How to solve the top 3 accounting firm challenges

Wolters Kluwer surveyed 430 Australian and New Zealand accounting and tax professionals earlier this year, presenting our findings in the 2022 Tax Season Challenges Report, Accounting evolution: How firms adapted to the global landscape in 2022.

One of the key findings is that the challenges faced by accountants in 2022 are centred around time: 

• Work-life balance
• Finding time to identify opportunities to add value to clients 
• Obtaining correct data and information from clients on a timely basis

Of the survey respondents, 59 per cent have confirmed their biggest issue this year is work-life balance. This is not surprising – amid a backdrop of a global talent shortage, accountants are needing to do more with less. 

Forty-six per cent of respondents say their major challenge is finding time to add value to their clients. With accountants struggling to find the hours in the day to complete fundamental compliance work, making time to generate advisory work can feel impossible.

The third most common issue faced by firms this year, with 45 per cent of respondents, is chasing client information. This is not new and was also reported as a major challenge in last year’s survey.

All these challenges are underpinned by the fact that accounting and tax professionals provide “always-on services” in a post-pandemic economy.

Accountants have an extremely important role to play, given that small to medium businesses account for 97 per cent of all businesses across Asia-Pacific and they look to their accountants as their most trusted business advisor. 

Small to medium business clients are expecting higher levels of service and advisory from their accountants, while employees are looking for firms that are ahead of the curve.

Wolters Kluwer is here for accounting firms, to provide the products and solutions that can help firms gain efficiencies, improve productivity (do more with less), to enhance service offerings and contribute to growth and profitability. 

Our intelligent cloud-based practice management software helps to automate tasks and workflows, while our compliance tools such as CCH iFirm CGT Reporter save time when looking up CGT data for your clients. 

We also have predictive intelligence tools, such as CCH iQ Client Match, which identifies clients who may be affected by a recent tax event – again saving you time from having to do this process manually. Meanwhile, client communications become simpler with cloud-based client portal and e-signature tools. 

At every step of your workflow, CCH iFirm products are designed to help you reclaim valuable hours in your day to do what’s most important for you and your business.

Looking for more insights?

Request your complimentary report: Wolters Kluwer 2022 Tax Season Challenges Report, Accounting evolution: How firms adapted to the global landscape in 2022. Download report.

Join our webinar: Hear some further insights from the 2022-23 Wolters Kluwer Tax Season Challenges Report, together with some key learnings on how to support your firm’s efficiency, profitability and growth. Register today.

_{*Registrants who ‘opt-in’ will also be able receive a complimentary copy of the full report from Wolters Kluwer}