The COVID-19 pandemic’s far-reaching results have touched each trade all over the world, and CPAs usually are not immune. Not solely had been CPA corporations working to assist the companies they serve survive financial challenges, however they had been combating their very own battles as nicely. In response to one survey, roughly 90% of CPA corporations reported issues for his or her firm, starting from well being to funds and operations. Regardless of the challenges, corporations additionally reported going through the challenges with improvements like utilizing cloud expertise and innovation.
Necessity is the mom of invention — or in some instances, reinvention. The accounting trade was pressured by COVID-19 to evolve nearly in a single day, and never the entire modifications that occurred will probably be going away. Listed here are a few of the variations that will probably be a part of the trade going ahead.