Gary Boomer

Leadership, talent, technology, processes and growth are critical for making your firm innovative.

The accounting profession has been optimizing for two decades; now is the time to transform.

To embrace change simply isn’'t enough in today’s disruptive environment.

There are many projects that any firm, regardless of size, can implement that, if successfully executed, can create significant performance improvements and reduce the risk of missed opportunities.

IMGCAP(1)]In order for change to happen, people and organizations must adopt new behaviors. Most in the accounting profession admit that change is necessary, but honesty about the situation doesn't make change easy or fast. The gravity of the past is generally more compelling and less risky to many than the potential reward of the future. With this said, internal and external forces are driving change at an increasing pace.

IMGCAP(1)]Accounting firms are not exempt from the influence of socialnetworking and social media. The questions firms face are: Is it betterto control or influence social networking? And how can social mediahelp accelerate business?

The economy has offered a boon to the accounting industry in recentyears, but a time of reckoning has come and firms are faced with newrealities. They must discover new ways to do more with less whileincreasing profitability.

Ensuring meaningful accountability requires management, and there is a crisis of under-management in most accounting firms. In his book It's OK to Be the Boss, Bruce Tulgan explains how many leaders and managers struggle with the entire concept of management. I've observed that a majority of partners in accounting firms either lack management skills or prefer not to manage. The words empowerment and micromanagement are often used as excuses for managers not spending time with those reporting to them (unless there is a crisis).

Today's digital environment presents significant risk as well as rewards.

CPAs are often characterized by a propensity to cut expenses, butare they good at pruning? New growth comes from pruning, whereas deathcan result from cutting. Some firms are resorting to making cutswherever possible, while others are finding quality personnel andskillfully managing overhead.

CPAs should watch their language during tough economic times.