Rachel Daddesio of Montgomery recently discussed major shifts CPAs have experienced due to COVID-19.
The year 2020 threw more curveballs at CPAs than any other year in recent history. In addition to not being able to meet with clients in person, CPAs were forced to navigate unprecedented economic fragility. CPA Rachel Daddesio of Montgomery recently discussed the major shifts CPAs have made in the last year.
“One of the biggest and most rapid changes we’ve seen is how we’ve adopted new technology,” Rachel Daddesio of Montgomery said. “I think this is an area in which many CPAs needed to progress, so this is one perk we’ve seen due to the pandemic.”
Daddesio explained that many accountants have been using outdated methods of accounting for years, and the COVID-19 pandemic forced them to adapt. She stated that the profession of accounting has been lagging behind other professions in terms of technology for years and even decades. For instance, cloud-based tax software didn’t exist before the pandemic. Daddesio stated that CPA firms generally include partnerships and see great success. This can make adaptations seem unnecessary. However, adaptations are essential for the field to progress and continue with such success.
“Due to the coronavirus pandemic, CPAs can now provide services for their clients from just about anywhere,” Rachel Daddesio of Montgomery said. “The CPA profession is one that has long valued in-person meetings. Many CPAs are under the impression that the firm is less productive if employees are not in the office.”
The pandemic has proven that CPA firms can be productive, and even more profitable, with CPAs working from home. Firms can also become more profitable with work-from-home models, which involve less cost in terms of office space, office supplies, commuting, and more. Working from home also means fewer chats around the water cooler and other distractions. Giving individuals opportunities to work from home may also result in a happier workforce.
“The biggest change we as CPAs have seen due to the pandemic is in the mindset of the firm,” Rachel Daddesio of Montgomery said. “We’ve learned all of our team members are capable of completing their work without a watchful eye. They don’t need to be monitored and managed every step of the way. Understanding this allows firm partners more freedom to do their jobs and can result in greater success for the company as a whole.”
CPA firms have learned to become more flexible regarding set office hours, time tracking, and unnecessary rules and regulations. Many firms have experienced major setbacks due to the harsh economy of the pandemic, but the above changes show that the accounting industry is one that can benefit from many of these changes.