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Bill Sheridan, chief communications officer at the Maryland Association of CPAs, believes CPA firms must embrace change to stay competitive. As technology automates compliance work, firms that focus on client advisory services will be the ones that thrive. 

“Our clients’ expectations are changing, and they are looking for more than just traditional compliance services,” Sheridan says. “The firms that recognize this shift and focus on client advisory services will be the ones that thrive.”

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Sheridan emphasizes that while automation is transforming the accounting industry, it is not eliminating the need for CPAs. Instead, it is creating opportunities for professionals to enhance their roles.

“Technology isn’t the biggest threat to CPA firms,” Sheridan explains. “The real danger is failing to prioritize client relationships.” He drew a powerful comparison to the retail industry: “Amazon didn’t kill retail—bad customer service did. The same applies to CPAs. If we stop being client-focused, we’ll become irrelevant.”