For centuries accountants have been seen as the trusted advisor and held in high regard. A source of incredibly valuable financial information and insight. Essential to helping businesses make sound financial decisions so they can plan ahead.
But now the rate of change in the world is far too rapid for a set of year end accounts to serve any meaningful purpose other than for the requirements of HMRC or Companies House. Business owners now view the cost of production of their year end accounts as a quasi tax, not something of benefit to their business, but a legal requirement to produce. They are therefore questioning value and looking for the cheapest solution, this in turn is putting the fees accountants can charge for compliance under pressure.
Businesses are now operating in an environment where they need to adapt to change and serve their customers instantly. Questions can be answered in an instant with Google, you can make a purchase with a fingerprint and everything is happening in real time. As such this is how Business Owners need their financial information and their accountant to support them.
For accountants who focus on compliance fees alone you are now at a crossroads. Stick with compliance services and struggle with the increased competition from other accountants, and technology devaluing what you deliver or step into the role business owners are looking for and willing to pay for.
Accountants have an incredibly important part to play as they step into the business advisory role. Embrace change not only within how you produce a set of accounts, but proactively work with your clients so they can embrace these changes as well. Where you can make such a difference to a business that clients are more than willing to pay your fees.
Help clients to navigate through the vast array of overwhelming information. Allow them to focus on the real indicators that will make a difference to their businesses. Complement this by giving recommendations and strategies that will help to improve these numbers.
This change in focus will not only allow accountants to maintain their profitability, but allow it to grow and the status of a “trusted advisor” will become a necessity for every business who wants to be a success.
But is this a role that comes easily to accountants?
Our research suggests that this is not an easy role to just move into. It is one that accountants have not traditionally been trained for. As such you require the systems and solutions that make it easy and give you the answers before you are put in awkward situations.
If you want to grasp this opportunity and make your future a bright one join Shane Lukas MD of AVN, Author and Speaker and Martin Bissett Founder of the Upward Spiral Partnership and International Adviser to the Accountancy Profession as they explore the challenges that lay ahead for 2017 and beyond. Giving practical tips on how you can transform into a truly outstanding advisory practice and develop this into a steady pipeline of business.
If your an Accountant in Practice register for their FREE webinar “A Changing Profession: Maximise Your Success” by the 28th February at 10:30a.m by clicking the following link
Article Source: James Miller