Social Networks Have Altered Business

Posted on January 14, 2024September 3, 2024 by Jennifer Brazer

Nothing speaks the truth better than stats, and the numbers on social media show that online life keeps changing how we work together. Internet-based life is the most well-known online movement, and 22 percent of the time spent online is spent on Facebook, Twitter, and Pinterest. 66% of Internet clients consistently utilize interpersonal organizations on the web, and inside these informal communities, purchasers share or acquire data on items and administrations.

Individuals conceived between 1978 and 1994 are the original to be raised “on the web.” This age bunch hopes to have data readily available and the opportunity to control the data they devour. Thus, this gathering of buyers can tolerate the customary marketing techniques of T.V. notices and cold pitches at night. It is dependent upon organizations to change and adjust their promotion procedure to consider the shopper’s astute move since this age group is expected to be as massive or more significant than the Gen X age.

Organizations that recognize the driving power of the online sphere propel their progress and embrace a transformative approach to conducting business. Meanwhile, those resistant to these advancements may find themselves fading into obscurity. The fundamental objectives of organizations—generating leads, fostering robust relationships, and establishing a distinct identity—remain steadfast. However, the means employed to achieve these goals must evolve.

All companies use social networks, or at least they should. Some generate excellent results, while others still decipher how to use specific platforms correctly. Whatever the case in your company, it is clear that social networks have changed how they do business, and their impact on all business areas is essential.

We share five ways in which social networks have altered business.

Highly Specific Advertising

From the marketing perspective, one of the most important and challenging things to do was talk to the right person. Before social networks, test groups and other tools were required to develop advertising materials that spoke directly to a critical audience. Today, thanks to tools like Facebook, it is straightforward to create information and advertising and take it directly to who we want.

Organic Marketing

Advertising on the Internet started many years ago through tools such as banners and other types of ads. Even when they could be effective, a large percentage of those who saw them simply had no interest in the product or service and felt the information to some extent false. Social networks have changed this by achieving organic advertising in which it is the client who agrees to receive information about the brand through different channels and where they can generate two-way conversations.

Feedback

Even though social networks have encouraged companies to be more transparent and communicative with their clients, this has also generated a feedback effect that, in many cases, has brought problems to companies. The errors in social networks can be a major problem for businesses if not appropriately handled. Customers can publish and maintain evidence that mistakes “air” as long as they like.

Customer Service in Real-time

Many companies take pride in having excellent customer service, but in recent years, they have had to add social networks to this department. When social networks opened these communication channels, they offered companies an opportunity to serve their customers without significant investments. On the other hand, they generated a need for 24/7 attention that could cause particular problems for those who have failed to stipulate their restrictions.

Dissemination of Content

The growth of social networks has encouraged the development of content marketing. In the past, the only option to publicize certain content was through a website or emails. Today, social networks make it very easy to publish content about brands and share them with customers.

Conclusion

In conclusion, as underscored by compelling statistics, the pervasive influence of social media on business necessitates a transformative adaptation in marketing strategies. The era of particular advertising has arrived, allowing businesses to target their audience precisely, while organic marketing fosters genuine connections through two-way conversations. However, the power of social media comes with challenges, as real-time feedback and customer service on these platforms require constant vigilance. Simultaneously, social networks have propelled the growth of content marketing, providing businesses with new avenues to showcase their brand.

In this dynamic landscape, companies that embrace the significance of social media and adjust their approaches accordingly will thrive, while those resistant to change risk fading into obscurity. The ability to harness the full potential of social networks remains a crucial determinant of success in the ever-evolving world of business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Tips to Excellent Customer Service

Posted on January 13, 2024January 7, 2024 by Jennifer Brazer

Customer service must be one of the critical points in the performance of your business. Read on to learn how to improve it. Poor customer service is the killer of many companies, especially regarding customer loss, profit reduction, and moral reduction. However, the perception of consumer experience continues to decline. And many business owners, despite their passion, leave out the quality of customer service.

Exceptional client and customer service makes steadfast clients happy to allude to your business to companions, family, and partners forever. Giving great client assistance begins with a certified want to enchant your clients; however, you need to think past selling your items or administrations. You have to consider the combined experience your clients have when they visit your store or site, what they think and believe, and what you can improve.

To give excellent client care, you must realize what you’re selling. Ensure you and your client confronting staff know how your items or administrations work. Know about the most widely recognized inquiries clients pose and the expertise to express the appropriate responses that will leave them fulfilled.

It’s hard work, and novice entrepreneurs commonly need help knowing where to start or how. For this reason, here we share five tips that will help you keep abreast of your customer’s experience with your product or service.

Find Quality Staff

It would be best to hire people willing to offer excellent customer service. Ensure you know and communicate what good customer service means. Train your staff, give them authority, make them reliable, and motivate them to satisfy consumers.

Know Your Customer Intimately

It means listening to them personally, understanding them, and responding to their changing needs and expectations. Then, ensure everyone on your team does the same and is motivated to get it. Look for customers who have complained or have stopped buying from you to understand them and avoid the same attitudes in the future.

Train Continuously

Companies that deliver excellent customer service use 3% and 5% of revenue to train new and more experienced team members. Leaders have discovered that updating everyone on technology, competence, and customer demands is critical. And the people in charge of customer service require support from the rest of the team.

Streamlines the Delivery and Billing Process

A well-designed service delivery process will make it easier to do business with you. The process must be friendly with employees and customers and have feedback mechanisms to correct bad results. On the other hand, promptly send the invoice corresponding to your customers’ purchases. You can facilitate the generation of your invoices through our Auto-generation CFDI service, allowing your customers to enter our portal and generate their invoices using their purchase and tax data. It will help you save time and resources.

