5 Problems CPAs in Oklahoma Face

Every two years, the AICPA conducts a survey to see what the biggest issues are for CPA firms.

While the order may have changed, surprisingly, the topics have remained the same for the last fifteen years. Let’s look at what’s trending for CPAs in Oklahoma.

Qualified Staff

The AICPA categorizes issues according to firm size - from solo professionals to those with 21 or more employees. In the late 2000s, retaining or finding clients was number one for most CPAs.

However, particularly in Oklahoma, CPAs are encouraged by the economy and are dealing with issues related to renewed growth. Staffing issues were top concerns before 2008, and once again are the top issues with all but solo practitioners.

Competition is intense for qualified staff – with accounting students who have 3.4 or higher grade point averages being recruited in their junior years.

Succession Planning

Another reason why finding qualified staff is crucial today is that according to the AICPA, 75% of CPAs are expected to retire within the next 15 years. Even solo practitioners cited succession as a top five issue in the latest survey.

Not only will staff need to be replaced, but leadership will need to be groomed. In solo practices, agreements will need to be made with other CPAs to transition clients, so they are not left high and dry.

Complexities of Tax Laws and Federal and State Regulations

This is the top issue for sole practitioners and is a top five concern for most of the groups surveyed. Though tax reform is a hot topic on the campaign trail, it is not yet a reality. The complex tax laws and Federal and State regulation modifications keep Oklahoma CPAs busy – which leads to the next issue.

Seasonality and Workload Compression

This is always a concern of CPAs. The complexities of the tax laws, the declining service from the IRS, and changing federal and state regulations have begun to extend the time of year when long hours and high stress are the norm further into the year.

This is, again, a reason qualified staff is a top issue. Fear of losing staff due to the increased stress, or needing to find additional qualified staff to expand the workforce, are on the rise along with workload compression.

Implementing Technology

Oklahoma CPAs need to realize that technology is changing the way services are provided to their clients. The new generation of clients are tech savvy, and won’t have the patience to work with CPAs stuck in “the way it was always done.”

The easiest way to embrace the technology trend is to consult and work with experts who can get Oklahoma CPAs up-to-date and ready to meet new challenges.

 

What are the problems you feel Oklahoma CPAs face? How have you tried to solve them? Let us know your thoughts in the Comments box below.

 

If you own or manage an Oklahoma CPA firm and would like to find out how technology can help you, be sure to download your free Information Technology Guide for Oklahoma City CPAs.