Accounting Spotlight: What Businesses Need to Know

A discussion with the gish SEIDEN team

Financial stewards have found themselves navigating new terrain and assuming roles perhaps more important than before.

With the unique and uncharted scenarios that we have faced over the last two years, business owners, CFOs and other C-suite professionals have had to tackle more challenges than ever before. The economic climate has forced companies to make changes to the way they do business and to the way they approach their economic strategies.

Indeed, financial stewards (accountants, financial planners, CFOs) have found themselves navigating new terrain and assuming roles perhaps more important than before. How has the financial accounting landscape changed? To answer this and other pressing questions, we turned to the expertise of some of the gish SEIDEN team.

What has changed the most in the accounting profession over the last ten years?

GABRIEL AGUILERA, CPA, MST, SENIOR TAX MANAGER: Technology is ever changing in our society and the accounting professional is not immune. Artificial Intelligence (AI) has been a hot topic over the past few years. With the accounting profession seeking to obtain talent and trying to find a work/life balance. AI is a tool which firms are looking into to solve these concerns. AI will allow firms to be efficient by importing IRS tax forms and documents directly into tax software. AI won’t take away the personal attention clients want and need.

How do you see the general accounting model changing the immediate future?

MARTIN EISENBERG, CPA, SENIOR TAX MANAGER: The world is rapidly changing and so is the traditional accounting model. In this day and age, everyone wants information in real time and this is especially important when it comes to your company’s financial success. Smart accounting is quickly picking up traction because it enables companies to have up-to-date financial information at their fingertips. The basic functions for accounting, can be streamlined and with cloud-based accounting employees work anywhere. Basic functions such as billing and invoicing, inventory management and payroll can be automated to maximize accuracy and efficiency so informed critical decisions can be made with accurate data. With smart accounting business can spend more time providing meaningful insights into their business which allows them to focus on strategic planning and growing their business.

Considering the fact that we seem to now be emerging from some of the challenges of the COVID-19 pandemic scenario, what are some critical factors in accounting today?

SARGIS ISAVI, CPA, TAX MANAGER: COVID-19 brought about long-lasting changes to the accounting profession from operational changes to new regulations. Accounting firms can no longer ignore the fact that remote or hybrid work environment is the new norm. Since 2021, the number of fully remote workers has increased considerably. The trend has been occurring across the entire nation and for the most part, it has been positive in the accounting field. This is due to additional flexibility for employees as well as employers. Employees seem to embrace the increased work-life balance and employers no longer need to limit their search for talent to just their local region.

How can a business best prepare for tax season? Any special tips?

JESSICA SPRAGUE, CPA, MBT, TAX DIRECTOR: Businesses can prepare for tax season by keeping financial records up to date and organized year-round. It’s also important to communicate with your CPA throughout the year to help identify areas where there are tax-saving strategies that could be implemented. Business owners should definitely communicate before entering into any significant transactions during the year so that advantageous tax planning can take place and any new federal and state tax laws can be considered.

How should a business go about finding the right attorney for its needs?

MARTIN EISENBERG, CPA, SENIOR TAX MANAGER: You should consider contacting your CPA for guidance with any aspect of your business needs. CPAs interact with attorneys on a regular basis and most have established invaluable working relationships over the years with many attorneys across different specializations. As your trusted advisor, your CPA can direct you to an attorney who specializes in the area that meets your specific needs. The partners in our firm have worked with many highly regarded attorneys over the years with issues concerning estate planning, buyout agreements, litigation support and strategizing for major business decisions such as the timing of major business purchases.