Certified Public Accountants

The War for talent is becoming an increasing difficult challenge for CPA firms. 69% of employee’s are extremely likely to leave their job for an upskilling opportunity provided by another company, while the costs of replacing talent is nearly double that of the employee’s salary. This compiled with the upcoming ISQM regulatory changes mean this is potentially a very difficult time for CPA firms to maintain quality and talent.

Key challenges for CPA firms

Resourcing

CPA firms are losing time and money with inefficient resource matching processes. 

This leads to lower quality of output and poor staff utilization.

Complience

ISQM regulation changes are coming into effect on December 15th.

Firms need to ensure they are compliant or face potentially hefty financial penalties.

Retention

With a small talent pool to choose from, employee demand is outstripping supply.

CPA firms need to re-focus on increasing employee satisfaction to ensure better retention rates

Key Statistics 2022

56% of CFOs globally think it will be more challenging to find skilled candidates in 2022 than before. This is exaggerated in the UK with Brexit

Robert Half

69% of accountants surveyed are ‘very’ or ‘extremely’ likely to leave their job for upskilling opportunities provided by another employer

Amazon whitepaper

The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary

What our clients say

ProFinda enables us to address the critical issues with resourcing, risk management and employee retention on a single end-to-end system. ProFinda gives us a risk-centric integration solution with the monitoring capabilities we need to kick-off the right processes when our firm-defined risk events are triggered.

Some one -Director – CPA firm

Annual Resource Planning

The war for talent is making it harder and more expensive to resource externally, making effective resourcing and retention of critical importance. ProFinda is helping CPA firms face these challenges head-on by enabling them to not only resource efficiently against core hard restraints such as accreditation and technical overlays, but also guarantee employee preferences and desires are met.

Automate manual Processes

ProFinda enables CPA firms to automate normally manually intensive annual planning processes for service lines such as Audit, Tax and Outsourcing.

Schedule Optimization

ProFinda can help create near-optimal schedules that balance the three keys pillars of the technology assisted audit space; Utilization, Employee experience & regulatory compliance

Employee Preferences

Regardless of scheduling 500 or 50,000 resources, Profinda ensures the overall plan meets both organizational objectives and employee preferences

Future-Proofing

ProFinda AI create an annual plan that is able to react in real-time to changes required during the year

Supporting Regulatory Risks - ISQM

With the new ISQM regulations coming into effect on December 15th, CPA firms need to address key areas of their business in order to mitigate against potential financial penalties and other punitive measures. ProFinda’s AI planner is uniquely placed to offer firms a technological advantage, Mitigating against any and all risks with current and future regulatory changes.

Three key Audit improvements with ProFinda

Deploying Profinda improves the three critical KPIs CPA firms are being judged on, Resourcing efficiency, regulatory compliance, and employee experience

ProFinda customers benefit from a data-driven, AI lead system that allows them to meet all their organizational and employee objectives

Model all workforce supply and demand, while mitigating risk through a single platform.

Audit Planner offers an array of new capabilities for ProFinda clients as a modular addition to our core platform, including features that support forward scheduling alongside ad-hoc demand. 

ProFinda Audit Planner is the result of extensive R&D and client-verified discovery, offering a compelling suite of capabilities across time-saving automation, optimised audit-specific resource matching, manual error mitigation with exception evidencing and holistic support for ISQM compliance.

ProFinda customers can quickly and easily address the issues of resourcing, compliance and retention, driving positive business outcomes in all three area’s.

8 Critical ISQM changes supported by ProFinda

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Risk Assessment

ProFinda provides a risk-centric solution with monitoring capabilities

These can trigger workflows when firm-defined risk events occur

Governance

Quickly confirm when you’ve met indepence procedures & requirments

Ensure monitoritng and remediation process for the SOQM are operating as intended

Ethical Requirements

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Client Relationships

Meet the enhanced requirements for a firm’s acceptance and continuance process

This can mean retriving the right data at the right time, intergration with the right system and more

Engagement Performance

Ensure you have the appropriate resources for any new engagements

This will help determine if the firm has time to undertake said engagement along with the firms other commitments

Resources

ProFinda can guarantee that your organization has the right technology in place

With the ISQM regulations changing on December 15th it is imperitive that firms have the ‘appropriate’ tech in place

Info & Communication

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Monitoring and remediation

Your technology solution should be able to generate alerts when users violate policies or procedures, and self-monitor to allow for quicker identification of deficiencies within the SOQM

How can ProFinda uniquely help unlock your audit potential?

Whether you are a resourcer creating demand for a role, seeking compliance with ISQM regulations or an employee looking to drive your career forward, ProFinda’s AI planner has the capabilities to ensure your needs are met.

Audit Resourcer

I want to be able to find matches and fill roles with the best possible candidates.

Create or co-own audit engagements and roles to build projects and teams

Automatically resource the optimal candidate in seconds based on any given criteria

Ensure all constraints and exceptions are taken into account before resourcing

Audit Approver

I need a system that will allow me to approve/deny any requests based on certain ISQM exceptions

Get assigned audit roles for approval as soon as they are created

Approve or reject any resource requests based on ISGM guidelines

Get a full breakdown of any ISQM regulations being broken by 'exceptions' within your company

Workforce Employee

I want to make sure my skills are visible to resourcers filling auditing roles

State of the Art Ai automatically builds you a profile from multiple data sources

Easily update any personal preferences and skills accreditations you desire

Find the perfect role for you, and personalize your own career path

Streamline & Automate the process with ProFinda

Resources

Article

Four-year deadline for Big Four Audit Separation

Hear ProFinda CEO Roger Gorman’s thoughts on the planned ‘big four’ audit separation, why it has been demanded by the FRC, and what the implications of this change could be.

Infographic

3 Solvable Challenges CPA firm currently have

In this helpful infographic, we provide 3 key challenges being faced by every CPA firm currently, and how these challenges can be solved with the help of ProFinda’s new AI planner Module.

Discover how ProFinda can help your organization succeed

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