Over the last several years, the speed of business, the connectivity, and the complexity of how businesses have been run have increased tremendously. Two decades ago, some businesses were still on paper general ledgers, but computers initiated the process of taking over. Nowadays, one can run a business from their tablet, smart phone, laptop, or just by talking with Siri. But what hasn’t changed is the need for accountants. As people from the greatest generation (Baby Boomers) start retiring or potentially extend their retirement, businesses are struggling to keep up with changes in accounting and tax rules and regulations in addition to finding talent to manage existing accounting processes within their own businesses. One solution is to hire temporary or permanent help, if you can find them, to get through the immediate needs. But what about long term?
Identifying the right person with the right talent for any situation is extremely challenging. As people become more transient in their careers and access to information becomes more mobile, the future of the accounting industry is moving at a pace that requires both public and private accounting to be in lockstep with one another.
So how does a small business with one accountant/bookkeeper/owner keep up? Many times people simply work more to cover the needs of the business, but is the day-to-day work (and the accounting behind it), such as reconciliations and journal entries, being done correctly and efficiently? Sometimes people don’t figure it out until they visit their external CPA or accounting expert, and those visits may only happen once a year. With the amount of information, that shouldn’t be the case.
At Perkins, we believe that integrating with our small clients through common software platforms and being there when our clients need us are the keys to having clear and concise accounting information. Our client accounting services team can provide full support and back up based on your accounting needs, whatever they may be. We can even provide strategic advice on a timely basis as you’re dealing with difficult accounting and tax issues. By providing this service, we’re at the forefront of helping our clients manage their business and integrating with existing accountants, who are employed by our clients, to ensure nothing’s amiss at a crucial moment or creating a situation that could have been avoided from the moment it began versus being there after the fact.
Even twenty years ago, while these types of services were being offered, they were expensive and meant only for larger companies. Today that’s no longer the case. With technology, experienced and qualified talent, and a common understanding with our clients, we’re able to deliver a cost-effective solution with the highest quality service—at a cost that is equivalent to a full time employee or less. So connect with us and let’s get you there!
Author: Peter Kwong, Shareholder
This blog post is a summary and is not intended as tax or legal advice. You should consult with your tax advisor to obtain specific advice with respect to your fact pattern.