4 Accounting Trends Your Firm Needs to Prepare For
There’s no question that the COVID-19 pandemic changed how the world does business. While 85% of accounting professionals went into the office before the pandemic, that number dropped to 22% in 2020, and only 45% of accounting professionals work in the office in 2022.
Remote work expectations are only one in a long list of accounting trends that firms should anticipate.
- Clients have higher expectations than ever and want to have all of their accounting needs met in one place
- Employee turnover rates are high
- New industry niches like cryptocurrency services are on the rise
How you adapt to these trends can make or break your accounting firm? To stay ahead of the competition, start preparing your CPA firm for these four accounting trends today.
1- Growing client expectations
With increased inflation, clients don’t want to pay for anything that doesn’t suit their needs. But these heightened expectations are also an opportunity to snatch new clients who are unhappy with their current accounting firms.
When you combine reliable, flexible accounting services with excellent customer service, people will come back to you again and again.
In 2022, people are looking for CPA firms that:
- Offer migration of their current documents to a cloud-based software
- Provide niche services within the firm so you become a one-stop-shop for your client’s needs
- Deliver advisory services to clients in addition to compliance work, so they can help with clients’ accounting needs year-round
- Still have an emotional connection to their work—services like chatbots can be helpful, but you also need to make sure your clients can connect with a real human that cares about solving their issues
2- Increased employee benefits
The voluntary turnover rate of employees in 2021 was a whopping 25.7%. And every time an employee leaves your firm, you’ll lose money in the process of replacing them. To hang on to the employees that you’ve poured your time and effort into, you’ll need to increase the benefits they receive at your company to ensure they’re satisfied. Consider implementing the following benefits.
Flexible work schedules
With the increase in remote work, it’s a huge bonus to employees if they can work part of their week at home and spend more time with their family. And all in all, it’s not a huge loss to you. As long as their work gets done every day, it won’t hurt your company. In fact, offering a hybrid workplace will help keep people from leaving.
Opportunities to learn
70% of employees would like to leave their job for a company that values employee development and learning. You can offer classes in-house that develop skills needed internally or even offer course reimbursement for your employees to take continuing education classes off-site or online.
With remote work becoming increasingly common, it’s more important than ever to employees that they feel connected and engaged with their workplace. Offer weekly check-ins with your employees and have face-to-face conversations (either in the office or virtually) to review their progress and ask how you can best serve their needs as an employee.
A push for cryptocurrency services
Blockchain technology is already impacting accounting services by streamlining how people track digital assets. People invested in cryptocurrencies will need more accountants as it becomes more popular. Your firm can get ahead by increasing your expertise in blockchain and cryptocurrency to become an accounting industry leader in this growing space.
Complete migrations to digital accounting software
If your firm hasn’t ditched its filing cabinets and streamlined its document management yet, it’s time to do so. Cloud-based accounting software makes it easy for you to work from anywhere. Plus, you can store all your important files in one place, so you never have to worry about an important document getting lost again.
Simplify your accounting firm management with these software solutions.
Time and billing software
With the right time and billing software, there’s no need for paper time cards. Look for smart time trackers that allow you to track time spent from multiple devices, including mobile devices. That way, no matter where your employees are working, they can document their time as accurately as possible. As a bonus, time and billing analytics help you see which clients are profitable and which ones are draining your bank.
Document management software
Cloud-based document management software stores all of your files in one place. Typically, it comes with easy-to-use templates so you don’t have to create a new invoice or email every time. Plus, document software can let you securely share files via your email, so your clients’ data stays safe.
You can also automate parts of your workflows by setting up automatic email reminders for clients to review documents that your team completed.
Project management software
Your employees will never lose track of their workday with the right project management tools at their disposal. Assign tasks to your employees and keep tabs on projects using project dashboards. If your employees want to stay remote, project management software ensures everyone knows the tasks they need to complete for the week and can collaborate effectively to meet important deadlines.
Mango Practice Management helps you step into the future
While the accounting industry will continue to change, a digital workplace is here to stay. Mango’s accounting firm practice management software includes everything you need to manage your firm’s daily operations. Since Mango can do it all, you no longer need to patchwork together a whole stack of different accounting software.
When you choose Mango, you receive:
- Flexible time and billing tools
- Secure file sharing and e-signature with plug-ins for Outlook and Google
- Project management software that can automate tasks
- Cloud-based document management that stores all your important documents in one place
- Simple integrations with the software you already love, like Quickbooks, Outlook, and your tax software
To ease implementation, Mango’s top-notch customer service team offers free, unlimited data migration and training. Our software experts are there every step, from initial implementation to troubleshooting and feature support.
If you’re ready to future-proof your firm with cloud-based practice management tools designed by accountants, for accountants, schedule a demo today.
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