Back in January, AccountingWeb published an article that revealed the top concerns for accountants going into 2015, according to a survey conducted by the Hinge Research Institute. In a survey of 530 professional services firms across a wide range of industries, their research concluded the following top 5 business challenges for the year:
- Attracting & Developing New Business
- Finding & Keeping Good People
- Leadership & Internal Change Issues
- Technology Issues
- Dealing with Client Demands & Expectations
As we progress into 2015, are your accountant clients still sharing these same sentiments? A more recent survey, conducted by the International Federation of Accountants (IFAC), reveals that pressure to lower fees is actually a current top concern for many accountants. Another one is the need to keep up with regulations and standards.
What your accountant clients need to remember is that not only are these factors challenges, but not confronting them head on could affect their Accountant Professional Liability Risks. Accountants must adapt to the changing technological environment not only to stay competitive, but to stay compliant in their practices as well.
The IFAC survey did reveal a challenge that was mentioned in the Hinge Research survey as well; and that is finding and keeping good people. Accountants are tasked with making the profession attractive for talented young people and integrating modern technology into their day-to-day work. Experts believe that the accounting profession can and will succeed in overcoming the challenges it faces.
PL Risk Advisors provides an Errors & Omissions Insurance Program specifically designed for the exposures faced by accountants and auditors. For more information, please contact us today at (855) 403-5982.