Recognize Rewards, Encourage, and Celebrate

By human nature, people like to do a good job. And the best incentive is also to give them something good in return. It should start with constructive feedback and telling them what they can do to improve. Remember to recognize your achievements and efforts.

Customer support begins with a grin. At the point when you are in an up-close and personal circumstance, a warm welcome ought to be the primary thing your clients see and hear when they request help. When taking care of client care demands using a phone, a grin can come through in your voice, so make sure you’re cordial.

It’s critical to ensure all of your workers, not simply your client assistance agents, comprehend how they should converse with, interface with, and, in any case, help clients. Give the worker preparation that gives your staff the devices to bring great help through the whole client experience. Client care can regularly include feelings, so it’s essential to ensure you and others taking care of your client care errands are consistently considerate and conscious.

Conclusion

In conclusion, the vitality of customer service must be balanced in business performance. Poor customer service threatens customer retention, profit margins, and overall morale. Businesses must cultivate a genuine desire to delight customers, extending beyond mere product or service transactions to excel in customer service. In-depth product knowledge, quality staff, continuous training, streamlined processes, and a culture of recognition and encouragement are pivotal elements in fostering exceptional customer experiences.

The journey to outstanding customer service begins with a commitment to understanding, adapting, and consistently exceeding customer expectations, ensuring both satisfaction and long-lasting loyalty. Remember, a genuine smile, whether face-to-face or through the phone, sets the tone for positive customer interactions. By prioritizing effective communication, ongoing training, and a culture of respect, businesses can fortify their customer service foundation and build lasting relationships with their clientele.

Overcome the Hardships of Your Startup

Posted on January 13, 2024January 14, 2024 by Jennifer Brazer

Beginning a business can be an energizing chance. Numerous individuals who do go into it with seeks held high after progress and no doubt believing that it will be going great, and they will experience no difficulty making it. Although, maintaining a business is a challenging task. It is brimming with impediments and troubles. These impediments must be survived, which can occasionally be no simple errand.

Likewise, with any test, the initial step is to acknowledge an issue, that something at that point is wrong, and afterward make sense of why. Conceptualize what may have happened to cause your concern and create answers to take care of the issue. Gain from past missteps and disappointments. Use those accounts and encounters to develop yourself and set yourself up for future issues.

The road to success for a startup is full of challenges and obstacles. Although this is an essential part of an entrepreneur’s work and is almost impossible to avoid, specific actions can allow you to overcome them more easily. The problems of a startup happen, and during these moments, an entrepreneur’s strength, tenacity, resilience, and courage are put to the test. The success of a startup requires a lot of work; it is not a simple matter, but it will be worth it. Use your difficult moments to help you develop the necessary skills that will finally help you achieve success. Implement these tips to get ahead.

Remain Humble

All kinds of successful entrepreneurs have had obstacles and failures, from Henry Ford to Steve Jobs, so reading about the experiences of successful entrepreneurs can help you gain perspective and learn about new improvement methods. The life of an entrepreneur may feel lonely at certain times, so realizing that others have been in your place will relieve some of the pressure that difficult circumstances can exert.

Accept the Challenge

Hundreds of examples of entrepreneurs, technologies, and companies have drastically changed business models and entire industries. The failure occurs when a company fails to accept the change. As entrepreneurs, we must realize that there are many opportunities during times of change. Change usually feels like a threat that can cause a year, but total extinction can occur if the change is not accepted.

Be Creative

In many cases, going through challenging times will help you be creative about how you are driving and what you are doing with your startup. During these times, we can or must use our creativity to solve problems, address issues that are not working, and find new answers.

Develop Your Resilience

Resilience is said to be one of the essential characteristics of an entrepreneur. Resilience is the quality that allows you to pass a test or problem without losing your way. It can be learned because of professional or subjective experiences; the best way to do it is to recognize when you are being evaluated. It will help you create a learning pattern that will allow you to realize an analogous situation and how to manage it.

Focus Overall

We usually lose sight of everything by concentrating on the details, which can be damaging when overcoming obstacles or complicated circumstances. Overall, keeping your attention will help you and your team overcome any problem and keep the goal focused.

Conclusion

In conclusion, starting and running a business is challenging and filled with obstacles and uncertainties. Acknowledging issues, learning from mistakes, and staying resilient are crucial for overcoming difficulties. Embracing change, fostering creativity, and maintaining focus contribute to an entrepreneur’s success. The path may be tricky, but each challenge is an opportunity for growth and development, ultimately leading to a rewarding and successful business venture.

SME Accounting Software

Posted on January 13, 2024January 7, 2024 by Jennifer Brazer

Accounting software has now become a must for all businesses. It is challenging for business owners to handle their finances without the help of an accountant or financial professionals. Financial management professionals intend to help enterprises manage their budgets more effectively, which has become one of the most common causes of economic loss in various situations.

Business owners manage accounts payable, accounts receivable, ledgers, invoices, salaries, and other financial activities with accounting systems ranging from simple single-entry programs to more complex accounting systems.

With the fast-growing world, small businesses have started implementing accounting software to handle their finances effectively. Business owners use this accounting software to automate the financial process from bookkeeping to financial reporting, which eventually helps them make better decisions.

