everything you can to bring your practice up to date and then some, digitally.
Today’s unfilled to-do list will be tomorrow’s anachronism
I am pretty sure 90% of your to-do list will be left undone. Just look at the age of some of the holdovers. Most people spend time on their urgent and important projects, but rather than focusing on their most important projects, they work on the urgent but not important projects. Then when they have some free moments, they update their to-do list. Eliminate everything other than the important priorities and resist the temptation to assume responsibility or accountability for anything else.
You will be better off if you prepare a strategic plan
Almost all of my successful clients had a strategic plan to work from. These plans weren't always followed, but they always provided a guide and showed a way forward.
You will be older
This is not a bad thing (actually it is very good), and that will make you think and act differently and with a different energy level. I can't tell you how to prepare for this, but you need to recognize this reality. You should consider passing off some of what you are doing now to younger partners and staff.
You will either be financially secure or you won’t be
This can be dealt with with very little effort. Resolve to fully fund your retirement plan and let the magic of compounding help secure your financial security. If you are not making enough right now to do this, then increase your fees forthwith so you will be on that track. Deposit the funds monthly the same as you make your other necessary payments.
If you do not have your affairs in order, you will cause consternation, anxiety and costs for your family while they settle things
This includes a will and the accompanying documents, a buy-sell agreement if you are in a partnership, a practice continuation agreement if you are a solo, and a listing of where everything is and who to go to for assistance.
I would have liked to finish this list with an even 10, but every one of these nine predictions is prescient and should be heeded. Start the year on a good note by getting started to work on what I suggested here.
Have a good, healthy, peaceful, successful and happy year.
Do not hesitate to contact me atemendlowitz@withum.com with your practice management questions or about engagements you might not be able to perform.
I would have liked to finish this list with an even 10, but every one of these nine predictions is prescient and should be heeded. Start the year on a good note by getting started to work on what I suggested here.
Have a good, healthy, peaceful, successful and happy year.
Do not hesitate to contact me at
