Accounting is undergoing a rapid change as a profession. Essentially, accounting firms have begun to convert themselves into consultants and financial product sales companies. With the recent aggressive efforts of large companies such as American Express to buy CPA firms, accounting is beginning to change from a highly personal profession, staffed primarily by sole proprietors, into a consolidated industry. While the "Big 5" firms have always dominated the CPA profession, they have not found a way to profitably service small businesses. So from the small business owner's viewpoint, accounting firms have always been very small - until now.

What does this mean for you? There will be a decreasing number of CPA firms over the next five years or so. If you can learn to use accounting software programs without the need to outsource the general ledger or payroll function, you will be prepared to benefit from this new consolidation trend. You should expect your CPA to begin offering you analysis of your cost and income trends compared to others in your industry. Your CPA should also begin teaching you how to analyze financial statements yourself.

In other words, you are more on your own for the basics, but CPAs in the future will be improved sources of business intelligence about your industry and economic trends.