Firms can now audit a much broader group of employee benefit plans including 401(k), 403(b), defined benefit, and health and welfare plans

NEW YORK (May 8, 2023) – The American Institute of CPAs (AICPA), CPA.com and Caseware have released an updated version of OnPoint EBP, a cloud audit engagement solution designed to facilitate the efficient and effective performance of audits of employee benefit plans including 401(k), 403(b), defined benefit, and health and welfare benefit plans.

Powered by the Caseware cloud platform, OnPoint EBP helps firms perform audits of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). It combines AICPA-developed methodology, engagement management, analytics and advanced client collaboration tools within a single application.

“We initially launched OnPoint EBP in 2020 to support limited scope audits of 401(k) plans as technology and evolving standards transform the way audits are conducted," said Erik Asgeirsson, CEO, CPA.com. “We believe that by equipping auditors with the best tools, we can help facilitate greater quality and provide better insights during their engagements. With this latest release of OnPoint EBP, we are enabling auditors to support a much broader scope of plan types within a single modern solution.”

The solution's potential impact can be significant as there are close to 87,000 employee benefit plan audits conducted annually in the United States by more than 4,300 CPA firms.

“When auditing employee benefit plans, traditional practice aids can lead to a fair amount of redundant data entry, under or over-auditing and poor documentation requiring extra work to ensure the audit complies with professional and regulatory requirements,” said Scott Epstein, Chief Product Officer at Caseware. “OnPoint EBP offers an integrated, guided methodology that leverages cloud-based technology to produce a dynamic, efficient workflow.”

The latest release of OnPoint EBP includes the following new features:

• Expanded scope to facilitate audits of 403(b) plans, defined benefit plans, and health and welfare plans
• Revised financial reporting risk assumptions to better align with inherent risk factors
• New presentation and disclosure checklist tailored for the various types of employee benefit plans

Illinois-based firm JMM CPA specializes in employee benefit plan audits and values how the OnPoint EBP solution helps to streamline workflows and create efficiencies in the audit process. “With the expanded scope of OnPoint EBP, our firm can now audit more types of benefit plans in an efficient manner,” said founder James Moyna. “The intelligent file build and reporting functionality based on the plan profile ensures that our auditors get a detailed understanding of the type of plan being audited. The software tailors the audit workflow based on the Plan specifics. This helps us plan the engagement and move to fieldwork with a strong understanding of the audit to be performed.”

To support firms in adopting OnPoint EBP, CPA.com offers consulting support and a variety of live and self-study CPE courses.

For more information on OnPoint EBP, including a product overview and key benefits, visit: OnPoint EBP (caseware.com)

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus. The company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About Caseware International

Caseware is the leading global provider of desktop and cloud-enabled solutions for audit, assurance, financial reporting and data analytics for accounting firms, corporations, and government regulators. Caseware’s innovative tools and platforms help more than half a million customers in 130 countries work smarter, dig deeper and see further as they transform insights into impact. For more information, visit www.caseware.com.

• 72% of small and mid-size businesses want a proactive approach to expense management
• Only 34% of accounting firms are offering spend management advisory services
• Firms that offer expense management services are achieving greater efficiencies and profits, and an increased ability to attract and retain clients

NEW YORK (March 15, 2023) – Rising inflation and growing economic uncertainty are driving an increasing need among small and mid-size businesses (SMBs) for a more comprehensive approach to budgeting and controlling spend, according to a new report issued today from CPA.com, the business and technology arm of the American Institute of CPAs (AICPA). Nearly three out of four (72%) SMBs surveyed said they’re interested in a proactive approach to expense management, including matching anticipated expenses to budgets before the money is spent. Yet only 34% of accounting firms are currently offering these services, highlighting an opportunity for firms to grow their client advisory services (CAS) practices and deepen their trusted advisor roles with clients through spend management services.

