By: Yolanda Rivas
2 min read MARCH 2020— Alloy Silverstein is a regional full-service accounting and advisory firm, headquartered in Southern New Jersey. In an interview with Invest: South Jersey, Managing Shareholder Reynold P. Cicalese discussed the changes in the sector and the firm’s support for small businesses in the area.
What changes have you experienced in the accounting sector over the last few years?
Technology has brought significant changes to our industry, allowing us to better serve our clients beyond just preparing a tax return or financial statement. We are on the cloud ourselves, encourage our clients to be on the cloud, and we use technology to help and collaborate with clients on a daily basis. Our advisers are proactive in helping design our clients’ future, as opposed to only telling them what they historically have done. We use software and apps that allow us to create KPI dashboards for our clients so they can have real-time data to make better decisions based on today’s information – not from last month or last year. We also have clients all around the world and we use meeting apps to constantly communicate with them.
Artificial intelligence is severely disrupting the industry. The investment in AI will significantly increase within the next five to six years. We need to keep an eye on this trend and make sure we remain competitive. With regard to audits, for example, it is expected that AI can look at every transaction and provide an efficient audit report. For regional and smaller firms it will be a challenge to compete with larger firms that have the capacity to invest in AI.
How do you support the small-business community?
We find that many startups are underserved. We recently launched our Startup Hotline, which is a complimentary CPA Q&A for new and emerging businesses. Micro businesses may have questions regarding the type of entity they should start, for example. Through this tool, we give them access to our team of advisers and experts who can provide guidance on accounting, tax, payroll, and many other general business topics.
In addition, we add value for our clients and other small businesses in the community by hosting complimentary monthly lunch workshops, which we call “Alloy Academy.” What started as presentations on accounting software has evolved to bringing in guests so we can cover a wide variety of topics that may be important to a business owner or their employees.
To learn more about our interviewee, visit:
Alloy Silverstein: https://alloysilverstein.com/