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CPA firms

accounting firms

Can Digitization drive Profitability for CPA firms?

Recently, as businesses struggled to adjust and maintain continuity of operations, the role of accountants came to the forefront. They were key to helping businesses forecast cash flows, access public relief measures, comply with emergency legislation, and assess tax measures. Even as we move into the post-pandemic era, those same businesses expect Accounting firms to …

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Automation of accounting process

Digital Transformation for CPA Firms in 2022 and Beyond

The Evolution of Accounting Automation of accounting process gained immense traction in the last year, and CPA firms are rapidly implementing them. Audits, financial reports, payable accounts, etc., can now be automated, freeing up time focused on strategy and financial advising.  As we are seeing, things will not be completely going back to how they …

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accounting firms

4 Questions Every CPA Firm Should Ask their Team on a Monthly Basis

Emerging technologies are greatly enhancing tax practices. While accounting automation represents a quantum technological leap, accounting firms of all sizes can foster rapid growth by leveraging strategic changes in technology and management philosophy. Millennials today occupy a major portion of the workforce, and they have been monumental in shaping the culture of CPA firms in …

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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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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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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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client retention rate

Best Practices for CPA firms to Improve Client Retention Rate

Whether you are a start-up or a mid-level firm, established corporate clients are important year-round.  According to Amy Gallo, a management expert, and consultant, in her article on the Harvard Business Review, acquiring a new customer can cost 5-25 times more than retaining an existing customer. This is not to say that going out and …

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technology for accountants

How Technology can help CPA Firms Uncover New Opportunities?

Emerging technology allows CPA firms to redesign their workflow and improve business opportunities like never before. Particularly, technology for accountants enables a novel analysis of structured and unstructured data in ways not possible before.  For example, information from non-traditional sources (such as social media, TV, and the internet) can be evaluated and processed with pertinent …

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accounting firm

Top 5 Challenges that CPA Firms Face Today and how can they be Overcome?

Whether it is the ever-evolving nature of government regulations and tax laws, or the struggle to remain cost-effective, accounting firms today don’t have it easy. According to the 2019 PCPS CPA Firm Top Issues Survey, finding qualified staff and keeping up with changes to tax law are among the CPA firms’ top concerns.  With the …

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outsource accounting services

Why should CPA Firms Outsource their Accounting services?

The financial landscape has changed significantly over the last few years. Legislations, in particular, have become more stringent making governmental compliance and ensuring a high degree of transparency mandatory. In addition, the digital landscape has evolved considerably resulting in fierce competition and rising pressure on CPA firms. They now need to ensure consistent and quality …

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