Accounting Software Integration While Outsourcing: Here’s How to Do It
Technology has helped transform the way small CPA firms operate. Crunching numbers and maintaining ledger books manually have become a thing of the past. Today, clients expect instant information on their financial data. They want real-time data and error-free accounting. Unless small CPA firms adapt to the ever-changing needs, they run into a risk of […]
Finding Accountants in 2024: Expert Guide for Small CPA firms
The “great resignation” after the pandemic is a known affair and so is the immense talent shortage in the accounting industry. In the US, the accounting giants are losing peace over questions like: Well, the answer is not simple. The baby boomers have either retired or are on the path to exit, a new wave […]
Finding Pre-Qualified Offshore Accounting Talent: A Time-Efficient Approach for Small CPA Firms
Small CPA firms, often with fewer than five employees, operate in a challenging environment. While they offer essential accounting and financial services, they often face constraints in terms of resources, particularly in skilled staff. As these firms strive to meet the demands of their clients, especially during peak tax seasons, many are turning to offshoring […]
It’s Time to Start for the Tax Season 2024
The commencement of another busy tax season marks a crucial juncture for CPA and accounting firms across the United States. As Tax Season 2023 fades into memory, it leaves in its wake a trove of invaluable insights and lessons that hold the key to unlocking greater efficiency and success in the coming years. However, the […]
How Diversity & Inclusion Drive Capacity Planning in Accounting Firms
Originally Contributed in The Woodard Report Amidst the challenges posed by the pandemic, the crucial task of promoting diversity and inclusion (D&I) has taken a backseat in many organizations. However, this should not be the case, as diversity within the accounting industry brings immense benefits. As per McKinsey’s findings, businesses ranking in the top quartile […]
7 Benefits of Offshoring Finance and Accounting for CPAs
Originally Contributed in The Woodard Report As the world becomes increasingly connected and globalized, more and more businesses are turning to offshoring for handling their finance and accounting needs. To remain competitive and deliver exceptional services, CPAs must constantly seek innovative solutions that streamline their operations, boost productivity, and drive value for their clients. In […]
Offshoring Accounting: A 7-Step Guide to Ensure US Compliance
Originally Contributed to The Woodard Report In today’s globalized world, businesses are increasingly looking to leverage cost-effective solutions while maintaining compliance with the ever-evolving regulatory landscape. Offshoring accounting functions has emerged as a strategic choice for many US-based companies seeking to streamline their financial operations. As accounting firms are held to a higher standard of […]
Artificial Intelligence in Accounting: Benefits, Expectations and Risks
Artificial Intelligence (AI) has emerged as a transformative technology across various industries, and accounting is no exception. With the rapid advancements in AI technologies, such as machine learning and natural language processing, accountants and financial professionals are now leveraging AI tools to streamline processes, enhance decision-making, and gain valuable insights. On that note, Finsmart Accounting […]
Role of Training and Professional Development in Managing Offshore Accounting Teams
Originally Contributed to The Woodard Report In the dynamic and ever-evolving landscape of finance and accounting, businesses are increasingly turning to offshore teams to leverage cost efficiencies, access specialized skills, and stay competitive in a global marketplace. The success of managing an offshore finance and accounting team hinges not only on selecting the right partners […]
ChatGPT and US Accounting: Recognizing the Limitations of AI in Financial Contexts
Originally Contributed to The Woodard Report With the emergence of Artificial Intelligence, ChatGPT has become the most powerful tool for various applications revolutionizing traditional practices, including accounting. By harnessing the capabilities of ChatGPT, businesses can now experience unprecedented efficiency, accuracy, and insights in their accounting processes. Gone are the days of manual data entry and […]