In accounting, we talk about the value of being a “trusted advisor” and the increasing importance of advisory services, especially as automation renders computational work easier and less time consuming. There are many tools that firms can use to bolster their consulting capabilities. Data analytics should be in your suite.
Vacation and sick day accruals during the pandemic
Travel restrictions related to the coronavirus pandemic have caused many employees to defer paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting and auditing these liabilities.