The Highest Accounting Service Needs -- Tax and Audit – Intensify the Need for Increased Accounting Automation in 2020, According to Avii
-Adoption of Avii's Unified Cloud Automation and Workflow Solution for Tax, Audit and Advisory will Grow Substantially in 2020, the Company Says-
SILICON SLOPES, Utah, March 10, 2020—
While the April tax deadline is the highest theme on
accounting firms’ minds this week, accountants must work equally hard to prepare for the audit
services that will assume the highest level of importance in the weeks and months beyond the
tax deadline, according to Avii™ (www.avii.com
). Avii is the provider of Avii Workspace™, the
Unified Workspace for accounting firms.
Research data for the Big 4 firms shows Audit and Advisory being the biggest source of revenue
for three of the big firms. (The one exception, Deloitte, is remarkably strong in Advisory
Services, making it the single largest earner
of even the big four.) In every case, notes Lyle Ball,
Avii co-founder and CEO, these outcomes speak to the reasons the Accounting Service industry
has grown steadily over the five years to 2019, buoyed by economic growth, rising equity
markets and an increasing number of new businesses, according to research
. In all, revenue for
accounting services is estimated to have reached nearly $114 billion at the end of 2019.
“Although accounting is one of the sectors with the highest needs for efficiency, accuracy and
specialized workflow and automation, it has been insufficiently supported by software solutions
to date,” Ball notes.
“The need for better tools is important for all practices, but particularly important for the vast
and underserved market of more than 10,000 accounting practices that employ 20 or fewer
Certified Public Accountants (CPAs),” Ball continued. “One recent report indicates
owners of the smallest practices earn no more than if they were working as a senior accountant
in a traditional job,” he said. “Avii can give these practices a significant boost by providing them
with automation and efficiency that has been unavailable or cost prohibitive in the past.”
In all, these findings point to the accelerating need for automation and efficiency in accounting
platforms. Avii is an increasing answer, says Ball, who has recently guided Avii’s first external
funding event to accelerate growth in accelerating the arrival of better solutions in every aspect
of accounting, but particularly in answering the need for efficiency and excellence in audit
services and the review and preparation of financial statements to prepare and support
successful funding events and preparations for IPOs.
“All signs point to the growth and the pressure on the accounting services sector through 2020
and beyond,” Ball said. “Organizations and accounting service providers at all levels should
prepare now to increase their efficiencies and abilities to meet these needs, not only to keep
pace with client demand, but to gain further strength in this increasingly competitive market.
Staying on par is no longer enough – at every size, firms must increase their capabilities in order
In the coming year, Avii anticipates growing by as much as double, as it continues to add new
capabilities to its unified platform as well as additional integration with familiar applications
such as Box, Microsoft’s One Drive and XCM and in an upcoming announcement will introduce
support for Microsoft Office 365.
“Avii Workspace provides a suite of apps across four service areas of Client Portal; Secure
Document Exchange; Projects, Tasks and Workflows; and Resource Planning. With these
integrated apps, we’re helping practices of every size become stronger and more profitable in
answering their customers’ growing audit, advisory and consulting needs,” he said.
For more information about the Avii Workspace platform and its functionality developments,
readers can visit www.Avii.com.
Avii provides tax, audit, advisory, management consulting and compliance organizations with
an integrated suite of most-required practice management software solutions. Avii Workspace
is the first true SaaS Hub™ , giving consultants and clients a single portal and a unified
workspace for the functions that drive consistent workflow, business intelligence and
communication to propel business success.
Avii Consulting Services
are able to accomplish Fast Start Implementations
for all users from
single accountants to the Big 4. Unlike industry implementations that may take 6-8 weeks, Avii
can make the benefits of Avii Workspace available immediately by breaking up deployment and
segmenting data, requiring just 1-2 days per team, rather than pausing firm wide to re-sync the
entire organization. Avii provides accounting firms, software developers and VARs an Avii API
and custom app development services.
For more information about the Avii Workspace platform, visit www.Avii.com
Avii, Avii Workspace, the Avii logo and SaaS Hub are copyrighted as the exclusive intellectual
property of Avii.
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