Insights - Advisory

The impact of new technology on accounting practices will not be a flash in the pan, but will change organisational structures, culture and client relationships. Let a progressive expert guide you through.

Location: Preference decreases in the order of UK, other European countries, USA, Japan, Australia, Singapore
Our Ref : AMI00215TX
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I was at a Business Expo recently where there were 60+ exhibitors with an estimated 1500+ visitors. I checked the list and decided one of the exhibitors I wanted to speak to was a 7 Partner firm of Accountants. I felt that whilst they were slightly larger than my target firm, I would see how they operated in this environment.

Whether you’re an SME or a large international company, the one thing you have in common is
the desire to be successful. Success, obviously, is the core strategy of any business.

Progressive Accountancy Firms will prosper, with the widespread adoption of cloud computing services and the rise of mobile apps paving the way for more efficient interaction with clients.

ccountants can attract their ideal clients by following some easy steps, if done with a specifically targeted strategy; you will attract more profitable work regularly.

1-Plan on Growth

For the benefit of all concerned, a broader team-based approach, where a range of people from the firm know and develop relationships with their counterparts at the client organization, is a much healthier approach.

You provide Technical Excellence, but What about Your Clients’ Expectations?

Secure your next big audit client by developing your in-house capability, consider the following

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Proactivity is in the actions. According to tax experts CCH, 36% of clients are thinking of leaving their accountants as they are not proactive enough.

Technological change has always been part of the profession, but it used to come along a little more slowly and have less dramatic effects.

Open Banking is coming soon, and Banks are beginning to offer your clients free software to enable them to input their financial data into the software. This will allow the Banks to read the transaction history of Personal and Business Current Accounts and initiate payments from those accounts

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Early tax advice in conjunction with a proposed business disposal has the power to add considerable value for the seller, particularly when it comes from an experienced practitioner with an instinct for creative planning.

They listen to their clients’ needs and understand their soft facts

They are knowledgeable about their clients’ sector, industry and economic environment

They have sector experts in house

Their clients are managed with a holistic approach and not by individual Partners/Directors

Robotic Process Automation is here, Progressive Accountancy Firms are already embracing the changes and building on the service offerings to their clients. I would urge all Managing Partners to consider how they would implement these changes and build new Consultancy based services for their clients.

Accenture estimates that 80% of the finance and accounting tasks to be automated in the next few years. With Robotic Accounting innovations coming in faster than they can count, some accountants, even those among the best, are afraid for their jobs.

The impact of new technology on accounting practices will not be a flash in the pan, but will change organisational structures, culture and client relationships. Let a progressive expert guide you through.

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Location: Europe, USA and Japan
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