Significant Crisis in The Accounting Field
According to Bloomberg, there are 340,000 fewer accountants and companies are now paying the price. The CPA shortage is due to a mix of factors, including heavy workloads, relatively low entry-level salaries, and the barriers to entering the profession, such as 150 hours of work experience to become a CPA (2,500 hours in Canada).
As demand for accounting increases, driven by new tax regulations, the imbalance between supply and demand is likely to invoke a fundamental economic principle suggesting that accounting fees are poised to increase significantly.
ReInvestWealth's Accounting Software Helps Keep Costs Down
ReInvestWealth's AI accounting software provides a revolutionary solution for keeping accounting costs down, especially for smaller businesses. By automating tedious bookkeeping tasks, optimizing tax filings, and offering data-driven feedback, ReInvestWealth allows businesses to manage their finances more efficiently and effectively.
The ReInvestWealth accounting software starts with a free version that includes unlimited bank connections, automation formulas, invoicing, and annual GST, QST, PST filings, along with insights and recommendations. For those looking to cut down on accounting and bookkeeping costs, ReInvestWealth offers an affordable monthly plan which includes a real-time AI Bookkeeper, a smart receipt shoebox, and unlimited sales tax filings, among other benefits.
This combination of free and affordable paid solutions, powered by AI, helps businesses save on the cost of traditional bookkeeping and accounting services while ensuring their finances are managed accurately and efficiently.