Peerview Data Insights

 Problem #3 = Technology Disrupting Tax & Audit Revenues

Let's face it. The Accounting Industry is transforming before our very eyes. The technology disruption is making itself known through automation (expectation of being able to do more with less), commoditization (downward pressure on audit & tax pricing and resulting revenues), and consolidation (accounting firms merging, looking like consulting or law firms, etc.).

As December winds down, reflection always seems to be the natural step to closing out another year. As we reflect this winter, we want to say how thankful we are for each of you this year. We want to thank all the accounting firms, lenders and individual companies that have subscribed since our launch. Things have been going extremely well and we have loved getting your feedback! Secondly, I want to share some of what we’ve learned on the journey so far:

As a general rule of life, we like to think that the idea of “Keeping up with the Joneses” is overrated. Move at your own pace, stick to your brand, and define success by your own terms.

When you started your own company you probably had your service, name, and location figured out. The color schemes and logo took more trial and error than you thought they would, but they turned out okay.

Big Data, Cloud-computing and A.I. are reshaping the accounting industry, but is this a threat or an opportunity?

Our perspective, as a company that works with lots of CPAs, is that the future is bleak for firms that can't change and bright for firms that can.

Why?

Because CPAs already have the skills they need to leverage this disruption.

The following infographic, based on a meta-analysis of surveys, studies, research and observations, breaks out five additional services that can help CPAs future-proof their practice.

Companies are generating more performance data than ever before but a lot of them are still trying to figure out what to do with it.

Some don't know how to get started. Some don't know where to get started.

One simple resource to turn to is your CPA.

This short presentation lays out the reasons why and how your CPA can help you reap the gains of becoming a data-driven company: higher profits, faster growth, increased productivity.

Companies are generating more data than ever before but how many of them are doing anything with it?

 Jeff Bezos's annual letter to shareholders is getting a lot of buzz because it underscores Amazon's fanatical devotion to continuous, intentional improvement,  which he shorthands as being a "Day 1" company.

Why does he call it "Day 1?"

Most of us think of our CPA as somebody who just does taxes, bookkeeping and audits, but they're actually in a unique position to help just about any company optimize it’s performance.

How?

By combining data-driven analysis with experience-driven insights.