What CPAs and Accountants Believe 2021 has in Store

When 2020 began, everyone was in the dark about how the coming year would unfold. WOW! Right?

For their annual survey, Accounting Today polled a wide range of CPA and Accounting firms in early November. 170 firms were asked about everything from their plans and expectations, future tax seasons, and the coronavirus pandemic. Here are some of the more interesting questions and the resulting data:

  • How much will your firm grow by in 2021?

Over 60% of the the firms were forecasting growth between 5 to 10% and more.

  • What is your outlook for next tax season?

80% of the accountants polled felt that it would be about the same or better.

  • When will the pandemic be behind us?

49% believe that the pandemic will continue to be with through all of 2021 and even further.

  • What's keeping all firms up at night?

The two most pressing issues for 72% of the firms are the Coronavirus Pandemic and the Economic Health of Clients.

  • What new services will you be offering for the 2021?

79% of firms will offer coronavirus-related services. That's up from 67% in 2020

  • How much does your firm spend on tech?

The average spent on tech for all firms is 14.8% of their annual budget and is expected to grow in 2021.

  • What percent of your staff are 100% remote?

37% of all firm employees are working from a remote location but they do not expect that number to increase for 2021.

Wishing you all the best in 2021!