I wrote a blog about why I started my practice earlier in the year, and my explanation mostly pertained to my past experiences at different firms and companies. I also discussed the need for how CPA firms practice should change regarding their approach to providing client services, but I didn’t elaborate on what that really meant because I couldn’t really define it without using former words which may now be obsolete in this now evolving industry. Our industry is currently in a place where new words and definitions are needed since the CPA firm practices are being challenged by new technology, law changes, and how to attract the next generation to the practice. In that short time since writing my initial blog, new words have emerged to describe the next era CPA firm.
Technology disruption comes to accounting!
With the advancement in technology, words like artificial intelligence (AI), data analytics, process automation, and tax technologists are now associated with the accounting industry- all relating to the need for firms to be able to provide consulting and compliance services that includes strategic advice and planning from data analytics software. As Ernst & Young validates in a recent article…these changes “create real-time data, which businesses need to extract, analyze and validate to ensure the appropriate tax rules are applied to the information it generates.” Technology advancement also challenge firms to advance their operations to attract the talent with the skills to provide tax expertise and obtain the knowledge to utilize complicated tax and research technology and integration software.
There’s also a change expectation on tax professional skills as clients will demand a tax adviser with a broad background in complex tax and accounting knowledge to provide valuable services. With technology providing real time data, professionals will be expected to analyze and provide strategic tax advice in a timely manner. My experience in professional services range from financial services to state tax consulting. I’ve worked in multiple tax environments with varying experiences that has aided in my ability to make strategic decisions on complex tax situations. Tax professionals with various tax work backgrounds, like myself, are now able to add value to clients’ service experience as opposed to being hindered by a restrictive job title.
Throughout my career, I questioned why firms place their client services in a generic box instead of providing the service clients value for their particular business needs. I also thought there should be an easier way to provide valuable services and increase revenue while maintaining costs. I wasn’t sure of what new advances would help with this issue, until now!
So why is technology disruption good for M.S. Phelps, CPA, PLLC?
Our expertise range from basic tax management and accounting services to more specialized strategic tax services, such as state & local income and transaction tax compliance and consulting services. Our new integrated software platform would allow access to the same firm operations solutions as larger firms. This infrastructure allows us to perform business, accounting, and tax services while securely managing documents and workflow without all the unnecessary and costly processes. In addition to partnering up with a seasoned team of tax professionals, tax management and accounting services are provided using high ranking accounting solutions technology which give clients options to participate in processes, access to deliverables and advice from accountants at their discretion. Lastly, real time tax research analytics and guidance technology is utilized by tax professionals to apply the latest tax law changes to clients’ tax strategies and reporting requirements.
With the aid of technology, firms as small as mine can provide accounting and tax services at the highest service levels, and affordable cost, without sacrificing quality.