Offshoring as a Productivity Driver: How US CPA Firms can Achieve More with Less
According to a recent AICPA economic survey, inflation continues to be a concern for 82% of our respondents, primarily CFOs, CEOs, and Controllers. 42% of respondents said that labor cost is the key inflationary factor that represents the most significant risk to their business. By moving some of their business processes or services to a […]
Thriving in the Future of Accounting: Strategies for CPA Firms to Stay Ahead
As I was watching reruns of the legal drama series “Suits,” one quote from the character Harvey Specter really resonated with me. When asked what to do when someone puts a gun to your head, he famously replied, “You take the gun, or you pull out a bigger one. Or, you call their bluff. Or, […]
Adapting Emerging Technologies in Your CPA Firm: 2023 Guide
As a certified public accountant (CPA), you understand the importance of staying ahead of the game. The accounting industry is constantly evolving, and it’s critical to stay on top of the latest trends and accounting technologies to keep your CPA firm running smoothly. The 2022 AICPA PCPS (Private Companies Practice Section) Survey shed light on the ever-growing […]
Navigating Accounting Regulatory Landscape: A Challenge for CPA firms
The accounting industry is heavily regulated in the United States, and CPA firms must stay up to date with the latest laws and regulations to avoid penalties and liability. According to AICPA’s 2022 PCPS CPA firm top issues survey, “Keeping up with changes and complexity of tax laws” is one of the top 5 issues faced […]
Accountant Shortage: U.S Firms Scramble to Hire Accountants during Tax Season
According to the US Bureau of Labour Statistics, since 2019, more than 312,000 accountants and auditors have quit and 2/3rd of them had the experience of over 10 years. This shortage of accountants partially attributed to Big Quit is prompting small and midsize accounting and CPA firms to hire overseas for the first time as they seek workers […]
6 Tips for Upselling to Existing Accounting, Taxation, and Bookkeeping Clients
Upselling your services to existing clients is the easiest way to grow your accounting practice and boost profitability. Don’t believe us? Well, according to Market Metrics, the odds of selling a product or service to an existing client are 14 times higher than the odds of selling the same to new clients. While a lot of […]
CPAs, Ease Your Tax Season. Here’s Top 3 Benefits of Outsourcing
Most CPAs and accounting firms struggle during the tax season, with the resource crunch taking a toll on their personal time. During these months, burning the midnight oil on weekends becomes common. One of the ways to solve this challenge is through outsourcing. At Finsmart Accounting, we have worked with hundreds of CPA firms during […]
5 Questions that Accounting Firms and CPAs Ask Us Before Outsourcing
Being a leading accounting outsourcing firm in the USA and India, Finsmart Accounting answers hundreds of questions about outsourced bookkeeping, accounting, accounting technologies, and finance on a regular basis. Though we are always pleased to answer queries, there are some questions that pop up in every other engagement with potential clients. That’s why we thought […]
Tips for Accounting Businesses to Scale Up During Peak Tax Submission Periods
“How to scale up business during the tax submission period” has become a popular query among CPAs and accounting firms in the United States. And we can clearly see why. Scaling makes it easy to cope with the mounting workload and meet business requirements without overstretching resources or undertaking unplanned hiring. The same is true […]
Strategies to Expand Accounting Business: Practical Tips for CPAs
There was a time when opportunities to scale accounting business were substantially limited, especially for CPAs who invested little in team and business expansion. But thanks to modern technologies, even small accounting firms in the United States are acquiring more clients and growing market reputations. Still, a lot of young CPAs are finding it hard […]