CPA growth strategies and related dynamics can only be fruitful if constant checks on the regulatory changes are kept, and compliance is maintained. With advancements in technology and an inclination towards outsourcing accounting services, staying on your toes to check the ever-changing regulatory landscape and industry trends is a must.
As such, remaining updated and seizing opportunities in time can drive growth and help CPAs stay ahead of related changes. However, this may pose a challenge if adequate steps are not undertaken to adapt to the new trends and regulatory modifications.
Thus, to help you navigate this evolving landscape, we have come up with certain ways that will aid in keeping with the regulatory changes and eventually drive growth in time.
But first, let’s have a closer look and understand what exactly regulatory changes are!
1. Regulatory Changes- What are They?
When changes are made in existing laws, they are referred to as Regulatory changes. Being compliant with these changes pertaining to International, National, or State laws is necessary for a smooth business functioning. This aids the firm in maintaining an ethical and behavioral code of conduct as mandated by the concerned authority.
Following regulatory changes and adapting to the same is hence, crucial for staying abreast of the competition, gaining customer trust and loyalty, and safeguarding oneself from legal pitfalls.
2. What is Essential for a CPA in An Ever-Changing Landscape- Technical or Soft Skills or a Combination of Both?
With CPA industry developments, leveraging certain key skills can help you boost your business. One such trend that is surely going to ascertain the future of accounting is the increased use of technology. With these new technologies, many traditional work patterns of accountants are going to become obsolete, while necessitating the need to work with varied clients across economies.
Here, technical skills, such as ideas about accounting software is as necessary as developing one’s soft skills, such as communication and emotional intelligence. In other words, building and sustaining relationships with the aid of soft skills, while adapting to technological advancements is the key to help CPAs go a long way.
3. How to Adapt to Regulatory Changes and Industry Trends?
When regulatory changes and industry trends adaptation are undertaken at the right time, growth opportunities for CPAs and related firms become handy. Here are a few ways by which this can be achieved.
- Track Regulatory Updates
By subscribing to trade publications, news, and legal updates, you can get hold of regulatory changes. It is always advisable to track government organizations that are considered esteemed authorities dealing with regulatory laws. This includes the Federal Trade Commission (FTC), and Securities and Exchange Commission (SEC) amongst others. It is best to take advantage of tracking software to get instant updates on regulatory changes. CPAs can also attend seminars and conferences that inform about regulatory updates. They can even stay active on social media platforms to become better informed.
- Divide Regulatory Responsibilities
The best way to adapt quickly to changing laws is by assigning duties. To divide regulatory responsibilities, CPAs can begin by looking for the department that deals with this task within the organization and assigning a compliance officer. With the help of the officer, the firm can ensure that each of the regulatory changes is known and followed by the members, making the adaptation easier. Define the key responsibilities of all the departments in a matter of regulatory modifications and make sure that everyone understands their obligation.Also, have clear communication at all levels so that changes are understood and adhered to by all. Also, update and review the regulatory program since it will help in ensuring that the latest changes are being followed.
- Become a Part of Industry Associations
To stay current with the changes, you can also become a part of industry associations. You can thus, attend courses, seminars, and educational events conducted by them to keep up with the modifications.
- Provide Training
Another approach for easily adapting to regulatory changes is by providing training when new updates come. Once the program is identified, include relevant personnel and departments of the firm and learn about the new progress and changes hand-in-hand.
4. Ways to Drive Growth in the Dynamic CPA Landscape
CPA industry challenges are quite evident in today’s business environment, and keeping up with the evolving trends is indeed a necessity. Thus, to address these problems and harness growth, you can take the following measures that are simple yet effective.
- Stay Updated
By staying informed, CPAs can make necessary changes to the existing strategies and hence, mold their offerings that are compliant with the current modifications at hand. This will help in driving growth and keeping at par with competitors in the market.
- Build Resilience and Agility
Another way to boost growth in the dynamic regulatory environment is by quickly assessing the changes and responding to the same. This helps in staying on track and aids in navigating changes in a hassle-free way.
- Maintaining Positivity
Many times, regulatory changes and the compliance lead to stress. However, in moments like these, a positive attitude combined with sheer dedication and focus can help CPAs and accounting firms adhere to and comply with the mandatory update. When timely changes are complied with, growth follows instantly, no matter how frequently the industry evolves.
5. Final Thoughts
With the evolution of CPAs and the current business arena, being updated with the regulatory parameters and industry trends is the need of the hour.
Possessing diverse skill sets that surpass technology and industry trends is now crucial and is one of the smartest ways to drive growth against the erratic industry trends.
Scrutinizing your existing compliance strategy and identifying gaps can thus help in seamlessly adapting to regulatory changes effectively.