Entigrity at Thomson Reuters Synergy 2022 Highlights
The Thomson Reuters SYNERGY 2022 Conference for Tax and Accounting firms wrapped up on November 2022. As a sponsor of the event, it was great to be back at live events after such a long break.
The event was an excellent opportunity to network with colleagues and gain insights about where the industry is headed. This year was all about technology and innovations in the tax and accounting industry with a key focus on automation.
Key Highlights from Synergy 2022
1. Managing the ‘Great Resignation’
We’ve all seen the numbers and the effect of this mass resignation. Due to a multitude of reasons, employees are basically fed up with the bare minimum and want something more substantial when it comes to working. Accounting firms are facing the same situation and are looking for creative ways to maintain their workforce. One opportunity that presents itself which goes well beyond keeping talent is offshoring. By utilizing accounting offshoring, CPAs can not only address the ‘Great Resignation’ concern but can even apply it as a long-term strategy to grow their firm.
Accounting offshoring firms now offer flexible hiring options for accounting, tax and audit roles. From Associate Bookkeepers to Sr. Auditors, there are a multitude of hiring and staffing options for any CPA firm.
2. Technology still needs a human touch
As technology moves ahead at blazing speeds with the integration of Machine Learning and AI, accountants still need to be involved in the process. The systems will surely streamline processes; however, accountants need to play their part, especially when it comes to communicating to clients and developing relationships.
3. Fintech innovations
Just like AI and machine learning, Fintech seems to be the new buzzword that CPAs are throwing around. With the incorporation of cloud accounting and other financial technologies, CPAs must be aware of fintech trends and how they can capitalize on them.