Trends for Growth in 2024
Jason Marx, CEO, Wolters Kluwer Tax & Accounting, offers advice for firms looking to grow their business.
Q What advice do you have for firms looking to grow their business?
A Developing a strategy to sustainably grow the top line when faced with the realities of managing the bottom line — pricing pressu res, staffing issues, and changing client needs — can be difficult. So, the ad vice I give to firms and follow myself is: Stay grounded in the foundat ion of your business and, specifically, stay close to your clients. To do that, you must keep your finger on the pulse of the markets and routinely examine your firm’s capabilities to determine how these factors influence the ways you innovate and add value for your clients. As you’re planning for the year or for a specific growth initiative, take the time to reall y challenge what your firm is good at and then make sure you are positioned to meet current market demands. Finally, how you are advising your clients can really act as a differentiator when it comes to driving revenue growth.Empower your associates with consultative technology solutions that help identify advisory opportunities and provide details for associates to speak confidently about the issue. A team of confident, well-informed associates is your greatest asset for driving revenue growth.
Q What global trends do you see impacting the tax and accounting profession in 2024?
A Globally, the trend most likely to impact how firms achieve their revenue growth goals centers on the pace of technology advancements and digital transformation. The adoption of integrated, cloud-based technology is becoming more mainstream; however, firms are still at different stages of adoption. The mature, cloud-based firms are able to make faster changes to their workflows and processes by utili zing integrations and APIs to connect and streamline workflows and drive efficiencies. Uncertainty around changing legislation and regula tions, and concerns about firm management, including staffing and pricing co ncerns, also remain present. As we move into 2024, these issues likely stay front and center, which suggests that firms must remain cognizant of ways to ensure competitiveness in the face of a constantly changing market and stay efficient at meeting client expectations.
Q How do you envision AI transforming the accounting industry?
A AI has been transforming the accounting profession for some time now to populate data, enhance software integrations, and automate processes. In fact, Wolters Kluwer has been incorporating AI technologies, such as predictive intelligence and machine learning, for sever al years. These types of AI will continue to advance and enhance software solutions. Generative AI opens new possibilities for how technology solutions will support tax and accounting professionals by creating new outputs. We are currently working on ways to expand our solutions capabilities in relation to targeted tax code and accounting standards research and enhancements for client communications.
