CPAs are generally aware of the new revenue recognition standard, as well as the impending change to leases, but they might not have thought through how those changes will impact the tools they use.
In short, they should not try to tackle new standards with old technology, said Bill Watts, CIA CRMA, accounting advisory leader at Crowe.
“Spreadsheets don't have the capability to handle the new standards,” Watts said. “CPAs need to be asking themselves how they need to change the technology tools they use to handle them.”
Watts, who joined us on the latest episode of OSCPA Spotlight, said the change offers opportunity to those who can stay up-to-date.
"What we're finding is that technology is evolving so quickly that accountants at times can't keep up with it," Watts said. "The good news is that with the recent introduction of the revenue recognition standard, as well as the new leasing standard, there has been an opportunity for accountants to leverage that technology to help what they do, in terms of both calculating and reviewing information.
“In essence, the accountants no longer have to do the heavy lifting,” he said. “They now spend their time advising and reviewing."