A male accountant with glasses sitting at a desk with files, paperwork, and a computer screen in front of him.

How Are CPA Firms Thriving In Today’s Competitive Market

Looking back at the year 2020, when most of the world was shutting down, and accounting firms were gearing up for their busiest time of the year; tax season. During this time, accountants were handling tax write-ups and other tasks for their regular clientele when new clients suddenly started pouring in with fear and panic behind their eyes. Business owners were frantically looking for solutions to their challenges and ultimately wanted to keep their businesses alive and well despite all that was happening in the world. 

An urgent need for practical solutions presented established CPA firms and accounting professionals with a unique challenge. This challenging situation tested professionals in the finance industry and introduced new ways of handling their day-to-day operations. While small CPA firms may not have survived this intense time of growth and change, the majority had to shift and elevate their current business effectiveness.

 

The Ability to Adapt to Current Circumstances

While some CPA firms may have worked remotely before the pandemic, most of them did not and therefore had to make the shift to remote work – the ability to work from home was and still is a notable contributor to many CPA firms' continuous strides to increase profitability moving forward. In addition, accountant's roles have adapted to also become an advisor to their clients through these unprecedented times. 

So why are some CPA firms thriving while others struggle to stay afloat?

 

Keeping Up With Latest Technologies

One of the biggest reasons is the inability to keep up with technological advances. Accountants have an inherent need to update their firm's technology to provide better and more efficient services to their clientele. 

The best thing accounting firms can do, is find a trusted service provider to help guide them in their decision-making process. Top-of-the-line service providers will grant CPAs access to new accounting technology such as Machine Learning, Artificial Intelligence, and Robotic Process Automation at a fraction of the cost. 

Utilizing these technologies to facilitate efficient workflows and automate mundane tasks such as bookkeeping, appointment scheduling, and transaction processing can be extremely cost-effective.

 

Staying Cost-Conscious

Another competent that is helping CPA firms thrive is low operating costs. This goes hand-in-hand with working remotely and staying up to date with current technologies. Utilizing both factors alleviates the pain of costly employee salaries and overhead costs you would otherwise be forced to maintain or let your business crumble. 

The ability to have a hybrid schedule or work from home eliminates a multitude of costs associated with working in an office five days a week. Also, if you are making use of modern technology, there is no need to invest more money into resources promising to drive revenue or complete work faster.

 

Data Privacy and Cybersecurity

Even though cybersecurity and data privacy are essential in all aspects of any business, it is especially prominent for accountants and accounting professionals. A security breach has the ability to steal sensitive information and harm a CPA’s reputation. 

The best way to protect clients' data privacy is by using an integrated IT security system instead of a plethora of unintegrated software products. In addition, thriving CPA firms use secure client portals and are constantly reviewing their security systems to analyze further how to prevent data from ever leaving their firm.

 

Final Thoughts

Truth is, there is a lot to keep in mind and figure out in order to have a thriving accounting firm, but you do not have to do it alone. At Intuitive Networks, we are not solely focused on IT services – our business is centered around providing an unforgettable customer experience. Your success is our success, and that’s why we deliver progressive IT services customized to alleviate your unique pain points while growing with you into the future.

Are you interested in a consultation? If so, give us a call today to discuss IT service needs for your business. After all, we want you and your business to thrive!

 

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