Earlier this month, our Digital CPA conference brought together more than 1,400 forward-thinking practitioners and leaders to unpack the latest insights, strategies and technologies to chart the course of the accounting profession.
The rapid emergence of GenAI-enabled solutions was a major topic of discussion at the event, as it has been throughout 2023—and for good reason. It’s hard to imagine any aspect of our lives that won’t be impacted by this technology. The opportunities it provides for accounting and finance to fuel transformation, reimagine how services are delivered and deepen the trusted advisor role are profound.
Here are four takeaways from this year’s DCPA to consider for your firm as you look toward 2024:
- Harness the power of GenAI and other advanced technologies. It’s important to stay up-to-date as accounting-focused tech providers are swiftly integrating GenAI and other emerging technologies into their solutions. By embracing these advanced tools, you can drive efficiency and offer valuable insights to your clients. At the same time, AI brings another level of considerations and risks related to data. The AICPA and CPA.com are committed to helping guide practitioners through the change. CPA.com’s GenAI Toolkit offers practice-specific use cases and a security checklist to help firms build smart, safe AI strategies. Additional efforts in 2024 will include as AI-specific cohort in the AICPA and CPA.com Startup Accelerator, insights from our upcoming AI Symposium, and the release of additional resources.
- Continued transformation of practice areas requires an intentional approach. Cloud technology has been a key driver of growth in client advisory services (CAS), the fastest-growing service area in the profession. AI will accelerate firm capabilities such as business insights, spend and expense management, financial planning and analysis and other key areas within CAS even further. For firms looking to take advantage of that capability, it’s important to have an intentional approach that begins with a firm-wide strategy and vision. To help with this, CPA.com's CAS 2.0™ methodology and framework can offer a strategic roadmap, complemented by the guided approach of the CAS 2.0™ Practice Development Coaching Program.
Similarly, technology can help practitioners looking to transform their audits from the compliance-based, linear model into a risk-management-forward and data-driven processes. Specifically, the Dynamic Audit Solution (DAS), a collaboration between the AICPA, CPA.com and Caseware, revolutionizes audits through this new approach. To help firms progress their audit transformation journey, CPA.com offers a readiness assessment as well as implementation consulting and change management strategies. - Building capacity is key to firm success. Firms continue to experience capacity challenges due to a complex set of circumstances that include pipeline challenges, aging demographics across the U.S., a tight labor market and other contributing factors. Yet, it’s possible to alleviate some of these pressures and bolster a workforce through innovative approaches. Firms can harness technology for task automation, form outsourcing partnerships and implement new compensation models and talent strategies to attract and retain employees.
- Embrace a leadership role. To succeed in times of transformation, firms should prioritize their culture, skills and change management. Adopting innovative, people-first approaches and implementing significant change management can provide a competitive edge and ensure long-term sustainability and growth.
The Digital CPA community is leading the transformation of the accounting profession, and we invite you to become a part of it in 2024. You can also stay connected with the community throughout the year through our new Digital CPA podcast.
Best wishes for the year ahead.
About the author: As president and CEO of CPA.com, Erik Asgeirsson has led the charge in in getting the profession to adopt cloud technologies, laid the groundwork for the success of client advisory services (CAS), is focusing on building the future of the audit with the Dynamic Audit Solution (DAS) and is helping firms embrace emerging technologies and opportunities, such as GenAI and ESG. Erik is also the co-founder and host of the award-winning AICPA Town Hall series.
