Client Accounting Services Poised to Surge in Post-Corona World

Seven Covid-driven deliverables clients need today.

Six-Minute Survey:
What’s your opinion of Client Accounting Services?
Yes. We’re doing it.
No. BUT we’re CONSIDERING it.
No. And we’re NOT considering it.
No. We’ve tried it and dropped it.
Huh? What’s “Client Accounting Services?”

By Hitendra Patil

Coronavirus caught the entire world totally unprepared for its aftermath. The impact on economies is unfathomable. Accounting firms are not immune to this unprecedented situation.

More on CLIENT ACCOUNTING SERVICES:  20 Ways to Grow Your Firm in 2020 | ‘Found Money’ Delights Clients  |  Is Client Accounting Services Overhyped? | 3,771 Accountants Help Uncover CAS Success Secrets

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But, “same as last year” or “as always” will not work for accountants in the immediate and distant future. If you haven’t yet done so, it is time to start thinking about how are you going to overcome the crisis, and even thrive in the near future and beyond. Especially important is to think about how client accounting services (CAS) will emerge as a much-required and more valuable than ever service accountants can provide.

What are accountants doing now?

So, other than helping clients obtain small business loans and apply for Paycheck Protection Program (PPP) benefits, what are accountants doing now? Based on daily conversations with accountants over the last six to eight weeks, here are some core focus areas of accountants: READ MORE →

3,771 Accountants Help Uncover CAS Success Secrets

Small firms find a new revenue stream.

By Hitendra Patil

Fresh insights are emerging from CPA Trendlines’ new survey, “Client Accounting Services: Trends, Issues & Opportunities.”

Join the 8-minute survey. Get the answers. You will receive, for free, the topline executive summary of the survey findings, just for participating in this survey.

It is possibly one of the largest CAS surveys ever, with 3,771 (and counting) accountants responding to the survey.

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A.I. vs. Auditors

Artist concept of an AI-based neuronHow human-centric artificial intelligence will help.

By Hitendra R. Patil and Eli Fathi

Artificial intelligence is set to transform many professions. As AI shifts from news and hype, it will significantly change how people work in their jobs.

MORE: How to Be Ready for Real Artificial Intelligence | How Accountants Can Ride the Artificial Intelligence Wave | Automation Makes It Easier for Accountants to Offer Cybersecurity | The Why, What and How of Cybersecurity for Accountants  | Blockchain: What You Need to Know Now | The What, Why and How of Artificial Intelligence for Accountants | The Client of the Future | The Rise of the Robot Accountant: Opportunity or Threat?
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The internet and cloud technologies transformed the workplace. Similarly, AI will refine, reshape and even replace many of the tasks we do every day.
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How to Be Ready for Real Artificial Intelligence

What to know before investing in new technology.

By Hitendra Patil and Eli Fathi

To use AI or not?

That is the question for accounting and audit firms looking toward the future. There is a lot of fear, uncertainty, and doubt regarding the availability, adoption and use of artificial intelligence-based systems. There is even some misleading information within the broader community of accounting and audit tools.

MORE ON ENTREPRENEURIAL STRATEGY: How Accountants Can Ride the Artificial Intelligence Wave | The Client of the Future | The Rise of the Robot Accountant: Opportunity or Threat?
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A wide range of claims and news can be found online, from AI “not being ready” for accounting, to questioning the benefits of artificial intelligence. Vendors stating their solutions are AI-enabled may be adding to the confusion. READ MORE →

How Accountants Can Ride the Artificial Intelligence Wave

Let machines crunch the data. You provide the insight.

By Hitendra R. Patil and Eli Fathi

You are already riding the AI wave to some extent because, most likely, your car has some AI built into it. You ride it to work. How about riding artificial intelligence at and in your work?

MORE ON ENTREPRENEURIAL STRATEGY: Automation Makes It Easier for Accountants to Offer Cybersecurity | The Why, What and How of Cybersecurity for Accountants  | The Client of the Future | Urgently Required: A New Definition of Accounting | Is Blockchain a Cloud Killer? | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms | 4 Pillars of Future Firm Foundation | Do You Want a Practice … or a Business? | 3 Apps to Automate Business Networking
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In today’s economic environment, it’s not enough to offer services in the same way that it’s always been done and hope that business will thrive. Many accounting firms are embracing new technology, such as robotic process automation, cloud-based analytics and dashboards to offer a competitive edge but the industry has come to a crossroads. While these computer-assisted and rules-based tools are considered the norm, AI and machine learning solutions are driving the leading edge.
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Automation Makes It Easier for Accountants to Offer Cybersecurity

Technology Security with Internet Digital Signature as ArtTechnology can help simplify the complexity of technology itself. 

By Hitendra R. Patil and Jeffrey Lush

Businesses the world over rely on outsourced services, like accounting, to keep themselves ahead in the game, be profitable, efficient and to limit risk.

MORE ON ENTREPRENEURIAL STRATEGY: The Why, What and How of Cybersecurity for Accountants  | Blockchain: What You Need to Know Now | The Rise of the Robot Accountant: Opportunity or Threat? | Certified Blockchain Accountant: From CPA to CBA
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In “The Why, What and How of Cybersecurity for Accountants,” we covered the fundamentals to enable accountants get a quick understanding of cybersecurity to help explore the new opportunities that are emerging in the cybersecurity services segment. In this post, we’ll explain why it may not be really necessary for accounting firms to have specialist technology resources to foray into cybersecurity opportunities.

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The Why, What and How of Cybersecurity for Accountants

Lush

Checklist: Protect your firm in 10 steps.

By Hitendra R. Patil and Jeffrey Lush

Jeffrey Lush is  CEO and Co-founder, BAP Solution, a cybersecurity firm Lush is known widely as a passionate technologist with more than 34 years of IT experience. Before serving as CEO for BAP, he worked as the CTO for both HPE and Dell Federal. Lush’s US federal experience includes serving as the Executive Chief Technology Officer for the US Department of Veterans Affairs. He has served on US Presidential workgroups focused on cyber and has extensive knowledge of cybersecurity standards and policies throughout the globe, with a focus on US Federal policies to include NIST, FISMA, FedRAMP, DFARS, PCI, and HIPAA.

It is no secret that cybersecurity continues to top the list of business concerns for businesses of all sizes. Small independent business, mid-size business and large organizations can all be impacted by a cyber attack.

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