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Top 4 Challenges Facing the Accounting Industry Today

Posted by Infinit-O on Jul 31, 2019 9:00:00 AM

Topics: Finance & Accounting

4 Top challenges facing the accounting industry today

It’s quite evident that the accounting sector has undergone some major changes over the years........and changes are still taking place. Advancements in technology and changes to the tax system are some big trends shaking the industry.

These changes are affecting accounting firms, producing a whole new set of business

challenges. And in order to grow as a business, these issues can’t be ignored.

The list of issues affecting today’s accounting firms is fairly lengthy. But it’s important to take time to zoom in on them and brainstorm ways to eliminate them.

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Here are the top 4 issues affecting the industry today:

1. Keeping up with Tax Law Changes

A large part of an accountant’s duty is doing tax preparation. With the ever-changing tax laws, accounting professionals are under more pressure  than ever to keep up.

These constant changes add to the accountants’ responsibility and duty to properly advise their clients. 

2. Adapting to New Technology

Changing any routine can be a huge challenge for individuals. This is an even bigger challenge for businesses. So it’s no surprise that switching from old, comfortable accounting tools & technology to new platforms can be very difficult.

Not only do accountants need to get up to speed on the latest industry technology, but they also need to get their clients on board. 

Read More: 4 Reasons to outsource your bookkeeping

3. Shortage of Top Talent

In 2017, the number one challenge facing the accounting sector was customer acquisition. In 2018, the top challenge switched to finding the right talent to support that growth.

This is a bigger concern for smaller firms, as they are competing with the more established giants in the industry. To get ahead of the talent shortage, firms need to continually be on the lookout for the quality industry talent.

Recruiting the next generation of accountants is one good way to manage skills shortage. But the competition between large and small firms is stiff. And salary and benefits packages have to be as competitive as possible.

4. Quality Client Services

There are more independent accountants popping up every day. The same is true for outsourcing companies. So the competition to get more clients has definitely increased. Also, with online reviews so popular, it’s easier than ever for potential clients to thoroughly compare accounting firms before choosing one to do business with.

So what does this mean for accounting firms? Simple. They need to ensure their services exceed clients’ expectations. Outsourcing companies in the accounting field are especially expected to prove their value.

There are countless issues plaguing the accounting sector today. In order to achieve any significant growth, outsourcing accounting companies, as well as independent contractors need to focus on addressing these problems.

Infinit-O is a trusted finance and accounting solutions partner that can help you build and operate a dedicated team of accounting professionals of every level including certified public accountants designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.

When you’re ready to grow, think Infinit-O!

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