here are some highlights, but note that percentages related to “all firms” are heavily skewed to firms of under 10 employees, which accounted for 66 percent of respondents:
backing up to the cloud is in a curious position. it’s the most popular primary system for accounting firms, but it’s on a decline, whether it’s handled by the firm or a vendor.
cloud backup was chosen by 37.3 percent of respondents to the accounting firm operations and technology survey, down from 42.3 percent.
an external consultant is an answer 30.9 percent of the time, for projects or as needed, with a managed service provider taking on the rest. of respondents who handle things on their own, 80 percent are solo practitioners, while full-time it staff or an it department are 60 percent likely at extra-large firms. read more →
covid-19 and its variants forced a number of challenges upon the accounting profession. accountants are telling us that tops on that list were communication and workflow, at 49.4 and 49.1 percent respectively. even solos felt the burn, at 40.6%, so it wasn’t all internal communication to blame, although large firms of 51-100 felt it most sharply, at 60%.
survey results
top corona problems: communication, workflow, and digitizing paper top the list.
some responses that didn’t hit the top six still were notable. postal mail was called out by 21.9 percent, including 40 percent of solos and 33.3 percent of large firms. solos also reported phone calls and lost income at 24.6 percent. despite most groups saying lost income was a challenge, relatively few put that figure anywhere near the one for paying bills, except extra-large firms noting 11.8 percent difficulty with lost income and 5.9 percent with paying bills.
the cloud makes it possible – no, it makes it inevitable – for smart business owners to focus on their core business and let professional accountants take care of accounting, including transactional work (to be done accurately).
this new possibility gives rise to cas opportunities for accountants to work in collaboration with business owners in real-time.
cas is one of the fastest-growing new revenue segments of many top 100 firms, but perhaps the even bigger cas opportunity is more relevant and more available to smaller accounting firms.
the latest data from atomik research’s 2021 client expectations study shows that cpa firms without portals, apps and solid security face a high probability of losing clients.
overall, a staggering 78 percent of small businesses say they would consider switching accountants to one that uses “the latest technology.”
they aren’t necessarily expecting the latest in accounting software, but a burgeoning majority think an accountant with a portal might suffice to get them to jump the fence. read more →
somewhere along the line accountants began to believe that an hour of their work had a set value to their clients. as we shall see, this false assumption has led to the current state of affairs and has caused accountants to:
produce more chargeable hours by constantly reinventing the wheel
hoard work and, consequently, do a poor job of delegating
inhibit the creation of more efficient ways of producing accounting services
hinder the development of more efficient project management
audit rates by total positive income: although audit rates are declining more rapidly for higher-income taxpayers, the audit rate for lower-income taxpayers claiming the earned income tax credit is running higher than average. the reason: irs says it doesn’t have the highly-trained staff needed for high-income audits. eitc audits are easier. shown: 2019 tax year.
for the wealthy, the irs says it’s out-gunned.
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the percentage of taxpayers audited by the irs has been in precipitous decline since 2010, with the steepest decline in – surprise, surprise! – the highest income bracket, according to a new study.
hoisted from comments: “it is not the auditors who are to blame. it is the irs processes that the auditors are following.”
the odds of a taxpayer being audited are astonishingly low, an average of just 0.25% in 2019, way down from 0.9% in 2010.
one of the benefits of an annual report such as the accounting firm operations and technology survey is the opportunity to see not only the current sentiments but those from years before. sometimes, though, new issues arise and are momentous to warrant inclusion via a new question … as when covid-19 crashed onto the scene.
of those working at home for the first time, by far the largest group fell into large firms of 51 to 100 employees, where 93.3 percent were new to remote work. medium and extra-large flanked them in those results, at 51.9 percent and 47.1 percent respectively. see table: read more →
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