CPAs everywhere share in common the personal and professional difficulties brought about by the 2020 pandemic. In our better days, we can see the light at the end of the tunnel. In the bleak days, we wonder when the fog will lift.

Thankfully, QX Accounting Services recognizes the challenges faced by CPA firms, particularly during these unusual times. Harsh Shukla presented a free CPE webinar with Encoursa last week to inspire CPAs, tax, and accounting professionals with ideas to develop resilience. 

We started out by discussing the hand 2020 has dealt. We heard from guests about the challenges of adapting to remote work, supporting clients through job loss, and the difficulties in finding reliable help. Harsh talked about the impact COVID-19 has had on business ownership, citing a Wiley study that found the number of active business owners in the US decreased by 22% between February to April 2020. The world needs CPAs to stand strong and help businesses weather the current storms now more than ever.

Building resilience starts with acknowledging the current situation. From there, we must lean in to develop a long-term perspective.

Here are 5 Strategic Steps to Building Resilience as shared by Harsh:

1. Strategize for the Worst – Plan for Multiple Scenarios

Main take-away: Conduct a SWOT analysis for your firm to identify strengths, weaknesses, opportunities, and threats

2. Digital Transformation – Speed it Up

Main take-away: Technology makes firms more agile; utilize online apps to streamline processes such as payments, document sharing, time tracking, and expense reporting

3. External Resourcing – Add Resources Innovatively

Main take-away: Resources can be found both domestically and globally; look for staffing resources with the right expertise (aka knowledge of current regulations and accounting policies) who are backed by secure infrastructure and the right processes and tools to be a seamless extension of your team

4. Customer-Centricity – Customer Orientation

Main take-away: Think about your service offerings from the client’s perspective: What are THEIR needs; What might THEY need in the future; What are THEIR communication preferences? 

5. Explore New Growth Avenues – Becoming Uncomfortable with Routine

Main take-away: Be an explorer. Push yourself out of your comfort zone. Upskill yourself with continuous learning and development. 

At the end of the webinar, the audience ranked adapting quickly to change as the most important element of resilience. As you seek to build resilience for yourself and your firm, recognize the decisions and actions YOU can control. Pick one of the strategic steps above and determine how you can best adapt your mindset and actions to position yourself and your firm for success in 2021. The best way to support your clients is to lead from a position of strength.  

Would you like to view the recording of QXAS’ free CPE webinar? Please visit: https://vimeo.com/486963865/7b7a6391a9

QXAS provides accounting, tax returns, bookkeeping, and payroll services to a growing number of CPAs, EAs and accountants across the USA. QXAS is a SOC2 compliant company and adheres to the most demanding security protocols.  

If you would like to learn more about QX Accounting Services, check out: https://www.qxas.us.com/.