The year ahead for accounting: 2020 in numbers

In order to see what CPAs and accountants believe 2020 has in store for them — and what they have in store for it — Accounting Today conducted its annual survey of almost 600 firms of all sizes in late October, polling them on everything from their growth expectations to their plans for tech spending, their use of social media, and the new services they're offering.

In addition, a panel of firm leaders share what they expect 2020 to bring the accounting profession here.

AT-120119-YA-GrowthRates.png
AT-120119-YA-GeographicExpand.png
AT-112519-YearAhead-AllFirmIssues.png
AT-112519-YearAhead-SmallFirmIssues.png
Last year, more than half of small firms cited the Tax Cuts and Jobs Act as their biggest concern; less than a quarter did this year. The growing worry for 2020 is keeping up with technology: Only 29 percent were concerned about it last year, versus 42 percent this year.
AT-112519-YearAhead-MidsizedFirmIssues.png
The TCJA also dropped as a major concern for midsized firms; otherwise, their list of challenges remained much the same.
AT-112519-YearAhead-LargeFirmIssues.png
Less than a fifth of large firms are concerned about the TCJA; their big issues are recruiting and retention, as it has been for several years.
AT-112519-YearAhead-TaxSeason.png
Accountants are much less pessimistic about the upcoming tax season; only 5 percent think it will be worse than the previous year's, against 24 percent who expected that in the last survey. The percentage who expect it to be the same is about the same, while the percentage of those who expect it to be better is 17 percentage points higher.
AT-120119-YA-TaxSaturdays2020.png
The percentage of firms required staff to work some or all Saturdays during tax season remains much the same as last year.
AT-120119-YA-HiringPlans.png
Just over half of all firms are planning to hire at least one new full-time employee in 2020 — a number that climbs to more than three-quarters among large firms.
AT-120119-YA-Planning.png
Overall, the number of firms with strategic plans and successions climbed slightly from last year; this is the first year the survey asked about innovation programs, but they are already well-represented.
AT-120119-YA-NewServices.png
CAS is the most popular new service to add, followed closely by payroll and nonprofit offerings.
AT-120119-YA-TechIncreaseVs.png
AT-120119-YA-RemoteWorkers.png
AT-120119-YA-Networks.png
AT-120119-YA-SocialMedia.png
MORE FROM ACCOUNTING TODAY

Chief financial officers hope to control costs in 2026 while still expanding revenue, according to a new survey.

7h ago
3 Min Read
AT-102125-Expected growth in SGA budgets relative to assumed revenue growth in 2026

The Trump administration agreed to procedures for student debt relief so borrowers who have their loans canceled this year don't get hit with a huge tax bill.

8h ago
3 Min Read
The U.S. Department of Education building in Washington, D.C.

The American Institute of CPAs is asking for more flexibility for taxpayers who wish to claim tax deductions for overtime and tip income under the OBBA.

9h ago
3 Min Read
Tipping -- tip money for a server

SAP announced new specialized AI Joule Agents (named for its generative AI copilot Joule) that handle travel and expense processes as well as core finance functions.

10h ago
3 Min Read
SAP's corporate campus in Walldorf, Germany

Enforcement activity and Tax Court cases are at a standstill, and practitioners should expect backlogs and slowdowns.

October 21
2 Min Read
Congress Focuses On IRS Delay In Disclosing Groups' Scrutiny

Wojeski & Co. has reached a $60,000 settlement with New York Attorney General Letitia James after it was hit by two data breaches and ransomware attacks.

October 20
3 Min Read
james-letitia-nyag.jpg