The Most Important Trends for Accounting Firms in 2022 (3 main)

In 2022, what will your clients expect from your accounting firm? Despite the fact that the country is still dealing with the coronavirus outbreak, most signs point to a new year full of change and potential. Firms that are prepared to embrace new technology and place a premium on employee and client experiences will be in a great position to acquire new clients and retain existing ones. Here are three important trends to be aware of in the coming year.

Trend 1: The Great Resignation

According to the US Bureau of Labor Statistics, there were around 11 million job opportunities in the United States by the end of October 2021. Firm owners and managers found themselves without workers just as firms began reopening to the public, dubbed “The Great Resignation.” After a rough few pandemic-filled years, it’s clear why so many employees felt the need for change, and the trend is expected to continue into 2022.

What is the impact of The Great Resignation on your client experience? Clients may encounter lengthier wait times for services and have to work with unfamiliar faces if you don’t have a stable team. Because CPA businesses must portray an image of trust and stability, persistent turnover signals to customers that something is amiss with the company.

Finding and retaining talent will continue to be difficult for CPA companies, but knowing the employee attitude might assist. What your employees desire is:

• Work schedules that are flexible. After months of spending more time with family and not having to commute, it’s difficult to give up working from home. Offering a hybrid work environment (where employees work in the office part of the week and work remotely the rest) or allowing employees to work from home on a permanent basis may help deter talent from looking for brighter pastures.

• Training in a specific skill. Many employee polls reveal that individuals frequently feel stuck in their jobs. Offering them skills training to boost their work experience and expertise is one method to assist them. According to a survey, 77 percent of respondents want their employers to offer continuous programs that increase their skills and talents, which is referred to as “upskilling” in a  PwC Global report.

• Engagement. According to a recent  Gallup poll  poll, 74% of disengaged workers are actively looking for new work or keeping their choices open. The message is clear: maintain employee engagement or risk losing them to a competitor. Because what motivates employees differs depending on the individual, the solution is to inquire about and understand each employee’s drive. Regular one-on-one interactions with employees about their expectations and desires from their jobs demonstrate that you appreciate their contributions and are willing to make changes to keep them on board.

Trend 2: Digital Solutions

Consumers and businesses have had to adopt, or at least tolerate, digital solutions for more transactions in recent years, including accounting services. Customers want their accounting company to deliver user-friendly, time-saving, and convenient technology for communications and transactions, from cloud-based accounting systems to e-signatures.

• Improve services by utilizing technology. CPA firms will need to use sophisticated technology in a variety of ways to assist their clients as more individuals and businesses use accounting software applications. Predictive software solutions that use data analytics to give clients with relevant insights, for example, are required to assist clients in making better financial decisions in their personal and professional lives.

• Security is still an issue. Increased technological communication and data transfer across cyberspace inevitably raise security concerns both inside and outside the company. According to CPA Practice Advisor, we’ll see more cyber security outsourcing to professionals in 2022, including as managed security services (MSS) and cloud providers with advanced security resources and capabilities.

• Increase the automation of accounting. According to a 2020 World Economic Forum report, as accounting automation usage grows, the necessity for bookkeeping and data entry operations will reduce. On the plus side, businesses that use automation technologies have more time to devote to providing other services to their consumers, such as personal financial counselling and innovative business solutions. Furthermore, automation reduces internal expenses for CPA companies, making them more competitive.

Trend 3: Customer Experience

As expected, the effort to improve customer experience is here to stay, and it’s even more important in an uncertain economic climate in which something new is needed. Consumers who were forced to adjust their habits discovered new resources and businesses to support, creating an environment that is conducive to client acquisition. A great customer experience, especially in the accounting industry, must be dependable, intuitive, unified, and personalized for each client.

• Increase the number of niches. General financial advice is no longer available. Referral marketing is effective, especially when targeting clients in comparable industries or who are in similar financial situations. Customers gain from the business’s specialized guidance and knowledge, and your firm profits from offering new niche markets.
• Add new services to the mix. By diversifying services as the need arises, you may expand your business by creating new offers. Clients enjoy it when their accounting firm keeps up with the latest developments, so be proactive rather than reactive when introducing services. Offering consumers checklists or assisting them in determining which business permits and licenses they require, for example, are simple improvements that demonstrate your company is focused on their individual needs.

• Maintain your humanity. Finally, too much technological adoption can dehumanize your company’s client experience. When customers contact you via social media, online chatbots, or email, you can keep the engagement human by utilizing employee names and urging them to call in person if necessary. Furthermore, use a company-wide customer relationship management (CRM) platform to provide individual client data to relevant personnel so that they are aware of their history and may better satisfy their demands.