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NuVision Accounting Solutions – Meeting Promises

Hey Guys!!!

Great to see you here!!!

Today, I will reveal some Accounting-Related Challenges of 2020.

You know that every business faces lots of challenges that range from industry to industry. If I talk about the specific industry, let’s say, Accounting, it has its unique challenges. With the new regulations in taxation services & coming of the latest technology in the financial market, CPA firms and accountants face the challenge of keeping compliance with the same.

In order to stay above your competitors, you must provide the best services to your clients. This becomes much important to achieve high growth. So, just let me reveal the challenges.

1. Poor Adaptation Ability & Zero Innovation: –

What I think is? Automation is one of the best things to force out the people who were just there to make a quick buck and ask everybody to level up and become a straight forward-thinking partner for their clients. 

Another biggest challenge what are industry is facing is the lack of innovation and the ability to adapt. That is why people are so afraid of the automation revolution because they can’t see how could this totally change how they run business for the betterment.

There are tons of people out there changing things up as they want to be professional and want to adopt new technology, newly trends, and doing a great job will be enough. It is not because clients get the same good work from the software now, so they are looking for someone who can take that spreadsheet and translate it into meaningful information.

2. Taking the D-I-Y Approach instead of Professional Help: –

The top accounting industry changed in 2019 is two-fold and it will continue to be a top issue in the coming year i.e. 2020.

1. Tech know-how
2. DIY Economy/Lifestyle

Tech and the DIY craze that’s been happening in the past few years that has become a two-headed monster of the industry related to accounting. That’s why people took shortcuts instead of listening to a pro’s device.

And then, there is automated software that accountants require to know how to use and stay upgraded within the long run. The downside is that the accountant has replaced by the software and that is the bad news.

3. Inability to maintain Good Relationship with the Customers: –

Ever since the collapse of Enron & Arthur Andersen, Accountants have faced challenges over their relationship with key customers.

 Recently, Financial Times published an article providing insights into the alleged “creative accounting” practices. Stating inflated revenues & transactions volume, FT poses questions about the trustworthy of audited financial statements.

4. Trouble staying updated with the coming Technology: –

I personally believe that the biggest challenge of this era for any accountant is being able to stay up to date with the emerging technologies. Each day a new piece of technology intervenes in the world which results in more challenging phase for an accountant on how to integrate the approaches with the technologies. Whoever is more adaptable to the advancements, is for sure living a much easier life. And quite being unable to keep up can be a cause of becoming static in the market.

Another big issue that an accountant faces is Cyber Security. He/She is responsible for the safety of all the Accounting Information as it is an especially hot target for the hackers because of higher value.