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Latest news
The pandemic seems to be the center of the stories being told in our world today because of the disruption it caused in every area of our lives. The accounting and tax sectors were not spared from this disruption either. The reason is that many clients, especially business owners, do not only seek accounting and tax assistance during uncertain times, they also desire business insights and workable plans, and they believe they can get this from someone familiar with their finances. Fortunately, many CPA firms were able to manage the different situations their clients were faced with effectively. They achieved this by assessing their clients' needs since they had an existing knowledge of the business. Below are the recent events and stories in the accounting and tax services: 1. Foremost, I will like to start with a notable change in the accounting profession: the recent adjustment in the CPA exams. The pandemic made accounting and tax professionals perform many roles for their clients more than they did. It became necessary to review the exam criteria of becoming a CPA. Topics such as the testing of the difference between IFRS & GADP standards, the alternative minimum tax, trusts and estate taxation in the REG section; and defined benefit pension plans and derivative journal entries in the FAR section, which were a standard part of the exams are to be phased out, while priority is given to topics such as understanding business processes, automation, data analysis and "the need for a digital and data-driven mindset." It cannot be any more accurate that the disruptions caused by COVID-19 helped shape this decision as people involved in accounting and tax services had to evolve and play new roles. New sets of risk management issues were exposed, and more than ever, businesses had to find strategies to survive the threats posed by the pandemic on their revenue. Majorly we have seen more requirements of Accounting Services in USA with these businesses also demanding tax services specially in case of the Taxation Services in Houston . CPAs became the primary advisors to analyzed the numbers and also helped assess business decisions that would impact their client's bottom line. It became apparent that CPAs will be expected to offer advisory services to their clients and help clients make intelligent decisions by analyzing available data. 2. Nick Swedberg, a CPA with a client base of majorly (about 75%) restaurants and small craft breweries owners in Minnesota. During the pandemic, restaurants and small craft breweries were greatly affected. As a result of this, Swedberg needed to find a way to keep his clients in business, so he came up with different solutions for them, which included implementing to-go sales and deliveries. As these businesses were about to branch out, it was observed that they had to answer questions about how feasible and profitable this action will be. Also, employee compensation, car insurance, and handling tips were to be checked because these factors are strictly regulated in Minnesota. Swedberg was able to achieve this with Excel. In addition, Swedberg helped some of his clients obtain permission from the local government for a temporary exemption from specific regulations. This brought about more flexibility for these businesses as they could expand outdoor when the government banned indoor dining. One of his clients was able to utilize the parking lot in his town, while a brewery owner client was able to make home deliveries of his goods by working hand-in-hand with the local board of health. Swedberg served as a guide in helping his clients work through their creative ideas. He took it upon himself to help them organize their thoughts and then make an actual financial projection to know if the idea was workable. 3. For Sandy Shecter (CPA, CGMA), her major clients were health practitioners whose businesses were affected due to the lockdown. Sandy took the initiative of helping her clients apply for the Paycheck Protection Programs, loans, and grants. Three vital roles played by Sandy's firm were that they provided data and projections to help their client make good management decisions, introduced new methods of working with patients, and providing solutions to technological needs. 4. For Brandon Hall, his clients were in the real estate sector, and during the pandemic, the rental income went down. This development left Hall with no choice but to act as an outsourced Chief Financial Officer (CFO) for his Clients. Not only did he perform a real estate portfolio analysis for his clients to improve performance on rental income, but he also came up with tax minimization and cost-segregation strategies to help them improve cash flow. 5. For Shin, some of his clients were in the construction sector in Colorado, and their finances weren't affected by the pandemic. However, their challenge was that they had issues hiring sufficient workers/contractors. This situation made Shin's company shift its focus on things such as reevaluation of the hiring process, billings (especially because of the extra cost of getting Personal Protective Equipment). They also got involved in training on remote work and the benefits of a home office for their professional clients. To sum up, the accounting and tax sector has experienced some unprecedented changes these past few months, and interestingly, these changes are here to stay.
