Technology Solutions for CPAs and Accountants

Today the accounting profession is under pressure. Slimmer profit margins. Intense competition. The pandemic. The changing role of the partner. And most of all, a workforce shortage. Fewer young people coming out of college are choosing to become CPAs.

Is there a solution? Actually, there’s a combination of solutions (such as making the crucial shift from compliance to advisory), but here, in the interests of space, we’re just going to focus on one: using the magic of technology to create faster results, open new avenues, and yield new solutions.

While accountants are wizards of the bottom line, they’re too often burdened with outdated technology, which is insufficient to meet the demands of our post-pandemic world. How can CPAs keep up? A recent Accounting Today article highlighted three technological tricks that CPAs should take advantage of.

Migrate to the cloud

Post-COVID, remote work is the order of the day. Since the pandemic broke, on-premise infrastructure just doesn’t cut it, especially since accountants are forced to use a wide variety of software tools. 

How do you unite a distributed remote team? The cloud is the one ring that binds them all. With a cloud-based infrastructure, CPA firms can drive up the productivity and efficiency of their teams by providing easy, instant access to the data and tools they need, wherever they’re located. Another advantage: it’s easier for employees to use for onboarding new tools and processes than with an on-premise legacy system.

Automate

When in doubt, automate! Automation is a key catalyst for the vitally needed transformation the accounting profession needs to make to go from compliance to advisory—that is, instead of merely helping client comply with current tax laws and file returns, CPAs should take a more pro-active stance and demonstrate their value as trusted advisors, showing their worth as strategic partners.

But to make the switch, you must spend less time on manual tasks and focus more on business strategy and other non-finance tasks. An article published by Sage reports 93% of finance workers declare they’d be happy to automate their daily accounting tasks via technology. Also, with tight budgets and a workforce that’s always expected to do more with less, automation is crucial to meeting deadlines and productivity goals.

What’s the right financial technology (fintech) for you?

It's easy for CPAs—or anyone in the financial services field—to blindly jump on the bandwagon and grab the new glittering, cool tech tool. But do you really need that 3-D printer (or whatever)? Take a minute and consider your needs clearly before you invest serious money. While a tool might seem irresistible on first place, could it, in the end, complicate your work ecosystem or make tasks more difficult?

If you’re an accountant, you already have a burdensome workload. How can you keep up with contemporary demands? First, identify your own urgent needs and reverse-engineer what solution will fit. Although this can be challenging with a global remote workforce, it will also save crucial time and money later on.

Remember “Let your fingers do the walking”? That was Bell Telephone’s slogan pre-cell phone, encouraging American to use the phone to accomplish tasks instead of legwork. In the same way, CPAs can tame technology as a labor-saving method to take their businesses to the next level and make the all-important transition from compliance to advisory.

Author

Stay Tax-Savvy

Get expert tax tips and insights delivered to your inbox. Stay ahead with our specialty tax newsletter.

Recent Posts

Welcoming Julienna Viegas to Engineered Tax Services

We are thrilled to announce the newest addition to our team at Engineered Tax Services—Julienna Viegas, who joins us as Client Service Director. Julienna brings extensive experience, a deep understanding of client relationships, and a passion for helping individuals and businesses achieve their financial goals. A Global Perspective with Local Impact Born and raised in

Read More »
commercial insurance provider

The Benefits of Streamlining Property Insurance and Cost Segregation for Real Estate Investors

Real estate investing can be highly rewarding, but it also comes with a host of complexities that can overwhelm even the most experienced investors. From managing multiple properties to understanding tax strategies and ensuring adequate insurance coverage, the various responsibilities can often pull you in different directions. One way to simplify the process is to

Read More »
real estate professional rules

Navigating the Real Estate Professional Rules

Investing in real estate can be highly rewarding, offering opportunities for long-term appreciation and a steady stream of income. However, the tax implications can be intricate, especially when it comes to deducting losses from your investments. One area that often causes confusion is the concept of the real estate professional under the Internal Revenue Code

Read More »

Contact Us