Client accounting services has been hugely successful as a service offering, but CPA.com president and CEO Erik Asgeirsson and vice president of growth and professional services Kalil Merhib say firms need to evolve toward the next stage: client advisory services.
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ESG is not new. Business and government leaders have been discussing corporate social responsibility for decades. But the heightened turbulence of the last two years has ignited a sharper focus on environmental, social and governance matters that’s shaking up every organization and industry around the world — and presenting significant opportunities for the accounting and finance profession.
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The value of client advisory services and its impact on the accounting profession can no longer be denied, as recent data shows explosive growth within just a few short years. But even if many firms are now offering these services, it is not certain they will do it well, nor that they will generate a lot of revenue from it.
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AICPA and CPA.com host inaugural Environmental, Social and Governance (ESG) Symposium to discuss the opportunities and impact of ESG for the accounting and finance profession
NEW YORK (May 25, 2022) – Top leaders in the environmental, social and governance (ESG) space convened yesterday at the inaugural AICPA and CPA.com ESG Symposium to exchange ideas and perspectives on emerging issues and to discuss the critical role of the finance and accounting profession within the ESG category.
The event, hosted by the American Institute of CPAs (AICPA) and its business and technology arm CPA.com, brought together a diverse group of more than 50 investors, CPA firm leaders, corporate finance officers, technologists, standard setters, lenders and thought leaders to identify, categorize and prioritize the myriad interest areas in the ESG ecosphere for the accounting and finance profession.
“We couldn’t be more energized by the success of our first ESG Symposium. The event brought together top leaders to discuss the accelerating market demand for ESG services, the opportunities it offers for the accounting and finance profession, and the leadership underway across the various stakeholder groups,” said Erik Asgeirsson, president and CEO of CPA.com. “We look forward to continuing to build on this momentum to provide leadership across the entire ESG ecosystem.
The symposium agenda covered topics ranging from changing regulatory requirements, new reporting standards, marketplace demands and the growing need for ESG advisory and assurance services. CPA.com will release a special report later this year that recaps key themes and takeaways from the event. Some of those include:
The ESG Symposium will become an annual event and will follow a similar format to the AICPA & CPA.com Blockchain Symposium, which is now in its sixth year.
“AICPA & CIMA have worked hard to promote the consolidation of global standards for ESG, and the category is a significant strategic focus for us as it becomes more central to business decision-making,” said Susan Coffey, CPA, CGMA, CEO – Public Accounting, Association of International Certified Professional Accountants. “We’ve been supporting ESG initiatives for well over a decade and we’re seeing new momentum from policy makers and heightened demand from investors, lenders and other market participants for this kind of information. The symposium serves as a great listening post and source of input from key leaders in the ESG space in accounting and finance.”
Resources to support accounting and finance professionals
The Association of International Certified Professional Accountants, the unified voice of AICPA and CIMA, recognizes the growing opportunity for CPAs and finance professionals to elevate their role as trusted advisors in the ESG space and has introduced several initiatives and resources including:
For more information, please visit http://aicpa.org/esg.
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 689,000 AICPA and CIMA members, students and engaged professionals in 196 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.
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Expense management and software-enabled corporate card will support CPA firms in delivering next-level client advisory services (CAS)
SAN JOSE, Calif. – March 8, 2022 – Bill.com (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), announced today that Divvy, a Bill.com company, has been named CPA.com’s new exclusive partner for expense management, corporate cards*, and spend management. This move expands the partnership between CPA.com and Bill.com, CPA.com’s exclusive partner for bill management since 2008, and replaces the previous expense management solution with a new offering that will unite all bill payments, expense management and card spending in one comprehensive solution. A key strategy in supporting CPA.com’s updated client advisory services (CAS) 2.0 framework, firms can now have the technology tools to provide more strategic counsel for clients.
"We're excited to build on our partnership with CPA.com, as we continue to deliver on our vision of an all-in-one financial operations solution for customers,” said René Lacerte, CEO and Founder at Bill.com. “The powerful combination of Divvy and Bill.com provides businesses with the ability to see 100% of their B2B spend, giving accounting firms a tremendous advantage to level up their advisory services and provide more value to their clients."
According to CPA.com’s recent CAS Benchmark Survey, CAS is the fastest growing practice area for accounting firms. To help firms keep pace with demand and realize the full potential of CAS, CPA.com recently introduced CAS 2.0 for business transformation and change management, providing firms with a more holistic vision and approach to drive firmwide adoption of CAS.
“As CAS continues to grow, becoming a more critical part of firms’ offerings, they need a comprehensive technology solution that provides their clients greater access to business credit, increased control over spending and a real-time view of their finances,” said Erik Asgeirsson, President and CEO of CPA.com, the technology business subsidiary of the American Institute of CPAs (AICPA). “Bill.com’s Divvy Accountant Advisor Program, in partnership with CPA.com, empowers accounting firms with an integrated software solution and corporate card for their CAS clients, allowing them to deliver higher-value advisory services.”
Divvy provides an all-in-one expense management platform that pairs corporate cards with Divvy’s automated software to more effectively manage credit card spending, expenses, and budgets. For accounting firms looking to deliver on next-generation advisory services, this provides a key differentiator and strategic advantage.
The Divvy Accountant Advisor Program, in partnership with CPA.com, provides accounting firms and their clients the ability to:
Benefits to firms include:
Client benefits include:
“Divvy puts the power in the business owner’s hands when it comes to managing spend. Especially after the last two years where cash flow was so critical and a remote workforce added layers of complexity, businesses need tools that make it easier for them to operate at their best. Divvy’s spend management solution starts with putting the right controls on budget and expenses in place and makes it simple to onboard new employees without losing that control. And with the partnership and support that Bill.com and Divvy have always delivered, this is truly a best-in-class solution.” — Nick Pasquarosa, Founder & CEO, Bookkeeper360
Read more about this partnership here. To learn more about how CAS practices can benefit from this program, join CPA.com, Divvy and a firm practitioner, on a free-CPE live webinar on March 30th. To learn more about the Divvy Accountant Advisor Program, click here.
About Bill.com
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflows. The company partners with 6 out of 10 of the largest U.S. financial institutions and 85 of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com is headquartered in San Jose, CA. For more information visit www.bill.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 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. Learn more about CAS 2.0.
*Card issued by Cross River Bank, Member FDIC
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