Tools and resources will be developed to support CPAs’ understanding and utility of the transformative technology

LAS VEGAS (June 7, 2023) – CPA.com, the business and technology subsidiary of the American Institute of CPAs (AICPA), today announced its plans to deliver a series of initiatives designed to support accounting and finance professionals in building awareness and understanding of generative AI (GenAI) and its potential impact on the accounting profession. The announcement came during a keynote session at AICPA & CIMA ENGAGE 2023.

“Generative AI is going to have a profound impact on the accounting profession,” said Erik Asgeirsson, president and CEO, CPA.com. “While other technologies like cloud computing have transformed how firms deliver services, we believe generative AI’s impact could be much more dramatic and evolve much more rapidly.”

CPA.com has initiated a series of thought leadership activities aimed at accelerating the profession’s understanding of generative AI, including how it works with specific use cases within tax, audit, client advisory services (CAS), finance, practice management and marketing. With that insight, CPA.com is also developing practical tools and resources—as it’s done with other emerging technologies and categories including the cloud, blockchain and ESG—to empower firms to assess the potential of generative AI in their practices. Activities will include:

• Ecosystem Review: An ecosystem scan of solution providers who are experimenting with AI and Large Language Models (LLMs) with their software to deliver new features and functionality for accounting and finance professionals.
• An AI Symposium that will bring together subject matter experts, firm practice leaders, thought leaders, AI solution providers and technologists to exchange strategies and information on the real and potential impacts of the transformative technology on the profession.
• An AI-specific cohort within the 2024 AICPA and CPA.com Startup Accelerator to support the growth of early-stage companies harnessing this technology to benefit accounting and finance.
• AI-focused training:
  • A toolkit that firms can use to inform their AI strategy across multiple practice areas.
  • Thought leadership resources to support awareness and education including a security checklist, explainer videos and special reports.
  • Dedicated sessions at Digital CPA 2023, including one with innovation expert Pascal Finette during which attendees will map out their own GenAI use cases in roundtable groups.
  • Special webinars including “Generative AI, The Great Equalizer,” to be held Oct. 24, which will provide a demonstration of various GenAI use cases specific to accounting firms and ways to leverage the emerging technology within their firms.

Many firms are already leveraging AI through their existing solution providers who are moving fast to incorporate the technology into their platforms. Various solutions have enabled practitioners to generate client email responses, review documents and automate processes and workflows within practice management.

“Simply said, AI will increase our productivity and spark our innovation potential by allowing us to make new connections between disparate ideas, said Pascal Finette, co-founder and CEO, be radical. “It’s not a question of ‘if’ generative AI can fit into a practice, but ‘how’—and that will vary by firm and use case.”

“We want to create education and resources that support firms through this change,” continued Asgeirsson. “Generative AI has significant co-pilot like capabilities for practitioners and we think this is a great opportunity for the profession.

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.

Biweekly news series recognized as top resource for the accounting profession empowering practitioners with insights, guidance and strategies to prepare for the future.

LAS VEGAS (June 6, 2023) – Today the AICPA and CPA.com marked the 100th episode of the AICPA Town Hall, an award-winning, biweekly news broadcast series examining the accounting profession’s most pressing issues. The series launched in April 2020 to help CPAs navigate the SBA’s Paycheck Protection Program and other pandemic-era relief programs on behalf of their clients. It quickly evolved to become the leading source of timely and critical updates, real-time analysis and strategies for accounting and finance professionals, attracting nearly 10,000 live and on-demand viewers every other week.

“We launched the Town Hall series at a defining moment for firms and businesses when the world shut down at the start of the pandemic. Like a breaking news broadcast, we provided the best available information along with timely recommendations to help CPAs rise to moment and deliver on their Trusted Advisor role,” said Erik Asgeirsson, president and CEO of CPA.com, the business and technology subsidiary of the AICPA. “Over time we broadened the Town Hall beyond just interpreting these regulatory updates to helping CPAs advance their firm and company capabilities and strategies.”

The series regularly includes updates on key legislation, with government experts providing analysis and practical guidance on potential impact to accounting professionals and small and medium-size businesses. Town Hall contributors have included U.S. Congress members, IRS executives, former Treasury officials, regulators, Fortune 500 company CEOs, nationally recognized economists, CPA firm practitioners representing the largest to the smallest firms, finance leaders, futurists, technologists and other thought leaders.

