In the U.S., there are more than 138,000 accounting firms that generated over $110 billion in revenues in 2020. Small to midsized firms with anywhere from 30 to 200 employees rely heavily on disparate technology systems (e.g. one for tax preparation, one for time-keeping, another for the firm’s financials, etc.) and spreadsheets to run their businesses.

“We hear over and over again from CPA firms that are burdened by multiple systems that don’t ‘talk’ or share data with each other,” said Dirk Shimpach, CPA, founder and partner, goVirtualOffice (GVO), a NetSuite Solution Provider and cloud technology advisor. “Most of them are using many different systems they patched together in order to manage their day-to- day operations.”

The same firms are also dealing with increased competition for new customers and employees, both of whom expect their CPA firms to have the latest technology in place. That technology isn’t just for show either; it’s an invaluable tool for managing the complexities of financial compliance, audits and ever-changing governmental regulations. Even the seemingly straightforward act of properly completing and submitting a tax form on time requires numerous steps and checkpoints.

CPA firms must also maintain strong oversight of their client billing, budgets and actual spend. Because margins are tight in the accounting world, monitoring budgets-versus-actuals is a critical step. This is manageable when you have the data at your fingertips, but it’s extremely difficult when you’re using disparate systems and attempting to bring all of the relevant data into a single report.