{"id":92269,"date":"2022-01-06t18:00:32","date_gmt":"2022-01-06t23:00:32","guid":{"rendered":"\/\/www.g005e.com\/?p=92269"},"modified":"2023-10-05t09:12:35","modified_gmt":"2023-10-05t13:12:35","slug":"are-cpas-ready-for-accounting-to-transform","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/01\/06\/are-cpas-ready-for-accounting-to-transform\/","title":{"rendered":"ready for tech transformation?"},"content":{"rendered":"

\"barmany say yes, but the facts say no.<\/strong><\/p>\n

by donny c. shimamoto<\/em><\/p>\n

most accountants may feel as though they’re keeping up with the rapid changes in technology, but many may be fooling themselves.<\/p>\n

more:<\/b> automate busy season with apps you already use<\/a> | can tax automation make the 2022 busy season less grueling?<\/a> | non-cpa \u201ccpa\u201d firms? really?<\/a> | covid-19 turns cpas into first responders<\/a> | accountants: unleash your secret superpower<\/a> | focus on cyber risk, not just security<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

a survey of more than 600 cpas just confirms the dichotomy i\u2019ve seen many times. people say they are ready. but upon closer investigation, they haven\u2019t taken the actions to ensure adoption of the new technologies and the business practices needed for transformation.<\/p>\n

<\/p>\n

\"\"
wiley<\/figcaption><\/figure>\n

readiness to navigate accounting technology changes<\/strong><\/p>\n

the survey was conducted among attendees at a town hall meeting of the ohio society of cpas. given that there were more than 600 responses, this is a pretty significant sample and indicates a higher level of readiness than i have seen in most states. full disclosure: i’m collaborating with the oscpa to bring more transformative programs to members.<\/p>\n

oscpa president and ceo scott wiley opened with a great explanation of the impact of emerging technologies and how cpas need to embrace the coming changes both in their work practices as well as for their organizations.<\/p>\n

then he asked, \u201cwhen it comes to accounting technology, how well is your team prepared to navigate the environment?\u201d<\/p>\n

about 61 percent claimed a high level of readiness, saying their staff was well versed, a strategy was in action or they were fully involved. sadly, about a third said they were just getting started.<\/p>\n

high readiness but low adoption<\/strong><\/p>\n

few accountants have actually adopted some of the key technologies. in fact, almost a third said they haven\u2019t adopted cloud computing, robotic process automation, artificial intelligence, or cryptocurrency. just over half indicated that they have adopted cloud accounting, but only 8 percent have adopted rpa and only 6 percent ai.<\/p>\n

\"barthese are fairly low numbers and, especially with rpa and ai, indicate that these would only be the \u201cleading-edge\u201d adopters who are using these technologies.<\/p>\n

cryptocurrency had only 0.2 percent adoption (one person). however, this is not surprising given the tax implications of transacting in cryptocurrency. i personally don\u2019t think we\u2019ll see high cryptocurrency adoption until we see the u.s. treasury support a digital dollar that is truly treated as currency.<\/p>\n

the road to transformation<\/strong><\/p>\n

the town hall poll maps the path that cpas should consider to help their teams be ready to help increase the adoption of technology in the profession.<\/p>\n

first, understand what differentiates accounting technology from \u201ctraditional it\u201d \u2013 most of this will be in the form of business application and mitigating their associated it-related risks (i.e., need for better it general controls).<\/p>\n

second, start training your teams on the technologies and techniques needed to leverage accounting technologies.<\/p>\n

once your team is well versed in accounting technologies and understands the changes they will bring to accounting processes, develop a strategy for incorporating these technologies and business process changes into the way your department provides its services \u2013 whether to clients (public accounting) or to other management colleagues (finance).<\/p>\n

lastly, ensure that you have a continuous improvement process in place to ensure that your team and organization stay abreast of new innovations and their implications.<\/p>\n

cpa evolution will require more accounting technology readiness by 2024<\/strong><\/p>\n

the aicpa and nasba have released a new model accounting curriculum where much of what was previously considered the domain of an it specialist or certified it professional (citp) will now be part of the base accounting curriculum.<\/p>\n

the citp is a credential that represents a deeper knowledge of information management and technology assurance, combined with the business acumen of a cpa. the citp will remain a specialty credential because it requires five years of experience and additional training, but the path toward citp will be much more prevalent in the information systems and controls path within the cpa evolution curriculum model \u2013 the path that is essentially the new audit-focused path.<\/p>\n

the curriculum recommended by cpa evolution will also be incorporated into a revised cpa exam starting in 2024. this means that accounting graduates (i.e., entry-level accounting staff) will have a much stronger technology skill base than many current practitioners.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\"\/\/www.g005e.com\/2022\/01\/06\/are-cpas-ready-for-accounting-to-transform\/\"<\/a>
\nmany accountants say yes. but the facts say something else.<\/strong>
\nby donny c. shimamoto<\/em><\/p>\n","protected":false},"author":1382,"featured_media":79390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1363,3120,3002,11,2306],"tags":[3445,3447],"class_list":["post-92269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-pro-member-exclusive","category-special","category-research","category-tech-and-fintech","tag-ai","tag-artificial-intelligence"],"acf":[],"yoast_head":"\nready for tech 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