Skip to content
AICPA-CIMA
  • AICPA & CIMA:
  • Home
  • CPE & Learning
  • My Account
Journal of Accountancy
  • TECH & AI
    • All articles
    • Artificial Intelligence (AI)
    • Microsoft Excel
    • Information Security & Privacy

    Latest Stories

    • Fraud and technology: How to handle the double-edged sword
    • Report: AI speeds up work but fails to deliver real business value
    • CFOs signal crucial role that technology will play in 2026
  • TAX
    • All articles
    • Corporations
    • Employee benefits
    • Individuals
    • IRS procedure

    Latest Stories

    • IRS will stay fully staffed for first five 5 days of shutdown
    • New law, IRS workforce cuts raise red flags for tax season, reports say
    • SECURE 2.0 amendment deadline extended for IRAs, other retirement plans
  • PRACTICE MANAGEMENT
    • All articles
    • Diversity, equity & inclusion
    • Human capital
    • Firm operations
    • Practice growth & client service

    Latest Stories

    • IRS will stay fully staffed for first five 5 days of shutdown
    • New law, IRS workforce cuts raise red flags for tax season, reports say
    • SECURE 2.0 amendment deadline extended for IRAs, other retirement plans
  • FINANCIAL REPORTING
    • All articles
    • FASB reporting
    • IFRS
    • Private company reporting
    • SEC compliance and reporting

    Latest Stories

    • SEC proposes amendments to small entity definitions
    • Key signals from the SEC-PCAOB conference point to a busy new year
    • New SEC chair to CPAs: ‘Back to basics’
  • AUDIT
    • All articles
    • Attestation
    • Audit
    • Compilation and review
    • Peer review
    • Quality Management

    Latest Stories

    • 5 imperatives for auditors from the PCAOB chair
    • Key signals from the SEC-PCAOB conference point to a busy new year
    • Audit transformation road map: New report lays out the journey
  • MANAGEMENT ACCOUNTING
    • All articles
    • Business planning
    • Human resources
    • Risk management
    • Strategy

    Latest Stories

    • Report: AI speeds up work but fails to deliver real business value
    • How a CPA beat burnout after strokes, years of depression
    • Overall economic view slides, but CPAs feel better about their companies
  • Home
  • News
  • Magazine
  • Podcast
  • Topics
Advertisement
  1. newsletter
  2. Cpa Insider
CPA INSIDER

How firms of any size can innovate

From small to large, accounting practices of all types can be effectively thinking ahead.

By Amy Vetter, CPA/CITP, CGMA
July 15, 2019

Please note: This item is from our archives and was published in 2019. It is provided for historical reference. The content may be out of date and links may no longer function.

Related

June 13, 2019

Develop a coaching culture in your organization

June 11, 2019

When choosing technology, put clients first

June 1, 2019

What’s ‘critical’ for CPAs to learn in an AI-powered world

TOPICS

  • Firm Practice Management
    • Strategic Planning

We live in a climate of constant business innovation. The exponential rise of technology creates an environment where there is a premium on finding new and better ways of doing things. Even age-old conventional wisdom about our profession is being put to the test. When you can find articles speculating that blockchain-based technologies have the ability to replace double-entry accounting, a system in place since the Renaissance, nothing is off limits.

However, there is a big difference between talking about innovation and implementing at your practice. Most accounting professionals want to be forward-thinking and provide services their customers will value for years to come. Figuring out how to do that in a way that isn’t overly risky or time-consuming is another concern entirely. Fact is, no firm can overhaul itself overnight, nor can it close up shop and throw all its resources at innovating its operations and services. The size and resources of your firm will go a long way in dictating what prudent, effective approaches to innovation might look like. Everyone can stand to innovate, but there’s no one-size-fits-all approach for how to do that.

The Big Four begin to disrupt

Before “disruption” became a buzzword across all industries, it was largely the purview of upstart companies looking to take on the big boys. In fact, Clayton Christensen, the author and professor who originally coined the term “disruptive innovation,” defined it as actions taken by emerging businesses to challenge industry players.

