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Client accounting services

Determining Profit Margins on Client Accounting Services

The world of accounting is evolving at a frenzied pace. Research shows that client accounting services, tax preparation, bookkeeping, and payroll services were the most profitable small business industry in 2021, as measured by a net profit margin of 19.8%.  If the focus of a CPA firm isn’t the profit margin, then you are doing …

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Finance and accounting

Key Performance Indicators (KPIs) that Finance and Accounting Professionals Need to Keep in Mind

It is essential for business objectives to be communicated and understood across the firm.  This ensures that every person is aware of and responsible for their own KPIs, giving priority to overarching goals. Thus, KPIs help in placing objectives at the forefront of decision-making.  In addition, KPIs help in assessing how well the firm is …

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Accounting firms

Where Should CPA Firms Invest Time and Resources to Ensure Business Growth?

Challenges Faced by Businesses Today Access to finance has remained one of the significant challenges faced by small businesses in the US today. While 27% of small businesses financed their company needs through business earnings, nearly 30% of small businesses surveyed by the Federal Reserve Bank claimed they were unable to receive the funding they …

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client accounting services

Why should you choose Client Accounting Service (CAS) for your firm?

Many businesses find accounting insurmountable to be done internally, often due to the budgetary demands in recruiting a highly skilled workforce and instating accompanying technology. With Client Accounting Services (CAS), enterprises can offload some of their accounting tasks to CPA firms to get the best of both worlds — experienced and knowledgeable accounting personnel available …

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cloud accounting software

Why Cloud Accounting is the way ahead

With the ubiquitous presence of cloud computing, CPA firms have adopted the technology prolifically. According to Verified Market Reports, the Cloud Accounting Software market will reach an estimated valuation of US$ 4320 million by 2024.  Traditional accounting technologies, which are usually hosted on-premise, have often witnessed limitations and are now being replaced by custom cloud …

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Cybersecurity for accounting firms

What Security measures should CPA firms take against Cyber-attacks?

A recent security research suggests that most companies have unprotected data and poor cybersecurity for accounting firms practices in place, making them vulnerable to data loss. Cloud-based software offers incredible opportunities starting from seamless communication and collaboration with different teams to unrivaled flexibility. Emerging, novel tools have become a central part of day-to-day life at …

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Accounting Automation

5 Key Use Cases in Accounting Automation

Latest technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Cloud Computing, and Robotic Process Automation (RPA), which form the core of Accounting Automation, are increasingly cutting turnaround time and improving the safety and accuracy of accounting processes. Understandably, their growing impact and importance require careful understanding to ensure a seamless implementation.  That is why …

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CPA outsourcing services

Why are CPA Firms Struggling to Make the Transition to Provide Consulting Services?

Challenges Today CPA firms today are under high pressure to deliver a comprehensive array of CPA outsourcing services and maintain quality consistently. With evolving customer demands this necessitates having to work at reasonable rates and have flexible work schedules. According to the 2019 PCPS CPA Firm Top Issues Survey, finding qualified staff and keeping up …

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Robotic process automation in accounting

How is Robotic Process Automation (RPA) Transforming Accounting?

According to Gartner Research, Robotic Process Automation is the fastest-growing segment of the global enterprise software market. The technology harnesses the power of Artificial Intelligence (AI) and Machine Learning (ML) to automate diverse, repeatable tasks such as recording transactions, report generation, and data validation. In a nutshell, RPA in accounting analyzes data and makes decisions …

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Automation of accounting process

The Importance of Automation in your Accounting and Audit Processes

Accounting has always been resource-heavy, labor-intensive, expensive, and time-consuming. Most accounting processes involve having to investigate extensive volumes of data. Additionally, the proceedings have to go through various compliance and legal checklists and bottlenecks. However, with advancements in technology, today most of the labor-intensive manual elements can now be automated – 75% to be more …

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