The value of financial services provided by Certified Public Accountants (CPAs) is rising sharply. Prior to the COVID-19 pandemic, CPAs were hired mostly by established businesses and some individuals. We’re now entering a time when CPAs will be in higher demand than ever before.
Today, thousands of new businesses are emerging as people look for ways to generate stable income in an uncertain economy. The existence of more businesses means there are more financial accounting roles to fill.
While becoming a CPA isn’t easy, it’s the most popular financial certification. Thousands of people who have completed their educational requirements are now getting ready to take a CPA prep course so they can be certified by the end of the year.
What’s driving the increase in demand for CPA services? The transition to a remote-centered workforce worldwide.
1. New Businesses Necessitate More CPA Roles
The ability to run a business with remote workers makes it easy for just about anyone to start a business. All of these new businesses will need professional financial services, including accounting.
As more businesses are created, there will be more CPA roles to fill. Granted, not all businesses will hire a CPA to handle their finances and that’s to their detriment.
CPAs have a high level of financial expertise that you can’t find in a basic bookkeeper or accountant. For example, CPAs can:
- Help you understand the tax implications involved in an acquisition, merger, sale, or closing.
- Help you assess the fair market value of your organization.
- Help you determine which type of small business loan will benefit your organization and determine how your loan repayments will affect your cash flow.
- Represent you in an IRS tax audit
- Represent you in court in certain finance-related situations
- Help you maximize your tax deductions to minimize your taxable income – legally
- Recommend which business structure is ideal for your organization (i.e., C-Corporation, S-Corporation, LLC, etc.)
- Prepare financial documents for you
- And more
New business owners will be in great shape if they hire a CPA to handle their accounting needs.
2. CPAs Can Work Remotely
Being able to provide services remotely automatically makes a profession more valuable. In a world still dealing with the effects of the coronavirus pandemic, remote work isn’t just valuable – it’s necessary. In fact, it’s clear that even after the pandemic is over, remote work is the future.
CPAs can work remotely, whether they work for an organization or are self-employed. If any paperwork needs to physically exchange hands, it can be photocopied and mailed or emailed and printed.
Thanks to COVID-19, some people are afraid to make contact in person even when all parties involved are wearing masks. Working remotely is no longer just a luxury for employees; it’s become a requirement for business owners.
3. With Less Overhead, Businesses Have A Bigger Budget
Business owners who don’t like the idea of spending money are changing their tune now that work is shifting to a remote model. Many businesses have experienced a massive drop in overhead by requiring workers to work from home. It’s no small deal to drop a $9,000 per month office rental. That’s not the only expense that disappears when a business transitions to remote work.
A massive drop in overhead is giving business owners more breathing room and a bigger budget to hire the services they’ve been avoiding, like CPAs.
4. Self-Employed CPAs Can Potentially Generate More Income
The average entry-level salary for a CPA is between $40,000 and $65,000. However, self-employed CPAs can generate more income than they would earn by working for an organization. Working remotely provides more freedom for CPAs to set their own schedules and take on as many clients as they can handle.
The possibilities are enticing and as the demand for financial professionals rises, we’ll see more people getting CPA certifications.
CPAs Can Thank The Remote Work Revolution For Creating Job Security
The rising demand for CPAs is all tied to the world shifting toward a remote-centered workforce. As more businesses are created, the need for CPAs will rise. Equally contributing to the rise in demand are the businesses experiencing a sudden budget increase from eliminating overhead.
Thanks to the remote work revolution, CPAs and other financial professionals now have a new level of job security. It wouldn’t be surprising to see more people switch careers to pursue CPA certification just to be guaranteed future income.
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