Increasing regulatory requirements, and the many requirements already put in place, are often seen as a daily complication for CPAs and accounting firms. They are not only costly and burdensome, but very complex, leaving many CPAs spending the majority of their workday on regulatory policies. With staffing shortages and technological advances, CPAs struggle to spend time on the work they enjoy or offer new services. The workload and expectations have increased over the last few years, with many companies unable to hire additional people to manage the ongoing regulations. In fact, in a new survey on compliance requirements, six out of ten respondents confirmed their current employees are taking on more projects or working more hours. In a recent interview, Andrew Barbe, CPA, CGMA, vice president for NorTex Midstream Partners LLC, mentioned he would appreciate having more time to focus on strategic planning and development. In addition, another CPA discussed how his company had to take a step back and make some painful adjustments to survive.
Read more about how the increasing regulations have affected CPAs here.