Building Firm Resilience Through Advanced Technologies and Agile Processes

This year, accounting firms and tax preparers took decisive actions to position their businesses in changing conditions. In doing so, firms are getting stronger — developing more agility and resilience and expanding their service offerings.

Businesses and families had to adapt quickly to new workplace health risks, government stay‑in‑place orders, and economic impacts of the COVID‑19 global pandemic. Unlike natural disasters with local or regional impacts, the pandemic’s impact was global. Consequently, all tax and accounting firms.

The insights revealed by the survey highlighted the fact that firms with greater resiliency already have the tools and adaptive processes in place to respond successfully to changing conditions. In order to navigate uncertainty and move forward together as a profession, agile accounting firms and tax preparers must be able to:

  • Flex with the times — Pivot to create the services clients need to respond in a crisis or period of major change 
  • Work from anywhere — Access engagements and client data in the cloud. Create fully digital workflows to empower professionals to work from anywhere, at any time
  • Modernize technology — Redouble firm efforts toward digital transformation. Leverage integrated systems to gain as much efficiency as possible within tax and audit processes. Position the firm to extract more value out of client data
  • Build resilience — Lean forward and stay ready to tackle future challenges by focusing on improving client engagement, communication, and firm management

Read the white paper and learn how firms have responded to the challenges of 2020 and are preparing for the future.

Download the White Paper

The 2020 Wolters Kluwer Industry Report

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