Project Management

CPAs perform projects in the form of audits, reviews, compilations, and preparation of financial statements. That’s why they need a project management (PM) process.

There is a beginning and ending to each project with various persons performing various duties. Smaller projects are less complex but larger projects can involve dozens of persons and require a plethora of resources.

As projects become more complex, PM becomes more important. The CPA wants to know (for instance):

• What steps are necessary?
• Are there any specialized knowledge areas?
• What expertise is needed?
• Who will do what?
• What is the deadline?
• Who are the stakeholders?
• What are the risks?
• What resources are needed?
• Are there stages to the project?

This why CPAs need to develop a PM methodology, hopefully one that is repeatable. But definitely one that is understandable.

Project management is additionally helpful for one-off partner projects such as constructing a new office. So don’t think of project management as applicable to attest services only.

Selection of a PM software package is critical to a firm’s development of a process that is useful to all personnel. There are several on the market such as Basecamp, Karbon, and XCM.