State of the Accounting Industry: Adapting to Change and Setting Expectations

As we move forward, it's important to set clear expectations and educate you about the current state of the accounting industry. According to the American Institute of Certified Public Accountants (AICPA), from 2016 to 2021, there has been a 33% decline in first-time candidates taking the CPA exam. Additionally, 75% of CPAs are at or nearing retirement age. Consequently, there has been a collective 17% decline in the number of accountants in the U.S.
Given these challenges, we want to inform you about the steps Cornbelt Financial is taking to address the challenges that our industry is presented with. Here are the key areas we are focusing on:

Simple Economics: Increased Demand and Rising Prices
With the decline in the number of accountants, demand for accounting services (and staff) now exceeds supply. As a result, prices for accounting services are increasing across the industry. It's important to understand that this is a widespread trend affecting all firms, not just ours. We are committed to maintaining fair pricing while ensuring we can continue to offer the high-quality services you expect.

Leveraging Technology: Enhancing Efficiency and Client Experience
In response to these industry changes, we have invested heavily in deploying a robust operating system in Canopy. This technology enhances our efficiency and helps streamline processes. We encourage all our clients to follow the processes, read instructions carefully, and use the tools and systems we have made available. By doing so, you help us serve you more effectively and ensure a smoother experience for everyone.

Identifying and Developing New Talent
We are actively addressing the talent shortage by identifying and developing new talent. We are excited to welcome Joven Nelson, who has been interning with us since 2020, as a full-time team member. Additionally, we have hired Sam Billman as an intern this summer, who will graduate in 2025. Investing in the next generation of accountants ensures that we have the skilled professionals needed to continue serving you in the future.

Seeking Remote Talent: Expanding Our Talent Pool
To adapt to the changing landscape, we also seek remote talent. This approach allows us to access a broader talent pool and ensures we have the expertise required to meet your needs. By embracing remote work, we can attract top talent from across the country, further strengthening our team and enhancing our ability to serve you.

How You Can Help
Your cooperation and understanding are essential as we navigate these industry challenges together. Here are a few ways you can help us continue providing you with exceptional service:

1. Timely Document Submission: Submit your tax documents early and completely. Utilize our client portal and check your inbox for notifications from [email protected] & [email protected]. Please also review our new service schedule for additional information. 
2. Use Available Tools and Resources: Follow the processes, read instructions, and use the tools and systems we have provided. This will help us serve you more efficiently and ensure a smoother experience for everyone.
3. Proactive Tax Planning: Engage in off-season tax planning to optimize your tax outcomes and gain insight into what can be expected in the next tax season.
4. Stay Informed: Keep up-to-date with our communications and updates. This will help you stay informed about any changes and ensure you are aware of what we need from you.
5. Be Patient: We generally operate on a first in first out (FIFO) basis addressing deliverables, projects, and requests as they come to us. However, certain tasks take priority over others as we’re working with deadlines every month.  

We are committed to adapting and evolving to meet the challenges of the current accounting industry landscape. Thank you for your continued trust and cooperation. Together, we can navigate these changes and ensure continued success.

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