Keep Your CPA Firm Competitive With These Accounting Trends
The accounting industry has always been a competitive one, as many industries are, and for CPA firms, keeping up-to-date with trends within the profession that can give them the upper hand, has long been of the utmost importance.
From an emphasis on advisory services, to the emergence of solutions driven by AI, and the welcome addition of offshore bookkeeping services, accounting trends are taking the profession by storm, and transforming the way that CPAs provide services to their clients.
Is your CPA firm up-to-date with these accounting trends?
Cloud-based accounting
With its ability to streamline the storage of data, and enable both collaboration and financial insights to take place in real-time, cloud-based accounting software is ultra-secure, and accessible from absolutely anywhere.
Without a need for costly on-site servers and in-house IT staff, it’s a convenient and effective solution for CPA firms of all sizes.
AI and automation
Tasks that are notoriously repetitive for accounting firms, such as bookkeeping, reconciliation and data entry, can now be easily automated with the help of tools powered by AI. This enables accuracy to be improved upon, irregularities to be identified, and complex calculations to be carried out with ease.
Data analytics
Giving accountants the chance to easily unveil patterns, spot trends, and generate insights driven by data, data analytics is highly empowering for CPAs, and enables them to do so much more than merely crunch numbers.
Robotic process automation (RPA)
With the help of software bots, RPA is able to automate many accounting tasks that are time consuming, but essential, for CPA firms, such as generating reports and categorizing data from receipts and invoices.
Blockchain technology
By organizing transactions into blocks and linking them with a cryptographic hash, blockchain technology helps to keep all records pertaining to transactions, totally secure. It can also be used to help CPA firms with tax payments and calculations, by automating them.
Data protection and cybersecurity
Offering monitoring in real-time, data encryption and threat detection, managed security solutions can help accountants effectively handle all sensitive data.
Digital signatures
During the process of electronic transmission, digital signatures add an extra security layer and ensure that documents are authentic. E-filing also helps to speed up the reporting of taxes and finances, and prevent the process from being paper-based.
Remote work
With the rise of platforms facilitating video conferencing, and accounting software that’s based in the cloud, it’s far easier and more effective for accounting teams to collaborate remotely, enhancing both their scalability and flexibility.
Advisory services
Turning accountants into strategic financial planners, advisory services are increasingly being added to the repertoires of CPA firms to give clients more, and drive new streams of revenue.
Outsourcing
Any CPA firm seeking to keep their outgoings as low as possible while streamlining their operations, could benefit from outsourcing some, or all of their regular functions, such as tax preparation and bookkeeping. Giving them access to highly skilled professionals who use the latest technologies, outsourced bookkeeping can help them grow their client base, and concentrate on building a service model that’s efficient and scalable.
As a profession, accounting is evolving at a rate of knots, and CPA firms who fail to stay updated with existing and emerging trends, could find their competitors stealing their clients!