Tracking the Financial Position of the Company

Accounting software is user-friendly and does not require any specialized accounting expertise. Business owners can manage all accounting processes with minimum training on their computers or mobile devices, and they won’t have to pay third parties to maintain or keep track of their budgets, but this does not mean that finance professionals are not necessary. With the improved accounting software, accountants are equally crucial for better management of financial resources.

Reduce the Expenses

Accounting software automates basic computations and administrative operations and manages your revenue structure, removing the need to rely on a third party to manage your money. The software may considerably reduce the expenses of printing and sending papers because it stores all this data digitally in a secure and regulated area.

Increasing Data Precision

According to accountants and auditors, one of the essential benefits of practical accounting applications is reducing human error, which is prevalent during computation and data entry. Inaccuracies in financial statements can lead to crises that have a long-term impact on your company, and accounting software can help you prevent these issues.

Financial Decision Making

Making financial decisions is another significant advantage of accounting software. Without an automated accounting solution, you would struggle to comprehend your company’s financial condition. The accounting software identifies the increased costs. Business owners then can reduce them to improve their profits.

If you have a comprehensive view of your financial condition, you will create better plans and manage resources more simply.

Financial Data Security

Financial data is one of a company’s most sensitive assets, and it must be safe to avoid slipping into the hands of the wrong people. Accounting software uses a firewall to protect financial data better.

Financial Forecasting

Without question, this is the most crucial aspect of accounting software. Every business owner wants to be able to estimate their revenue and costs correctly. Forecasting software can help with intelligent financial management, cost reduction, and profit maximization.

Billing and Invoicing Management

Apart from the above features, the best use of the accounting software is that it automates billing and invoicing. This automation saves the company time by automating the process and increasing efficiency.

Assist in Bank Accounts Reconciliation

Besides performing financial activities, accounting software further assists in the bank reconciliation process to ensure the proper management of finances in the bank accounts and the business owner’s books.

Creating Automated Financial Reports

The best and one of the most efficient features of accounting software is that it helps create financial reports. These reports vary from a statement of comprehensive income to a statement of financial position. The software also creates reports in a variety of formats, including different graphs and financial charts for analysis. The software helps make digital finance sheets, including income statements, balance sheets, cash flow, and other essential documents.

From managing financial operations to performing economic activities, accounting software assists managers from time to time, increasing productivity. Suppose business owners and accounting managers do not use accounting software. In that case, they will have to spend too much time creating financial reports and other paperwork and reconciling bank accounts and statements.

Add NSF Checks to QuickBooks Online

Posted on January 13, 2024January 7, 2024 by Jennifer Brazer

With the sudden rise in technology, most tasks that require an individual to leave the comforts of their home can now require just a click on your smartphone.

If unaware, you could create and add checks to your accounting software online (we will discuss QuickBooks). You won’t even have to leave the comfy seat you are sitting in, slowly sipping away your coffee.

But to understand how you can do it, I must briefly inform you about QuickBooks and its services.

What is QuickBooks?

QuickBooks is cloud-based accounting software that utilizes the internet. This accounting software caters to the needs of business owners who wish to digitize their financial systems. QuickBooks includes a payroll system that automatically completes payroll according to the directions set by the business owner.

They could also get all their accounting needs fulfilled through this platform that Intuit creates.

QuickBooks is relatively easy to use, and once an individual gets the hang of it, all the tasks of the accounting department get very easy to do.

It also has an add-on program allowing users to modify the software according to their needs. They can set it up per their requirement, which would eventually help them create a solid yet sustainable system.

With other checks, there is also an option to add NSF checks to QuickBooks.

What Are NSF Checks?

NSF checks stand for non-sufficient fund checks. These checks potentially mean there isn’t enough money in an individual’s account to cash this check. Financial institutions also refer to these as dishonored checks because the bank cannot honor the payment due to a lack of funds. When a payor doesn’t have an adequate amount of available funds, the check is bounced or considered NSF, and the individual must pay an NSF (non-sufficient fund) fee. Accountants must add this fee to the general ledger.

An NSF check does not affect an account’s credit score, though.

You should then charge the fee to the customer whose account had insufficient funds.

There is a proper method of recording all the checks that bounce back due to insufficient funds.

Following is an explanation of how to record these checks online on QuickBooks.

How-To Add NSF Checks to QuickBooks Online

Create Two Service Items

In this step, the user must create service items corresponding to the bounced check and the fee.

Select the gear icon and then choose products and services

Click on new, then select the service item

Add the name as bounced check, select the bank account as well

In the same way, create a second item and name it jumped check fee

Select the save option and then close the tab

Formulate The Invoice

Now that you’ve created the service items, it is time to make an invoice.

Select New ⨁.

Click on customers and then go to invoices.

Add the date of the bounced check, then choose the item you created

Select the returned check fee item

Enter the fee to

Select Save and leave the tab

Make a Record of the Bank Services Charges

Again, Select New ⨁.

Go to Vendors, and from there, choose Expense.

Select the bank and add the date the check bounced

Add the NSF fee, then select the expense account

Add the fee the bank charges for the services

Select save

Make A Record of Payment from the Customer

Select New ⨁.

Go to the customers’ section and choose the option of receiving payment

Select the customer and add the mode of payment

Then, enter the amount received

Select the invoice created

Select Save

QuickBooks is one of the most accessible platforms for accounting needs. Adding and recording checks is relatively easy. Just follow the method mentioned above, and you will quickly find your way around the software.

