It's no secret that the US accounting model is struggling to keep pace with the needs of the market. The industry is battling with inefficiencies that are taking their toll on firms - but the trouble is, widespread change requires someone to take the first step.
Auditing in particular faces unique challenges being trapped in a niche within a niche. Current processes without the proper technological support leave teams with a trifecta of challenges: excessive manual work, a higher risk of errors, and underused data.
The fear of repercussions as a result of change is contributing to a herd mentality - everyone finds safety in numbers, even if it isn’t the right path for their business.
Better the devil you know than the devil you don’t - and it’s only natural to feel this way. What lies beyond the years of tradition and well-established processes? It’s easy to be criticized for doing something different, so why risk it, right?
The audit sector is also heavily regulated, which exacerbates this fear of change. The risk of excruciatingly large fines is enough to stop any plans for big change in its tracks. Just this year PCAOB (Public Company Accounting Oversight Board) has imposed $12million in fines for audit failures. Losing that amount of money to fines is unthinkable for most firms.
However, the current way of working is preventing firms from easily meeting the needs of clients and their own workforces. Change forces people out of their comfort zones, but this isn’t always a bad thing. It’s all about the support you have in place.
Stagnation is taking its toll
Accounting firms are juggling a multitude of challenges.
Many find themselves short-staffed because the lack of innovation and outdated practices in the audit sector are driving away talented professionals, so they seek out more engaging and fulfilling career paths. Existing employees therefore have to pick up the slack and take on more responsibilities, which can lead to burnout and decreased productivity.
Firms are also in a perpetual search for a competitive advantage, aiming to offer more effective and pain-free audits that not just win new clients but retain them, too.
The pressure of it all is taking its toll.
Inflo helps you take the first step - then the next step, and the next
The fear of change should never be underestimated or dismissed - but we can’t let it win! That’s why Inflo is carving a path for auditors to break free from age-old processes with confidence.
And we’re with you every step of the way.
Inflo is not ‘one size fits all’. We align ourselves with your unique requirements and challenges from start to finish. Our mission is to help empower your audit teams and provide them with a solid foundation for digital change.
Inflo Workpapers allows each firm to adopt a data-driven audit approach, streamlining the entire process by automating tasks and creating an integrated workflow. Here are some of the ways you can benefit:
Inflo’s audit specialists are always on hand to help your teams with any questions. You can also find out how our other products can also help your firm thrive, with Data Analytics, Digital Collaboration and Quality Management.
The mission is clear. Accounting firms and their audit teams need to be revitalized with the confidence to change, and shed the paralyzing fear that’s held them back so far. Get in touch and find out what lies beyond today’s everyday auditing pain points with Inflo.