The Massachusetts Society of CPAs released a
Based on a survey of more than 200 firm leaders at MassCPAs' New England Practice Management Conference last November, the findings point to some of the critical challenges and emerging opportunities in the areas of talent, technology, organizational structures and growth in advisory services.
The survey found that talent challenges remain a high priority, with 61% of respondents identifying recruiting talent as their top concern, followed by 39% focused on retention. Developing next-generation leaders (29%) and succession planning (24%) also ranked as pressing priorities.
Technology is also a key challenge. Moderate digital adoption is the norm for 62% of firms, with 18% achieving high adoption with extensive use of automation and data analytics. Investment priorities include cloud-based solutions (62%), automation for routine processes (54%) and client-facing portals (46%).
Succession planning (24%) and cost management (19%) are driving reevaluations of traditional firm models, with merger and acquisition activity and private equity playing significant roles.
Tax strategy and planning (69%) are leading the way in growth opportunities, with many firms increasingly shifting to advisory services like fractional CFO and business advisory (31%), fractional accounting (16%) and nontraditional services like ESG reporting. Traditional areas such as tax compliance (19%) and financial statement audits (17%) remain vital core services.
"These findings underscore a critical need for accounting firms to proactively address workforce challenges while embracing technological advancements and diversifying services," said MassCPAs president and CEO Zach Donah in a statement. "At MassCPAs, we remain committed to equipping our members with the tools and resources they need to thrive in this transformative era for our profession."
The report can be downloaded at