Balancing Financial Health

Posted on January 13, 2024January 7, 2024 by Jennifer Brazer

The strength of a business relies upon the detailed maintenance and bookkeeping of the company’s cash flow and accounts. Therefore, a sensible business owner organizes his business accounts every month. Keeping a close eye on its liabilities, equity, and assets is crucial. The most professional way to manage these elements is by reconciling balance accounts sheets.

Reconciliation is the process through which a business owner can get a clear idea about the percentage of revenue generated, spent, and saved.

Reconciliation refers to balancing the company’s account books to make it easier for you to understand. Therefore, it is vital as it helps the owner and the accountant estimate the amounts mentioned in the financial records.

Accountants conduct regular closings monthly, quarterly, bi-yearly, or annually. The figures in the financial statements are cross-checked with invoices, cheques, payment schedules, and other supporting documents to validate payment transactions.

Critical elements in reconciling account balance sheets include the following.

Cash Flow Statement: Analyzing earnings and expenditures.
Accounts Payable: Verification of accounts for which liabilities are pending.
Credit Card Details and Transactions: Examination of credit card records.
Prepaid Expenses: Confirmation of prepaid items.
Accounts Receivables: Validation of accounts where payments are pending.
Debt (Bank Loan, if applicable): Review of outstanding loans.
Equity: Assessment of the company’s ownership interest.
Fixed Assets: Verification of long-term assets.

This process ensures accuracy and integrity in financial reporting.

The Best Way to Reconcile Your Account Balance

Financial closing is a sedate challenge if you do not conduct it with total concentration. Most of the accounting software has an account closing module built-in. The procedure below can help you get the account closing done quickly and easily.

Get Your General Account Book Printed

The first thing you are required to do is get a clear printout of the general financial statement of your corporation that you are willing to reconcile.

Download the Bank Statements

Once you download the financial statement printout, the next step is to download the bank statements of the account you are willing to reconcile.

Verify Your Transactions

It is a crucial step that demands maximum attention and has zero tolerance for human error. Compare all the transactions mentioned in your business’s bookkeeping records with the bank statements. It will help you rectify miscalculations (if any).

Note Down the Differences Between the Two

While comparing the general company accounts with the bank statements, rectify all the possible miscalculations and note down all the possible errors.

Investigate the Matter

One or two errors are acceptable during verification, but if the miscalculations are more common, immediately call for an immediate investigation. In such situations, the chances of employee theft are high.

Rectify the Changes in The Financial Statements

After you have noticed it all, rectify the errors wherever necessary.

Aces Of Reconciling the Account Books

Reconciling is necessary to manage a healthy cash flow cycle. Also, it lends a helping hand in avoiding inaccurate financial information that may cause you potential financial loss, whose seriousness might lead you to bankruptcy. Some of the proven benefits of bookkeeping are listed below:

Detects Employee Theft

One of the most visible benefits of account verification is that it is the best detector and quickly unveils employee theft within the corporation. Major miscalculations make it clear that one or a group of your employees is the culprit in employee theft.

Manage Positive Cashflow

A healthy cash flow is the backbone of a strong business. However, maintaining positive cash flow is a tough job. Reconciling the accounts can help keep a stern eye on the company’s cash that enters and exists.

Prevents Financial Miscalculations

Human errors are common in every field, particularly in maintaining financial records. Settling down your accounts at the end of every month and year can assist you in preventing even the slightest possible accounting or calculation error.

Final Sum-Up

Accounting and its management are crucial parts that help in successfully establishing a business. At the end of every month or year at least, reconcile your accounts to avoid errors. If you go careless about managing the balance sheets, you might land your business on a drowning track, causing you unbearable financial loss.

CPA Future Trends Uncovered

Posted on January 12, 2024August 14, 2025 by Jennifer Brazer

Future Trends in CPA: What to Expect for Your Finances

CPA future trends indicate a dramatic shift toward AI-powered services, strategic advisory relationships, and value-based pricing models that will fundamentally transform how you manage your finances and business accounting needs. These evolving trends in the accounting profession will directly impact your bottom line through changed fee structures, enhanced service capabilities, and new compliance requirements that every business owner and individual taxpayer needs to understand.

Over my 20 years as CEO of Complete Controller, I’ve guided thousands of businesses through major accounting transitions, and the changes happening right now are the most significant I’ve ever witnessed. With only 24% of accounting firms currently using AI tools and 57% planning fee increases in 2025, we’re at a critical inflection point that will reshape how you interact with your CPA and what you can expect from professional financial services. This comprehensive guide will equip you with the knowledge to navigate these changes, optimize your financial strategies, and make informed decisions about your accounting relationships.

What are the CPA future trends, and how will they impact your finances?

CPA future trends encompass AI integration, automation, strategic advisory evolution, regulatory changes, and pricing transformations that will reshape accounting services
Artificial intelligence adoption will reduce basic compliance costs while expanding premium advisory services, creating a two-tier pricing structure
CPAs are transitioning from bookkeepers to strategic advisors, offering comprehensive financial planning beyond traditional tax preparation
New ESG reporting requirements and sustainability compliance will add complexity and potential costs for businesses
The accounting talent shortage, with 300,000+ professionals leaving the field, will drive higher service costs and accelerate technology adoption

The AI Revolution Transforming Accounting Services

CPA technology advancements are revolutionizing how financial data gets processed, analyzed, and transformed into actionable business intelligence. Artificial intelligence now handles transaction categorization, anomaly detection, and pattern recognition tasks that previously required hours of manual review, freeing CPAs to focus on strategic analysis and advisory services that add real value to your financial planning.

