Infographic
TECHNOLOGY THAT MEETS CPA FIRMS WHERE THEY ARE
Our world-class range of tools and services ensure you have the protection you need.
Catering to an Expansive, Fragmented Industry
- There are more than 138,000 accounting firms currently operating in the U.S.
- These firms generated over $110 billion in revenues in 2020.
- The average CPA manages about 8,000 tax returns annually.
- Small to midsized firms rely heavily on disparate technology systems and spreadsheets to run their businesses.
Sources
Addressing CPA Firms’ Key Technology Challenges
- CPA firms are dealing with increased competition for new customers and employees, both of whom expect their firms to have modern technology in place.
- For CPA firms, software is 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.
- On the operational side, CPA firms must maintain good oversight of their client billing, budgets and actual spend.
Extending NetSuite Cloud ERP for the CPA Audience
- Developed by goVirtualOffice (GVO), PracticeERP extends NetSuite Cloud ERP’s functionalities to help companies boost sales, enhance productivity, gain access to better information and reduce their IT costs.
- By delivering a complete suite of accounting firm focused functionality in the cloud, PracticeERP helps companies connect the dots across CRM, client services, workflow/task management, time/expense tracking, work in progress, billing automation, accounting, financials and business intelligence.
- CPA firms can expect anywhere from 25% to 40% cost savings by replacing disconnected systems and by automating processes that were being handled manually.
- The solution also includes a dashboard that CPA firms’ clients can use to view accounts receivable and print customer statements, pay invoices online and submit customer support questions.
Measuring the Benefits
When paired with NetSuite, PracticeERP:
- Streamlines the lead-to-cash process
- Provides real-time visibility into all client information
- Makes business forecasts more predictable
- Helps improve overall CPA Firm performance.
