#United States #Wilmington #Verito Technologies #AcoBloom International #CPA Industry

Verito and AcoBloom: A Strategic Alliance to Combat CPA Talent Shortage

In a significant move to address the glaring talent gap in the CPA industry, Verito Technologies has announced its partnership with AcoBloom International. This initiative aims to assist CPA firms in accessing skilled offshore professionals while leveraging advanced cloud hosting solutions. As approximately 340,000 accounting positions remain unfilled since 2019, this alliance comes at a critical juncture when most CPAs are nearing retirement, and demand for qualified personnel is on the rise.

The Workforce Challenge

The CPA industry has been grappling with a profound decrease in workforce numbers, which has declined by an alarming 17%. This trend leaves accounting firms struggling to maintain usual operational capacities amidst increasing service demands. Verito Technologies steps in with a robust solution: its high-performance cloud hosting platform, engineered for continuous availability and efficiency. By combining this with AcoBloom's extensive network of over 300 tax, accounting, and audit support professionals, CPA firms can seamlessly access the talent they need to thrive.

An Integrated, High-Performance Solution

Verito’s cloud infrastructure boasts an impressive 99.999% uptime, enabling CPA firms to operate without interruptions, especially during the peak tax season. The collaboration isn't just about access to talent; it’s about enhancing operational efficiency. Early adopters of this integrated approach report a remarkable 40% increase in the number of clients served during tax season, alongside a substantial 45% reduction in operational costs.

Jatin Narang, CEO of Verito Technologies, emphasizes that the combination of their esteemed cloud infrastructure with AcoBloom’s co-sourcing model positions CPA firms to harness global talent effectively. The result is a platform that not only enhances speed but also provides a reliable foundation for firms looking to improve performance.

Addressing Industry Needs

The need for this partnership stems from a growing surge in demand for accounting services, particularly amidst ongoing talent shortages. By utilizing this integrated solution, CPA firms are empowered to access professionals trained in both IFRS and US GAAP standards, including CPAs, Enrolled Agents (EAs), and Chartered Accountants. Furthermore, Verito’s VeritSpace platform is designed to eliminate application slowdowns typically experienced by distributed teams, allowing firms to focus on value-added advisory services rather than routine compliance work.

AcoBloom’s Chief Business Officer, Rajat Chawla, underscores the importance of Verito’s dedicated cloud infrastructure, stating that it effectively addresses technological barriers that often hinder CPA firms from implementing co-sourcing strategies. This infrastructure not only streamlines operational processes but also enhances service delivery.

Key Benefits for CPA Firms

The alliance provides CPA firms with several key advantages:

• - Cost Savings: Firms can expect 50-66% savings by adopting AcoBloom's collaborative co-sourcing model.
• - Scalability: Monthly adjustments in resource allocation allow firms to handle peaks in demand during tax season effectively.
• - Security Compliance: The solution adheres to the FTC Safeguards Rule, SOC 2, and IRS standards, ensuring that data security is paramount.
• - Time Efficiency: Up to 31% of valuable time can be redirected towards strategic advisory services, enhancing the firm's profitability.

In light of these benefits, many CPA firms are already taking steps towards increasing their outsourcing of functions. Research indicates that the global finance and accounting outsourcing market is projected to reach $56.42 billion by 2030. As of now, 60% of CPA firms engage in some form of outsourcing, with an additional 65% expressing intentions to expand these practices.

Conclusion

With the growing pressures facing the CPA industry and the looming deficit of qualified professionals, the partnership between Verito Technologies and AcoBloom International underscores a proactive approach to filling this talent void. By leveraging innovative technology and strategic co-sourcing solutions, CPA firms can navigate their current challenges while positioning themselves for future success.

Firms interested in exploring this opportunity can sign up for a complimentary consultation and take advantage of a 14-day trial at www.verito.com/acobloom.

About Verito Technologies

Specializing in cloud hosting for tax and accounting professionals, Verito Technologies prides itself on offering reliable services backed by an impressive uptime guarantee. For more information, visit www.verito.com.

About AcoBloom International

Since its establishment in 2008, AcoBloom has been enabling CPA firms worldwide to scale efficiently through its CoSourcing model, ensuring quality service in the process. To learn more, visit www.acobloom.com/us.