Reprinted with permission of Insightful Accountant
It used to be that a typical CPA firm did their clients’ taxes and prepared their P&L and financial statements, and that was that. These days, there are few “typical” CPA firms left. As they seek to diversify, differentiate and grow by offering their clients value added services, firms are engaging in a much wider range of activities.
They might be handling tax work and serving as more of a business process outsourcing (BPO) firm handling day-to-day tactical accounts payable and accounts receivable. Some are getting into technology consultation and implementation and helping their clients look at their existing systems to see if there are changes they can make to improve security and simplify processes. And some firms are adding ERP divisions.
With the rise of a new generation of B2B financial technology companies – or Fintechs – the opportunities for CPA firms to offer new services have never been better.
Fintech solutions are cloud-based, generally much easier to implement and much less expensive to own than what firms have been able to offer their clients in the past. They’re also much easier to use. They offer far greater visibility and agility than what was possible in an on-premise server environment.
Brent Meyers is Vice President, National Sales Manager at Nvoicepay.