Accounting Practices Large and Small Seeing Strong Growth by Adding IT Services

Posted by John Goode, Senior Director of Channel Marketing
Accounting firms that add business consulting and IT service lines report growth that eclipses that of adding financial services, according to a recent report from SourceMedia.
Nearly half of the 298 CPAs and tax professionals surveyed by SourceMedia Research reported that adding business consulting and IT services lines brought high to moderate growth, where less than 1/3 of those who reported adding financial services lines reported growth at those rates. That trend was consistent across large and smaller firms.
Adding capacity and products in IT services and business consulting is crucial as customers increasingly look to their CPAs and tax partners for help beyond controlling and bookkeeping, according to a recent Oracle NetSuite webinar conducted with SourceMedia’s Accounting Today trade publication. This is particularly important as the role of the CFO continues to evolve from “bean counter to business model strategist,” as Constellation Research Founder and Principal Analyst Ray Wang puts it in his research, “The Rise of the Postmodern CFO,” which is cited in the survey.