The accounting industry is changing rapidly with the rise in technology. Technology, a word synonymous with development, has been an effective tool when it comes to industries development. Technology improves systems and processes, automating manual tasks, and easing off the workload. Accounting, tax service, and consulting jobs have been made easier as personnel can be more efficient and operate more effectively. Technology is the root of the next big things in accounting, tax service, and consulting. Improvements in technology are taking the accounting, tax service, and consulting services to new levels. These improvements are: Automated accounting process: It is without a doubt that accounting, tax service, and consulting are time-consuming and laborious. Banking, tax preparation, payroll, audit, and other time-intensive aspects of accounting are rapidly becoming fully automated. As self-learning continues to thrive due to artificial intelligence, a task that would have taken days to complete is now done in hours. Technology is taking on most of these repetitive and onerous tasks. The industry has seen a steady increase in efficiency due to integrating technology with accounting processes better. Major software vendors such as Sage, Xero, OneUp, and Intuit automated data entry and reconciliation options in companies accounting and bookkeeping especially when we search Accounting Services for Small Businesses . This can be directly traced back to the integration of machine learning and AI. Larger firms also use robotic process automation AI integration to increase efficiency by reducing the overall processing time for audits. Cloud computing: Cloud computing is one of the next best things in accounting. Cloud computing is simply the on-demand accessibility of computer system resources without direct active management by the user. It means accounting firms can access their accounting systems remotely at all times. This gives instant access to high data and computing capacity. As with all system that uses cloud computing, the accounting or tax firm using cloud computing will have access to updated information at any point in time. The cloud’s ability to synchronize information allows accountants, tax officers, consultants, and clients to evaluate data and decide based on a piece of up-to-date information. This enables constant monitoring as opposed to recurrent analysis whenever the data is updated. Cloud computing also the creation of workflows which is essential for effective time management. The accounting industry exploits cloud computing; it becomes better with improved integration of intelligent technologies such as artificial intelligence, the Internet of Things, and machine learning. Artificial intelligence and Machine learning: Machine learning is a subset of artificial intelligence specializing in building systems that learn based on the data they interact with. On the other hand, AI is the ability of a computer to perform tasks associated with intelligent beings. AI is producing incredible results in accounting, tax service, and consultation. It is capable of analyzing huge volumes of data at incredible speeds. This has helped accounting and tax firms to increase productivity and generate accurate data at a reduced cost. It also optimizes accounting processes and administrative tasks that result in various organizational changes. Blockchain Technology: Blockchain technology is best described as a decentralized, distributed account book that records the attribution of a digital asset. This computer-based recording system uses cryptocurrency within a user-to-user network. Bitcoin, Ethereum, and other major Blockchain offer digital currencies in which the transaction record is maintained independently of a bank. New units of currencies are also generated autonomously without the influence of the bank. Blockchain technology has progressed significantly and has created a niche of its own in the accounting sector. This is as a result of the presentation of the possibility of a new type of accounting ledger. This constantly updated ledger eliminates the threat of data alteration and corruption. Blockchain allows users to access updated and verified ledgers in real-time. It also creates records transactions and smart contract which is embedded into the ledger. Many of the top firms now accept Blockchain-based payment and top accounting firms implement Blockchain. Another major impact of Blockchain technology is that it lowers the cost is reconciling and maintain ledgers. This is done while keeping the ledger accurate in terms of ownership ad history of assets. Blockchain technology allows accountants to gain a more clear view of their organization’s available resources and obligations. Account software solution upsurge: The implementation of technologically-driven solutions in the accounting and tax service business has deepened in the last few years. The demand for computerized accounting grows, and accounting software firms have been responding with the creation of robust solutions. The software is made to optimize the accounting processes while reducing manual tasks. This trend will continue for a while since the accounting and tax service market is constantly growing. This growth will increase the demand for accounting software to manage accounts, maintain and keep records, and better understand tax management. Data analytics: Data Analytics is simply the science of analyzing raw data to derive meaningful information. Accounting, tax service, and consulting have shifted their attention to data analytics. This shift of attention has made the data analytics job role a valued position in the industry. Analysis helps accounting and tax firms develop prized acumens, which also them to identify process progresses, manage risk and increase efficiency. Data analytics has been around for a while, but it is now on the high rise. It is giving new light to the financial performance and presenting better actionable options. Data analytics has become a “thing” in the accounting industry, with many CPAs utilizing the best data analytics solutions proficiencies. Data analytics has applied to support industry-specific needs in consulting, auditing, tax, and risk management. Outsourcing accounting functions: Outsourcing might not be new, but the rise in tax and accounting functions outsourcing is primarily due to technological development. One of the benefits of outsourcing is the management of a firm’s limited resources without compromising the quality of service received. This also reduces costs such as taxations, salaries, training, benefits, payroll, and other employment costs. Outsourcing now allows CPA firms like CKO CPAs & Advisors to add value to their business by rendering better service to their clients. The numerous benefit of outsourcing has made this a trend in the accounting industry. This has also created a volume of respected careers globally. All these point to one thing: technology permeates the accounting industry and is the primary cause of the rapid progressive change in the industry. The next big thing is accounting, tax service, and consulting is as a result of technology.