“From Expense Tracking to Spend Management: The Next Client Advisory Services (CAS) Opportunity for Accounting Firms” includes insights from a survey of more than 1,100 SMBs and accounting firms on the opportunities presented by spend management, the ability to view, control and track a company’s spend in real time to provide actionable insights to key financial decision-makers. Spend management is an emerging, but rapidly growing, component of CAS, the fastest-growing practice area for the profession. The survey explored the pain points experienced by SMBs surrounding budgeting and spend, and how firms can support them with card-based spend management, which leverages software and corporate cards to provide a more proactive approach to expense management.

According to the survey, there is strong demand for and benefits of outsourced expense management services. Almost half (41%) of SMBs report they outsource this service and have seen positive results, including: a reduction of in-house hours spent on expense management, an implementation of new controls to reduce expense abuses and fraud, and streamlined and improved expense and spend management processes. A majority (51%) of this same group also said their accountant recommended card-based spend management and that it has been a game-changer for their companies.

“We are finding that our average growth for spend management services is at least double, if not triple, the median on all of our client advisory services,” commented Megan Bronson, advisory partner for Squire & Company. “Spend management is what our clients need the most.”

According to the research, 58% of firms currently offer or are interested in offering this service, underscoring the growing demand and strategic nature of this service. Firms who are packaging expense management as part of their advisory service are realizing significant benefits, including greater efficiencies and profits (63%) and an increased ability to attract and retain clients (74%).

“The most successful client advisory services practices are very intentional about how they build and scale their practices,” said Erik Asgeirsson, president and CEO, CPA.com. “Spend management is strategic and a natural extension of CAS – adding it allows firms to deepen their relationships and deliver the real-time insights and proactive guidance that their small and mid-size business clients value.”

For firms interested in offering spend management advisory

CPA.com, a recognized leader in CAS, has breadth of education and resources to support firms looking to get started with spend management services, including:

• Free CPE live webinar March 29 at 2 p.m. ET with technology and profession leaders focused on key SMB expense management pain points and steps firms can take to get started with spend management advisory.
• On-demand webinars with practitioner insights on how firms can start, package, price and productize spend management, staff an advisory practice, identify clients for spend management, and more.
• Divvy Accountant Advisor Program, offered in partnership between CPA.com and Divvy, a BILL company, that provides firms with the dedicated support, training and technology to effectively deliver spend management services. Divvy is a free all-in-one spend and expense management solution that pairs with corporate cards to budget, track and manage expenses in one place. This enables accounting firms and their clients to have greater visibility into cash flow and save time on closing books, while eliminating tedious expense reports.

To learn more about spend management advisory or the Divvy Accountant Advisor Program, visit cpa.com/Divvy.

Survey Methodology

The survey was conducted from September to November 2022 and included responses from 368 accounting firm participants and 763 SMB participants, for a total sample size of 1,131. The survey was administered online, conducted by CPA.com and Divvy, a BILL company. For more information on the participants, including titles and organization sizes, please visit the appendix at the end of the report.

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About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

Program Fosters Emerging Technologies that Benefit the Accounting and Finance Profession

NEW YORK (Feb. 28, 2023) – Today the American Institute of CPAs (AICPA) and CPA.com announced its 2023 Startup Accelerator cohort at a kick-off meeting held at AICPA headquarters in New York. This year’s participants include five early-stage companies pursuing a variety of solutions in audit, accounting, tax and e-commerce.

The Startup Accelerator supports the growth of early-stage technology companies benefiting the accounting and finance ecosystem. Selected companies receive focused insight into the evolving needs of finance and accounting professionals, access to firms and finance leaders who are shaping their profession and a $25,000 grant. They also benefit from marketplace intelligence and guidance from AICPA and CPA.com senior leaders and the program’s advisory board members. Selected companies have an opportunity to showcase their solutions at AICPA & CIMA ENGAGE, the premier conference for the accounting and finance profession, to be held in June at the ARIA Resort & Casino in Las Vegas.

“At CPA.com, we’re focused on empowering the accounting profession for the digital age through innovative products and solutions designed to transform their practice areas,” said Kacee Johnson, vice president – Strategy and Innovation, CPA.com. “The Accelerator program has been instrumental in helping us stay ahead of emerging trends while connecting CPA firms with leading-edge solutions uniquely tailored to meet the evolving needs of the profession.”

