Every day new challenges crop-up in the accounting profession and CPAs need to find a way of overcoming quickly before their business suffers. Let us have a look at some common problems CPAs generally face: 1) Do-it-yourself economy The world is becoming more and more digitalized and with that it is becoming easier for individuals to do different tasks themselves. Many clients believe accounting is simple data entry and that the computer does all the work for them. It is now our job to inform such clients of the implications of not letting a professional do the work for them and that their time is more valuable being focused on their work or business. Digitalization has also impacted on fees, driven them down which has an effect on our firms because we now have to lower our fees to compete better in the market. 2) Increased expectations It is not as simple any more as just knowing how to work with the numbers because now as a CPA you are expected to be a business consultant and wealth manager. Traditional services are a thing of the past and focusing on your clients’ broad needs and being an advisor are a necessity. The hardest thing is finding the time to bring in this expertise. 3) FILO It simply stands for ‘First In, Last Out’. Running your firm is one thing but with clients, technology and staff all demanding more of your time, ‘Me Time’ is becoming a thing of the past. Don’t let that happen. Give yourself frequent short breaks. 4) New recruits Especially with smaller firms it is becoming much more difficult to hold on to qualified talent. Retaining those employees is vital in regards to growing as a firm, otherwise too much time will be concentrated on training new employees and not enough time on the business itself. 5) Dog-eat-dog world Running a firm was never going to be EASY but competition has increased and it has become extremely difficult to grow a practice. Knowing some of the common problems can hopefully help you face less road blocks in the near future. To keep up with the accelerating pace of change and complexity, CPAs must become more comprehensive, tech savvy and proactive to maintain their competitive edge. VISHAL KURANI Bringing forth rich marketing experience in the accounting industry, Vishal blends his wealth of knowledge and creativity to educate accountants about the pressing industry issues. He is passionate about marketing and helps accountants scale their practice through his detailed write-ups. Unauthorized copying or plagiarism of our content is a violation of intellectual property rights. We take such matters seriously and will pursue legal action to protect our original work. Anyone found engaging in such activities will be held accountable under applicable laws. Originally published Oct 17, 2017 05:10:42, updated Mar 23 2021 Topics: Don't forget to share this post! Most Popular The Future of Audit: Trends and Innovations for 2024 and Beyond Audit | 14 MIN READ Internal Audit Vs. External Audit: Key Differences You Must Know Audit | 6 MIN READ All About the Best Outsourced Bookkeeping Services for Small Business Accounting & Bookkeeping | 5 MIN READ Why CPAs and Firms Are Choosing India for Outsourcing Accounting & Bookkeeping | 7 MIN READ How Can CPAs Outsource Accounting? – Outsourced Accounting Services for Greenhorns Accounting & Bookkeeping | 5 MIN READ Get a Free Strategy to Transform Your Business Operations Resolve the talent gaps, reduce costs, and improve your margins Get a Free Consultation
