2021 Round-up: AAFCPAs’ Top 7 Most-Read Content
How can we do more with less? Over the past year, AAFCPAs published a wide array of alerts & insights that explore topics ranging from compliance, to productivity & business intelligence, to data security. In this end-of-year roundup, we share key insights and trends from our most-read content of 2021:
When considering your optimal tax planning & compliance strategy, business & individual taxpayers must account for all current and impending tax code changes. Do not let this overwhelm you—and rest assured, we are here for you! AAFCPAs provides clients with peace of mind that comes from knowing we are on top of all the factors that impact your ability to minimize your tax liability.
Implementing the new lease standard is not just a one-time exercise. It requires changes to accounting processes and financial reporting controls. Accounting policy elections and practical expedients will affect the overall process and timeline—so be sure to assess them early. Effective implementation requires a thorough evaluation of resources and your organization should identify someone now to take the lead for this work. AAFCPAs designed a comprehensive checklist to help clients understand the scope of the ASU implementation process.
There were countless lessons learned over the past two years, and difficult decisions remain for CFOs to make as they chart the way forward. Their perseverance and willingness to adapt through this time is remarkable. CFOs have embraced new technologies, managed through treacherous territory, and in many cases emerged from the pandemic stronger than they went in. One of the most prominent changes was the heavy reliance on the digital environment. CFOs were called upon to maximize every digital resource at hand, and data was a central piece. While companies are all at different stages of data collection and interpretation, CFOs now recognize that it is the key to understanding how they got here and how to get to where they want to go. As CFOs continue to pivot out of this period of extreme uncertainty, they want to gather the right data, visualize it, and turn it into actionable guidance for how their organizations should spend precious time and resources. Those that do it well will create a distinct competitive advantage at a time when the landscape is being reinvented.
With constant pressure to increase efficiencies and speed to insight, reduce costs and errors, and improve process quality, many organizations are turning to Robotic Process Automation (RPA) as a solution. AAFCPAs asks clients: If you could automate 3 rote processes what would they be? When answering this question, and prioritizing your RPA focus, we recommend you evaluate the following: What are you or your team’s most tedious daily/weekly tasks that take time away from more high-value activities? Where do most of your human errors occur? What are your most high volume, manual data transformation projects (e.g. for Reporting, Data Analytics)? What are areas where noise, and volumes of un-useful data is clouding your ability to derive meaning?
AAFCPAs designed this comprehensive IT & Cybersecurity HealthCheck to assist clients in surfacing, understanding, and managing priority IT risks that may be mitigated to better secure your organization’s Personally Identifiable Information (PII), client records, proprietary information, and/or other sensitive data. Clients are encouraged to utilize this resource in discussions with your IT services group and as part of a more comprehensive Enterprise Risk Management Program. Please contact AAFCPAs’ IT Security professionals or your AAFCPAs Partner to discuss how to implement resource-appropriate security measures to mitigate risks.
The finance function includes the interconnected components: People, Process, and Technology. These components are a three-legged stool, that when optimized in an interconnected ongoing effort, can effectively address evolving organizational needs. Right-sizing your accounting & finance function will allow you to shift time, money, and other resources to focus on your core competencies, strategic business activities, and vision instead of focusing on administrative functions.
AAFCPAs (Westborough, Boston, Waltham, MA) is Among America’s Best Tax and Accounting Firms! Forbes partnered with market research company Statista to create a list of the most recommended firms for tax and accounting services in the U.S. based on surveys of tax and accounting professionals and their clients. Approximately 4,400 recommendations were considered in the final analysis.
AAFCPAs clients appreciate the role we play serving as an educational resource. We are committed to providing insight and thought leadership, and keeping our clients up-to-date on regulatory updates, industry news, and best operational practices. Visit aafcpamain.wpengine.com/blog for the full blog experience and to access content from the COVID-19 Business Resource Center.