Description

Glenn sits down with Michael Horwitz, National Managing Partner of BDO Alliance USA, to explore the dramatic shift in accounting firm revenue streams. Over the past decade, consulting services have grown from 17% to 41% of revenue at top firms while traditional audit and tax work has declined. Michael shares insights from his 23 years working with hundreds of firm leaders about what's driving this transformation, from AI's impact on traditional services to the rise of virtual firms and why the most profitable firms are aggressively pursuing non-traditional service lines.

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• (00:00) - Welcome to Best Metrics
• (00:35) - Guest Introduction: Michael Horwitz
• (02:05) - Michael's Journey and Experience
• (03:09) - Current Trends in the Accounting Profession
• (04:10) - The Evolving Role of Accountants
• (05:26) - Educational Background and Skills for Accountants
• (08:19) - Non-Traditional Services in Accounting
• (09:41) - Revenue Trends in Accounting Firms
• (12:27) - Challenges for Smaller Accounting Firms
• (15:09) - Profitability and Growth in Accounting
• (18:30) - Private Equity and Ownership Structures
• (21:08) - Generational Differences in Accounting
• (24:34) - Financial Metrics for CPA Firms
• (26:30) - Profitability Drivers in Accounting Firms
• (30:33) - AI and the Future of Accounting
• (33:21) - The Importance of Storytelling in Data Analytics
• (40:07) - Virtual Firms and Remote Work
• (44:50) - Challenges and Opportunities in Modern Accounting
• (47:26) - Global Perspectives and Conclusion