Are you forced to scramble, work even longer hours, or lay off staff in order to keep the lights on? Or can you quickly adapt, expand your services, help more clients, and ultimately turn a crisis into an opportunity?

If 2020 taught us anything, it is to expect the unexpected. And each accounting firm across the globe is quickly learning the answer to the above question.

What determines how an accounting firm will react? Why are certain firms so vulnerable, while others seem in total control?

The answer has nothing to do with accounting. It all comes down to business expertise.

Despite their innumerable differences, accounting firms are all inherently businesses. The most common challenges they face and how easily they can be overcome relate to their leader’s ability to think strategically, manage staff, design efficient processes, and grow. All attributes that rely on business proficiency.

As we’ve seen in 2020 already, there is a stark variation between firm owners and their abilities to overcome, and even capitalize on, challenges.

The Karbon Practice Excellence Assessment qualifies and quantifies the critical business abilities of an accounting firm. It is the only assessment of its kind in the accounting industry. And it is the best way to assess what position an accounting firm is in to respond to the types of challenges that have been presented in 2020.

Practice Excellence identifies the specific areas your firm excels at. What you need to work on. And how you are performing on average against other firms.

Better yet, it equips you with personalized information and an action plan to focus efforts, overcome challenges, improve, and be prepared for whatever the world throws at you next.

700 accounting firms from around the world have taken part in the Practice Excellence assessment to date. And now is the perfect time to collate what these firms shared to provide a snapshot of the accounting profession in 2020.

Karbon's 2020 Practice Excellence Report reveals the averages of these 700 firms — broken down by region, size, business tenure, and more — along with an in-depth analysis of the most interesting findings.

With this report, you can compare your own firm with those similar around the world, improve your shortcomings, and ensure your firm can always turn a crisis into an opportunity.