TWR Podcast Episode 106: 5 Things Practitioners Must Focus On in 2025

In the latest episode of The Woodard Report Podcast, hosts Joe Woodard and Heather Satterley deliver valuable insights and commentary for accounting, bookkeeping, and tax professionals.

The episode highlights key findings from the 2024 AICPA and CPA.com Client Advisory Services (CAS) Benchmark Survey, book recommendations, impactful quotes and social media highlights. Here’s a summary of the episode’s key points and their implications for accounting professionals.

Key findings from the CAS benchmark survey

Joe and Heather analyze the AICPA and CPA.com CAS Benchmark Survey, offering data-driven insights into the state of the accounting profession and its growth trends. The survey gathered responses from 250 CPA firms and provided a snapshot of practice performance, service offerings and industry trends.

Growth trends in CAS practices

The survey revealed that CPA firm growth has nearly recovered to pre-pandemic levels, although not all respondents have fully rebounded.

Notably, top-performing firms have surpassed their 2018 and 2020 metrics, showcasing their resilience and strategic adaptation. Joe attributes the slower overall recovery to the altruistic underpricing of services during the pandemic, where firms prioritized client support over profitability.

The survey forecasts significant growth in the CAS sector over the next three to five years, driven by increased demand for services like controllership and CFO functions. Joe underscores the importance of preparation, noting that firms must strategically plan for this growth by investing in staffing, technology and service enhancements.

Service offerings and opportunities

An interesting trend in the survey is the high percentage of CPA firms offering transactional accounting (97%) and controllership services (90%), while fewer firms (69%) offer CFO or advisory services.

Joe and Heather suggest that this reflects firms' comfort with traditional services and hesitancy to venture into advisory roles, which require more specialized knowledge and soft skills.

For non-credentialed accounting practices, this trend highlights an opportunity. With CPA firms encroaching on traditional bookkeeping services, non-credentialed professionals can differentiate themselves by specializing in financial analytics, niche expertise and cutting-edge advisory roles.

Emphasis on technology and value pricing

The survey also explored technology adoption, with 58% of top-performing firms reporting a centralized, customized technology stack with industry-specific dashboards. But many firms still lack advanced tech integration, presenting a "blue ocean" opportunity for consultants who can help bridge this gap.

Another striking finding was the shift away from hourly billing. Only 10% of firms rely on hourly billing in 2024, down from 53% in 2018.

This shift underscores the growing adoption of value-based pricing, a model championed by thought leaders like Ron Baker. Joe encourages listeners to embrace value pricing while also abandoning outdated time-tracking tools where possible.

**Book spotlight: Your Best Year Ever by Michael Hyatt**

Heather highlights Your Best Year Ever by Michael Hyatt, a guide to achieving personal and professional growth. The book outlines nine interrelated domains—body, mind, spirit, love, family, community, money, work, and hobbies—where individuals can focus their efforts to create balance and synergy in their lives.

Key takeaways include:

Confronting beliefs: Identifying and challenging self-limiting beliefs is critical for personal growth.
Practicing gratitude: Gratitude is presented as the cornerstone of happiness and progress.
Goal setting: Hyatt provides practical tools and templates for setting and achieving meaningful goals within a year.

Heather praises the book’s actionable steps and its focus on creating a growth mindset. She shares her excitement about implementing its principles in her own life and encourages listeners to explore it.

Inspiration from pop culture

The episode’s movie and TV quote segment features insights from the X-Men universe. Heather shares a quote from Colossus in Deadpool: “It’s four or five moments. That’s all it takes to be a hero.”

This quote underscores the importance of staying true to one’s values and being prepared to act in pivotal moments.

Joe offers a profound quote from Professor Xavier in X-Men: Days of Future Past: “As frightening as it may be, your pain will make you stronger. If you allow yourself to feel it, embrace it, it will make you more powerful than you ever imagined.”

He reflects on how pain and challenges, when embraced, lead to personal growth and resilience.

Social media highlights

Both hosts share impactful posts from the X (formerly Twitter) platform. Joe discusses a thought-provoking quote falsely attributed to Socrates: “Strong minds discuss ideas. Average minds discuss events. Weak minds discuss people.” He encourages listeners to elevate their conversations by focusing on ideas and solutions.

Heather shares a motivational post from Liz Scott marking "Quitter’s Day," the day when many abandon their New Year’s resolutions. The message reminds listeners of their strength and capacity for progress, no matter how small the steps.

Spotlight on The Woodard Report

Heather’s favorite article of the week is part one of a series by presenter Jeannine Etienne on ADHD in the workplace. The piece explores the unique attributes of individuals with ADHD and how these traits can be leveraged for success. With part two forthcoming, Heather commends the article for its valuable insights and practical advice.