Becoming an Advisor is a risk that is worth the effort.
Some risks are worth the effort. Becoming an Advisor is one of those risks.
Now more than ever before, businesses need the support of advisors. With the economy falling apart and not recovering fast enough it is sound business advice to evolve your business practice with the help of an advisory firm.
Why become an Advisor?
Technology and digital evolution are revolutionizing the role of CPAs everywhere.
Changing demands due to digital transformation and businesses’ constantly evolving needs have forced accountants to diversify their skills, making today's accountant a true chameleon when it comes to all things accounting and advisory.
Technology is opening more doors.
Accounting experts must be adaptable and curious when it comes to information technology (IT). Digital needs for entrepreneurs have become increasingly complex, and large accounting firms need to learn how to help their clients to guide their businesses effectively.
In spite of the ease at which accounting tools and software can be accessed on the internet, the accounting profession has become more valuable than ever. CPAs observe a professional code of ethics, so they are regarded as experts and legitimate advisors in an environment where digital technology is prevalent in organizations' operations.
Accounting firms should seek to develop innovative technological tools to showcase their expertise, not only as expert CPAs but as Advisors, too.
In the past few years many accounting firms have been creating products and services that are adapted to this newly digital world of business. From personal income tax services to cloud accounting and cash flow forecasting and modelling, using technology to your firms’ advantage and even now offering professional audits using these services.
Additionally, in the near future, CPAs will even be able to leverage artificial intelligence and advanced analytics to help businesses and organizations that are interested in process automation to improve their performance.
Is auditing evolving?
Despite many new changes in the profession, some of the tasks, such as auditing, will never disappear. The chartered accountant is more important than ever for providing an opinion on the presentation of the clients’ financial statements.
Additionally, CPAs’ expertise will need to change; for example, they may be tasked with sharing their opinion on whether a given digital financial platform is secure, whether particular online factors are important, and other scenarios, especially when it comes to cryptocurrencies.
It’s all connected!
Technology is changing the various accounting functions, but it’s also making the profession more appealing for young accountants. The new generation of accountants must take a deep interest in innovation and digital activities in order to carry out their future duties, which will definitely include advisory services.
Accounting offers considerable opportunities to young students, with more students than ever before considering this profession. Technologies have changed the CPA profession, and technology is unquestionably part of the next generation's role in helping future firms transform.
CPAs are advancing as financial advisors.
CPAs are in a great position to offer advisory services today as they are one of the more trusted professions.
Clients appreciate one-stop shopping, so many CPA firms today have begun to incorporate advisory services and planning. People want to do business where it is easy for them. People want to go to one place and have everything taken care of quickly and in an effective manner.
Advisory services are actually easier for CPAs when they already have access to the information they require from their clients. The process is easier for the client and easier for the CPA.
You shouldn't expect this trend to disappear anytime soon. In fact, it's likely to grow even more as technology progresses. Again, CPAs represent the most trusted of advisors, when compared to professionals like lawyers, financial planners, stockbrokers, insurance representatives, etc.
Having the upper hand from built-in trust, the accounting knowledge and access to the financials, and now you have the additional leverages provided by digital and technological advancements.
Contact Dryrun today and begin your journey as a Dryrun Partner. With the Partner package, import data and get started building client forecasts as soon as possible. Collaborate with clients, access trainers, onboard and use your wholesale rate for additional client accounts.