How Technology Is Changing the Role of CPAs for Modern Businesses
CPAs (Certified Public Accountants) play a pivotal role in a business’s success. Their guidance offers business owners valuable insights into various financial services, including tax preparation and financial consulting. However, as modern technology continues to evolve, so do the roles of CPAs. Here are a few key ways technology is reshaping the jobs of CPAs in their work.
Real-Time Financial Insights
Although modern technology doesn’t necessarily eliminate the need for CPAs, it encourages them to adopt more strategic roles because of the new tools available. Thanks to these advancements, many businesses can now access real-time dashboards where CPAs can monitor cash flows and make forecasts instantly, instead of waiting for month-end closes.
Data Analysis
CPAs typically rely on analytic tools that help them identify growing trends in the business world and assess risks. Modern technology, specifically AI, has significantly improved many of these analytic tools. Predictive AI can accurately forecast modern trends and how businesses can apply them to increase revenue and identify potential financial red flags.
Risk Management & Cybersecurity
Modern technology has made it possible for crucial information and financial data to be stored digitally. Since CPAs play a major role in protecting businesses by managing potential risks, they are expected to understand data security and fraud detection.
Expanded Advisory Services
Modern technology provides CPAs with the necessary tools to ensure a business’s success and optimize resources. Technological advancements have broadened their roles in business strategy and financial planning.
At JTS Associates CPAs, we are constantly adapting to modern technology and utilizing it to help businesses make more informed financial decisions. Contact us today to schedule your small business consultation, where we will walk you through the ever-changing technological world and how you can use it to generate higher revenue.
