Most of today’s accounting firms have embraced the changes that are occurring in our technology-driven world. And yet, many are undergoing dramatic changes that affect their business from various angles.
From cyber threats to rising costs, the financial industry is facing its share of tough problems. Savvy business owners overcome these challenges and move forward – with the help of their IT company in Orange County, of course. They can help you respond to changes and overcome challenges that occur in your industry.
Still, these issues can slow down the workflow and require too much attention. The struggle can be tiresome and never-ending…
1. Technology’s Role In The Accounting Industry
If you want to keep your current clients (as well as, ideally, add a few more), then you need to stay ahead of your competition. That means adding more and more services. The easiest way to do so is with technology. Your IT company in Orange County should support your consideration of new technologies and how they may apply to your work.
2. Keeping Up With Industry Change
As technology occupies a more and more significant role in the accounting industry, accountants themselves will have to adapt. You will need to understand what tasks of yours will be better handled by automated technology and self-service options for clients.
But that doesn’t mean you’ll be out of a job – you’ll also take on new responsibilities. Samantha Stansfield, director of professional development at CPA.com stated “With automation minimizing many entry roles, the profession needs to identify how young professionals gain experience and knowledge, so they can become valuable advisors.”
3. Cybersecurity Management
Both in the private and professional fields, cybersecurity is more important than ever – that’s why cybersecurity spending is expected to exceed $124 billion next year. Have you prepared your firm for cybercrime in 2020?
You’ll need to implement a range of cybersecurity solutions, if you haven’t already:
4. Updates To The Tax Code
The degree to which tax code continues to change makes it so difficult for accountants to keep up – but you still have to. In order to serve clients, you need to be able to advise on their taxes, no matter how they change.
As noted by senior tax trainer Robyn Jacobson, “Most of the tax policy I’m seeing at the moment is in response to groups of taxpayers who are not complying,”.
“Sometimes there are only small groups of people in certain industries who are not complying, but the government will turn its attention to that entire industry. It’s like the old expression, ‘using a sledgehammer to crack open a walnut’.”
Furthermore, the Tax Cuts and Jobs Act has had an impact on absolutely everything financial firms deal with, from entertainment expenses to depreciation. The 186-page document is confusing, to say the least – but with the right software, you can automatically call up any new rate as needed.
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