The implementation of AI-powered tools across accounting platforms means your financial data receives continuous monitoring and analysis rather than periodic reviews. Modern accounting systems can identify cash flow issues before they become critical, flag unusual transactions that might indicate fraud, and provide predictive analytics about future financial performance based on historical patterns and market trends.

Real-world cost implications of automation

While automation promises efficiency gains, the reality for clients involves both opportunities and challenges in the near term. Basic bookkeeping and tax preparation services are becoming more affordable as AI handles routine tasks, potentially reducing costs by 30-40% for straightforward compliance work, according to industry estimates.

However, the value proposition shifts dramatically for advisory services. CPAs equipped with AI tools can provide deeper insights, more comprehensive planning, and proactive recommendations that command premium pricing. Firms report that enhanced advisory services often cost 50-75% more than traditional compliance work, but deliver measurably better financial outcomes through optimized tax strategies and improved business decisions.

Blockchain integration and financial security

Emerging technologies in accounting extend beyond AI to include blockchain implementations that promise unprecedented transaction security and transparency. Blockchain technology creates immutable financial records that reduce fraud risk and streamline audit processes, potentially saving businesses thousands in annual compliance costs.

The integration of blockchain with traditional accounting systems enables real-time transaction verification, automated reconciliation, and enhanced data integrity, which benefits businesses and their stakeholders. For clients, this means greater confidence in financial reporting accuracy and reduced costs associated with financial audits and compliance verification.

Strategic Advisory Services Replace Traditional Compliance

The accounting profession’s evolution reflects a fundamental shift in how CPAs serve their clients, moving from reactive compliance work to proactive strategic partnerships. Modern CPAs leverage data analytics to provide forward-looking insights about cash flow optimization, profitability improvement, and strategic growth opportunities that extend far beyond traditional number-crunching.

This transformation means your CPA relationship becomes more collaborative and consultative. Instead of meeting annually for tax preparation, expect quarterly strategy sessions, monthly performance reviews, and ongoing communication about financial optimization opportunities. CPAs now function as fractional CFOs for small businesses, providing executive-level financial guidance without the full-time cost.

Enhanced planning capabilities through technology

Digital transformation in accounting enables CPAs to model complex financial scenarios and provide sophisticated planning services previously available only to large corporations. Advanced analytics platforms can simulate different business strategies, evaluate investment opportunities, and optimize tax structures across multiple years to maximize wealth accumulation.

Case Study: PwC’s comprehensive AI implementation achieved 20-50% productivity gains across core functions through their GenAI strategy, with over 360,000 training hours completed and 95% employee participation in their ‘My AI’ upskilling program. This transformation allows their CPAs to spend significantly more time on strategic client work rather than routine tasks, demonstrating the practical benefits of technology adoption in accounting services.

Specialized expertise and industry focus

Future skills for CPAs increasingly emphasize industry specialization and niche expertise that provide targeted value to specific client segments. Whether you operate in healthcare, real estate, e-commerce, or professional services, expect your CPA to offer deep industry knowledge alongside general accounting expertise.

This specialization trend means higher service costs for specialized expertise but also better financial outcomes through industry-specific tax strategies, regulatory compliance knowledge, and operational benchmarking that generic accounting services cannot provide.

Market Dynamics Reshaping Service Delivery and Pricing

CPA market trends 2024 reveal significant disruption in traditional service models and pricing structures. With more than 300,000 accountants leaving the profession in recent years and firms struggling to attract new talent, the supply-demand imbalance drives both innovation and cost increases across the industry.

The talent shortage creates a paradoxical situation where firms must invest heavily in technology to maintain service levels while simultaneously increasing prices to retain qualified professionals. According to recent surveys, 57% of firms plan across-the-board fee increases in 2025, with 90% specifically targeting individual tax returns and 87% raising business tax service rates.

Geographic barriers dissolve through remote services

Cloud-based accounting platforms and remote service delivery models now enable businesses to work with specialized CPAs regardless of location. This geographic flexibility creates opportunities to access specialized expertise or competitive pricing, but also intensifies competition among local firms forced to differentiate through enhanced services or specialized knowledge.

Small businesses particularly benefit from expanded access to sophisticated financial services previously limited to major metropolitan areas. Rural businesses can now work with CPAs specializing in their specific industry, while urban clients can explore cost-effective options in lower-cost regions without sacrificing service quality.

Value-based pricing replaces hourly billing

The shift from hourly billing to value-based pricing models fundamentally changes how clients evaluate and purchase accounting services. Fixed-fee arrangements for defined service packages provide cost predictability while incentivizing efficiency and results rather than time spent.

Understanding these new pricing models requires evaluating the total value delivered rather than comparing hourly rates. A higher fixed fee might deliver better overall value through proactive planning, strategic insights, and measurable financial improvements that far exceed the cost differential.

Regulatory Evolution Creates New Compliance Challenges

CPA industry trends include expanding regulatory requirements that create both compliance obligations and strategic opportunities for prepared businesses. Securities and Exchange Commission climate disclosure rules, though currently facing legal challenges, signal the direction of future reporting requirements that will impact public companies and their supply chains.

Environmental, social, and governance (ESG) reporting requirements represent a major growth area for accounting services. Businesses need specialized expertise to navigate complex reporting frameworks and stakeholder expectations. These new requirements add compliance costs but also create opportunities for businesses to differentiate through transparent sustainability reporting.

