Challenges that CPA’s are Facing Today
The Impact of Technology on CPA’s
Development in technology is changing our everyday lives. It is transforming the economy and the way we do business. In respect to that, there have been extensive changes in client demands, and employment practices. CPA’s are among the group of professions which have been impacted extensively by the innovation of new technologies. With the advanced technology, online tax services, online payment options, and increased competition, CPA’s are pressured to lower their service cost and fees.
Working as a CPA is not easy at all, especially if you’re a solo practitioner or a small firm. Attracting new clients, staying up-to-date software and mobile devices, fighting deadlines, managing staff issues and managing cash flows and late payments, dealing with the incoming client calls, and scheduling appointments can become overwhelming for a CPA.
Major Challenges:
As per the 2016 IFAC Global SMP Survey, one of the significant challenges that small and middle-sized accounting practices consider the most important (high or very high impact) is:
- Experiencing pressure to lower fees (41 percent)
- Rising costs (39 percent)
- Differentiating from the competition (39 percent)
- Technology developments (35 percent)
- Personnel and staffing issues (33 percent)
According to Deloitte CEO Cathy Engelbart “As new tools augment our profession and streamline certain tasks, accountants will not only have to embrace new ways of working but take on expanded roles — as data analysts and other specialists,” Being a solo CPA or the owner, you need to accomplish several tasks from marketing your service to time management to hiring the right people to maintain a good relationship with your clients.
“Artificial intelligence, cognitive computing, blockchain, and even more mainstream technologies like cloud computing and social media are transforming what accounting and finance professionals do — and what they need to know. Our very existence depends on our ability to learn the skills that will let us work side-by-side with the machines and do the things they cannot yet do.” CPA’s need to have a clear vision about how they want to run their business concerning the newer technology and what they need to accomplish to keep their clients happy.
CPA’s need to come up with alternatives that add value to their service. So, they need to come up with features associated with technology that helps in reducing costs and increasing productivity. Overall, they should focus on how to enhance their service without having to lower their fees and at the same time build a strong relationship with their clients. “By automating parts of the business processes, AI grants accountants more time to serve as a strategic partner to clients and provide data-driven insights to inform business decisions,” said Jennifer Warawa, executive vice president of partners, accountants, and alliances at Sage.
To make the CPA’s life easier various solutions can be followed:
Hiring a team of virtual assistants will help with the handling of incoming calls, scheduling appointments, preparing your documents, and other daily functions. With the help of an Officense virtual assistant, you will be able to focus on your clients, provide them with a better service, and build a stronger relationship with them.
Officense will assist both small and large CPA firms in reducing their workload, costs, and offer value-added services to meet clients changing demand and expectations. While no online tax services or big firms can promise a receptionist will answer their calls 24 hours a day, Officense allows you to do just that. At Officense, we help YOU give your company the consistent, professional image you and your clients deserve. Our on-site receptionists will greet your clients in a friendly manner and project a professional image for your company 24/7. For further information, give us a call at (410)814-7500.
