Top 5 Challenges Faced by Accountants in 2015

August 20th, 2015 by admin

The Internet may be one of the biggest challenges accountants face, but it can also be the solution for many of the issues professionals face. As the latter part of 2015 comes to a close, it is important to look at the top challenges in 2015 to strategize for an efficient and profitable 2016. When the Hinge Research Institute surveyed more than 500 accounting professionals, they revealed the top five concerns for accountants in 2015:  
  1. Attracting and developing new business
  2. Attracting and keeping good employees
  3. Personnel and management issues
  4. Technology
  5. Adjusting to and accommodating clients’ increasing demands and expectations
  Technology Eases the Pain Accountants need affordable solutions that provide the most impact. Fortunately, technology has made that possible. Firms don’t need enormous IT staffs to accommodate the growing needs and technological advancements. Many firms are running to the cloud and VoIP solutions to meet client demand, boost productivity, and attract new talent. Cloud-based accounting software meets the challenges accountants face. Users can access the cloud from anywhere, backup is streamlined, security monitoring and resolution is immediate, and instead of overhauling an entire system and all its software, cloud-based solutions appeal to all devices and operating systems. Cloud solutions and applications are easy to integrate and they don’t compromise daily operations or user security. Cloud-based solutions are backed by remote teams of experts that provide accountants with reassurance and securities that accountants cannot provide on their own. Technology is one of the top five concerns, and it only becomes more complex if accountants struggle to keep up with it on their own or are unwilling to make the transitions in the industry in a timely matter. Why does this matter? Remaining up-to-date on the latest technology allows firms to persist in a tech world. Where is the first place you and your clients go for financial information and tracking? To the Internet, and cloud-based technology embraces that. Cloud-based technology allows accountants to provide clients with more resources, streamlined services, quick retrieval, and the reassurance of a protected system. This not only accommodates the mobile and personal security needs of each client, but it attracts new clients as well. More competition, continuous advances in technology, a shift in client needs, and trust in the system weigh on the minds of accountants. Accountants not only deal with client’s requests on a daily basis, but they too must deal with inner-office politics, personnel issues, and communication. If any break down, productivity ceases. Cloud-based solutions, VoIP, and apps encourage collaboration in and out of the office, allow management teams to assign tasks and projects, answer communications in and out of the office, and permit the hiring of the best professionals in the business. Remote connectivity and mobility allow firms to reach beyond the office walls for the best professionals in the business. Accounting firms can offer more flexibility to the employees they want to keep. The firm is only as good as the professionals who work for it. The modern business that appeals to the habits and demands of the client, offers a competitive rate, guarantees better security, and shows a commitment to the individual needs of each client, is one that will attract new clients, nurture the relationship with current clients, and attract the best professionals who support the firm’s vision.

Posted in: Blog, Financial