Since inception, Town Hall attendance per episode has tripled, resulting in more than 800,000 total views live and on-demand via archived webcast or podcast. The series was also recognized by Accounting Today as a “Top New Educational Product” in 2022.

Erin Kehrer, CPA, tax manager at Gerding, Korte & Chitwood, PC, CPAs in Columbia, Missouri, has been attending the Town Hall from the beginning. “The information coming across was incredible and very timely. With the Town Hall, it’s new. It’s updated. It’s good information,” said Kehrer. “I don't know why you wouldn't dedicate an hour of your day every other week to get this information. It puts our firm in a much better place.”

The series airs biweekly on Thursdays at 3 p.m. ET, with additional episodes added for key legislative or profession updates. The interactive format allows attendees to get answers to their most pressing questions from subject matter experts—more than 50,000 questions have been submitted through the first 100 Town Hall broadcasts collectively.

“The Town Halls have provided an amazing opportunity for people from all aspects of the profession to come together on a regular basis to address not only the latest technical topics, but also to discuss where the profession is heading,” said Lisa Simpson, CPA, CGMA, vice president-Firm Services, AICPA. “The input from our Town Hall community has been invaluable.”

Each Town Hall episode is eligible for one CPE credit for live attendees and is free to AICPA members ($39 for non-members). The Town Hall community can also access archived recordings and resources by logging into the Town Hall portal at cpa.com/town-hall, or listen on the AICPA Town Hall podcast (no CPE eligibility).

The 100th episode was aired live from AICPA & CIMA ENGAGE, with thousands more tuning in from across the country. During the broadcast, in celebration of the milestone event, Asgeirsson announced that all AICPA members can gift one colleague with a year of free access to the Town Halls.

To learn more about the Town Hall series, visit cpa.com/town-hall. For other innovative tools and ideas that can help firms stay abreast of the latest developments in the accounting profession and deliver even more value to clients, please visit CPA.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.

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.

NEW YORK, NY, May 21, 2023 – With the U.S. Small Business Administration (SBA) actively seeking new ways to help small business owners secure financing during the current credit crunch, Biz2Credit and CPA.com have introduced a new SBA 7(a) lending option to the CPA Business Funding Portal , a cloud-based platform that supports accounting firms in securing business financing options for clients.

As small businesses have increasingly looked to accountants to guide their financing needs, the portal has continually added new financing options, including working capital, term, Employee Retention Credit (ERTC), and now SBA 7(a) loans.

"Rising interest rates and the tightening of lending at big banks, as well as small and midsized banks, have combined to create a credit crunch for small business owners in need of capital," said Rohit Arora, CEO and co-founder of Biz2Credit. "We are proud to partner with CPA.com to expand the options available through the CPA Business Funding Portal to help business owners get the funding they need through the SBA 7(a) program."

The CPA Business Funding Portal was developed specifically to support the advisor's role in the lending process and provides a 100% online financing application process, a consolidated dashboard for client management, firm-wide collaboration with user role management, time-saving integrations with client payroll and bank accounts, and application preview and modification features.

"In an increasingly complex economic environment, small and midsize businesses need a trusted advisor to help navigate complexity and manage cash flow," said Erik Asgeirsson, President and CEO of CPA.com. "Financing advisory is a growing area within client advisory services (CAS) practices, and the addition of the SBA lending option to the CPA Business Funding Portal better positions firms to deliver more holistic financing guidance and secure the capital their SMB clients need to run their businesses and invest in future growth."

The SBA 7(a) loan option is ideal for smaller businesses due to its lower down-payments, competitive interest rates, and longer-term financing. These loans provide opportunities for small business owners who may not be eligible for other lending options to secure funding. Available in amounts up to $5 million, SBA 7(a) loans can be used for short- and long-term working capital, refinancing current business debt, purchasing and installation of machinery and equipment, and purchasing furniture, fixtures, and supplies.

CPA firms and accounting professionals can access the SBA lending program for their clients through a portal subscription. The platform is driven by Biz2Credit's industry-leading Biz2X® digital lending platform technology.

For more information on the CPA Business Funding Portal, visit: www.cpa.com/business-funding or attend an upcoming demo. Firms interested in learning more about how to deliver deeper client value with finance advisory services are invited to join an upcoming CPA.com and Biz2Credit webinar on Wednesday, May 24, 2023.

About Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $7 billion in small business financing. The company is expanding its industry-leading technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.

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. Its 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. CPA.com is a subsidiary of the Association of International Certified Professional Accountants (AICPA), the world's largest and most influential organization representing the profession.

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.