How things have changed. No longer willing to wait for a challenger to disrupt an industry, huge players now attempt to preempt that disruption by making it happen themselves. Perhaps no sector illustrates this change more than the accounting profession. The Big Four firms are leading the way in investigating what the future of accounting may look like, and they have dumped massive amounts of money into the effort.

In a 2018 article for Forbes, Peter Bendor-Samuel examined the way Big Four firms are challenging established patterns in both IT and advisory services. “The leader in the disruption is Deloitte, the most mature and largest of the consulting and services practices,” he wrote. “Over the past two years, the firm went through a significant exercise in globalizing its practices, creating an ‘As One’ Deloitte marketplace rather than having regional fiefdoms. In the digital space, Deloitte built out formidable capability, ranging from some of the leading talent in digital transformation to offshore talent factories to support that. Building digital capability included creating innovative new service offerings, where the firm often sells services on a sole-source basis through Deloitte’s incredible network.”

With huge teams solely dedicated to figuring out every avenue for potential innovation, it’s hard for even larger firms to mount a challenge in the IT creation space. What they can do is follow what the Big Four are doing. What starts at the top usually becomes pervasive over time. When a Deloitte or EY begins adopting a practice in a widespread manner, it’s time to take notice.

Innovation on a smaller scale

A small firm typically does not have the investment dollars to be able to build out an innovation team full of developers and other tech professionals. In most cases, it’s not a great idea to devote your energy to developing in-house IT solutions, unless that is a business you want to go into. But there’s more than one way to innovate and the impetus to do so should be universal across firms of all sizes.

One of the most fruitful routes for innovation starts with an investigation of the services you provide and how you provide them. These two avenues are closely intertwined. Rather than trying to create your own software solutions, you can look at which products to adopt to increase your operational efficiency. When you can achieve what you’re already doing faster and with less hassle, you can begin thinking about additional services to provide. The less time you have to spend on data entry, for example, the more time that can be spent providing essential advisory services to your clients.

Advertisement

In general, when you have a limited budget, you don’t have the latitude to gamble on possibly game-changing but relatively far-off solutions. You need innovation that can work today, which is a lot different from innovation that might work years down the road. A great way to find that is to look at software that your peers are using. Take part in online forums to ask questions, get involved in networking groups with firms of similar sizes, and when you have downtime in the summer, take advantage of it and attend conferences where you can hear from other practitioners about their experiences and ask vendors questions face-to-face in the exhibit hall.

Companies situated in between small firms and the Big Four can adopt a middle ground. Medium-size firms may be able to focus small teams on testing the viability of innovative options for their practice. As such, you can dip your toes in the water before committing to sweeping change. It’s a great way to ensure that the way you choose to innovate internally will be actionable. Hiring consultants outside of your firm that focus on artificial intelligence, machine learning, and blockchain technology can also help guide you to success, as well as lead you away from pitfalls they have experienced in the past.

No matter your firm’s size, testing these products yourself internally with your own books and transactions is always a great way to learn. When you see how your transactions flow, you also get more familiar with the customer support and training options that these technology companies provide. It will allow you to experience it yourself so you can better educate your customers on the pros and cons of an application so you know it’s the right fit.

The mindset of innovation

Firms of all types and sizes benefit from approaching innovation with an open mind and willingness to adapt. In the 21st century, businesses that stick their heads in the sand lose — just ask Blockbuster, Toys “R” Us, RadioShack, and any number of former giants that have tumbled in the face of changing times. It’s very hard to grow, especially when clients have more options than ever before, when you rely on outdated technology and service offerings.

Innovation looks different in varying corners of our profession, but everyone should be looking to innovate. It is not just for the largest firms. Understanding how and when to innovate can separate you from a crowded field and lay out a path for continued success.

— Amy Vetter, CPA/CITP, CGMA, is the CEO of The B3 Method Institute, a keynote speaker and adviser, Technology Innovations Taskforce leader for the AICPA’s Information Management Technology Assurance (IMTA) Executive Committee, and the author of the book Integrative Advisory Services: Expanding Your Accounting Services Beyond the Cloud, published by Wiley. Learn more at amyvetter.com. To comment on this article or to suggest an idea for another article, contact Jeff Drew, senior editor, at Jeff.Drew@aicpa-cima.com.