Tax complexity drives technology adoption

The increasing complexity of tax regulations, particularly around cryptocurrency, international transactions, and state-level variations, makes artificial intelligence essential for comprehensive tax planning. AI-powered tax research tools can analyze thousands of regulatory changes and identify optimization opportunities impossible to discover through manual review.

Modern tax planning extends beyond annual preparation to encompass year-round strategy optimization. CPAs equipped with AI tools provide continuous tax planning that adapts to regulatory changes, business evolution, and market conditions to minimize tax liability while maintaining full compliance.

Personal Finance Implications Across Client Segments

Understanding how CPA future trends impact your specific situation requires examining the differentiated effects across client types. Individual taxpayers with straightforward situations benefit from automation-driven cost reductions, while complex situations demand enhanced advisory services at premium prices.

High-net-worth individuals gain access to sophisticated wealth management strategies integrating tax planning, estate optimization, and investment coordination within unified CPA relationships. The technology-enabled analysis provides deeper insights into wealth preservation strategies while identifying opportunities often missed by traditional approaches.

Small business transformation through advisory services

Small and medium businesses experience the most dramatic transformation in CPA relationships through enhanced advisory capabilities and real-time financial monitoring. Cloud-based platforms combined with AI analytics enable continuous financial oversight that identifies issues early and optimizes operations proactively.

Undergraduate accounting enrollment rose 12% in fall 2024 to 267,278 students, suggesting the talent pipeline may begin recovering. However, these students won’t enter the workforce for several years, meaning current market dynamics will persist through at least 2027-2028.

Conclusion

The transformation of CPA services through technology adoption, evolving service models, and market dynamics creates both challenges and opportunities for savvy financial decision-makers. From my vantage point leading Complete Controller through these industry changes, I see tremendous potential for businesses and individuals who embrace these trends strategically rather than reactively.

Understanding these CPA future trends positions you to make informed decisions about your accounting relationships, service expectations, and financial strategies. While costs may increase for enhanced services, the value delivered through strategic insights, proactive planning, and technology-enabled optimization often generates returns that far exceed the additional investment. Take action today by evaluating your current CPA relationship against these emerging trends and exploring how enhanced services could improve your financial outcomes. Contact the experts at Complete Controller to discover how our technology-forward approach and strategic advisory services can transform your financial management and position your business for success in this evolving landscape.

Frequently Asked Questions About CPA Future Trends

How will AI adoption in accounting affect the cost of basic bookkeeping services?

AI automation is expected to reduce basic bookkeeping costs by 30-40% as routine tasks become automated. However, this cost reduction primarily applies to simple transaction processing and data entry. Businesses requiring customized reporting, complex reconciliations, or industry-specific accounting treatments may see less dramatic cost reductions as these services still require human expertise alongside AI tools.

Should I be concerned about my CPA being replaced by AI technology?

AI enhances rather than replaces CPA services by automating routine tasks and enabling more strategic advisory work. Your CPA’s role evolves from data processor to strategic advisor, providing insights and planning that AI cannot replicate. The combination of human expertise and AI tools actually creates more valuable service offerings, though the nature of the relationship shifts toward consultation and strategy rather than compliance.

What new services can I expect from tech-enabled CPA firms?

Technology-enabled firms now offer real-time financial monitoring, predictive cash flow analysis, automated anomaly detection, scenario planning, and continuous tax optimization. These services provide proactive financial management rather than reactive reporting, helping identify opportunities and risks before they impact your bottom line. Expect more frequent communication, dashboard access, and strategic recommendations based on continuous data analysis.

How do I evaluate whether higher CPA fees for advisory services are worth the investment?

Evaluate enhanced services based on measurable financial improvements rather than time spent. Consider whether strategic insights lead to tax savings, improved cash flow, better investment decisions, or operational efficiencies. Quality advisory services should generate returns exceeding their costs through optimized financial strategies, identified opportunities, and prevented problems. Request specific examples of value delivered to similar clients before committing to premium services.

Will the CPA talent shortage affect my ability to find qualified accounting help?

The talent shortage creates challenges but also drives innovation in service delivery. While finding traditional CPAs may become more difficult and expensive, technology-enabled firms can serve more clients efficiently. Consider remote CPA services to access specialized expertise, and expect to pay premium rates for complex work. The shortage accelerates technology adoption, ultimately benefiting clients through enhanced services despite short-term availability challenges.

Sources

AIX – AI Expert Network. (2024, December 20). “Case Study: PwC’s Generative AI Journey.” www.aiexpertnetwork.com
American Institute of CPAs (AICPA). (2025, February 4). “Undergraduate Accounting Enrollment Rose 12% in Fall 2024.” www.aicpa.org
CPA Practice Advisor. (2024, November 20). “Survey: Over Half of Accounting Firms Plan to Increase Fees in 2025.” www.cpapracticeadvisor.com
Investopedia. “Blockchain Technology in Accounting.” www.investopedia.com/terms/b/blockchain.asp
Mondial Software. (2025, May 17). “The 2025 Accountant Shortage: Why It’s Happening?” www.mondialsoftware.com/blog
NIST. “Artificial Intelligence.” www.nist.gov/topics/artificial-intelligence
Personiv Insights. (2025, January 15). “How Accounting Has Changed: 52 Statistics.” www.personiv.com/insights
Securities and Exchange Commission (SEC). “Regulatory Guidelines for Financial Reporting.” www.sec.gov
Simbo.AI. (2025, June 17). “Exploring the Current Adoption Rates of AI in Tax and Accounting Firms and Their Future Investment Plans.” www.simbo.ai/blog
Xero. (2024). “Predictive Analytics in Accounting: 2024 Implementation Results.” www.xero.com/resources

Jennifer Brazer Founder/CEO

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

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Weighted Average Cost of Capital

Posted on January 12, 2024January 7, 2024 by Jennifer Brazer

The WACC is one of the market indices used to secure the return on investment. Without a doubt, this is a typical issue for everybody who makes financial investments.

