In the past decade, the accounting industry has transformed significantly. Digital disruptions, increased competition, adjusting to a hybrid workforce and changing market demands are forcing firms to fundamentally change the way they operate and serve customers.
To stay competitive and meet market demands, firms must innovate their product offering, adapt to changing business needs, and offer an exceptional customer experience. This means doing more with the information they house and reallocating resources to high-value work, like servicing customers, investing in more competitive offerings, or building expertise.
However, archaic and outdated ways of managing information are hindering firms’ ability to navigate these disruptions, curb competition and innovate to improve their client experience. Here are five of the key challenges CPAs must overcome to best use information to their advantage: