The CPA firm landscape is rapidly evolving, local firms like Camuso CPA serve as a model for how CPA firms can successfully respond to industry change and remain relevant. As a response to the shift to CPA’s serving in an advisory role from a compliance role, Camuso CPA is part of a new generation of CPA firms focused on building business relationships not collecting clients.
CPAs live in a rapidly-evolving environment with countless new software and technology options available to them to improve efficiency. Concurrently, their clients are increasingly looking to accountants for guidance and advice as they navigate a fast-changing world with many of the same industry characteristics and regulatory complexities.
Technology changes in the accounting industry will accelerate over the next decade. Cloud computing applications will continue to advance while combining advanced analytical tools fueled by artificial intelligence that will be capable to manage ever-larger data set. Many redundant tasks will become commoditized. CPA firms like Camuso CPA who serve as trusted advisors to their clients are well positioned to capitalize on these industry shifts rather than fall victim to them.
Increasingly advanced but cheaper computing power will lead to the highly developed automation of data collection and information sharing. It will also improve data quality and greatly reduce the time required for data validation.
These tools combined with the advancements with automated data capture, will shift the focus of CPAs from computation to consulting, as clients rely on their CPAs as trusted advisors to analyze business information, support decisions and provide strategic advice.
Smartphones, tablets, notebooks and other mobile computing devices will become the main tools for managing the CPAs and business owners’ work and life. These technologies will reinvent work and the workplace, allowing greater flexibility around when, where and how work is done
Physical location will become much less important, and these tools will enable, and often require, anytime, anyplace work. CPA firms of the future will be built for both employees and clients based on skill sets- not locations. At Camuso CPA, we see this trend developing as we serve clients across the country who work with us remotely that value our expertise and service offerings over an office near them.
The CPA firm landscape is rapidly evolving; firms like Camuso CPA serve as a model for how CPA firms can successfully respond to industry change and remain relevant. We are at the forefront of the changes in our industry. Stay tuned for regular updates regarding the latest trends in CPA firms and professional service. And for CPA services in Charlotte, call Camuso CPA!