As you know, an investor will never deposit money where he believes it will not be lucrative. Therefore, it has a minimum credible indicator of how much capital invested in a firm should create profit, functioning as a parameter with the WACC.

The amount denoted by the Weighted Average Cost of Capital also defines what percentage of the company’s capital is dedicated to paying creditors. In this sense, it serves as a light for avoiding indebtedness.

It also considers investor engagement and the expected Economic Value Added (EVA). That is, the return on investment, which is charged as a cost.

The idea of this article is precisely to make understanding the WACC, this important financial indicator, more straightforward.

What is WACC – Weighted Average Cost of Capital?

The WACC (Weighted Average Cost of Capital) is a weighted average in economic jargon.

It implies that the value retrieved by its computation reflects each piece’s weight in a company’s finances.

It will help if you consider that the WACC is one of the metrics that projects seek third-party finance in the execution phase. The cost of capital for the development of a firm is incorporated in its calculation.

Nothing could be fairer; every new firm faces risks and hazards.

As a result, investors must have a safety margin on the return earned by their invested capital, correct?

That is why measuring the weighted average cost of capital, which defines how much profit an investment should generate, using one year as a reference, is vital.

What is the WACC for?

It is easy to understand that the WACC is primarily used as an index to determine how much return an investment provides. However, it also aids in calculating the value of an opportunity in this regard.

As a result, the WACC may assess a company’s ability to create a positive economic spread, the difference between the ROI and the WACC. As a result, it must always be less than the ROI, resulting in the previously mentioned EVA.

Given the preceding, it is evident that it should only use the weighted average cost of capital in highly restricted circumstances and scenarios.

A business, for example, that wishes to attract angel investors can and should utilize the WACC as an attractive element.

It is also essential to understand that the less you rely on third-party funds, the lower this index.

Therefore, the security of investors will be greater as more equity capital composes its equity in its initial phase.

How to Calculate WACC

It is critical to emphasize that the WACC reflects a firm’s risk to external investors.

The link is proportionately direct, which means that the higher the risk, the higher the necessary return, and hence the higher the WACC.

Assume that a corporation determines the entire capital to be opened is R$ 400 thousand.

In this scenario, we have three options for generating initial capital:

From the creators themselves
From market-attracted partners
Institutions of finance (banks).

WACC Formula

In the first effort, a bank request permitted the financing of R$ 80 thousand, representing 20% of the capital required to launch the firm.

The institution charges a 12 percent annual interest rate on this sum, which implies that it must pay R$ 9,600 in interest.

In turn, the new company partners stipulate a return of 16% on the amount invested, which will be R$320 thousand.

Therefore, they should receive, in the form of profit/dividend distribution, a total of R$51.2 thousand.

Therefore, per year, the new company will pay a total of R$ 60.8 thousand (9.6 + 51.2), which represents a capital cost of 15.2%.

It can do all these calculations by applying the WACC formula:

WACC = Ke x We + Kd x Wd, in which:

Ke = cost of equity
Kd = cost of third-party capital
We = percentage of equity in the capital structure
Wd = percentage of third-party capital in the capital structure.

If the corporation is taxed under the Real Profit regime, it can also deduct any Income Tax (IR) deductions applicable to loaned funds in this computation.

However, because it is more appropriate for corporations taxed under Simples, it will always compute the Weighted Average Cost of Capital without considering the IR.

Financial Market in the Global Economy

Posted on January 12, 2024January 14, 2024 by Jennifer Brazer

Financial markets play a crucial role in the economy and help in the efficient flow of savings and investments, facilitating raising capital for the economy and manufacturing products. The borrower, lenders, and the entire economy benefit from financial markets and institutions.

Individuals, companies, and governments in need of funds can quickly find financial institutions or markets willing to assist them and how much it will cost them. This information enables investors to compare the cost of finance to the predicted return on investment, allowing them to make investment decisions.

In many developing nations, limited financial markets, instruments, financial institutions, and poorly defined regulatory frameworks may make obtaining capital more expensive and diminish the return on savings and investments. Due to a lack of financial transparency, information is not as readily available to market participants, and risks may be higher than those with more developed economic systems. Furthermore, keeping a balanced portfolio is more difficult in small markets with a limited selection of financial assets or savings and investment possibilities. In such weak financial markets with little trading activity, it can be challenging to identify alternatives.

Stock Exchange

Large stock exchanges with a high trading volume provide more liquidity to market participants than smaller exchanges with fewer equities and investors and, hence, fewer trading opportunities. Many recognize The United States’ financial system as the most advanced in the world. Daily transactions on the financial markets are massive in terms of assets in a year or less and resources in a year or longer. Many financial assets are liquid, and others have secondary markets where traders can transfer current assets cheaply.

Financial Market Roles

Financial markets are essential for raising capital and providing goods and services. Credit and investment rates signal producers and consumers, both financial sector participants. These signals aid in routing finance for clients, corporations, governments, and investors (from savers, notably families, and businesses) who want to rent money by linking those who value money the most (for example, those willing to pay higher prices or interest rates). On the other hand, strong financial markets and institutions facilitate the international flow of cash among countries.

