CHARTS & GRAPHS

Put People without Degrees on Your Audit Team

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Four businesswoman having a meeting around a table

Plus best practices for year-round and remote audits.

By Alan Anderson, CPA
Transforming Audit for the Future

Firms these days are throwing technology at audit and calling it innovation. But if you try to roll out too much at one time, that’s a disaster. Your people won’t have any time to talk to the client and figure out what’s going on in the business if they’re too busy trying to figure out how all the pieces of technology all work together.

MORE by Alan Anderson
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A better approach is to prioritize the technology rollouts and cut those in half. Focus on the two or three that are the most important. If you try to do too much, your implementation will fail. A partial implementation won’t get you anywhere. Partial implementations tend to result in complicated workarounds, so the new tech not only doesn’t save time or effort, but it actually makes it harder to get the work done.
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Maybe the Pipeline Problem Is Technology

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bar chart
The percentage of accounting, finance and other business majors working in each occupation. The occupations chosen are the five most common for finance majors, according to the Census. The sample period spans 2009 to 2021.

 

Advances may have had an unintended effect.

By CPA Trendlines Research

Alarms have long been sounding over the dearth of new accounting professionals entering the field. The pipeline of talent running from colleges to entry-level jobs has been trickling just as it needs to gush.

MORE: What If the Staffing Shortage Is Just a Myth? | Staffing, Tech, Prices Top Tax Pros’ Concerns | Five Ways to Fill the Staffing Gap | Top 10 Red Flags to Watch for in Accounting Offices | ARC | Deals 2024: Over 100 CPA Firm Mergers and Acquisitions | Barry Melancon: Private Equity and the Partnership | Gear Up For Growth | Does Your Firm Suffer Cultural Deficiencies? | Audit Fees Continue to Climb | CFOs See AI as Top Risk and Opportunity | Does Accounting Belong in STEM? | Accounting ARC | Opportunity Awaits Incoming AICPA CEO
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Since 2015, the number of graduates with accounting majors has been in steep decline. The number of incoming professionals is by no means keeping up with those who are retiring or switching professions. The vectors point toward an imminent crisis in available talent.
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How WealthTech Is Reshaping the Future of Holistic Advice 

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portrait of David Knoch
Knoch
 David Knoch has 20+ years of high-profile leadership in the financial advice industry. He joined Docupace as CEO in April 2020 and has spearheaded the company’s strategic transformation – marked by double-digit revenue growth, product/capability expansion, multiple acquisitions and numerous industry accolades.

Five key areas where firms can make inroads; three areas in which WealthTech has a disproportionate impact.

By David Knoch and Ryan George
The Holistic Guide to Wealth Management

Leveraging the power of technology has never been more accessible, or more important, for wealth management firms. As client priorities and goals shift, old delivery models and outdated tools are no longer enough to keep up in the current market.

So how does a wealth management firm differentiate itself? They lean toward technology and embrace the right WealthTech solutions to deliver holistic advice.

 

portrait of Ryan George
George
 Ryan George is the chief marketing officer at Docupace and a leader in both financial services and marketing communications. He is a member of the Forbes Communications Council, an invitation-only, fee-based organization of senior-level communications and public relations executives and the CMO Council.

MORE: Seven Tech Keys to a Holistic Service Model | Profile of a Modern Firm: Putting the Vision into Practice | Toward a 21st-Century CPA: A Dynamic Vision | What Multiples Mean to Accounting Firms | Tsunami of M&A, PE Is Disrupting the Accounting Profession | How Wealth Management Has Evolved | Introducing You to a Fulfilling Return on Relationships
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Read on as we break down the context, problems and solutions of WealthTech in the financial services space.

Why WealthTech?

The last few years have brought a world of change to the financial advice and investment industry. Between volatile markets, shifting client demands and an ever-growing technology landscape, the entire wealth management ecosystem is evolving.
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