In 2020, only 47% of firms reported revenue growth — down nine points from 56% in 2019. Is it any surprise that in a 2021 survey performed by Accounting Today for Wolters Kluwer, 96% of firms are taking steps to grow their business in the next 3-5 years?

How are they planning to grow? Only 52% of firms cited adding or updating technology as part of the plan to grow their business. Where are firms looking to gain additional capacity?

The Great Resignation aside, the accounting industry has struggled with hiring, training, and retaining qualified staff for years, only exacerbated by a shortage of new CPAs in the pipeline.

If more than half of CPA firms aren’t planning to use technology to support firm growth, and we already know there’s a staffing issue, what are firms saying about how they want to grow? And how can they achieve that growth?