The COVID-19 pandemic has forced many entrepreneurs and corporations to move their operations online. Not only are organizations serving customers online, but employees are working remotely and communicating over the internet. Thousands of businesses that once had a brick-and-mortar location are now only accessible via the internet.
This trend of online business is only going to grow as the world recovers from and moves out of the coronavirus pandemic. In this post-pandemic world, there will be a heightened need for the financial services offered by certified public accountants (CPAs).
CPA certification is job security in a remote-work-centered world
If you love finances and want to ensure your skills will always be in demand, become a certified CPA. Although it’s challenging, becoming a CPA is a straightforward career path. You’ll need to meet basic educational requirements and pass the CPA exam.
About half of all candidates pass the exam on the first try. Of those, most have taken a prep course with mock exams and predictive scoring to see where they stand. It’s hard to pass the test without taking a prep course.
6 reasons CPAs will be in high demand post-pandemic
In a post-pandemic world, digital businesses will increase in number. People who were once employees will start their own businesses. For example, with dine-in capacity restrictions, restaurants can’t serve as many people, which means restaurant employees won’t be in high demand.
Many people who have spent their entire careers in the food service industry will need to find other income sources. It’s getting easier to start an online business, so there will be a rise in the number of online businesses. Running a successful business requires financial services, which is where CPAs come into the picture.
In other words, post-pandemic, the number of new businesses will rise and each new business launched will need a CPA.
1. CPAs perform a variety of important financial services for businesses including:
- Tax preparation
- Tax advice
- Financial planning
- Financial audits
- Forensic accounting (fraud auditing)
- Preparing profit-and-loss statements
- Payroll administration
This isn’t an exhaustive list, but these are the basic CPA duties that most businesses need.
2. Financial accounting isn’t a DIY job for remote businesses
The internet is full of advice for the DIY lifestyle. That’s great for hobbyists, but financial accounting isn’t a DIY job. Technically, if a business owner wants to learn how to manage their own finances, there’s nothing wrong with that. However, they need a professional accountant managing their finances while they learn. Unlike other DIY projects, financial mistakes are extremely unforgiving.
3. Financials for remote businesses require expert management
A large number of tech businesses have adopted a remote working environment. Companies like Zapier, Buffer, InVision, and DuckDuckGo have already been hiring remote workers across the world. Managing finances for a company is hard enough, but when that company is remote, it gets a little more complex.
An organization’s tax liability will be different for employees vs. contractors. Having a mix of employees and contractors will require multiple systems for tracking payments and tax liabilities.
If an organization does business out of state or internationally, different rules apply. When an organization is stationed in another state or country, even more rules apply.
A CPA will sort out all the rules and regulations an organization is required to follow and manage an organization’s finances accordingly.
4. CPAs can provide tax advice
The need for tax advice is one of the biggest reasons CPAs will be in high demand. The majority of new business owners will need tax advice. It’s not easy jumping from filing taxes as an employee to filing taxes as a business, even if you don’t hire anyone.
A CPA can prepare tax returns, analyze the data, and provide tax advice.
5. CPAs can represent entrepreneurs and businesses in court
With a growing number of new businesses about to emerge, it’s only natural that more financial-related lawsuits will follow. CPAs can represent businesses and entrepreneurs in cases involving payment or collection issues, audits, and appeals. It doesn’t matter if the CPA prepared that entity’s tax return or not.
6. CPAs can represent entrepreneurs and businesses for an IRS audit
With more businesses being launched, there will be more IRS audits. Entrepreneurs and businesses can hire a CPA to represent them during an IRS audit.
Certified Public Accountants will have job security post-pandemic
As more businesses are launched, the demand for CPAs will rise. If you’re looking for job security in a post-pandemic world, consider CPA certification. Financial accounting will always be needed and can easily be done remotely.