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As the world grapples with the current global health crisis and the subsequent economic repercussions, certified public accountants (CPAs) are compelled to innovate right away to ensure business continuity amidst the uncertain conditions.
COVID-19, along with Omicron, have underscored the need for CPAs to reinvent the role of technology for customer/client service delivery. Now, they have realized that deploying an effective digital transformation strategy is a business-critical imperative.
Several firms are through the reset-and-replan phase and moving forward on planning the next 12 to 18 months. The message is clear – across the industry - that the time for strategic investments in digital infrastructure is now.
Read on to know the key takeaways on how smart US CPAs are making the necessary tweaks to survive and thrive.
Take CAAS Up by Notches
The global health events have catapulted licensed CPAs into advisory services and shone the spotlight on the importance of building a data platform or “tech stack” in the cloud. Accounting veterans tout client accounting and advisory (CAAS) as the future of the field as IT information technology (IT) is already disintermediating conventional accounting services.
Besides, new capabilities in financial planning and analysis (FP&A), business intelligence, and other critical areas also reflect more room to define and expand the category and create client value. In the future, leading-edge tools and learning opportunities will come to the fore to help US CPAs fully realize the CAAS opportunity and make a move to what experts call CAAS 2.0.
Focus on Improving Client Relationships
The customer relationship is continuously evolving, and CPAs must strive to establish long-term relationships. Once they get people into their environments and keep taking care of them, the chances of those clients going elsewhere are significantly small.
So, how can US CPAs offer excellent client relationships? By encouraging innovation to maximize client value using cutting-edge technologies and business models, including new pricing models.
For instance, CPAs can leverage accounting software to manage small business clients easily. With the accounting software, they can enjoy instant access to their client’s real-time transaction data.
Automating Routine Accounting Tasks
Accounting companies with high-volume traditional processes can use robotic process automation (RPA) tools to reduce human error and boost time-to-value. The key is, to begin with the low-hanging fruits – operations that can be easily automated with digital workflow solutions - and then decide if these processes are ready for RPA.
As part of this strategy, US CPAs should implement a cost-benefit assessment of delivery throughout the client lifecycle to recognize areas well-stationed for digital workflow and automation tools.
Doing so will free up CPAs to focus on providing business insights and strategic guidance to their clients.
CPAs and FinTech Make a Solid Combination
FinTech represents a tremendous opportunity for CPAs but also an evolving environment that they must adapt to.
Over the last few months, CPAs US have proved their worth, playing an instrumental role in helping small businesses secure forgivable loans through various business relief programs. FinTech solutions such as the CPA Business Funding Portal have been critical to streamlining the process and uplifting licensed CPAs’ role as reliable advisors.
Besides, CPAs US are uniquely placed to help FinTech startups negotiate the potential heap of compliance norms that a business may encounter. Having a firm grip on risk and controls as well as budgetary constraints is a powerful blend that will enable CPAs to guide organizations to adhere effectively.
Cybersecurity Issues Continue to Itch
In introducing digital transformation to clients, data security and privacy will remain a critical concern. While solutions exist, the tech-related risks and usage require attention, and efforts to curb those risks are crucial.
However, the reality is that digital switchover can leave accounting firms - of all sizes - vulnerable to multiple cybercrimes.
For example, remote accounting poses the risk of unauthorized access to an organization’s network. Considering that CPAs USA possesses vital financial information that lures attackers, security is critical for any accounting firm.
With threat actors utilizing advanced technologies, including artificial intelligence (AI), it is now more crucial than ever to harden corporate IT fabric. As such, accounting agencies will increasingly invest in more defensive cybersecurity services to cope with the evolving security challenges that come with tech progress.
Wrapping Things Up
CPAs across continents have learned numerous lessons about how to adopt digital transformation thoughtfully and strategically, addressing the distinct needs of their organizations. The time is ripe to re-evaluate every facet of running businesses. Whatever solutions CPAs USA deploy will likely require digital transformation.
Furthermore, the digital switchover is not just a matter of upgrading and updating IT systems. Instead, it is the capitalizing on technology to determine when, how, and where CPA USA firms conduct businesses.
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