Risk Management Solutions with Client Portal Software for CPAs

Every business entered 2021, with thumping hearts, new risks as a pandemic are still among us. Economic uncertainty is still questionable and seems like it is inevitable for now. A risk factor is highly intolerable for some while using online tools has provided some reminisce of hope especially to the accounting firms. The accounting industry is one of the slow-moving industries, with less flexible options so naturally, with remote work scenarios, things were not looking good. Fortunately with the client portal software for CPAs things took an unexpected turn. The use of client portal software for CPAs has played an efficient role in downsizing the risk for companies.

The Connection Between Client Portal Software For CPAs And Risk Management

Every company faces certain risks involved in its business. It involves;

  • Identification
  • Monitoring
  • Control of risks
  • Business operations
  • Achieving goals

If these issues are left unchecked it can bring harm to the company’s working. To boil down the financial costs, use certain steps that need to be taken in advance to control the risk. Is it possible?

With certain client portals for accountants introduced over the years, this theory has been in practice for a while now. Since the pandemic, things got quick-paced. Small businesses purchase subscriptions, professional accountants, CPAs, to these client portals to reduce the risk and manage the tasks online smoothly.

Were they able to?

Yes, absolutely.

Imagine it as part of the modern accounting tools. Using client portals helps you identify the risks.

For instance, a task by an employee might be incomplete and is still unnotified, a payment is yet to be received by the vendor and still not collected. To help keep a record of every financial transaction to update the files and maintain the taxes even you need concrete data.

CRM helps you provide concrete data, maintain it, and communicate with the clients in time. This gives CPAs the opportunity to create better business relationships with their clients. Risk management is solvable.

Factors Related to Risk Management

Accounting is a different department. It needs constant tracking and monitoring.

Through the lens of client portals for accountants, you can share the files with selective users to ensure data is shared with the desired person.

It is easier to inform and update the tasks, agendas, notify the respective teammate or client, and vice versa.

Regardless of the industry size or company type, there are some risk factors that are all too common like;

Financial Risk

  • Incomplete or failing projects
  • Invalid or mismanaged expenses
  • Poor cash flows

Human Risk

  • Lack of leadership by the CPA
  • Task error
  • Staffing issues
  • Lots of manual work pressure

Work Environment

  • Weather conditions
  • Medical emergencies (like a pandemic in this case)
  • Cloud-based risk

Product Issues

  • Failing product or service
  • Lack of resources

If a company is using CRM for accountants then all of these risks are solved using this online software. Risks are manageable because they are identified timely. Using accounting tech can save you from impending doom in the future.

Especially during remote work, or for an individual CPA, client portal software for CPAs is the magic lamps waiting to be utilized.

The Power Of Using Client Portal Software For CPAs

Running financial and managerial reports via using online cloud-based accounting tools is an effective measure. You do not only compile your data but organize it and categorize it in such a way that it helps a CPA to avoid the risk in the first place.

Custom financial reporting is one of the major features a CPA can configure to their own benefit, format it, and give access to specific users.


This helps to maintain privacy, keeps the documents confidential, and financial reports maintenance like;

  • Previous budget to new
  • Year-to-date reporting
  • Report on relative accounting periods etc.

These reports will clear any confusion related to the activities over the year. If a company is facing any confusion then they can add additional financial reports like;

  • Profit and loss
  • Balance sheet
  • Trial balance
  • Cash flow statement
  • Ledger inquiry etc.

All financial reports are valuable, an asset to the company. A CPA tailors the reports in an easy way using the CRM system with free access to the client portals.

Can You Control Risks With CRM Portals For Accountants?

Absolutely. This is what the client portals for accountants are for. The dashboard is designed to navigate back and forth in an easy way.

Accounting practice is faster, flexible, and manageable thanks to the latest technological software updates. My CPA Dashboard offers easy configurations and easy access with the customized URL for the CPAs.

CRMs are the risk management solutions that previously accounting firms lacked. Now? Not anymore.

Automated accounting solutions are the new way to streamline the potential risks and certain challenges that might come your way.

 So tackle them on time with My CPA Dashboard.

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