The 2023 cohort is comprised of the following technology solutions:

• 4impactdata – The Texas-based company created the “first ever knowledge as a service” business guidance system that equips CPA firms to be the strategic partner their business clients need. The client advisory platform is pre-built on the latest Analytics-AI cloud platform, includes industry best practices, proactive alerts and benchmarking across clients.
• Audit Sight – The company’s platform eliminates manual work for auditors, diligence and private equity providers by automating financial transaction verification. The solution automates the audit testing process and generates a GAAS-compliant workpaper.
• Synder – Based in San Francisco, the business intelligence platform for CFO and accounting professionals helps automate repetitive tasks around multi-source e-commerce data and translate it into actionable insights for businesses, enabling accountants with a monthly advisory service for their clients.
• TaxPlanIQ – Based in Texas, the SaaS software solution automates an entire tax planning engagement from selling the plan to implementing all tasks throughout the year, and educational resources to support the accountant with videos, checklists and templates of 100 tax strategies.
• VERIFYiQ – The Vancouver-based company offers solutions that augment workflow systems and CRMs to make bookkeeping more accurate and efficient, including a practice management solution that automates quality control reviews and a tool that enables sales teams to scope a potential client's books in under five minutes.

For more information about the startup accelerator, please visit cpa.com/accelerator.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus. Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

Interactive cloud-based platform offers simple way to bridge compliance and advisory

NEW YORK (Dec. 19, 2022) – To support the evolving role of tax practitioners as they continue to move beyond tax compliance to providing tax and financial planning advisory services, CPA.com announced today that it has formed a partner program with Asset-Map, a leading interactive, cloud-based platform that organizes an individual or family’s financial instruments into a clear, graphical layout. The interactive 'map’ can be used by tax advisors and personal financial planners to provide strategic insights into their clients’ holistic financial wellness.

As client expectations increase and more components of tax compliance become automated, the future role of the tax professional will center around packaging compliance with advisory to give clients a more comprehensive planning experience. Asset-Map supports the evolving role of tax practitioners by facilitating better human advice engagement between the advisor and the client. Advice engagement is a critical component of personalized financial planning, which includes delivering integrated guidance to clients in a structured way to help them make sound financial decisions.

“Asset-Map makes it easy for CPA tax advisors to quickly gather a holistic view of their clients’ financial life, including the gaps, opportunities and pitfalls with respect to current decisions,” said Adam Holt, CFP, CEO of Asset-Map. “This vantage enables CPAs to offer strategic insights and proactive financial advice that clients are expecting of them.”

Thousands of CPAs, tax advisors and financial planning professionals have leveraged Asset-Map solutions to help more than 1.25 million individuals and families understand their financial picture and plan for the future. Ross Riskin, CPA, PFS, Chief Learning Officer at Investments & Wealth Institute remarked, “As many tax professionals get wrapped up in the compliance side of the business and focus on accounting for events that have happened in the past – what better way to demonstrate to clients that we’re focused on helping them plan for their future as well as providing them with a visual map – an Asset-Map^® Report – that helps them understand where they’ve been, where they are, and where they are going.”

Some of the key features of the Asset-Map platform include:

• Quick client data collection – Advisors can use Asset-Map’s brandable Discovery feature to invite clients to share their financial inventory in minutes.
• Visualization of household finances – The solution’s visualization tool enables advisors to see a comprehensive financial picture and advise clients on decisions that can be improved.
• Financial Fire Drill Alerts – Practitioners can instantly screen clients’ household financial well-being to determine their ability to fund disruptive life events.
• Connection to firm data sources - Asset-Map connects to numerous technology platforms, including customer relationship management (CRM), planning, portfolio management and file storage systems.
• Track progress to financial goals – The solution helps advisors and their clients identify funding gaps toward financial goals and then track their progress and required actions going forward.