Advertisement

latest news

January 30, 2026

IRS will stay fully staffed for first five 5 days of shutdown

January 28, 2026

New law, IRS workforce cuts raise red flags for tax season, reports say

January 27, 2026

SECURE 2.0 amendment deadline extended for IRAs, other retirement plans

January 23, 2026

IRS releases FAQs on qualified overtime pay deduction under H.R. 1

January 21, 2026

Fraud and technology: How to handle the double-edged sword

Advertisement

Most Read

Filing season quick guide — tax year 2025
IRS to start accepting and processing tax returns on Jan. 26
How a CPA beat burnout after strokes, years of depression
Business standard mileage rate increases for 2026
Tax-efficient drawdown strategies in retirement
Advertisement

Podcast

January 29, 2026

Why stablecoin controls create a solid foundation in an evolving environment

January 22, 2026

Accountability the ‘No. 1 thing’ and other reflections from Bill Reeb

January 15, 2026

Tom Hood on AI, hybrid work, and other 2026 themes shaping accounting

Features

Get ready for tax season
Get ready for tax season

Get ready for tax season

Filing season quick guide — tax year 2025
Filing season quick guide — tax year 2025

Filing season quick guide — tax year 2025

How a CPA beat burnout after strokes, years of depression
How a CPA beat burnout after strokes, years of depression

How a CPA beat burnout after strokes, years of depression

Tax-efficient drawdown strategies in retirement
Tax-efficient drawdown strategies in retirement

Tax-efficient drawdown strategies in retirement

Simple but effective AI use cases for CAS
Simple but effective AI use cases for CAS

Simple but effective AI use cases for CAS

Shaping AI governance and controls
Shaping AI governance and controls

Shaping AI governance and controls

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.

From The Tax Adviser

December 31, 2025

Practical tax advice for businesses as a result of the OBBBA

November 30, 2025

How a CPA and wealth adviser partnership can guide families through transition

November 30, 2025

Digital asset transactions: Broker reporting, amount realized, and basis

October 31, 2025

Recent developments in estate planning

MAGAZINE

January 2026

January 2026

January 2026
December 2025

December 2025

December 2025
November 2025

November 2025

November 2025
October 2025

October 2025

October 2025
September 2025

September 2025

September 2025
August 2025

August 2025

August 2025
July 2025

July 2025

July 2025
June 2025

June 2025

June 2025
May 2025

May 2025

May 2025
April 2025

April 2025

April 2025
March 2025

March 2025

March 2025
February 2025

February 2025

February 2025
view all

View All

http://JofA_Default_Mag_cover_small_official_blue

PUSH NOTIFICATIONS

Learn about important news

This quick guide walks you through the process of enabling and troubleshooting push notifications from the JofA on your computer or phone.

CPA LETTER DAILY EMAIL

CPA Letter Logo

Subscribe to the daily CPA Letter

Stay on top of the biggest news affecting the profession every business day. Follow this link to your marketing preferences on aicpa-cima.com to subscribe. If you don't already have an aicpa-cima.com account, create one for free and then navigate to your marketing preferences.

Connect

  • X Logo JofA on X
  • facebook JofA on Facebook

HOME

  • News
  • Monthly issues
  • Podcast
  • A&A Focus
  • PFP Digest
  • Academic Update
  • Topics
  • RSS feed rss feed
  • Site map

ABOUT

  • Contact us
  • Advertise
  • Submit an article
  • Editorial calendar
  • Privacy policy
  • Terms & conditions

SUBSCRIBE

  • Academic Update
  • CPE Express

AICPA & CIMA SITES

  • AICPA-CIMA.com
  • Global Engagement Center
  • Financial Management (FM)
  • The Tax Adviser
  • AICPA Insights
  • Global Career Hub
AICPA & CIMA

© 2026 Association of International Certified Professional Accountants. All rights reserved.

Reliable. Resourceful. Respected.