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Local Accounting Firms Evolve

The accounting community has moved beyond adding machines to offer more client

According to an accounting software trend review published by the Certified General Accountants Association of British Columbia, the adoption of accounting software has created greater demand for transparency across the enterprise. 

In addition to providing more visibility, the availability and accessibility of accounting tools and new technologies has helped the traditional accounting firm evolve and battle threats from consumer-focused accounting software, Stephen Yoss, Jr. writes for Accounting Today.

Yoss comments on the rise of tools such as QuickBooks and TurboTax, which made it easier for smaller companies and individuals to take on some of the tasks that were once completed by an accountant. "Firms were no longer on the forefront of each client’s financial information, but rather sidelined as clients began to assume the role that we once held," he said. However, developments such as these are not actually a threat, but rather an opportunity for accounting practices to revamp their own offerings and become more competitive.

To combat the trend in his own firm, Yoss said the company needed to show its clients the "exact nature of the services we provide" in order to deepen the professional relationship and show the value of having a partnering accounting firm. The firm created new services that could suit a variety of client needs, allowing it to grow its client base and achieve a more predictable cash flow.