How Data and Innovation make CPAs resilient

US CPAs as globally recognized tax and auditing expert professionals cannot afford to stay still when the accounting world is more evolving and dynamic. Accounting practice majorly depends on accuracy, efficiency, and timeliness, and if certified professionals like US CPAs are not able to import innovative data-driven technologies into their operations and functions, they may tend to lose clients. Clientele satisfaction in accounting fundamentally rests on how well the business/ accounting value is created through strategic interpretation of accounting and business data, which is highly achievable by new-age technologies. Let’s try and find how CPAs can badly miss certain critical concepts in the process of helping business clients to target desired goals and achieve business success.

Fishing out Reliable Data

Data is more ambiguous, hence selecting qualitative data is a more complex process for CPAs in a crisis situation like the COVID-19 pandemic as it has changed the face of business and work culture everywhere. To better serve the clients, accountants need a concrete understanding of the new trends in the business environment.

New Location: Shifting office spaces matter much to CPAs as the transition of office space has created havoc for many accounting employees and organizations to adapt to new compliance and regulation challenges. After a long gap of work from home mode, employees are now resuming back to a new office location. This return may not be easy as it may involve vaccination tracking and other related tests. Getting data about the employees at this point may be a daunting task. With CPAs in the picture can save the business leader’s day!

Control Turnover: CPAs by gathering the data of employees can help business leaders adjust to the new environment, provide deep insights about payroll, compensation, and benefits to stay more competitive in the market.

Performance: Due to the new location, some of the employees may opt to quit the job. In this situation, US CPAs can consult business clients about the overhead cost, revenues and expenses, and resources. Here, they use diagnostic analytics tools to understand the historical performances of the company to make informed decisions about future performance.

Regulatory Consultation: New companies may be heading toward regulatory and tax thresholds and might look for advisory support. CPAs with outstanding technical skills would compile data and summarize the big picture through reports that eventually influence business decisions and make it more antifragile and valuable.

Innovative & Futuristic Skills fuel Growth

Certified public accountants possess outstanding digital skills to analyze accounting data through the application of different software to avoid charging the client double. Though withstanding the worst storm of the pandemic, businesses now look up to CPAs who are digitally upfront and agile to confront organizational underperformance and talent shortage. Automation tools have enabled CPAs to hold information at their fingertips and spend less time on calculations. According to a recent Reuters research, over 56% of accountants believed that technology has increased their capabilities and productivity.

Hassle-Free Environment: New Business leaders look for tech-front CPAs as they are capable of streamlining back-office operations through mobile applications and aiding human resource teams to centralize the flow of documents and information.

Avoids Inconsistency: Digital CPAs assure the continuity and security of the financial information by storing it in a centralized location. This brings inconsistency as they help businesses to understand the pattern of performance and growth by pulling out samples anytime and running an audit check over the entire dataset of the company. This helps the business owners to attain high accuracy in business results and delivery experience by averting frustration.

New Trends: Accountants need to be more consistent with new payment platforms to help businesses to optimize their client base and avoid redundant tasks and avoid accounting risks. Learning the latest technology, CPAs can become more innovative in assisting business clients to provide sharp business valuations and find diverse platforms of investment opportunities, securing loans, negotiating deals, budget planning, and stakeholder management to strategize business decisions.

Final Thoughts

Some of the best CPA Review Institutes in India are striving to develop both data and innovation in budding accounting professionals to enhance their skill sets and career marketability in a competitive business environment.

Miles Education is India's best CPA training institute for finance & accounting professionals. Since its inception in 2010, the mission has been to create an ecosystem of CPAs and CMAs for F&A in India. Since its inception, Miles Education has transformed the lives of tens of thousands of F&A students and working professionals by preparing them for the future and enabling their career progression through the US CPA/CMA qualification.