CPA firms will be challenged by changes in technology and demographics over the next 10 years. In this video, three CPA firm leaders talk about how firms can meet these challenges.
Journal of Accountancy videos
A firm’s mission is in its purpose, its vision is its destination, and the two go hand-in-hand, according to Jennifer Wilson, co-founder and partner with ConvergenceCoaching.
Today’s rapid rate of change makes detailed multiyear digital transformation plans difficult, says Dan Griffiths, CPA, CGMA. A better approach is to set a long-term vision, then plan and execute it in two-week sprints.
Best practices for serving NextGen buyers include providing insights, expertise, and advice, according to Jennifer Wilson, co-founder and partner with ConvergenceCoaching.
With the growth in emerging technologies, CPA firms will start hiring business analysts and data scientists, explains Donny Shimamoto, CPA/CITP, CGMA, founder and managing director of Intraprise TechKnowlogies LLC.
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Small firms wishing to adopt new technologies should examine available services to determine which ones are the best fit for current systems, advises Daniel Moore, CPA.
CPAs are uniquely positioned in their organizations to lead, encourage, and catalyze digital transformation, says Dan Griffiths, CPA, CGMA, a partner with Tanner LLC in Salt Lake City.
Consult your firm’s security protocols when installing and deploying RPA components and keep in mind segregation of duties and controls, says Danielle Supkis Cheek, CPA, director of entrepreneurial advisory services at PKF Texas.
Robotic process automation can reduce staffing costs related to repetitive, lower-level jobs while also freeing up time for staff to devote to more rewarding work, potentially reducing turnover, says Danielle Supkis Cheek, CPA.
Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.
Five CPA financial planners discuss hot topics in personal financial planning, tax, and firm practice management.
The speed of new 5G technology will allow for enhanced communication with environmental beacons, providing exponentially more data to feed machine learning and real-time decision-making, says David Cieslak, CPA/CITP, CGMA.
David Cieslak, CPA/CITP, CGMA, executive vice president and chief cloud officer, RKL eSolutions, explains how quantum computing will create vector-based cryptography, a system even hackers can’t penetrate.
Qubits, which are the fundamental units of quantum information, have special properties that help them solve complex problems much faster than classical binary bits.
Robotics, deep learning, and machine learning fall under the AI umbrella, says David Cieslak, CPA/CITP, CGMA, executive vice president and chief cloud officer, RKL eSolutions.
Bitcoin is the big name in cryptocurrencies today, but its relatively sloth-like transaction rate means that it can’t scale up to replace major currencies such as the dollar, says David Cieslak, CPA/CITP, CGMA.
Investing in certain emerging technologies may never provide a quantified return on investment, but they are risks you can’t afford not to take, according to Ed Kless, senior director of partner development and strategy at Sage Accountant Solutions.
Accountants who hone the skill of careful questioning will better serve their clients’ needs, according to Ed Kless, senior director of partner development and strategy, Sage Accountant Solutions.