less time on tech means more time with clients.
by roman kepczyk
the rosenberg map survey: national study of cpa firm statistics
from a technology perspective, we already see firms ramping up to identify and implement automation tools and improved production processes.
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many realize that may be the only way to deal with the staffing shortages that continue to worsen… even with the expanded efforts made last year.
firms are investing in modernizing their workflow and collaboration tools and adopting portals and electronic signature tools to make it easier for clients to interact with and for administrative members to manage with the hope of freeing up professional time to focus on providing quality service and expanding advisory opportunities.
increased hacking sophistication and relentless cyberattacks will push firms to move to managed security services having “enterprise-class” monitoring and remediation services to provide partner peace of mind.
over the last 18 months, we saw firms content to be just moving along – status quo, focused on getting the work out to clients and bouncing back from the exhaustion caused by the pandemic in the previous year.
while larger firms continued the acquisition hunt (an increased number possibly driven by the private equity inroads made earlier in the year), we saw medium and smaller firms looking inward and taking notice of their personnel’s needs, focusing more on staff retention and not as much on implementing new technologies or processes that their clients would have to adopt.
from a technology perspective, firms continued to transition applications to the cloud, particularly in response to an awareness of security threats that their internal people cannot keep abreast of.