“Most clients are looking to their tax advisors to provide a broader accounting of their overall financial standing but are hesitant to ask for it—and compliance work can be very transactional. When tax compliance is combined with insight and a more complete picture of overall financial health, it becomes an ongoing engagement and the value to the client rises significantly,” said Erik Asgeirsson, president and CEO of CPA.com, the technology and business subsidiary of the American Institute of CPAs (AICPA). “Asset Map gives CPA tax advisors a simple pathway for initiating a structured conversation with clients about tax and financial planning.”

As part of the CPA.com and Asset-Map program, AICPA members are eligible to receive an exclusive discount on the Asset-Map monthly subscription fee.

To learn about how tax advisors can expand their services around tax compliance to include strategic advisory, register to join CPA.com’s free CPE webinar, “Advice Engagement — The Next Step for Tax Practice Innovation” Jan. 11 at 3 p.m. ET.

To learn more about Asset-Map, visit cpa.com/assetmap.

About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the U.S., with a growing global focus. CPA.com is a subsidiary of the American Institute of CPAs (AICPA) and part of the Association of International Certified Professional Accountants (AICPA & CIMA), the most influential body of accounting and financial professionals worldwide.

About Asset-Map
Asset-Map is a Software-as-a-Process experience for financial professionals who provide in-person and remote advice. Typically included as part of the advice engagement process, Asset-Map centers around the digital visualization of household facts to build highly customized, design-thinking presentations in minutes that help advisors and their customers make better financial decisions. Asset-Map is used by thousands of professionals worldwide, having mapped over 1.25 million people and $1.5 trillion in financial instruments.

Licensed CPAs and CPA Firms in Ireland Can Now Apply for Their Preferred Domains on a First-Come, First-Served Basis

NEW YORK (Dec. 14, 2022) - CPAs and CPA firms in Ireland can today apply for .cpa web domains to enhance their brand positioning in the digital world and promote greater trust and security with clients in online communications.

The restricted .cpa web domain, administered by the American Institute of CPAs (AICPA), the world’s largest member organization representing the CPA profession, and its business and technology arm, CPA.com, officially launched in Ireland today. CPAs and CPA firms must be licensed to be eligible for a .cpa domain, and domain names will be awarded on a first-come, first-served basis.

.CPA is specialty top-level domain, a term that refers to the handful of letters at the end of a web address. It was first launched by the AICPA in the United States in 2020, followed by Canada in 2021. To date, thousands of U.S. and Canadian CPAs and firms, ranging from sole practitioners to a majority of the top 500 U.S. accounting firms, have registered their preferred .cpa domains.

Many firms have been strategic in the names they’ve pursued, securing shorter, more relevant .cpa domains that best suit their brand, rather than settling for whatever remaining .com addresses are available.

“The .cpa domain offers firms a practical way to enhance their brand and strengthen client trust and security,” said Erik Asgeirsson, president and CEO of CPA.com. “Thousands of firms in the U.S. and Canada have already secured their preferred .cpa domains, and we’re excited to bring this important capability to CPAs in Ireland now and more countries in 2023.”

“We’re thrilled to partner with the AICPA and CPA.com to introduce this important digital tool to our members,” said Eamon Siggins, CEO of CPA Ireland. “This is a great next step after the establishment of our Mutual Recognition Agreement with the AICPA, and we believe the .cpa domain will be a great asset for our members looking to create a memorable, secure brand.”

The AICPA was awarded ownership and oversight of .cpa in 2019 by the Internet Corporation for Assigned Names and Numbers (ICANN), the non-for-profit organization that oversees the internet’s naming system. CPA.com is responsible for managing the service globally.

“When our third-party vendors or clients are receiving our emails, they know it’s a legit email with .cpa,” says Tracee Buethner, a partner at U.S.-based Widmer Roel PC. “While firm leaders were most excited about the brand development opportunities, the trust and security that came with the adoption of a .cpa domain has been equally important in practice.”

Registration of a .cpa domain also comes with an optional free starter site – a one page, professionally designed website to help firms quickly enhance their digital branding and recognition.

To learn more about .cpa or to apply for a domain, please visit GoIreland.cpa.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.