Automation and technology is increasingly commodifying tax and bookkeeping services, leaving advisory services as a must-seize opportunity for all accounting firms; beginning with tax.
To quote Jason Ackerman, CPA, BNA CPAs & Advisors, “Advisory is the future of accounting: traditional compliance will become completely automated in the next few years. If you aren't positioning your firm for this change, your firm will probably not be around in the future.”
What Has Changed?
With the passing of the December 2017 tax bill, a gift was handed to every US accountant—so much so, that lawmakers pulled back special treatment of the accounting profession for pass-through tax protection. Because of the bill’s sweeping changes across both business and individuals, every person and business in the US is anxious and confused about how it will affect them.
They are actively asking questions and seeking advice on how to best to position themselves to benefit from the changing rules. The questions practitioners now have are no longer about who to approach, but rather now who to answer.
To recap the recently passed US tax bill, a quick overview of some of the changes are outlined in the chart below