Radical Technology change provides a fantastic opportunity to CPA firms

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Radical Technology change provides a fantastic opportunity to CPA firms

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Brickell Accountant

Brickell Accountant

Radical Technology change provides a fantastic opportunity to CPA firms

Technology is positively changing the practice of accounting. Now is the time for CPA firms to thrive and grow, the CEO of CPA.com said in his keynote address at the 2017 digital CPA conference.

Autonomous business is on the rise and this marked by the growing automation of accounting and finance functions. This has expedited the change of CPA firms into advisory services. This shift and speed will only hasten as machine learning, artificial intelligence, the continuous evolution of data analytics and blockchain, become part of everyday business practices, said the CEO of CPA.com, Erik Asgeirsson

"If any wants to see the future of tax and audit, look back at what has happened in the last ten years in client accounting services. Virtual CFO and the cloud are all part of the driving force of the CPA firm revenue," Asgeirsson continued.

As ongoing research regarding challenges facing virtual CFO practices, CPA.com has identified three constant problems; the ability to identify potential clients, pricing and talent. As a way to assist firms to address these challenges, CPA.com plans to;

  • Create a roundtable meeting for clients accounting practitioners, according to firm size, to give a support network and an effective means to share best practices.
  • Set up advocacy materials for CPAs that seek to get internal buy-in for each of their teams in order to expand and build client account services
  • Develop a detailed benchmarking survey, in conjunction with the AICPA's practice management section, to create guidelines for client account services.

Asgeirsson also gave several broad plans already in motion to support and aid the fast evolution of the profession

  • A collaboration involving the AICPA, CPA.com, and Caseware, a leading global provider of analytic and audit software, to develop and comprehensive automated audit solution. The development of a dynamic compilation, preparation, and review solution, announced at the Digital CPA, was as a result of the collaboration.
  • Enhances the use of RIVIO Clearinghouse, a novel and secure hub where private company financial information can be kept. Confirmation.com and CPA.com developed it. Asgeirsson
  • mentions that there is already a growing use of RIVIO within the Top 20 accounting firms and also within the credit union.
  • Taking a pioneering role in stating the effect of blockchain on the profession via a collaboration with Wall Street Blockchain Alliance and the AICPA
  • Offer great insight into new technology trends via CPA.com's backing of
  • 1) Creation of a startup accelerator with the AICPA
  • 2) A yearly executive roundtable meeting for accounting technology CEOs

"At CPA.com, we are striving forward on various fronts to assist CPA firms to succeed via the development of key tools, thought leadership and collaborations and solutions to define and propel emerging technologies as well as practice management improvements. We are looking forward to the future, and we are excited about it," Asgeirsson said.

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