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Philip L. Liberatore, CPA Examines Pandemic-Driven Changes in Accounting Industry

At this point, it is safe to assert that no other public health crisis has had as profound an impact as the global pandemic declared early in 2020. Apart from the personal losses and daily life disruptions, it has created unprecedented challenges for public and private sector organizations, forcing them to embrace changes they had never considered before. “Every industry has had its fair share of hardships, even those where demand either remained unaffected by the pandemic or increased sharply because of it,” notes Philip L. Liberatore, CPA, a California-based company specializing in accounting, tax, and financial management services. “The initial lockdown measures, travel restrictions, and quarantines severely affected national economies while also highlighting the need for business leaders to be flexible and innovative. The accounting industry has not been immune to the impact of the pandemic, and there is a widespread belief among tax and accounting professionals that some of the changes driven by this public health crisis will endure.”

In terms of workload, CPAs in the United States had little to complain about even when many firms in other sectors teetered on the brink, says Philip Liberatore, founder and president of Philip L. Liberatore, CPA. In fact, tax and accounting professionals were busier than ever, with clients flocking for advice and service after the passage of several pandemic relief packages. On the other hand, restrictions on in-person business dealings and a growing preference among clients for digital communication accelerated a shift that was already underway in the accounting industry. “Technology became indispensable in doing business as both employeesand clients isolated and prioritized their health,” Philip Liberatore explains. “While accounting professionals had little choice but to embrace cloud platforms, virtual meeting applications, and automation tools, it quickly became apparent that technology solutions were driving flexibility, efficiency, and customer satisfaction. Investment in technology is expected to continue apace after the pandemic, with more accounting firms relying on digital tools to streamline operations and reduce costs.”

Another significant change has been the shift to remote and, more recently, hybrid working models, with industry polls suggesting that tax and accounting professionals expect to continue enjoying this flexibility in the future. According to the results of one survey, 61% are happier working remotely than in their corporate office, and 67% expect to do more work remotely going forward. “Given that a growing number of employees across various industries are placing work-life balance above monetary considerations, flexible working arrangements have come to dominate the enterprise discourse since the start of the pandemic,” comments Philip L. Liberatore, CPA. “Accounting professionals believe that the ‘new normal’ will be marked by widespread adoption of remote and hybrid work options, not only because the pandemic showed them to be effective but because employees demand this flexibility. Moreover, it will allow employers to expand significantly their recruitment pools, attracting talent from all over the world and enhancing their ability to serve clients with increasingly complex demands.”

Liberatore CPA is an accounting firm that specializes in financial advisory support and guidance for corporations and individuals. Started in 1988 by accounting and finance expertPhilip Liberatore, the company offers a comprehensive portfolio of services to clients across Southern California, with a focus on personalized care, professional integrity, and maximized strategies.

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