Rick Telberg of Bay Street Group LLC recently issued a whitepaper called “Emerging Opportunities for Accounting Firms in a Changing Economy.” The whitepaper has some great information on the volatility in our economy and the opportunities it has created for savvy accounting firms.

Simply put, if you can figure out how to market correctly within the current economy (and where the economy may be going), there’s a ton of work out there for your firm!

Here’s a bit on the five biggest factors that are currently creating new opportunities for accounting firms:

Five Key Factors Driving New Opportunity
Based on a pre-project examination of current literature, professional discussions and the ongoing assessments and analysis of Bay Street Group LLC, five broad areas were identified as timely and decisive factors driving new opportunities for accounting firms:

1. CRISIS CREATES OPPORTUNITY: Due to economic contraction and dislocation unseen in a generation, new competitive advantages are quickly emerging for well-positioned market leaders and astute value innovators.

2. RECOVERY, RE-REGULATION AND NEW RULES: As part of the re-stabilization of the global financial services sector, standards-setters and regulators are conducting a thorough reconsideration of accounting and auditing rules. New canons of practice are developing for accountants and auditors. Quick witted and quick-footed firms stand to win first-mover advantages.

3. YES, NEW TAXES: In the United States, in particular, governments at all levels are seeking revenue enhancing measures. The new Obama Administration, for example, is seeking to fund new initiatives in healthcare, energy and education while also covering the long-term costs of emergency bailouts, prepackaged bankruptcies and new industrial and infrastructure policies.

4. THE TALENT SHIFT: In the past few years, accounting firms suffered sometimes severe staffing shortages caused by (1) a surge in assignments related to post-Enron Sarbanes-Oxley auditing rules and (2) a decline in CPA candidates as students instead pursued MBAs for higher paying jobs on Wall Street. With the implosion in Finance, students are once again flocking to accounting, providing a ready, able and price-negotiable pool of new talent.

5. TECHNOLOGY DRIVERS: As can be expected, technology is proving to be the great lever separating the thriving accounting firms from the merely surviving. Accounting firms are embracing efficiency, integration, continuous connectivity and workforce mobility as their watchwords.

For the nine strategies Rick recommends for accounting firms that want to capitalizing on these factors, take a look at the whitepaper. It’s a great read!

Rick Telberg’s Website: Bay Street Group LLC

Rick Telberg on Twitter: CPA_Trendlines

Rick Telberg’s blog: CPA Trendlines