Anyone working in decision-making at an accounting or financial services firm is aware that the sector is going through significant changes, some of which have been developing over time while others have undoubtedly been made worse by the global COVID-19 pandemic. These developments’ repercussions are affecting businesses from all sides and creating a brand-new set of significant business issues. Finding what the issue is the first step of figuring out the solution. One field that was greatly affected is the IT side of an Accounting Industry as it transitioned to a broad world of remote work. Listed are the 5 challenges you surely can relate:
- How to Adjust to New Technology
Any routine change can be quite difficult for people. For enterprises, this poses an even greater issue. So it should come as no surprise that moving from outdated, comfortable accounting tools and systems to new ones can be exceedingly challenging. Accountants not only need to stay current with business technology, but they also need to convince their clients to use it.
- Market Competition
Whether you work in-house or in a practice, it’s critical to always ask yourself how you can create value for your customer in today’s hypercompetitive industry. The most prosperous companies, according to research by Wolters Kluwer and Kelley Market Research, are using technology to support more varied, automated business models. Advisory services are expected to contribute 30–40% to revenue growth over the following several years, compared to compliance work’s 0-3% contribution currently. According to the most recent data, businesses all over the world are utilizing cloud solutions to automate workflows and foster closer client interactions.
- Inclusion, Diversity, and Room for Improvement
Numerous sizable accounting firms and publicly traded organizations have declared their commitment to diversity and inclusion. But there is still a great deal of space for development in the field. Don’t only mention diversity in your company’s job postings or in general conversation. Put your words into action by setting attainable objectives and pledging to build an inclusive workplace.
- Keeping up with changes in compliance
Even though compliance changes can be burdensome and disruptive, they also present an excellent chance to assess how you can streamline your operations to save time and money and benefit from the compliance changes. The processing time of manual tasks, such as data gathering and entry, will be sped up by using digital procedures. It costs money and takes a lot of time to maintain these vital but manual duties. Accepting digitalization can reduce the time needed to do jobs that were previously completed manually by half. The correct software partner will also assist you in comprehending the new legislation, ensuring that your procedures are compliant with it, and work with you to future-proof them.
- Cybersecurity
Hackers find accounting firms to be particularly appealing targets. They frequently possess a plethora of private data, such as credit card details, bank account numbers, Social Security Numbers, and more. Small businesses in particular are attacked more frequently than larger businesses because they lack the sophisticated cybersecurity safeguards those larger businesses have. Accountants and CPAs oversee protecting customer data. The IRS has frequently urged American tax professionals to safeguard their systems.
You can better prepare for the future by being aware of the difficulties that CPAs and accountants currently face. You’ll have greater influence over how these pressures affect your company and the chances they’ll present for you in the market if you act now. Intelecis is just a click or one phone call away from all of theses opportunities, talk to us!
