Vice President of Product Marketing & Industries
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Rising labor costs and competitive fee pressures require accounting firms to work more efficiently than ever before. Meanwhile, the rise of cloud software providers have enabled CPAs to work in new ways – for example, accessing documents and collaborating with clients from anywhere, anytime.
According to a study by AICPA subsidiary CPA.com, 90 percent of CPAs agree that the “delivery of digital business processes to clients” will become a key differentiator among accounting firms in the next five years, and with digital transformation impacting every industry, the accounting profession is no exception.
In order to transition successfully to the cloud from legacy IT systems, there are several key requirements firms must consider. One of these requirements is the need to empower CPAs with self-serve technology.
This means equipping CPAs with easy-to-learn, easy-to-use tools that enable them to do their work without always having to go through IT. If the software is too complex or cumbersome to use, firms will suffer from low adoption and lower productivity as a result.
Specifically, self-serve technology means CPAs are able to perform day-to-day tasks like:
Set up a shared folder or workspace to collaborate with clients.
Easily share and grant access to financial or personal documents.
Accelerate client onboarding through simple workflows.
By putting useful technology in the hands of CPAs, firms can increase employee productivity and firm profitability, as well as bring on more clients.
However, deploying these solutions cannot come at the expense of maintaining enterprise-grade security and adhering to a plethora of compliance regulations, such as FINRA, HIPPA, SEC 17a-4, SEC 17a-3, and others.
Fortunately, it is currently possible to achieve all of these goals.
The origninal post appeared as part of the Boomer Bulletin blog.