CPA firms are affected by our ever-changing world and the increase in technological advances can leave your head spinning. With the fast-changing scenario many firms are undergoing drastic changes that affect their business from various angles. The struggle can be tiresome and never-ending.
We’ve have identified below 4 challenges common to every CPA firms with some strategies to make those challenges manageable.
- Talent acquisition and retention:
Problem: Finding qualified staffs and keeping them in place are the biggest challenges for many firms but the study did show that there are many opportunities for firms to improve their ability to attract and retain top talent.
Solution: Educational incentives for lower level staff to encourage those individuals already immersed in the industry to expand their knowledge and become more central to the organization. Creating a strong employee outreach campaign through social media, which could draw qualified individuals who are looking for a more positive and encouraging work environment.
- Constant technology and security challenges:
Problem: Staying up with the technology is pretty much difficult for any firm, especially security and data confidentiality is even more difficult for accounting firm that deal with large amounts of data. It is not only about keeping up with rapidly changing technology, it’s also about being replaced by technology.
Solution: Finding the right software for your firm, more usage of secure cloud-based services and efficient workflow management systems are the keys to achieving better business goals.
- Draw & develop new clients:
Problem: CPA firm’s services are viewed by potential clients as interchangeable with the same services offered by numerous competitors. Most of the CPA firms do not know how to evaluate their current differentiators or go about establishing a new one. Fortunately, there are some reliable process for doing that.
Solution: With good advertising, taking advantage of social media, online ads & SEO, CPA firms can get the word out about their services. One of the most popular ways to attract new clients is to ask for referrals from your existing clients and other professionals.
- Staying informed about regulatory and tax law changes:
Problem: For every organization tax law, forms management and regulatory statutes are essential, more over tax laws are one of key accounting firm challenges simply because of their vital role in the success of any financial organization. Failing to do so means incurring penalties and potential legal issues and these legalities change from time-to-time.
Solution: According to new research the answer may be by using better automated policy management software. Stephens said there are several key organizational steps CPA firms can take to improve policy management and accountability, while ensuring everyone in the organization is up-to-date. The following are his five recommendations:
- Dedicated Policy Owners
- Easy Access and Availability
- Interdepartmental Communication
- Online Training
- Automation and Incident Management