Digital CPA by CPA.com Transforming CPA Firms: Insights from Lisa Simpson on Business Model Transformation
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Nov 26, 2024 Lisa Simpson, Vice President of Firm Services at the AICPA, dives into the vital topic of business model transformation for CPA firms. She discusses the shifting landscape of public accounting and the cultural evolution needed to attract talent. Key challenges and opportunities emerge, driven by technology and governance changes. Lisa emphasizes the importance of innovative leadership and adapting compensation structures for success. The urgency of starting this transformation journey is highlighted, especially with 2025 on the horizon as a pivotal year.
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Holistic Business Model Transformation
- Business model transformation in CPA firms involves redefining the traditional operating model.
- It prioritizes team member success, contributing to firm success and attracting new talent.
Driving Forces of Transformation
- Talent and technology are the main drivers of change, necessitating a shift in capital structure.
- This shift is crucial for adapting to the evolving landscape of the profession.
Challenges in Transformation
- Fear of failure hinders transformative changes, especially in smaller firms.
- In larger firms, governance issues, like disagreements on trivial matters, can impede progress.