The traditional business model of CPA firms revolves around tax, audit, accounting, advisory and financial services. That business model has been this way ever since they introduced accrual accounting in the 19th century. For the past 30 years, the business model for CPA firms has remained resilient despite mergers, acquisitions, recessions, technology and business calamities like Y2K. However, the latest dilemma for that business model is occurring today. I consider a change to any industry’s business model to be similar to the experience found on those rotating restaurants such as the one on top of the Space Needle in Seattle. You take an elevator up about 1,000 feet to the restaurant, check in and are seated at your table.
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