When staying local, businesses can find it challenging to recruit talent that’s needed to grow. This is a huge issue many firms face. Some firms have started moving to a virtual model, looking outside their local area, to recruit the right person for the job no matter where they are located.
Automating approvals can be very difficult for small- and medium-sized businesses since there are usually no efficient systems in place for handling approvals. When designing and implementing your AI platform, this has to be taken into account.
What does it mean for accounting firms to add value for their clients? And how does your accounting firm find the right people to support your company's mission?
Companies are all different. Even if your firm specializes in a particular vertical market, it can still take a considerable amount of time for one of your accountants or bookkeepers to learn the general ledger and the cost classifications for dozens of different clients.
What does the future look like for CPA firms and bookkeeping firms that provide outsourced accounting services?
Smaller accounting firms tend to be more forward-leaning than larger accounting firms. Smaller, more nimble accounting firms are adding AI to their businesses now -- which means they can easily outsmart the larger accounting firms if they’re going to be slow at adopting AI into their accounting services.
When thinking about the competitive landscape, what does your accounting firm need to do today to make sure it remains relevant in the future?
Software and technology companies frequently talk about their product roadmap. But this isn’t something we typically hear from accounting firms. However, AI and machine learning impact the types of services an accounting firm can offer.
In addition to addressing your redundant tasks, your customer communications requirements, and future changes in technology, the AI (artificial intelligence) platform that you select needs to be able to process and understand your clients' documents.
A huge part of your success in automating outsourced accounting has to do with the mix of clients. These are the kinds of clients that you work with. Will your accounting practice change the mix of clients it has?