Because financial market development is one of the global indices of competitiveness, the link between financial market expansion and competitiveness has become one of the significant issues. Earlier research has found that the impact of financial market expansion on economic growth is a solid predictor of competitiveness. Endogenous growth theories have significantly affected the foundations of global competition. Economies produce growth through technological advancement or improved output quality and output growth drivers.

Economic Variables

Economies break down into several economic variables at two levels: micro-levels, such as production factor productivity, and macro-levels, such as macroeconomic resource availability to development. As a result, recognizing sources of economic growth is crucial to stimulating economic activity and assisting it with structural improvements. You can find financial and fiscal stability in countries with an active and established financial market with a high volume of transactions. With the decrease in unemployment, investors’ confidence has increased. A vibrant financial need can also assist governments in maintaining stable payments, accelerating industrial capacity growth, and promoting and sustaining social stability.

Economic development requires balanced growth, which includes expansion in all areas simultaneously. The government has arranged the national financial system to make funds available to all sectors to balance manufacturing, agriculture, and service development. Investment volume has increased in recent years in countries with a vibrant young financial market. On the other hand, direct investment volumes are low in countries with underdeveloped or newly developed capital markets, both globally and locally.

Conclusion

In conclusion, the role of financial markets in the economy is undeniably crucial, catalyzing the efficient flow of savings and investments. These markets and institutions play a pivotal role in capital formation, enabling individuals, companies, and governments to access funds for various needs. The information provided by financial institutions empowers investors to make informed decisions by comparing the cost of finance to the anticipated return on investment.

However, challenges persist in developing nations where limited financial infrastructure and regulatory frameworks may hinder access to capital, making financing more expensive and reducing the returns on savings and investments. A lack of financial transparency exacerbates these challenges, increasing risks for market participants. The importance of well-developed financial markets becomes evident in their ability to facilitate economic growth, international cash flow, and competitiveness.

In essence, the vibrancy and maturity of financial markets are intertwined with economic development and stability. A solid financial system attracts investment and contributes significantly to progress and prosperity.

Underestimating Self = Big Loss!

Posted on January 12, 2024January 7, 2024 by Jennifer Brazer

Stating your value far less than what it is is sometimes considered a trick to garner a vast audience that lauds you for your work ethic and appreciates what you provide in the market.

Undervaluation is a common scheme bookkeepers and accountants employ to avoid losing customers, as the world of accounting and finance is highly competitive. People are waiting to pounce on the first chance to land a job where you are right now.

But would you believe me right now if I told you that you are losing more than you’re gaining by understating your value in the market?

I know, it doesn’t sound apparent. You would assume that you cannot get out of sight of the companies since you are readily available. Losing market value is a gradual process where you lose your worth in the market because you understated your value when entering the market and are now perceptually tied to this lower valuation.

Let’s read up on why bookkeepers often give in to this trend and how they can manage it.

Why Do Bookkeepers Often Undercharge?

Bookkeepers often undercharge their clients because, in their minds, they believe they are following an extended, strategically designed business plan that would assist them in keeping clients. This strategy often backfires, and the bookkeeper is at a loss rather than an advantage.

Another reason is that bookkeepers undervalue themselves and their services. They don’t believe in their work enough to put up a strong front and be paid for their services accordingly. This lack of self-belief adds to the factor of fear as well. Most bookkeepers believe that if they state their value for what they think they are, the client may end up upping and leaving to find other potential matches in this vast market. They may also be underconfident about their work.

Bookkeepers are also known to put themselves in the shoes of their clients. They believe their work is easy and their employer will not value their position enough to pay them a large salary. This mentality doesn’t get them far as they start undercharging. Undercharging for bookkeeping services benefits the client, while the bookkeeper loses more than they are gaining.

Change The Mentality

You and all your other bookkeeper acquaintances need to change your mentality to create a shift in the narrative.

My mentality, the thought process that goes into undervaluing yourself, has to change.

You need to understand you may be able to do a job in less time than someone without experience or skillset. Finishing tasks quicker may make you think you are giving the job less time than the other individual. Remember, the client is not paying for your time; instead, they pay for the skill you have acquired through years of education and hard work. They are also paying for the expertise that allows you to get tasks done quickly, as you can only gather such knowledge through experience.

This mentality could completely change the game for you. Through this mentality shift, you could create a pedestal that would catapult you into the market and allow you to garner an audience that appreciates and values you.

Confidence is Key

If you think you are not worth your clients’ fee, you may want to reflect on when you started. Think of all the hours you spent cracking issues only because you can now do all this work.

Be confident in your work and always believe in yourself. You are not overcharging; neither are you incapable. Your expertise is valuable when you can solve all the problems, so you are worth every penny. By undermining yourself, you are losing your value and giving your clients the idea that you are unsure of your work, which would give them the confidence to take advantage of your services.

Conclusion

In conclusion, undervaluing oneself, especially among bookkeepers, may initially seem like a strategic move to secure clients in a competitive market. However, the long-term consequences reveal a significant loss of market value. Bookkeepers often fall into this trap due to a misguided belief that undercharging will retain clients or a lack of confidence in their worth. To break free from this cycle, a shift in mentality is crucial.

Understanding that clients pay for expertise and efficiency, not just time, can reshape the narrative. Confidence becomes a critical element in asserting one’s actual value. By embracing the skills and experiences that set them apart, bookkeepers can establish a strong presence in the market, gaining the respect and appreciation they deserve. Undervaluation ultimately undermines the individual and the perception of their capabilities, hindering professional growth and potential success.